SPRINGFIELD, Mass., Dec 15, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Smith & Wesson Holding Corporation (Nasdaq: SWHC), parent company of Smith & Wesson Corp., the legendary 156-year old company in the global business of safety, security, protection and sport, today announced financial results for its second fiscal quarter ended October 31, 2008.
Net product sales for the three months ended October 31, 2008 were $72.7 million, a $2.0 million, or 2.8%, increase over net product sales for the three months ended October 31, 2007. Net loss for the second fiscal quarter of $76.2 million, or $1.62 per fully diluted share, compared with net income of $2.9 million, or $0.07 per fully diluted share, for the comparable quarter last year. Excluding the impact of a non-cash impairment charge of $76.5 million which the Company is taking related to a write-down of goodwill and intangible assets recorded upon the purchase of Thompson/Center Arms, net income would have been approximately $245,000, or $0.01 per fully diluted share.
Total firearms sales were $67.5 million, an increase of $1.7 million, or 2.6%, over the second quarter of last year. Pistol sales increased 40% to $18.5 million, driven by continued consumer demand and law enforcement adoption of the M&P polymer pistol line and by strong consumer sales of the Sigma pistol line. Sales of M&P pistols increased 45% in the second quarter. M&P tactical rifle sales increased by 308% in the second quarter as demand for this product remained strong in both the consumer and law enforcement channels. Total revolver sales declined slightly in the second quarter versus the comparable quarter one year ago, based upon a large international order included in last year's results. Domestic revolver sales increased by 13% versus the second quarter of last year. Sales of non-firearms accessories, including handcuffs, totaled $5.2 million, a 4.5% increase over non-firearms accessories sales of $5.0 million in the second quarter last year. Hunting rifle sales of $11.5 million represented a decline of $7.9 million, or 41%, from the comparable quarter in the last fiscal year. Hunting products continued to be negatively impacted by a number of factors, including their position in the consumer discretionary marketplace and a distribution channel that is buying cautiously following an industry-wide inventory correction.
Michael F. Golden, President and Chief Executive Officer, said, "The second quarter delivered mixed results, some very positive and others very disappointing. While the general environment remained challenging, we focused on removing costs from the hunting related portion of our business while capitalizing on opportunities to grow the remaining majority of our company."
"Our handgun and tactical rifle products continued to deliver very positive results. These products have consistently performed well over the past several quarters, despite the recession we have been experiencing for nearly a full year. Sales of our M&P products remained strong, supported by a number of law enforcement and international orders. In fact, we shipped our first order to Iraq in the second quarter, consisting of M&P pistols for Iraqi military and security forces. To date, our M&P pistols have been selected by 465 law enforcement agencies and continue to win over 80% of all contests in which they compete. Our M&P15 tactical rifle sales were particularly strong in the second quarter, having now been selected by 204 law enforcement agencies and winning over 90% of all contests in which they compete."
Gross profit of $20.0 million was $3.1 million, or 13.5%, lower than gross profit for the comparable quarter last year. Gross margins decreased to 27.3% from 32.3% for the comparable quarter last year. Gross margins were impacted by lower hunting rifle production volumes, which reduced overhead absorption at our Thompson/Center manufacturing facility; a shift in sales toward hunting rifles with lower gross margins; and promotional spending on both hunting rifles and handguns.
The current environment for our hunting rifle business made it appropriate for us to review the book value of assets originating from our purchase of Thompson/Center Arms. This process entailed a review of those assets under SFAS 144 and SFAS 142 accounting standards. Based upon the analysis we conducted in cooperation with outside valuation experts and our independent audit firm, we have taken a $76.5 million, non-cash impairment charge, which is net of a $21.8 million adjustment to deferred tax credit, in the second quarter to reflect the impairment of goodwill and intangible assets recorded upon the purchase of Thompson/Center Arms.
Operating expenses, including the impact of the impairment charge, were $115.5 million. Excluding the impact of the impairment charge, operating expenses for the second quarter increased by approximately $708,000, or 4.3%, over the second quarter last year. Total other expense, net, increased to $2.2 million in the quarter, reflecting mostly a non-cash, mark-to-market adjustment on foreign exchange contracts offset by lower interest costs.
Adjusted EBITDAS, a non-GAAP financial metric introduced last quarter, was $6.6 million in the second quarter, compared with $11.4 million in the second quarter of fiscal 2008. On a year-to-date basis, adjusted EBITDAS was $16.8 million versus $24.8 million in the first six months of fiscal 2008.
Golden concluded, "The hunting market is uncertain for the foreseeable future. The burden that the hunting business places on the otherwise healthy majority of our business is a significant consideration as we plan for our future. In addition to supporting our current growth in tactical rifle sales, the barrel manufacturing expertise in our Thompson/Center Arms facility is a core competency on which we presently place value as we prepare to compete for future opportunities, including those from the military. We have initiated a number of cost-cutting measures, such as extended holiday factory closures, support function consolidations, and workforce reductions. We will continue to identify and execute further actions to reduce costs, while we regularly assess this part of our business and its impact on the balance of Smith & Wesson."
