SPRINGFIELD, Mass.,
March 4, 2021 /PRNewswire/ --
Smith & Wesson Brands,
Inc. (NASDAQ Global Select: SWBI), a U.S.-based leader in
firearm manufacturing and design, today announced financial results
for the third quarter of fiscal 2021 ended January 31, 2021. On August 24, 2020, the company completed the
previously announced spin-off of its outdoor products and
accessories business. Therefore, as of the second quarter,
all historical financial information for that business is reported
as discontinued operations. Unless otherwise indicated, any
reference to income statement items refers to results from
continuing operations.
Third Quarter Fiscal 2021 Consolidated Financial
Highlights
- Quarterly net sales were $257.6
million compared with $127.4
million for the comparable quarter last year, an increase of
102.2%.
- Gross margin for the quarter was 42.6% compared with 28% for
the comparable quarter last year.
- Quarterly GAAP net income was a record $62.3 million, or $1.12 per diluted share, compared with
$4.2 million, or $0.08 per diluted share, for the comparable
quarter last year.
- Quarterly non-GAAP net income was $62.4
million, or $1.12 per diluted
share, compared with $7.8 million, or
$0.14 per diluted share, for the
comparable quarter last year. GAAP to non-GAAP adjustments for
income exclude costs related to the spin-off of the outdoor
products and accessories business, COVID-19 related expenses, and
other costs. For a detailed reconciliation, see the schedules that
follow in this release.
- Quarterly non-GAAP Adjusted EBITDAS was $89.8 million, or 34.9% of net sales, compared
with $15.0 million, or 11.8% of net
sales, for the comparable quarter last year.
Mark Smith, President and Chief
Executive Officer, commented, "I could not be more proud of our
dedicated American workforce as, for the third time in a row, they
delivered a record-breaking quarter for our great historic company.
Over the past year, millions of our fellow Americans from all walks
of life have chosen to empower themselves by exercising their 2nd
Amendment rights for the first time, and our loyal employees have
risen to the challenge – delivering over 1.8 million units in the
first three quarters of our fiscal year alone, ensuring that these
new members of the shooting sports community were able to choose
the highest quality, innovative firearms that Smith & Wesson
has been known for since 1852. All of this was accomplished while
implementing and maintaining aggressive safety measures and process
changes to keep safe in the midst of the COVID pandemic."
Deana McPherson, Executive Vice
President and Chief Financial Officer, commented, "Smith &
Wesson's record-breaking financial performance enabled us to
generate $60 million of cash from
operations during the quarter. This allowed us to complete a
$50 million dollar share-repurchase
program, pay our second quarter dividend, and continue to invest in
capital, all while growing our cash on hand by $4.1 million during the quarter. I am pleased to
announce that our Board has authorized a new $100 million dollar share repurchase program and
a $0.05 per share dividend to
stockholders of record as of March 17,
2021, with payment to be made on March 31, 2021."
The amount and timing of any repurchases will depend on a number
of factors, including price, trading volume, general market
conditions, legal requirements, and other factors. The
repurchases may be made on the open market, in block trades, or in
privately negotiated transactions. Any shares of common stock
repurchased under the program will be considered issued but not
outstanding shares of the company's common stock.
Conference Call and Webcast
The company will host a conference call and webcast on March 4, 2021, to discuss its third quarter
fiscal 2021 financial and operational results. Speakers on the
conference call will include Mark
Smith, President and Chief Executive Officer, and
Deana McPherson, Executive Vice
President and Chief Financial Officer. The conference call may
include forward-looking statements. The conference call and webcast
will begin at 5:00 p.m. Eastern Time
(2:00 p.m. Pacific Time). Those
interested in listening to the conference call via telephone may
call directly at (844) 309-6568 and reference conference
identification number 1056738. No RSVP is necessary. The
conference call audio webcast can also be accessed live on the
company's website at www.smith-wesson.com, under the Investor
Relations section.
Reconciliation of U.S. GAAP to Non-GAAP Financial
Measures
In this press release, certain non-GAAP financial measures,
including "non-GAAP net income," "Adjusted EBITDAS," and "free cash
flow" are presented. From time-to-time, the company considers and
uses these supplemental measures of operating performance in order
to provide the reader with an improved understanding of underlying
performance trends. The company believes it is useful for
itself and the reader to review, as applicable, both (1) GAAP
measures that include (i) amortization of acquired intangible
assets, (ii) transition costs, (iii) change in contingent
consideration, (iv) CEO separation, (v) the tax effect of non-GAAP
adjustments, (vi) COVID-19 expenses, (vii) net cash used in
investing activities, (viii) interest expense, (ix) income tax
expense, (x) depreciation and amortization, and (xi) stock-based
compensation expenses; and (2) the non-GAAP measures that exclude
such information. The company presents these non-GAAP measures
because it considers them an important supplemental measure of its
performance. The company's definition of these adjusted financial
measures may differ from similarly named measures used by others.
