0001193125-12-287685.txt : 20120628 0001193125-12-287685.hdr.sgml : 20120628 20120628160554 ACCESSION NUMBER: 0001193125-12-287685 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120628 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120628 DATE AS OF CHANGE: 20120628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMITH & WESSON HOLDING CORP CENTRAL INDEX KEY: 0001092796 STANDARD INDUSTRIAL CLASSIFICATION: ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480] IRS NUMBER: 870543688 STATE OF INCORPORATION: NV FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31552 FILM NUMBER: 12932714 BUSINESS ADDRESS: STREET 1: 2100 ROOSEVELT AVENUE CITY: SPRINGFIELD STATE: MA ZIP: 01104 BUSINESS PHONE: 4137473573 MAIL ADDRESS: STREET 1: 2100 ROOSEVELT AVENUE CITY: SPRINGFIELD STATE: MA ZIP: 01104 FORMER COMPANY: FORMER CONFORMED NAME: SAF T HAMMER CORP/NV DATE OF NAME CHANGE: 20000404 FORMER COMPANY: FORMER CONFORMED NAME: LOST COAST VENTURES INC DATE OF NAME CHANGE: 19990809 8-K 1 d374345d8k.htm FORM 8-K FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

June 28, 2012

Date of Report (Date of earliest event reported)

 

 

Smith & Wesson Holding Corporation

(Exact Name of Registrant as Specified in Charter)

 

 

 

Nevada   001-31552   87-0543688

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

2100 Roosevelt Avenue

Springfield, Massachusetts

  

01104

(Address of Principal Executive Offices)   (Zip Code)

(800) 331-0852

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02. Results of Operations and Financial Condition.

We are furnishing this Report on Form 8-K in connection with the disclosure of information, in the form of the textual information from a press release released on June 28, 2012.

The information in this Report on Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

We do not have, and expressly disclaim, any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based.

The text included with this Report on Form 8-K is available on our website located at www.smith-wesson.com, although we reserve the right to discontinue that availability at any time.

 

Item 9.01. Financial Statements and Exhibits.

 

  (a) Financial Statements of Business Acquired.

Not applicable.

 

  (b) Pro Forma Financial Information.

Not applicable.

 

  (c) Shell Company Transactions.

Not applicable.

 

  (d) Exhibits.

 

Exhibit
Number

   

Exhibits

99.1    Press release from Smith & Wesson Holding Corporation, dated June 28, 2012, entitled “Smith & Wesson Holding Corporation Reports Record Fourth Quarter and Full Year Fiscal 2012 Financial Results”

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    SMITH & WESSON HOLDING CORPORATION
Date: June 28, 2012     By:   /s/ Jeffrey D. Buchanan
      Jeffrey D. Buchanan
      Executive Vice President, Chief Financial Officer, and Treasurer

EXHIBIT INDEX

 

99.1    Press release from Smith & Wesson Holding Corporation, dated June 28, 2012, entitled “Smith & Wesson Holding Corporation Reports Record Fourth Quarter and Full Year Fiscal 2012 Financial Results”
 EX-99.1 2 d374345dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Contacts:

Liz Sharp, VP Investor Relations

Smith & Wesson Holding Corp.

(413) 747-3304

lsharp@smith-wesson.com

Smith & Wesson Holding Corporation Reports Record

Fourth Quarter and Full Year Fiscal 2012 Financial Results

 

  •  

Record Fiscal Fourth Quarter 2012 Net Sales from Continuing Operations of $129.8 Million, Up 27.7% Year-Over-Year

 

  •  

Record Fiscal Fourth Quarter 2012 Income from Continuing Operations of $17.8 Million or $0.27 per diluted share

 

  •  

Record Annual Fiscal 2012 Income from Continuing Operations of $26.4 Million or $0.40 per diluted share

 

  •  

Record Annual Units Produced

 

  •  

Record Annual Cash Generated

 

  •  

Company Issues Fiscal 2013 Financial Outlook

SPRINGFIELD, Mass., June 28, 2012 — Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC), a leader in firearm manufacturing and design, today announced record financial results for the fourth quarter and fiscal year ended April 30, 2012.