Conference Call
The Company will host a conference call today, December 15, 2008, to discuss its second quarter results and its outlook. The conference call may include forward-looking statements. The conference call will be Web cast and will begin at 5:00pm Eastern Time (2:00pm Pacific). The live audio broadcast and replay of the conference call can be accessed on the Company's Web site 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 Adjusted EBITDAS
In this press release, a non-GAAP financial measure, known as "Adjusted EBITDAS" is presented. Adjusted EBITDAS excludes the effects of interest, income taxes, depreciation of tangible fixed assets, amortization of intangible assets, stock-based employee compensation expense and certain other non-cash transactions. See the attached "Reconciliation of GAAP Net Income to Adjusted EBITDAS" for a detailed explanation of the amounts excluded and included from net income to arrive at adjusted EBITDAS for the three-month and six-month periods ended October 31, 2008 and 2007. Adjusted or non-GAAP financial measures provide investors and management 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. Our definition of these adjusted financial measures may differ from similarly named measures used by others.
Contacts:
Liz Sharp, VP Investor Relations
Smith & Wesson Holding Corp.
(413) 747-3304
lsharp@smith-wesson.com
William F. Spengler, Chief Financial Officer
Smith & Wesson Holding Corp.
(413) 747-3304
SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of:
October 31, April 30,
2008 2008
----------- ---------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $2,850,001 $4,358,856
Accounts receivable, net of
allowance for doubtful accounts
of $881,256 on October 31, 2008
and $196,949 on April 30, 2008 50,996,561 54,162,936
Inventories 53,944,028 47,159,978
Other current assets 5,473,568 4,724,973
Deferred income taxes 10,548,142 9,947,234
Income tax receivable 1,274,156 1,817,509
--------- ---------
Total current assets 125,086,456 122,171,486
----------- -----------
Property, plant and equipment, net 49,248,946 50,642,953
Intangibles, net 6,293,610 65,500,742
Goodwill - 41,173,416
Deferred income taxes 409,771 -
Other assets 9,357,686 10,261,975
--------- ----------
$190,396,469 $289,750,572
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $20,138,023 $21,995,705
Accrued expenses 13,755,982 16,610,504
Accrued payroll 4,694,877 5,046,446
Accrued taxes other than income 2,037,573 1,747,235
Accrued profit sharing 5,558,024 4,035,522
Accrued workers' compensation 582,906 422,686
Accrued product liability 3,250,876 2,767,024
Accrued warranty 1,842,384 1,691,742
Deferred revenue 616,591 212,552
Current portion of notes
payable 5,586,794 8,919,640
--------- ---------
Total current liabilities 58,064,030 63,449,056
---------- ----------
Deferred income taxes - 20,216,239
--- ----------
Notes payable, net of current
portion 84,815,640 118,773,987
---------- -----------
Other non-current liabilities 9,577,656 9,460,761
--------- ---------
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,
48,402,859 shares issued and
47,202,859 shares outstanding on
October 31, 2008 and
41,832,039 shares issued and
40,632,039 shares outstanding on
April 30, 2008 48,402 41,831
Additional paid-in capital 88,187,549 54,127,721
Retained earnings/(accumulated
deficit) (43,973,459) 30,004,326
Accumulated other comprehensive
income 72,651 72,651
Treasury stock, at cost
(1,200,000 common shares) (6,396,000) (6,396,000)
---------- ----------
Total stockholders' equity 37,939,143 77,850,529
---------- ----------
$190,396,469 $289,750,572
============ ============
SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the Three For the Six
Months Ended: Months Ended:
-------------- --------------
October October October October
31, 2008 31, 2007 31, 2008 31, 2007
-------- -------- -------- --------
Net product and
services
sales $72,729,122 $70,775,676 $150,762,053 $145,187,384
License
revenue 497,561 620,614 944,149 1,050,454
Cost of
products
and services
sold 53,259,126 48,318,050 106,362,569 95,950,812
Gross profit 19,967,557 23,078,240 45,343,633 50,287,026
---------- ---------- ---------- ----------
Operating
expenses:
Research and
development 617,071 476,468 1,392,034 889,005
Selling
and
marketing 7,375,909 7,223,154 15,079,115 13,873,600
General and
administrative 9,259,933 8,845,011 19,908,954 19,181,882
Impairment
of long-lived
assets 98,243,188 - 98,243,188 -
---------- --- ---------- ---
Total
operating
expenses 115,496,101 16,544,633 134,623,291 33,944,487
----------- ---------- ----------- ----------
Income/(loss)
from