The company believes these measures facilitate operating
performance comparisons from period to period by eliminating
potential differences caused by the existence and timing of certain
expense items that would not otherwise be apparent on a GAAP
basis. These non-GAAP measures have limitations as an
analytical tool and should not be considered in isolation or as a
substitute for the company's GAAP measures. The principal
limitations of these measures are that they do not reflect the
company's actual expenses and may thus have the effect of inflating
its financial measures on a GAAP basis.
About Smith & Wesson
Brands, Inc.
Smith & Wesson Brands, Inc.
(NASDAQ Global Select: SWBI) is a U.S.-based leader in firearm
manufacturing and design, delivering a broad portfolio of quality
handgun, long gun, and suppressor products to the global consumer
and professional markets under the iconic Smith & Wesson®,
M&P®, Thompson/Center Arms™, and Gemtech® brands. The
company also provides manufacturing services including forging,
machining, and precision plastic injection molding services.
For more information call (844) 363-5386 or visit
www.smith-wesson.com.
SMITH & WESSON
BRANDS, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
As
of:
|
|
January 31,
2021
|
|
April 30,
2020
|
|
(In thousands, except
par value and share data)
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
59,676
|
|
$
125,011
|
Accounts receivable,
net of allowances for credit losses of $151 on January 31,
2021 and $1,038 on April 30, 2020
|
61,564
|
|
60,879
|
Inventories
|
84,446
|
|
103,741
|
Prepaid expenses and
other current assets
|
8,574
|
|
7,556
|
Current assets of
discontinued operations
|
—
|
|
94,673
|
Income tax
receivable
|
9,277
|
|
1,595
|
Total current
assets
|
223,537
|
|
393,455
|
Property,
plant, and equipment, net
|
145,398
|
|
147,739
|
Intangibles,
net
|
4,436
|
|
4,375
|
Goodwill
|
19,024
|
|
19,024
|
Other assets of
discontinued operations
|
—
|
|
148,485
|
Other
assets
|
13,456
|
|
16,437
|
|
405,851
|
|
729,515
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
49,166
|
|
$
31,476
|
Accrued expenses and
deferred revenue
|
37,805
|
|
57,678
|
Accrued payroll and
incentives
|
14,488
|
|
12,448
|
Accrued income
taxes
|
337
|
|
5,503
|
Accrued profit
sharing
|
10,860
|
|
2,197
|
Accrued
warranty
|
3,718
|
|
3,297
|
Current liabilties of
discontinued operations
|
—
|
|
17,372
|
Total current
liabilities
|
116,374
|
|
129,971
|
Deferred income
taxes
|
773
|
|
457
|
Notes and loans
payable, net of current portion
|
—
|
|
159,171
|
Finance lease
payable, net of current portion
|
39,060
|
|
39,873
|
Other non-current
liabilities of discontinued operations
|
—
|
|
2,299
|
Other non-current
liabilities
|
11,935
|
|
10,626
|
Total
liabilities
|
168,142
|
|
342,397
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$.001 par value, 20,000,000 shares authorized, no shares
issued or outstanding
|
—
|
|
—
|
Common stock,
$.001 par value, 100,000,000 shares authorized,
74,153,528 issued and 53,249,177 shares outstanding on January 31,
2021 and 73,526,790 shares issued and 55,359,928 shares
outstanding on April 30, 2020
|
74
|
|
74
|
Additional paid-in
capital
|
271,222
|
|
267,630
|
Retained
earnings
|
238,715
|
|
341,716
|
Accumulated other
comprehensive income
|
73
|
|
73
|
Treasury stock, at
cost (20,904,351 shares on January 31, 2021 and April 30,
2020)
|
(272,375)
|
|
(222,375)
|
Total stockholders'
equity
|
237,709
|
|
387,118
|
|
$
405,851
|
|
$
729,515
|
SMITH & WESSON