Fourth Quarter Fiscal 2012 Financial Highlights

 

  •  

Net sales from continuing operations for the fourth quarter were a record $129.8 million, up 27.7% from the fourth quarter last year. The increase was driven by strong sales of M&P™ polymer pistols and M&P modern sporting rifles.

 

  •  

Gross profit for the fourth quarter was $46.9 million, or 36.1% of net sales, compared with gross profit of $31.2 million, or 30.7% of net sales, for the comparable quarter last year. Gross profit was positively impacted in the quarter by significant one-time benefits relating to reductions in inventory and legal reserves. In addition, the higher production volume allowed for increased overhead absorption. Higher sales volume, cost savings efforts, reduced promotion costs, and a favorable product mix also contributed to the improvement.

 

  •  

Operating expense for the fourth quarter totaled $21.2 million, or 16.3% of net sales, compared with operating expense of $23.2 million, or 22.9% of net sales, for the fourth quarter last year. The decrease in operating expense reflected cost-savings efforts, including reduced legal expenses, and the impact of the consolidation of the Thompson/Center Arms operations to Springfield, Massachusetts.

 

  •  

Net income from continuing operations for the fourth quarter was $17.8 million, or $0.27 per diluted share, compared with net income from continuing operations of $4.4 million, or $0.07 per diluted share, for the fourth quarter last year.

  •  

Non-GAAP Adjusted EBITDAS from continuing operations for the fourth quarter increased to $31.2 million compared with $14.9 million for the fourth quarter last year.

 

  •  

At April 30, 2012, firearm backlog was $439.0 million, an increase of $252.3 million, or 135.1%, compared with the end of the fourth quarter last year, and an increase of $240.5 million, or 121.1%, from the most recent sequential quarter.

 

  •  

Operating cash flow of $29.6 million and net capital spending of $3.7 million resulted in free cash flow of $25.8 million from continuing operations. Cash at year end was $56.7 million.

Full Year Fiscal 2012 Financial Highlights

 

  •  

Net sales from continuing operations for the full fiscal year were a record $412.0 million compared with $342.2 million for the prior fiscal year, an increase of 20.4%.

 

  •  

Gross profit was 31.1% compared with 30.6% for the prior fiscal year.

 

  •  

Operating expenses were $83.1 million for fiscal 2012, or 20.2% of net sales, compared with operating expenses of $86.9 million, or 25.4% of net sales, for fiscal 2011.

 

  •  

Income from continuing operations was a record $26.4 million, or $0.40 per diluted share, compared with income from continuing operations of $8.1 million, or $0.13 per diluted share, a year ago.

 

  •  

Non-GAAP Adjusted EBITDAS from continuing operations for the full fiscal year totaled $68.4 million compared with $42.1 million for fiscal 2011.

James Debney, Smith & Wesson Holding Corporation President and Chief Executive Officer, stated, “Our objective in fiscal 2012 was to streamline the company and focus on our position as a leading, pure-play firearm company. We are very pleased with our results, which include record annual and fourth quarter net sales and profits. In the fourth quarter, we continued to deliver strong sales growth with our world-class products, including our M&P polymer pistols and our M&P modern sporting rifles. We continued to increase our manufacturing capacity and outsourcing capabilities, and our rapid acceleration of those efforts, combined with outstanding execution by our operations team, allowed us to capture incremental sales. Our M&P brand continues to be well accepted by consumers. We added a new member to the M&P family in the quarter with the highly successful launch of our new M&P Shield™. The M&P Shield offers consumers a polymer pistol with an easily concealed one-inch profile, combined with professional-grade features, simple operation, and reliable performance. Acceptance of the M&P Shield in the market has been fantastic.”

Jeffrey D. Buchanan, Executive Vice President and Chief Financial Officer, stated, “In fiscal 2012, our growing cash position allowed us to pay down $30.0 million of debt and increase our manufacturing capacity without accessing our line of credit. As we move into fiscal 2013, we will use the strength of our balance sheet to continue investing in our business. Recently, and after the end of the fiscal year, our strong cash position provided us the opportunity to enter the bond market and begin to repurchase our senior notes. Thus far, we have purchased $6.4 million of the notes. Overall, our growth in fiscal 2012 helped lay a solid fiscal foundation for the further expected improvement that is reflected in our financial guidance for fiscal 2013.”

