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Smith & Wesson Holding Corporation Reports Third Quarter Fiscal 2014 Financial Results

- Net Sales of $145.9 Million

SPRINGFIELD, Mass., March 4, 2014 /PRNewswire/ -- Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC), a leader in firearm manufacturing and design, today announced financial results for the third fiscal quarter ended January 31, 2014.

Third Quarter Fiscal 2014 Financial Highlights

  • Net sales for the third quarter were $145.9 million, up 7.1% from the third quarter last year.  When excluding Walther products that were sold in the prior year pursuant to a distribution agreement that has since ended, net sales growth was 16.7%.  Handgun sales, which include sales of the company's popular M&P® pistols, grew 29.9% versus the year ago quarter. 
  • Gross profit for the third quarter was $58.7 million, or 40.2% of net sales, compared with gross profit of $49.9 million, or 36.6% of net sales, for the comparable quarter last year.  Gross profit margin improved as a result of favorable product mix, absorption, and manufacturing efficiencies, as well as reduced promotions and the absence of lower-margin Walther product sales.
  • Operating expenses for the third quarter were $27.5 million, or 18.9% of net sales, compared with operating expenses of $21.9 million, or 16.1% of net sales, for the third quarter last year. A significant portion of the operating expense increase related to the company's ERP implementation, which commenced in the second quarter.
  • Operating income for the third quarter was 21.3% of net sales compared with 20.6% for the third quarter last year.
  • Income from continuing operations for the third quarter was $20.1 million, or $0.35 per diluted share, compared with $17.5 million, or $0.26 per diluted share, for the third quarter last year. 
  • Non-GAAP Adjusted EBITDAS from continuing operations for the third quarter increased to $37.5 million from $33.3 million for the third quarter last year.
  • Operating cash generated for the third quarter was $29.6 million.  Cash used in investing activities of $21.9 million included capital spending of $10.2 million and equipment deposits of $11.7 million, yielding free cash flow of $7.6 million.  The company also used $15.3 million in cash from financing activities, primarily relating to its stock buyback program.

James Debney, Smith & Wesson Holding Corporation President and Chief Executive Officer, stated, "Our performance  for the third quarter of fiscal 2014 reflected the ongoing successful execution of our growth strategy.  We maintained our focus on increasing market share of our Smith & Wesson® M&P® polymer pistol family of products and thereby delivered handgun revenue growth of nearly 30%, a solid result when we consider that the year-ago quarter reflected a surge in consumer demand.  We continued to demonstrate our strong track record of new product development, launching several new products at SHOT Show® in January, particularly in the revolver category, all of which were well received and drew incremental orders from our customers.  Our financial results were highlighted by our delivery of double-digit growth in net income and the ongoing expansion of our gross margins, all while we continued to drive a number of initiatives designed to strengthen our business and return increased value to our stockholders.  We believe that our long-standing approach of growing our business through the addition of flexible capacity has positioned us well to adapt to our dynamic environment."

Jeffrey D. Buchanan, Smith & Wesson Holding Corporation Executive Vice President and Chief Financial Officer, stated, "During the third quarter, we repurchased 1.14 million shares of our common stock for $15 million.  Since December 2012, we have repurchased a total of 12.3 million shares of our common stock valued at $135 million, representing a total reduction in shares outstanding of nearly 19.0%.  With the successful completion of our stock buyback program, we continued to optimize our capital structure.  Overall, our balance sheet remains flexible and strong with no borrowings under our credit facility." 

Financial Outlook

The company estimates net sales for the fourth quarter of fiscal 2014 to be between $159.0 million and $164.0 million and GAAP earnings per diluted share from continuing operations of between $0.37 and $0.40

The company has raised its full year fiscal 2014 guidance. It now estimates net sales of between $615.0 million and $620.0 million and GAAP earnings per diluted share from continuing operations of between $1.39 and $1.42.

All guidance takes into account the expected impact of the implementation of the company's new ERP system throughout fiscal 2014. While implementation costs are projected to continue in the fourth quarter, those costs are expected to continue to diminish from second quarter levels, since the most challenging aspects of the project have been completed and the system has reached steady-state mode.