BRANDS, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME/(LOSS)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended January 31,
|
|
For the Nine
Months Ended January 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(In thousands, except
per share data)
|
Net sales
|
|
$257,634
|
|
$127,416
|
|
$736,247
|
|
$336,575
|
Cost of
sales
|
|
147,955
|
|
91,729
|
|
433,073
|
|
232,989
|
Gross
profit
|
|
109,679
|
|
35,687
|
|
303,174
|
|
103,586
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
1,757
|
|
1,809
|
|
5,518
|
|
5,501
|
Selling, marketing,
and distribution
|
|
10,487
|
|
10,465
|
|
32,095
|
|
30,839
|
General and
administrative
|
|
17,054
|
|
14,603
|
|
62,061
|
|
47,915
|
Total operating
expenses
|
|
29,298
|
|
26,877
|
|
99,674
|
|
84,255
|
Operating income from
continuing operations
|
|
80,381
|
|
8,810
|
|
203,500
|
|
19,331
|
Other
income/(expense), net:
|
|
|
|
|
|
|
|
|
Other
income/(expense), net
|
|
952
|
|
(10)
|
|
1,711
|
|
80
|
Interest expense,
net
|
|
(550)
|
|
(2,885)
|
|
(3,356)
|
|
(8,572)
|
Total other
income/(expense), net
|
|
402
|
|
(2,895)
|
|
(1,645)
|
|
(8,492)
|
Income from
operations before income taxes
|
|
80,783
|
|
5,915
|
|
201,855
|
|
10,839
|
Income tax
expense
|
|
18,520
|
|
1,688
|
|
47,176
|
|
4,084
|
Income from
continuing operations
|
|
$
62,263
|
|
$
4,227
|
|
$154,679
|
|
$
6,755
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
Income/(loss) from
discontinued operations
|
|
127
|
|
1,504
|
|
8,334
|
|
(1,839)
|
Net income
|
|
$
62,390
|
|
$
5,731
|
|
$163,013
|
|
$
4,916
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
Basic - continuing
operations
|
|
$
1.13
|
|
$
0.08
|
|
$
2.79
|
|
$
0.12
|
Basic - net
income
|
|
$
1.13
|
|
$
0.10
|
|
$
2.94
|
|
$
0.09
|
Diluted - continuing
operations
|
|
$
1.12
|
|
$
0.08
|
|
$
2.75
|
|
$
0.12
|
Diluted - net
income
|
|
$
1.12
|
|
$
0.10
|
|
$
2.90
|
|
$
0.09
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
55,137
|
|
55,064
|
|
55,515
|
|
54,919
|
Diluted
|
|
55,702
|
|
55,744
|
|
56,258
|
|
55,641
|
SMITH & WESSON
BRANDS, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
For the Nine
Months Ended
|
|
January 31,
2021
|
|
January 31,
2020
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
Income from
continuing operations
|
$
154,679
|
|
$
6,755
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
24,133
|
|
24,320
|
Loss on
sale/disposition of assets
|
148
|
|
310
|
Provision for losses
on notes and accounts receivable
|
(693)
|
|
(98)
|
Deferred income
taxes
|
316
|
|
(18)
|
Change in fair value
of contingent consideration
|
—
|
|
100
|
Stock-based
compensation expense
|
3,392
|
|
941
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
8
|
|
(8,503)
|
Inventories
|
19,295
|
|
(31,687)
|
Prepaid expenses and other
current assets
|
(1,018)
|
|
(3,797)
|
Income taxes
|
(12,831)
|
|
(2,196)
|
Accounts payable
|
17,299
|
|
(2,398)
|
Accrued payroll and
incentives
|
2,040
|
|
(6,754)
|
Accrued profit
sharing
|
8,663
|
|
(1,006)
|
Accrued expenses and
deferred revenue
|
(19,950)
|
|
(1,584)
|
Accrued warranty
|
421
|
|
(526)
|
Other assets
|
1,226
|
|
1,281
|
Other non-current
liabilities
|
1,309
|
|
(1,777)
|
Cash provided
by/(used in) operating activities - continuing
operations
|
198,437
|
|
(26,637)
|
Cash (used
in)/provided by operating activities - discontinued
operations
|
(2,129)
|
|
1,804
|
Net cash provided
by/(used in) operating activities
|
196,308
|
|
(24,833)
|
Cash flows from
investing activities:
|
|
|
|