 

Page 2 of  9

Financial Outlook for Continuing Operations

The company expects net sales from continuing operations for the first quarter of fiscal 2013 to be between $125.0 million and $130.0 million, which would represent year-over-year growth from continuing operations of over 36.0%. The company anticipates GAAP earnings per share from continuing operations of between $0.16 and $0.19 for the first quarter of fiscal 2013.

The company anticipates net sales from continuing operations for fiscal 2013 of between $485.0 million and $505.0 million, which would represent year-over-year growth from continuing operations of over 17.0%. The company anticipates GAAP earnings per share from continuing operations of between $0.60 and $0.65 for fiscal 2013.

Conference Call and Webcast

The company will host a conference call and webcast today, June 28, 2012, to discuss its fourth quarter and full year fiscal 2012 financial and operational results. Speakers on the conference call will include James Debney, President and CEO, and Jeffrey D. Buchanan, Executive Vice President and CFO. 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 617-847-8709 and reference conference code 52713609. 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 Adjusted EBITDAS

In this press release, a non-GAAP financial measure known as “Adjusted EBITDAS” is presented. From time-to-time, the company considers and uses Adjusted EBITDAS as a supplemental measure 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 employee compensation expense, impairment charge to goodwill and indefinite lived long-lived intangible assets related to the acquisition of Smith & Wesson Security Solutions™ (SWSS), DOJ and SEC investigation costs, and certain other transactions. See the attached “Reconciliation of GAAP Net Income/(Loss) to Non-GAAP 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 twelve-month periods ended April 30, 2012 and April 30, 2011. 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.

 

Page 3 of  9

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 our continued strong sales growth with our world-class products, including our M&P polymer pistols and our M&P modern sporting rifles; our continued increase in manufacturing capacity and outsourcing capabilities; our belief that our M&P brand continues to be well accepted by consumers; our belief regarding what our M&P Shield offers consumers and the market acceptance of the M&P Shield; our expectation that we will use the strength of our balance sheet to continue investing in our business in fiscal 2013; our expectation that we may repurchase some of our bonds; our belief that we have a solid fiscal foundation for the further expected improvement, which is reflected in our financial guidance for fiscal 2013; and our outlook for net sales from continuing operations, year-over-year growth from continuing operations, and GAAP earnings per share from continuing operations for fiscal 2013 and the first quarter of fiscal 2013. 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 gun control; 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; the success of the divestiture of our security solutions business and its effects on our core firearm business; 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, 2012.

 

Page 4 of  9

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

 

     For the Three Months Ended April 30,     For the Years Ended April 30,  
     2012 (unaudited)     2011 (unaudited)     2012     2011  
     (In thousands, except per share data)  

Net sales

    $ 129,843      $ 101,667      $ 411,997      $ 342,233   

Cost of sales

      82,980        70,427        284,008        237,545   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      46,863        31,240        127,989        104,688   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating expenses:

         

Research and development

      973        1,264        4,543        4,363   

Selling and marketing

      6,495        8,374        31,317        34,580   

General and administrative

      13,729        13,609        47,213        47,954   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      21,197        23,247        83,073        86,897   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income from continuing operations

      25,666        7,993        44,916        17,791   
  

 

 

    

 

 

    

 

 

    

 

 

  

Other income/(expense):

         

Other income/(expense), net

      16        (464 )      78        228   

Interest income

      309        348        1,505        1,198   

Interest expense

      (1,439 )      (2,024 )      (7,484 )      (5,683 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other income/(expense), net

      (1,114 )      (2,140 )      (5,901 )      (4,257 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations before income taxes

      24,552        5,853        39,015        13,534   

Income tax expense

      6,735        1,460        12,582        5,454   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations

      17,817        4,393        26,433        8,080   

Discontinued operations:

         