Conference Call and Webcast

The company will host a conference call and webcast today, March 4, 2014, to discuss its third quarter fiscal 2014 financial and operational results. Speakers on the conference call will include James Debney, President and Chief Executive Officer, and Jeffrey D. Buchanan, 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 call via telephone may call directly at (617) 213-8052 and reference conference code 22615200. No RSVP is necessary.  The conference call audio webcast can also be accessed live and for replay on the company's website at www.smith-wesson.com, under the Investor Relations section. The company will maintain an audio replay of this conference call on its website for a period of time after the call. No other audio replay will be available. 

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

In this press release, certain non-GAAP financial measures, including "Adjusted EBITDAS" and "free cash flow" are presented.  From time to time, the company considers and uses Adjusted EBITDAS and free cash flow as supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends. Adjusted EBITDAS excludes the effects of interest expense, income taxes, depreciation of tangible fixed assets, amortization of intangible assets, stock-based compensation expense, plant consolidation costs, DOJ and SEC investigation costs, and certain other transactions.  See the attached "Reconciliation of GAAP Income from Operations to Adjusted EBITDAS" for a detailed explanation of the amounts excluded from and included in net income to arrive at Adjusted EBITDAS for the three month and nine month periods ended January 31, 2014 and 2013.  Free cash flow is defined as cash flow provided by operating activities less capital expenditures, which include purchases of property, equipment, patents, and software and deposits on fixed assets.

Adjusted or non-GAAP financial measures provide investors and the company with supplemental measures of operating performance and trends that facilitate comparisons between periods before, during, and after certain items that would not otherwise be apparent on a GAAP basis. Adjusted financial measures are not, and should not be viewed as, a substitute for GAAP results. The company's definition of these adjusted financial measures may differ from similarly named measures used by others.

About Smith & Wesson

Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality firearms, related products, and training to the global military, law enforcement, and consumer markets. The company's brands include Smith & Wesson®, M&P® and Thompson/Center Arms™. Smith & Wesson facilities are located in Massachusetts and Maine. For more information on Smith & Wesson, call (800) 331-0852 or log on to www.smith-wesson.com.

Safe Harbor Statement                    

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe-harbor created thereby.  Such forward-looking statements include the company's belief that its performance for the third quarter of fiscal 2014 reflected the ongoing successful execution of its growth strategy; the company's belief that it maintained its focus on increasing market share of its M&P polymer pistol family of products and thereby delivered handgun revenue growth of nearly 30%, a solid result when the year-ago quarter reflected a surge in consumer demand; the company's belief that it continued to demonstrate its strong track record of new product development, launching several new products at SHOT Show in January, particularly in the revolver category, all of which were well received and drew incremental orders from its customers; the company's belief that it continued to drive a number of initiatives designed to strengthen its business and return increased value to its stockholders; the company's belief that its long-standing approach of growing its business through the addition of flexible capacity positioned it well to adapt to its dynamic environment; the company's belief that with the successful completion of its stock buyback program, it continued to optimize its capital structure; the company's belief that its balance sheet remains flexible and strong with no borrowings under its credit facility; the company's expectations for net sales and GAAP earnings per diluted share from continuing operations for the fourth quarter of fiscal 2014; the company's expectations for net sales and GAAP earnings per diluted share from continuing operations for fiscal 2014; and the company's belief that while implementation costs for the company's new ERP system are expected to continue in the fourth quarter, those costs are expected to continue to diminish from second quarter levels, since the most challenging aspects of the project have been completed and the system has reached steady-state mode. We caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements.  Such factors include the demand for our products; the costs and ultimate conclusion of certain legal matters, including the DOJ and SEC matters; the state of the U.S. economy; general economic conditions and consumer spending patterns; the potential for increased regulation of firearms and firearm-related products; speculation surrounding fears of terrorism and crime; our growth opportunities; our anticipated growth; our ability to increase demand for our products in various markets, including consumer, law enforcement, and military channels, domestically and internationally; the position of our hunting products in the consumer discretionary marketplace and distribution channel; our penetration rates in new and existing markets; our strategies; our ability to introduce new products; the success of new products; our ability to expand our markets; the potential for cancellation of orders from our backlog; and other risks detailed from time to time in our reports filed with the SEC, including our Form 10-K Report for the fiscal year ended April 30, 2013.