Refunds on machinery
and equipment
|
310
|
|
—
|
Payments to acquire
patents and software
|
(502)
|
|
(303)
|
Payments to acquire
property and equipment
|
(18,378)
|
|
(10,504)
|
Cash used by
investing activities - continuing operations
|
(18,570)
|
|
(10,807)
|
Cash used by
investing activities - discontinued operations
|
(1,143)
|
|
(1,495)
|
Net cash used in
investing activities
|
(19,713)
|
|
(12,302)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from loans
and notes payable
|
25,000
|
|
228,225
|
Cash paid for debt
issuance costs
|
(450)
|
|
(875)
|
Payments on finance
lease obligation
|
(736)
|
|
(663)
|
Payments on notes and
loans payable
|
(185,000)
|
|
(184,600)
|
Distribution to
AOUT
|
(25,000)
|
|
—
|
Payments to acquire
treasury stock
|
(50,000)
|
|
—
|
Dividend
distribution
|
(5,594)
|
|
—
|
Proceeds from
exercise of options to acquire common stock
|
2,217
|
|
936
|
Payment of employee
withholding tax related to restricted stock units
|
(2,201)
|
|
(594)
|
Cash (used
in)/provided by financial activities - continuing
operations
|
(241,764)
|
|
42,429
|
Cash used in
financial activities - discontinued operations
|
(166)
|
|
—
|
Net cash (used
in)/provided by financing activities
|
(241,930)
|
|
42,429
|
Net
(decrease)/increase in cash and cash equivalents
|
(65,335)
|
|
5,294
|
Cash and cash
equivalents, beginning of period
|
125,011
|
|
40,853
|
Cash and cash
equivalents, end of period
|
$
59,676
|
|
$
46,147
|
Supplemental
disclosure of cash flow information
|
|
|
|
Cash paid
for:
|
|
|
|
Interest
|
$
2,745
|
|
$
8,422
|
Income
taxes
|
$
63,525
|
|
$
5,755
|
SMITH & WESSON
BRANDS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES
(Dollars in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
January 31,
2021
|
|
January 31,
2020
|
|
January 31,
2021
|
|
January 31,
2020
|
|
$
|
|
% of
Sales
|
|
$
|
|
% of
Sales
|
|
$
|
|
% of
Sales
|
|
$
|
|
% of
Sales
|
GAAP gross
profit
|
$ 109,679
|
|
42.6%
|
|
$ 35,687
|
|
28.0%
|
|
$ 303,174
|
|
41.2%
|
|
$ 103,586
|
|
30.8%
|
COVID-19
|
22
|
|
0.0%
|
|
—
|
|
—
|
|
517
|
|
0.1%
|
|
—
|
|
—
|
Non-GAAP gross
profit
|
$ 109,701
|
|
42.6%
|
|
$ 35,687
|
|
28.0%
|
|
$ 303,691
|
|
41.2%
|
|
$ 103,586
|
|
30.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
29,298
|
|
11.4%
|
|
$ 26,877
|
|
21.1%
|
|
$
99,674
|
|
13.5%
|
|
$
84,255
|
|
25.0%
|
Amortization of
acquired intangible assets
|
(83)
|
|
0.0%
|
|
(36)
|
|
0.0%
|
|
(248)
|
|
0.0%
|
|
(258)
|
|
-0.1%
|
Transition
costs
|
(20)
|
|
0.0%
|
|
(1,025)
|
|
-0.8%
|
|
(7,953)
|
|
-1.1%
|
|
(1,189)
|
|
-0.4%
|
COVID-19
|
(58)
|
|
0.0%
|
|
—
|
|
—
|
|
(617)
|
|
-0.1%
|
|
—
|
|
—
|
Spin related
stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
(442)
|
|
-0.1%
|
|
—
|
|
—
|
CEO
separation
|
—
|
|
—
|
|
(3,844)
|
|
-3.0%
|
|
—
|
|
—
|
|
(3,844)
|
|
-1.1%
|
Non-GAAP operating
expenses
|
$
29,137
|
|
11.3%
|
|
$ 21,972
|
|
17.2%
|
|
$
90,414
|
|
12.3%
|
|
$
78,964
|
|
23.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
$
80,381
|
|
31.2%
|
|
$
8,810
|
|
6.9%
|
|
$ 203,500
|
|
27.6%
|
|
$
19,331
|
|
5.7%
|
Amortization of
acquired intangible assets
|
83
|
|
0.0%
|
|
36
|
|
0.0%
|
|
248
|
|
0.0%
|
|
258
|
|
0.1%
|
Transition
costs
|
20
|
|
0.0%
|
|
1,025
|
|
0.8%
|
|
7,953
|
|
1.1%
|
|
1,189
|
|
0.4%
|
COVID-19
|
80
|
|
0.0%
|
|
—
|
|
—
|
|
1,134
|
|
0.2%
|
|
—
|
|
—
|
Spin related
stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
442
|
|
0.1%
|
|
—
|
|
—
|
CEO
separation
|
—
|
|
—
|
|
3,844
|
|
3.0%
|
|
—
|
|
—
|
|
3,844
|
|
1.1%
|