Loss from operations of discontinued security solutions division

      (7,639 )      (2,912 )      (15,945 )      (96,055 ) 

Income tax expense/(benefit)

      (2,290 )      341        (5,617 )      (5,206 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss from discontinued operations

      (5,349 )      (3,253 )      (10,328 )      (90,849 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss)/comprehensive income/(loss)

    $ 12,468      $ 1,140      $ 16,105      $ (82,769 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss) per share:

         

Basic - continuing operations

    $ 0.27      $ 0.07      $ 0.41      $ 0.13   
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic - net income/(loss)

    $ 0.19      $ 0.02      $ 0.25      $ (1.37 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted - continuing operations

    $ 0.27      $ 0.07      $ 0.40      $ 0.13   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted - net income/(loss)

    $ 0.19      $ 0.02      $ 0.25      $ (1.30 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of common shares outstanding:

         

Basic

      65,057        62,285        64,788        60,622   

Diluted

      66,418        67,762        67,277        63,621   

 

Page 5 of  9

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of:

 

     April 30, 2012     April 30, 2011  
     (In thousands, except par value and share data)  
ASSETS   

Current assets:

     

Cash and cash equivalents, including restricted cash of $3,334 on April 30, 2012 and $5,821 on April 30, 2011

    $ 56,717      $ 58,292   

Accounts receivable, net of allowance for doubtful accounts of $1,058 on April 30, 2012 and $2,147 on April 30, 2011

      48,313        64,753   

Inventories

      55,296        51,720   

Other current assets

      4,139        10,212   

Assets held for sale

      13,490        —     

Deferred income taxes

      12,759        14,121   

Income tax receivable

      —          4,513   
  

 

 

    

 

 

  

Total current assets

      190,714        203,611   
  

 

 

    

 

 

  

Property, plant and equipment, net

      60,528        62,390   

Intangibles, net

      4,532        8,692   

Other assets

      5,900        6,804   
  

 

 

    

 

 

  
   $ 261,674      $ 281,497   
  

 

 

    

 

 

  
LIABILITIES AND STOCKHOLDERS’ EQUITY   

Current liabilities:

     

Accounts payable

    $ 28,618      $ 40,119   

Accrued expenses

      20,685        25,356   

Accrued payroll

      9,002        5,309   

Accrued income taxes

      291        —     

Accrued taxes other than income

      4,270        11,421   

Accrued profit sharing

      8,040        4,081   

Accrued product/municipal liability

      1,397        2,584   

Accrued warranty

      5,349        3,424   

Liabilities held for sale

      5,693        —     

Current portion of notes payable

      —          30,000   
  

 

 

    

 

 

  

Total current liabilities

      83,345        122,294   
  

 

 

    

 

 

  

Deferred income taxes

      4,537        7,708   
  

 

 

    

 

 

  

Notes payable, net of current portion

      50,000        50,000   
  

 

 

    

 

 

  

Other non-current liabilities

      10,948        8,763   
  

 

 

    

 

 

  

Total liabilities

      148,830        188,765   
  

 

 

    

 

 

  

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, 66,512,097 shares issued and 65,312,097 shares outstanding on April 30, 2012 and 65,710,531 shares issued and 64,510,531 shares outstanding on April 30, 2011

      67        66   

Additional paid-in capital

      189,379        185,373   

Accumulated deficit

      (70,279 )      (86,384 ) 

Accumulated other comprehensive income

      73        73   

Treasury stock, at cost (1,200,000 common shares)

      (6,396 )      (6,396 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      112,844        92,732   
  

 

 

    

 

 

  
   $ 261,674      $ 281,497   
  

 

 

    

 

 

  

 

Page 6 of  9

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

     For the Years Ended April 30,  
     2012     2011  
     (In thousands)  

Cash flows from operating activities:

     

Net income/(loss)

    $ 16,105      $ (82,769 ) 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

     

Amortization and depreciation

      16,729        14,935   

Loss on sale of business, including loss on sale of discontinued operations

      5,688        —     

Loss on sale of assets

      324        234   

(Recoveries of)/provision for losses on accounts receivable

      (439 )      1,379   

Impairment of long-lived assets

      —          90,503   

Deferred income taxes

      (1,558 )      (480 ) 