Contact: Liz Sharp, VP Investor Relations
Smith & Wesson Holding Corporation
(413) 747-3304
[email protected]

 

 

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)



For the Three Months Ended:


For the Nine Months Ended:



January 31, 2014


January 31, 2013


January 31, 2014


January 31, 2013



(In thousands, except per share data)

Net sales

$

145,881


$

136,242


$

456,195


$

408,797

Cost of sales


87,230



86,310



266,834



259,171

Gross profit


58,651



49,932



189,361



149,626

Operating expenses:













Research and development


1,456



952



4,119



3,392


Selling and marketing


8,921



8,356



24,150



23,272


General and administrative


17,154



12,576



53,184



36,994


Total operating expenses


27,531



21,884



81,453



63,658

Operating income from continuing operations


31,120



28,048



107,908



85,968

Other income/(expense):













Other income/(expense), net


(6)



-



35



39


Interest income


33



48



143



750


Interest expense


(1,771)



(1,240)



(10,490)



(4,571)


Total other income/(expense), net


(1,744)



(1,192)



(10,312)



(3,782)

Income from continuing operations before income taxes


29,376



26,856



97,596



82,186

Income tax expense


9,319



9,350



33,868



29,410

Income from continuing operations


20,057



17,506



63,728



52,776

Discontinued operations:













Loss from operations of discontinued security solutions division


(75)



(601)



(349)



(3,150)


Income tax expense/(benefit)


(803)



2,329



(870)



(3,921)


Income/(loss) from discontinued operations


728



(2,930)



521



771

Net income/comprehensive income

$

20,785


$

14,576


$

64,249


$

53,547














Net income per share:













Basic - continuing operations

$

0.36


$

0.27


$

1.07


$

0.81


Basic - net income

$

0.37


$

0.22


$

1.07


$

0.82


Diluted - continuing operations

$

0.35


$

0.26


$

1.03


$

0.79


Diluted - net income

$

0.36


$

0.22


$

1.04


$

0.80

Weighted average number of common shares outstanding:













Basic


55,583



65,149



59,815



65,457


Diluted


57,024



66,421



62,065



66,909

 

 

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)











As of:





January 31, 2014


April 30, 2013





(In thousands, except par value and share data)

 ASSETS

 Current assets:








Cash and cash equivalents, including restricted cash of $3,345 on April 30, 2013

$

45,288


$

100,487



Accounts receivable, net of allowance for doubtful accounts of $1,269 on January 31, 2014 and $1,128 on April 30, 2013


52,662



46,088



Inventories


86,807



62,998



Prepaid expenses and other current assets


6,693



4,824



Deferred income taxes 


12,076



12,076



Income tax receivable


8,669



3,093




 Total current assets


212,195



229,566

 Property, plant, and equipment, net


108,740



86,382

 Intangibles, net


3,511



3,965

 Other assets


21,656



7,076


$

346,102


$

326,989
















 LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities:








 Accounts payable

$

45,377


$

31,220



 Accrued expenses


10,829



16,033



 Accrued payroll


12,013



13,096



 Accrued taxes other than income


5,362



5,349



 Accrued profit sharing


7,688



9,587



 Accrued product/municipal liability


1,355



1,551



 Accrued warranty


5,274



5,757



 Current portion of notes payable


319






 Total current liabilities


88,217



82,593

 Deferred income taxes 


7,863



7,863

 Notes payable, net of current portion


100,000



43,559

 Other non-current liabilities


11,099



11,675




 Total liabilities


207,179



145,690

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, 68,375,833 shares issued and 54,918,526 shares outstanding on January 31, 2014 and 67,596,716 shares issued and 64,297,113 shares outstanding on April 30, 2013


68



68


Additional paid-in capital 


208,382



199,120


Retained earnings


72,683



8,434


Accumulated other comprehensive income


73



73


Treasury stock, at cost (13,457,307 common shares on January 31, 2014 and 3,299,603 common shares on April 30, 2013)


(142,283)



(26,396)




 Total stockholders' equity


138,923



181,299


$

346,102


$

326,989

 

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)














For the Nine Months Ended:


January 31, 2014


January 31, 2013





(In thousands)

 Cash flows from operating activities:







Net Income

$

64,249


$

53,547


 Adjustments to reconcile net income to net cash provided by operating activities:








Amortization and depreciation


16,066



12,023



Loss on sale of business including loss on sale of discontinued operations, including $45 of stock-based compensation expense 




1,222



Loss on sale/disposition of assets


52



277



Provisions for losses on accounts receivable


80



378



Change in disposal group assets and liabilities




(1,215)



Stock-based compensation expense


6,651



3,086



Changes in operating assets and liabilities:








 Accounts receivable


(6,654)