Non-GAAP operating
income
|
$
80,564
|
|
31.3%
|
|
$ 13,715
|
|
10.8%
|
|
$ 213,277
|
|
29.0%
|
|
$
24,622
|
|
7.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations
|
$
62,263
|
|
24.2%
|
|
$
4,227
|
|
3.3%
|
|
$ 154,679
|
|
21.0%
|
|
$
6,755
|
|
2.0%
|
Amortization of
acquired intangible assets
|
83
|
|
0.0%
|
|
36
|
|
0.0%
|
|
248
|
|
0.0%
|
|
258
|
|
0.1%
|
Transition
costs
|
20
|
|
0.0%
|
|
1,025
|
|
0.8%
|
|
7,953
|
|
1.1%
|
|
1,189
|
|
0.4%
|
COVID-19
|
80
|
|
0.0%
|
|
—
|
|
—
|
|
1,134
|
|
0.2%
|
|
—
|
|
—
|
Change in contingent
consideration
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(100)
|
|
0.0%
|
Spin related
stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
442
|
|
0.0%
|
|
—
|
|
—
|
CEO
separation
|
—
|
|
—
|
|
3,844
|
|
3.0%
|
|
—
|
|
—
|
|
3,844
|
|
1.1%
|
Tax effect of
non-GAAP adjustments
|
(46)
|
|
0.0%
|
|
(1,324)
|
|
-1.0%
|
|
(2,444)
|
|
-0.3%
|
|
(1,402)
|
|
-0.4%
|
Non-GAAP income from
continuing operations
|
$
62,400
|
|
24.2%
|
|
$
7,808
|
|
6.1%
|
|
$ 162,012
|
|
22.0%
|
|
$
10,544
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations per share - diluted
|
$
1.12
|
|
|
|
$
0.08
|
|
|
|
$
2.75
|
|
|
|
$
0.12
|
|
|
Amortization of
acquired intangible assets
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Transition
costs
|
—
|
|
|
|
0.02
|
|
|
|
0.14
|
|
|
|
0.02
|
|
|
COVID-19
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
Change in contingent
consideration
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Spin related
stock-based compensation
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
CEO
separation
|
—
|
|
|
|
0.07
|
|
|
|
—
|
|
|
|
0.07
|
|
|
Tax effect of
non-GAAP adjustments
|
—
|
|
|
|
(0.02)
|
|
|
|
(0.04)
|
|
|
|
(0.03)
|
|
|
Non-GAAP income from
continuing operations per share - diluted
|
$
1.12
|
|
|
|
$
0.14
|
(a)
|
|
|
$
2.88
|
|
|
|
$
0.19
|
(a)
|
|
|
(a) Non-GAAP net
income per share does not foot due to rounding.
|
SMITH & WESSON
BRANDS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING CASH FLOW FROM CONTINUING OPERATIONS TO FREE CASH
FLOW
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
January 31,
2021
|
|
January 31,
2020
|
|
January 31,
2021
|
|
January 31,
2020
|
Net cash (provided
by)/used in operating activities
|
$
60,349
|
|
$
2,047
|
|
$
198,437
|
|
$
(26,637)
|
Net cash used in
investing activities
|
(3,256)
|
|
(2,279)
|
|
(18,570)
|
|
(10,807)
|
Free cash
flow
|
$
57,093
|
|
$
(232)
|
|
$
179,867
|
|
$
(37,444)
|
SMITH & WESSON
BRANDS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED
EBITDAS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
|
January 31,
2021
|
|
January 31,
2020
|
|
January 31,
2021
|
|
January 31,
2020
|
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations
|
|
$
62,263
|
|
$
4,227
|
|
$
154,679
|
|
$
6,755
|
Interest
expense
|
|
592
|
|
2,869
|
|
3,471
|
|
8,919
|
Income tax
expense
|
|
18,520
|
|
1,688
|
|
47,176
|
|
4,084
|
Depreciation and
amortization
|
|
7,017
|
|
7,509
|
|
23,264
|
|
23,776
|
Stock-based
compensation expense
|
|
1,317
|
|
1,554
|
|
3,392
|
|
4,375
|
Change in contingent
consideration
|
|
—
|
|
—
|
|
—
|
|
(100)
|
COVID-19
|
|
80
|
|
—
|
|
1,134
|
|
—
|
Transition
costs
|
|
20
|
|
1,025
|
|
7,953
|
|
1,189
|
CEO
separation
|
|
—
|
|
(3,844)
|
|
—
|
|
(3,844)
|
Non-GAAP Adjusted
EBITDAS
|
|
$
89,809
|
|
$
15,028
|
|
$
241,069
|
|
$
45,154
|
Contact:
investorrelations@smith-wesson.com
(413) 747-3448
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SOURCE Smith & Wesson Brands,
Inc.