operations (95,528,544) 6,533,607 (89,279,658) 16,342,539
----------- --------- ----------- ----------
Other income/
(expense):
Other income/
(expense), net (926,531) 213,419 (1,566,883) 176,253
Interest
income 128,733 9,189 186,907 29,881
Interest
expense (1,414,046) (2,082,840) (3,465,324) (4,316,809)
---------- ---------- ---------- ----------
Total other
expense, net (2,211,844) (1,860,232) (4,845,300) (4,110,675)
---------- ---------- ---------- ----------
Income/(loss)
before
income taxes (97,740,388) 4,673,375 (94,124,958) 12,231,864
Income tax
expense/
(benefit) (21,508,928) 1,731,575 (20,147,173) 4,599,573
----------- --------- ----------- ---------
Net income/
(loss)/
comprehensive
income/(loss) $(76,231,460) $2,941,800 $(73,977,785) $7,632,291
============ ========== ============ ==========
Weighted
average
number of
common
and common
equivalent
shares
outstanding,
basic 47,109,337 40,284,784 46,263,611 40,119,638
---------- ---------- ---------- ----------
Net income/
(loss)
per share,
basic $(1.62) $0.07 $(1.60) $0.19
====== ===== ====== =====
Weighted
average
number of
common
and
common
equivalent
shares
outstanding,
diluted 47,109,337 48,336,522 46,263,611 48,276,242
---------- ---------- ---------- ----------
Net income/
(loss)
per share,
diluted $(1.62) $0.07 $(1.60) $0.18
====== ===== ====== =====
SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDAS (Unaudited)
For the Three Months Ended October 31, 2008:
--------------------------------------------
GAAP Adjustments Adjusted
---- ----------- --------
Net product and services
sales $72,729,122 $72,729,122
License revenue 497,561 497,561
Cost of products and
services sold 53,259,126 (1,867,861) (1) 51,391,265
Gross profit 19,967,557 $1,867,861 21,835,418
---------- ---------- ----------
Operating expenses:
Research and
development 617,071 (21,321) (1) 595,750
Selling and marketing 7,375,909 (39,986) (1) 7,335,923
General and
administrative 9,259,933 (1,952,584) (2) 7,307,349
Impairment of
long-lived assets 98,243,188 (98,243,188) (3) 0
---------- ----------- ---
Total operating
expenses 115,496,101 (100,257,079) 15,239,022
----------- ------------ ----------
Income/(loss) from
operations (95,528,544) 102,124,940 6,596,396
----------- ----------- ---------
Other income/(expense):
Other income/(expense),
net (926,531) 770,324 (4) (156,207)
Interest income 128,733 128,733
Interest expense (1,414,046) 1,414,046 (5) 0
---------- --------- ---
Total other expense,
net (2,211,844) 2,184,370 (27,474)
---------- --------- -------
Income/(loss) before
income taxes (97,740,388) 104,309,310 6,568,922
Income tax
expense/(benefit) (21,508,928) 21,508,928 (6) 0
----------- ---------- ---
Net income/(loss)/
comprehensive
income/(loss) $(76,231,460) $82,800,382 $6,568,922
============ =========== ==========
For the Three Months Ended October 31, 2007:
--------------------------------------------
GAAP Adjustments Adjusted
---- ----------- --------
Net product and services
sales $70,775,676 $70,775,676
License revenue 620,614 620,614
Cost of products and
services sold 48,318,050 (1,642,267) (1) 46,675,783
Gross profit 23,078,240 $1,642,267 24,720,507
---------- ---------- ----------
Operating expenses:
Research and
development 476,468 (3,510) (1) 472,958
Selling and marketing 7,223,154 (35,012) (1) 7,188,142
General and
administrative 8,845,011 (3,003,111) (2) 5,841,900
Impairment of
long-lived assets - 0
--- ---
Total operating
expenses 16,544,633 (3,041,633) 13,503,000
---------- ---------- ----------
Income/(loss) from
operations 6,533,607 4,683,900 11,217,507
--------- --------- ----------
Other income/(expense):
Other income/(expense),
net 213,419 (28,470) (4) 184,949
Interest income 9,189 9,189
Interest expense (2,082,840) 2,082,840 (5) 0
---------- --------- ---
Total other expense,
net (1,860,232) 2,054,370 194,138
---------- --------- -------
Income/(loss) before
income taxes 4,673,375 6,738,270 11,411,645
Income tax
expense/(benefit) 1,731,575 (1,731,575) (6) 0
--------- ---------- ---
Net income/(loss)/
comprehensive
income/(loss) $2,941,800 $8,469,845 $11,411,645
========== ========== ===========
SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDAS (Unaudited)
For the Six Months Ended October 31, 2008:
------------------------------------------
GAAP Adjustments Adjusted
---- ----------- --------
Net product and services
sales $150,762,053 $150,762,053
License revenue 944,149 944,149
Cost of products and
services sold 106,362,569 (3,787,832) (1) 102,574,737
Gross profit 45,343,633 $3,787,832 49,131,465
---------- ---------- ----------
Operating expenses:
Research and
development 1,392,034 (44,282) (1) 1,347,752