Stock-based compensation expense

      2,484        1,680   

Change in contingent consideration

      —          (3,060 ) 

Excess book deduction of stock-based compensation

      (144 )      (739 ) 

Changes in operating assets and liabilities:

     

Accounts receivable

      7,803        7,327   

Inventories

      (7,927 )      (995 ) 

Other current assets

      1,200        (1,717 ) 

Income tax receivable/payable

      4,804        657   

Accounts payable

      (8,521 )      10,861   

Accrued payroll

      3,693        (4,031 ) 

Accrued taxes other than income

      (7,151 )      8,892   

Accrued profit sharing

      3,959        (3,118 ) 

Accrued other expenses

      (2,554 )      1,510   

Accrued product/municipal liability

      (1,187 )      (193 ) 

Accrued warranty

      2,181        (341 ) 

Other assets

      1,647        (1,453 ) 

Other non-current liabilities

      714        206   
  

 

 

    

 

 

  

Net cash provided by operating activities

      37,850        39,288   
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Proceeds from sale of business

      500        —     

Receipts from note receivable

      19        —     

Payments to acquire patents and software

      (193 )      (562 ) 

Proceeds from sale of property and equipment

      199        53   

Payments to aquire property and equipment

      (14,392 )      (20,353 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (13,867 )      (20,862 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from loans and notes payable

      1,532        51,365   

Cash paid for debt issue costs

      (1,850 )      (1,145 ) 

Cash paid for redemption of convertible notes

      (30,000 )      —     

Payments on loans and notes payable

      (1,532 )      (51,365 ) 

Proceeds from Economic Development Incentive Program

      4,400        —     

Proceeds from energy efficiency incentive programs

      225        —     

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

      1,667        1,206   

Taxes paid related to restricted stock issuance

      —          (50 ) 
  

 

 

    

 

 

  

Net cash (used in)/provided by financing activities

      (25,558 )      11   
  

 

 

    

 

 

  

Net (decrease)/increase in cash and cash equivalents

      (1,575 )      18,437   

Cash and cash equivalents, beginning of period

      58,292        39,855   
  

 

 

    

 

 

  

Cash and cash equivalents, end of period

    $ 56,717      $ 58,292   
  

 

 

    

 

 

  

Supplemental disclosure of cash flow information

     

Cash paid for:

     

Interest

    $ 5,865      $ 3,820   

Income taxes

      3,963        2,146   

 

Page 7 of  9

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME/(LOSS) TO NON-GAAP ADJUSTED EBITDAS (Unaudited)

 

     For the Three Months Ended April 30, 2012:     For the Three Months Ended April 30, 2011:  
     GAAP     Adjustments     Adjusted     GAAP     Adjustments     Adjusted  

Net sales

    $ 129,843      $ —       $ 129,843      $ 101,667      $ —       $ 101,667   

Cost of sales

      82,980        (3,735 )(1)      79,245        70,427        (4,095 )(1)      66,332   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      46,863        3,735        50,598        31,240        4,095        35,335   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating expenses:

             

Research and development

      973        (13 )(1)      960        1,264        (107 )(1)      1,157   

Selling and marketing

      6,495        (56 )(1)      6,439        8,374        (87 )(1)      8,287   

General and administrative

      13,729        (1,668 )(3)      12,061        13,609        (2,562 )(3)      11,047   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      21,197        (1,737 )      19,460        23,247        (2,756 )      20,491   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income from continuing operations

      25,666        5,472        31,138        7,993        6,851        14,844   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other income/(expense):

             

Other income/(expense), net

      16        —          16        (464 )      433 (4)      (31 ) 

Interest income

      309        (300 )(7)      9        348        (229 )(7)      119   

Interest expense

      (1,439 )      1,439 (5)      —          (2,024 )      2,024 (5)      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other income/(expense), net

      (1,114 )      1,139        25        (2,140 )      2,228        88   

Income from continuing operations before income taxes

      24,552        6,611        31,163        5,853        9,079        14,932   

Income tax expense

      6,735        (6,735 )(6)      —          1,460        (1,460 )(6)      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations

