$SWBI
SMITH & WESSON BRANDS, INC.

2017 Q4 Form 10-Q Financial Statement

#000156459018030605 Filed on December 06, 2018

View on sec.gov

Income Statement

Concept 2017 Q4
Revenue $148.4M
YoY Change -36.44%
Cost Of Revenue $97.60M
YoY Change -28.18%
Gross Profit $50.80M
YoY Change -47.95%
Gross Profit Margin 34.22%
Selling, General & Admin $39.80M
YoY Change -2.93%
% of Gross Profit 78.35%
Research & Development $2.700M
YoY Change 0.0%
% of Gross Profit 5.32%
Depreciation & Amortization $12.50M
YoY Change -7.41%
% of Gross Profit 24.61%
Operating Expenses $42.50M
YoY Change -2.75%
Operating Profit $7.989M
YoY Change -85.18%
Interest Expense -$2.963M
YoY Change 34.68%
% of Operating Profit -37.09%
Other Income/Expense, Net -$2.966M
YoY Change
Pretax Income $5.023M
YoY Change -89.93%
Income Tax $1.789M
% Of Pretax Income 35.62%
Net Earnings $3.234M
YoY Change -90.04%
Net Earnings / Revenue 2.18%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $0.06
COMMON SHARES
Basic Shares Outstanding 54.04M
Diluted Shares Outstanding 54.66M

Balance Sheet

Concept 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.20M
YoY Change -7.71%
Cash & Equivalents $68.17M
Short-Term Investments
Other Short-Term Assets $7.600M
YoY Change 2.7%
Inventory $178.9M
Prepaid Expenses
Receivables $81.80M
Other Receivables $11.30M
Total Short-Term Assets $347.8M
YoY Change 27.07%
LONG-TERM ASSETS
Property, Plant & Equipment $143.8M
YoY Change -5.08%
Goodwill $191.1M
YoY Change 21.52%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.20M
YoY Change 54.55%
Total Long-Term Assets $468.5M
YoY Change 3.06%
TOTAL ASSETS
Total Short-Term Assets $347.8M
Total Long-Term Assets $468.5M
Total Assets $816.3M
YoY Change 12.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.50M
YoY Change -13.83%
Accrued Expenses $54.70M
YoY Change -11.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $81.30M
YoY Change 1190.48%
Total Short-Term Liabilities $181.8M
YoY Change 50.5%
LONG-TERM LIABILITIES
Long-Term Debt $208.0M
YoY Change 10.46%
Other Long-Term Liabilities $7.700M
YoY Change -20.62%
Total Long-Term Liabilities $215.7M
YoY Change 8.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $181.8M
Total Long-Term Liabilities $215.7M
Total Liabilities $418.8M
YoY Change 19.04%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $397.4M
YoY Change
Total Liabilities & Shareholders Equity $816.3M
YoY Change 12.08%

Cashflow Statement

Concept 2017 Q4
OPERATING ACTIVITIES
Net Income $3.234M
YoY Change -90.04%
Depreciation, Depletion And Amortization $12.50M
YoY Change -7.41%
Cash From Operating Activities $3.800M
YoY Change -83.69%
INVESTING ACTIVITIES
Capital Expenditures -$5.300M
YoY Change -32.05%
Acquisitions
YoY Change
Other Investing Activities -$23.00M
YoY Change -87.06%
Cash From Investing Activities -$28.30M
YoY Change -84.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.30M
YoY Change 133.65%
NET CHANGE
Cash From Operating Activities 3.800M
Cash From Investing Activities -28.30M
Cash From Financing Activities 49.30M
Net Change In Cash 24.80M
YoY Change -117.56%
FREE CASH FLOW
Cash From Operating Activities $3.800M
Capital Expenditures -$5.300M
Free Cash Flow $9.100M
YoY Change -70.74%

Facts In Submission

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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">AMERICAN OUTDOORS BRANDS CORPORATION AND SUBSIDIARIES </p> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="NOTES_TO_CONDENSED_CONSOLIDATED_FINANCIA"></a><a name="NOTES_TO_CONDENSED_CONSOLIDATED_FINANCIA"></a>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) </p> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the Three and Six Months Ended October 31, 2018 and 2017</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1)&#160;Organization: </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle and suppressor markets. We are also a leading provider of shooting, hunting, and rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear. We have two reporting segments: (1) Firearms (which includes the Firearms and Manufacturing Services divisions) and (2) Outdoor Products &amp; Accessories (which includes the Outdoor Products &amp; Accessories and Electro-Optics divisions).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In our Firearms segment, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, suppressors, and other firearm-related products for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our firearm products under the Smith &amp; Wesson, M&amp;P, Performance Center, Gemtech, and Thompson/Center Arms brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We perform research and development activities for our suppressors and accessories products at our facility in Meridian, Idaho. We also sell our manufacturing services to other businesses under our Smith &amp; Wesson and Smith &amp; Wesson Precision Components brands. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In our Outdoor Products &amp; Accessories segment, we design, source, distribute, and manufacture reloading, gunsmithing, and gun cleaning supplies; high-quality stainless steel cutting tools and accessories; flashlights; tree saws and related trimming accessories; shooting supplies, rests, and other related accessories; fishing accessories; apparel; vault accessories; laser grips and laser sights; and a full range of products for survival and emergency preparedness. We sell our products under the Caldwell, Wheeler, Tipton, Frankford Arsenal, Smith &amp; Wesson, M&amp;P, Thompson/Center, Lockdown, Hooyman, BOG-POD, Golden Rod, Non-Typical Wildlife Solutions, Crimson Trace, Imperial, Schrade, Old Timer, Uncle Henry, Bubba Blade, UST, and KeyGear brands. We develop and market our outdoor products and accessories at our facilities in Columbia, Missouri; Wilsonville, Oregon; and Jacksonville, Florida.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During fiscal 2018, we acquired substantially all of the net assets of Gemini Technologies, Incorporated, or Gemtech, as well as Bubba Blade branded products and other assets from Fish Tales, LLC, in two separate transactions, which we refer to collectively as the 2018 Acquisitions. See Note 4 &#8211; <font style="font-style:italic;">Acquisitions </font>below for more information regarding these transactions. </p>
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us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
81643
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000
aobc Share Based Compensation Arrangement By Share Based Payment Award Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformancePeriod
P3Y
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q4 aobc Tax Cuts And Jobs Act Of2017 Accounting Complete
TaxCutsAndJobsActOf2017AccountingComplete
false
CY2018 aobc Tax Cuts And Jobs Act Of2017 Incomplete Accounting Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingIncomeTaxExpenseBenefit
-8700000
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.264
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.356
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.303
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.462
aobc Number Of Product Liability Cases
NumberOfProductLiabilityCases
7
aobc Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
7

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