Selling and marketing 15,079,115 (83,049) (1) 14,996,066
General and
administrative 19,908,954 (4,385,606) (2) 15,523,348
Impairment of
long-lived assets 98,243,188 (98,243,188) (3) 0
---------- ----------- ---
Total operating
expenses 134,623,291 (102,756,125) 31,867,166
----------- ------------ ----------
Income/(loss) from
operations (89,279,658) 106,543,957 17,264,299
----------- ----------- ----------
Other income/(expense):
Other income/(expense),
net (1,566,883) 867,386 (4) (699,497)
Interest income 186,907 186,907
Interest expense (3,465,324) 3,465,324 (5) 0
---------- --------- ---
Total other expense,
net (4,845,300) 4,332,710 (512,590)
---------- --------- --------
Income/(loss) before
income taxes (94,124,958) 110,876,667 16,751,709
Income tax
expense/(benefit) (20,147,173) 20,147,173 (6) 0
----------- ---------- ---
Net income/(loss)/
comprehensive
income/(loss) $(73,977,785) $90,729,494 $16,751,709
============ =========== ===========
For the Six Months Ended October 31, 2007:
------------------------------------------
GAAP Adjustments Adjusted
---- ----------- --------
Net product and services
sales $145,187,384 $145,187,384
License revenue 1,050,454 1,050,454
Cost of products and
services sold 95,950,812 (3,105,927) (1) 92,844,885
Gross profit 50,287,026 $3,105,927 53,392,953
---------- ---------- ----------
Operating expenses:
Research and
development 889,005 (5,755) (1) 883,250
Selling and marketing 13,873,600 (68,820) (1) 13,804,780
General and
administrative 19,181,882 (5,036,669) (2) 14,145,213
Impairment of
long-lived assets - 0
--- ---
Total operating
expenses 33,944,487 (5,111,244) 28,833,243
---------- ---------- ----------
Income/(loss) from
operations 16,342,539 8,217,171 24,559,710
---------- --------- ----------
Other income/(expense):
Other income/(expense),
net 176,253 27,825 (4) 204,078
Interest income 29,881 29,881
Interest expense (4,316,809) 4,316,809 (5) 0
---------- --------- ---
Total other expense,
net (4,110,675) 4,344,634 233,959
---------- --------- -------
Income/(loss) before
income taxes 12,231,864 12,561,805 24,793,669
Income tax
expense/(benefit) 4,599,573 (4,599,573) (6) 0
--------- ---------- ---
Net income/(loss)/
comprehensive
income/(loss) $7,632,291 $17,161,378 $24,793,669
========== =========== ===========
(1) To eliminate depreciation expense.
(2) To eliminate depreciation, amortization and stock-based compensation
expense.
(3) To eliminate write down of long-lived assets.
(4) To eliminate unrealized mark-to-market adjustments on foreign
exchange contracts.
(5) To eliminate interest expense.
(6) To eliminate income tax expense.
About Smith & Wesson
Smith & Wesson Holding Corporation, a global leader in safety, security, protection and sport, is parent company to Smith & Wesson Corp., one of the world's largest manufacturers of quality firearms and firearm safety/security products and parent company to Thompson/Center Arms Company, Inc., a premier designer and manufacturer of premium hunting rifles, black powder rifles, interchangeable firearms systems and accessories under the Thompson/Center brand. Smith & Wesson licenses shooter protection, knives, apparel, and other accessory lines. Smith & Wesson is based in Springfield, Massachusetts with manufacturing facilities in Springfield, Houlton, Maine, and Rochester, New Hampshire. The Smith & Wesson Academy is America's longest running firearms training facility for law enforcement, military and security professionals. For more information on Smith & Wesson, call (800) 331-0852 or log on to www.smith-wesson.com. For more information on Thompson/Center Arms, log on to www.tcarms.com.
Safe Harbor Statement
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and the Company intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include statements regarding the Company's anticipated sales and costs, the effects of the current economic environment on the Company, the demand for the Company's products, consumer spending patterns, distribution channel inventory, the success of the Company's cost-reduction efforts, and the ability of the Company to capitalize on growth opportunities. The Company cautions 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 economic and industry conditions, the demand for the Company's products, the Company's growth opportunities, and other risks detailed from time to time in the Company's reports filed with the SEC, including its Form 10-K Report for the fiscal year ended April 30, 2008.
SOURCE Smith & Wesson Holding Corporation
http://www.smith-wesson.com
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