9,064



 Inventories


(23,809)



(13,912)



 Prepaid expenses and other current assets


(1,869)



(1,150)



 Income tax receivable


(5,576)



(6,091)



 Accounts payable


14,157



(4,241)



 Accrued payroll


(1,083)



1,867



 Accrued taxes other than income


13



589



 Accrued profit sharing


(1,899)



(909)



 Accrued other expenses


(5,204)



(7,795)



 Accrued product/municipal liability


(196)



120



 Accrued warranty


(483)



(335)



 Other assets


(141)



(45)



 Other non-current liabilities


(129)



284




 Net cash provided by operating activities


54,225



46,764

 Cash flows from investing activities:







 Proceeds from sale of business




7,500


 Deposits on machinery and equipment


(12,415)




 Receipts from note receivable


57



55


 Payments to acquire patents and software


(135)



(36)


 Proceeds from sale of property and equipment


101



1,037


 Payments to acquire property and equipment


(36,283)



(28,399)




 Net cash used in investing activities


(48,675)



(19,843)

 Cash flows from financing activities:







Proceeds from loans and notes payable


101,584



1,753


Cash paid for debt issue costs


(3,786)




Payments on capital lease obligation


(447)



(450)


Payments on loans and notes payable


(44,824)



(8,034)


Payments to acquire treasury stock


(115,887)



(20,000)


Proceeds from exercise of options to acquire common stock, including employee stock purchase plan


2,026



4,095


Taxes paid related to restricted stock issuance


(1,087)




Excess tax benefit of stock-based compensation


1,672



997




 Net cash used in financing activities


(60,749)



(21,639)

 Net (decrease)/increase in cash and cash equivalents


(55,199)



5,282

 Cash and cash equivalents, beginning of period


100,487



56,717

 Cash and cash equivalents, end of period

$

45,288


$

61,999

Supplemental disclosure of cash flow information







Cash paid for:








Interest

$

7,615


$

5,252



Income taxes


38,130



30,976

 

 

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO ADJUSTED EBITDAS (Unaudited)

























For the Three Months Ended January 31, 2014:


For the Three Months Ended January 31, 2013:

























Continuing


Discontinued


Total



Continuing


Discontinued


Total






















Income from operations

$

20,057


$

728



$

20,785



$

17,506


$

(2,930)



$

14,576

Interest expense


1,771



-




1,771




1,240



-




1,240

Income tax expense


9,319



(803)




8,516




9,350



2,329




11,679

Depreciation and amortization


4,673



-




4,673




3,825



-




3,825

Stock compensation expense


1,877



-




1,877




1,180



-




1,180

Loss on sale of discontinued operations

-



-




-




-



424




424

DOJ/SEC costs


(237)



-




(237)




221



-




221

Adjusted EBITDAS

$

37,460


$

(75)



$

37,385



$

33,322


$

(177)



$

33,145















































For the Nine Months Ended January 31, 2014:


For the Nine Months Ended January 31, 2013:

























Continuing


Discontinued


Total



Continuing


Discontinued


Total






















Income from operations

$

63,728


$

521



$

64,249



$

52,776


$

771



$

53,547

Interest expense


10,490



-




10,490




3,963



608




4,571

Income tax expense


33,868



(870)




32,998




29,410



(3,921)




25,489

Depreciation and amortization


14,363



-




14,363




11,465



-




11,465

Stock compensation expense


6,651



-




6,651




3,109



(22)




3,087

Loss on sale of discontinued operations

-



-




-




-



1,222




1,222

DOJ/SEC costs


445



-




445




766



-




766

Adjusted EBITDAS

$

129,545


$

(349)



$

129,196



$

101,489


$

(1,342)



$

100,147

 

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

RECONCILIATION OF FREE CASH FLOW (Unaudited)
















For the Three Months Ended:


For the Nine Months Ended:



January 31, 2014


January 31, 2013


January 31, 2014


January 31, 2013



(In thousands)


(In thousands)

Cash provided by operating activities

$

29,566


$

32,993


$

54,225


$

46,764

Deposits on machinery and equipment


(11,739)





(12,415)



Payments to acquire patents and equipment


(54)



(14)



(135)



(36)

Payments to acquire property and equipment


(10,208)



(12,563)



(36,283)



(28,399)

Total free cash flow

$

7,565


$

20,416


$

5,392


$

18,329

SOURCE Smith & Wesson Holding Corporation

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SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...