      17,817        13,346        31,163        4,393        10,539        14,932   

Discontinued operations:

             

Loss from operations of discontinued security solutions division

      (7,639 )      6,060 (8)      (1,579 )      (2,912 )      715 (9)      (2,197 ) 

Income tax benefit

      (2,290 )      2,290 (6)      —          341        (341 )(6)      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loss on discontinued operations

      (5,349 )      3,770        (1,579 )      (3,253 )      1,056        (2,197 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss)/comprehensive income/(loss)

    $ 12,468      $ 17,116      $ 29,584      $ 1,140      $ 11,595      $ 12,735   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Page 8 of  9

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME/(LOSS) TO NON-GAAP ADJUSTED EBITDAS (Unaudited)

 

     For the Year Ended April 30, 2012:     For the Year Ended April 30, 2011:  
     GAAP     Adjustments     Adjusted     GAAP     Adjustments     Adjusted  

Net sales

    $ 411,997      $ —        $ 411,997      $ 342,233      $ —        $ 342,233   

Cost of sales

      284,008        (14,554 )(1)      269,454        237,545        (11,848 )(1)      225,697   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      127,989        14,554        142,543        104,688        11,848        116,536   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating expenses:

             

Research and development

      4,543        (157 )(1)      4,386        4,363        (213 )(1)      4,150   

Selling and marketing

      31,317        (277 )(1)      31,040        34,580        (271 )(1)      34,309   

General and administrative

      47,213        (8,246 )(2)      38,967        47,954        (11,615 )(3)      36,339   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      83,073        (8,680 )      74,393        86,897        (12,099 )      74,798   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income from continuing operations

      44,916        23,234        68,150        17,791        23,947        41,738   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other income/(expense):

             

Other income/(expense), net

      78        —          78        228        (186 )(4)      42   

Interest income

      1,505        (1,343 )(7)      162        1,198        (882 )(7)      316   

Interest expense

      (7,484 )      7,484 (5)      —          (5,683 )      5,683 (5)      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other income/(expense), net

      (5,901 )      6,141        240        (4,257 )      4,615        358   

Income from continuing operations before income taxes

      39,015        29,375        68,390        13,534        28,562        42,096   

Income tax expense

      12,582        (12,582 )(6)      —          5,454        (5,454 )(6)      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations

      26,433        41,957        68,390        8,080        34,016        42,096   

Discontinued operations:

             

Loss from operations of discontinued security solutions division

      (15,945 )      8,321 (8)      (7,624 )      (96,055 )      90,428 (10)      (5,627 ) 

Income tax benefit

      (5,617 )      5,617 (6)      —          (5,206 )      5,206 (6)      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loss on discontinued operations

      (10,328 )      2,704        (7,624 )      (90,849 )      85,222        (5,627 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss)/comprehensive income/(loss)

    $ 16,105      $ 44,661      $ 60,766      $ (82,769 )    $ 119,238      $ 36,469   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) To eliminate depreciation, amortization, and plant consolidation costs.
(2) To eliminate depreciation, amortization, stock-based compensation expense, plant consolidation costs, severance benefits for our former President and CEO, and DOJ/SEC costs and related profit sharing impacts of DOJ/SEC.
(3) To eliminate depreciation, amortization, stock-based compensation expense, plant consolidation costs, and DOJ/SEC costs and related profit sharing impacts of DOJ/SEC.
(4) To eliminate unrealized mark-to-market adjustments on foreign exchange contracts.
(5) To eliminate interest expense.
(6) To eliminate income tax expense.
(7) To eliminate intercompany interest income.
(8) To eliminate depreciation, amortization, loss on sale of discontinued operations, interest expense, and stock-based compensation expense.
(9) To eliminate depreciation, amoritzation, interest expense, and stock-based compensation expense.
(10) To eliminate depreciation, amortization, impairment of long-lived assets, interest expense, fair value of contingent consideration liability, and stock-based compensation expense.

 

Page 9 of  9

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