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General and administrative

218,403

127,989

104,688

Operating expenses:

Research and development

4,751

4,543

4,363

Selling and marketing

30,020

31,317

34,580

50,798

47,213

47,954

Total operating expenses

85,569

83,073

86,897

Operating income from continuing operations

132,834

44,916

17,791

Other income/(expense):

Other income/(expense), net

228

Interest income

814

1,505

1,198

Interest expense

(5,781)

(7,484)

(5,683)

Total other income/(expense), net

(4,928)

(5,901)

(4,257)

Income from continuing operations before income taxes

127,906

39,015

13,534

Income tax expense

46,500

12,582

5,454

Loss from operations of discontinued security solutions division

81,406

26,433

8,080

Discontinued operations (Note 3):

(3,605)

(15,945)

(96,055)

Income tax benefit

(912)

(5,617)

(5,206)

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

(2,693)

(10,328)

(90,849)

$ 78,713

$ 16,105

$ (82,769)

Net income(loss) per share (Note 2):

Basic - continuing operations

$ 1.25

$ 0.41

$ 0.13

Basic - net income/(loss)

1.21

0.25

(1.37)

Diluted - continuing operations

1.22

0.40

0.13

Diluted - net income/(loss)

^[1]

$ 1.18

$ 0.25

$ (1.30)

Weighted average number of common shares outstanding (Note 2):

Basic

65,155

64,788

60,622

Diluted

66,642

67,277

63,621

[1]	Included in the calculation for diluted earnings per common share for the year ended April 30, 2012 is $499,000 of diluted earnings related to the effect of conversion of convertible debt.

Consolidated Statement Of Changes In Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Comprehensive Income	Treasury Stock
Balance (in shares) at Apr. 30, 2010		61,122,000				1,200,000
Balance at Apr. 30, 2010	$ 158,226	$ 61	$ 168,103	$ (3,615)	$ 73	$ (6,396)
Exercise of employee stock options (in shares)	90,334	90,000
Exercise of employee stock options	$ 144		144
Issuance of common stock in connection with acquisition of Smith & Wesson Security Solutions, Inc. (in shares)		4,080,000
Issuance of common stock in connection with acquisition of Smith & Wesson Security Solutions, Inc.	15,178	$ 4	15,174
Stock-based compensation	1,680		1,680
Book deduction of stock-based compensation in excess of tax deductions	(739)		(739)
Shares issued under employee stock purchase plan (in shares)		351,000
Shares issued under employee stock purchase plan	1,062	$ 1	1,061
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		68,000
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(50)		(50)
Net income/(loss)	(82,769)			(82,769)
Balance (in shares) at Apr. 30, 2011		65,711,000				1,200,000
Balance at Apr. 30, 2011	$ 92,732	$ 66	185,373	(86,384)	73	$ (6,396)
Exercise of employee stock options (in shares)	290,168	290,000
Exercise of employee stock options	$ 628		628
Stock-based compensation	2,484		2,484
Book deduction of stock-based compensation in excess of tax deductions	(144)		(144)
Shares issued under employee stock purchase plan (in shares)		503,000
Shares issued under employee stock purchase plan	1,039	$ 1	1,038
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		8,000
Net income/(loss)	16,105			16,105
Balance (in shares) at Apr. 30, 2012		66,512,000				1,200,000
Balance at Apr. 30, 2012	$ 112,844	$ 67	189,379	(70,279)	73	$ (6,396)
Exercise of employee stock options (in shares)	847,042	847,000
Exercise of employee stock options	$ 3,473	$ 1	3,472
Repurchase of treasury stock (in shares)	2,099,603					2,100,000
Repurchase of treasury stock	$ (20,000)					$ (20,000)
Stock-based compensation	4,118		4,118
Book deduction of stock-based compensation in excess of tax deductions	1,025		1,025
Shares issued under employee stock purchase plan (in shares)		185,000
Shares issued under employee stock purchase plan	1,335		1,335
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		53,000
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(209)		(209)
Net income/(loss)	78,713			78,713
Balance (in shares) at Apr. 30, 2013		67,597,000				3,300,000
Balance at Apr. 30, 2013	$ 181,299	$ 68	$ 199,120	$ 8,434	$ 73	$ (26,396)

Consolidated Statements Of Cash Flows - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Cash flows from operating activities:
Net income/(loss)	$ 78,713	$ 16,105	$ (82,769)
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	16,730	15,487	13,230
Loss on sale of business, including loss on sale of discontinued operations, including $45 of stock-based compensation expense (Notes 3 and 16)	1,222	5,688
Loss on sale/disposition of assets	315	285	202
Provisions for/(recoveries of) losses on accounts receivable	720	(465)	1,379
Impairment of long-lived assets			90,503
Change in disposal group assets and liabilities	(1,215)	5,467	10,143
Deferred income taxes	4,009	(1,558)	(480)
Stock-based compensation expense	4,073	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	1,505	5,089	(1,443)
Inventories	(7,702)	(9,235)	(1,732)
Other current assets	(285)	950	(1,680)
Income tax receivable/payable	(3,384)	4,804	657
Accounts payable	2,602	(8,716)	11,712
Accrued payroll	3,489	3,693	(4,031)
Accrued taxes other than income	1,079	(7,151)	8,892
Accrued profit sharing	1,547	3,959	(3,118)
Accrued other expenses	(5,279)	(877)	2,374
Accrued product/municipal liability	154	(1,187)	(193)
Accrued warranty	408	2,169	(529)
Other assets	(1,930)	(189)	(1,453)
Other non-current liabilities	1,327	714	(1,186)
Net cash provided by operating activities	98,098	37,372	38,359
Cash flows from investing activities:
Proceeds from sale of business including discontinued operations (Notes 3 and 13)	7,500	500
Receipts from note receivable	73	19
Payments to acquire patents and software	(102)	(164)	(149)
Proceeds from sale of property and equipment	1,040	26	53
Payments to acquire property and equipment	(41,421)	(13,770)	(19,837)
Net cash used in investing activities	(32,910)	(13,389)	(19,933)
Cash flows from financing activities:
Proceeds from loans and notes payable	1,753	1,532	51,365
Cash paid for debt issue costs		(1,850)	(1,145)
Proceeds from energy efficiency incentive programs		225
Payments on capital lease obligation	(600)
Cash paid for redemption of convertible notes		(30,000)
Payments on loans and notes payable	(8,195)	(1,532)	(51,365)
Proceeds from Economic Development Incentive Program		4,400
Payments to acquire treasury stock	(20,000)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	4,808	1,667	1,206
Taxes paid related to restricted stock issuance	(209)		(50)
Excess tax benefit of stock-based compensation	1,025
Net cash (used in)/provided by financing activities	(21,418)	(25,558)	11
Net increase/(decrease) in cash and cash equivalents	43,770	(1,575)	18,437
Cash and cash equivalents, beginning of period	56,717	58,292	39,855
Cash and cash equivalents, end of period	100,487	56,717	58,292
Supplemental disclosure of cash flow information Cash paid for:
Interest	5,295	5,865	3,820
Income taxes	$ 44,087	3,963	2,146
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Debt issue costs not paid at year end			$ 1,837
Capital lease obligation		$ 3,281
Shares issued in connection with the acquisition of Smith & Wesson Security Solutions, Inc. (Note 3)			15,178

Consolidated Statements Of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Apr. 30, 2013 USD ($)
Loss on sale of discontinued operations, stock-based compensation expense	$ 45

Organization

12 Months Ended

Apr. 30, 2013

Organization

1.	Organization

Organization — We are one of the world’s leading manufacturers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting, bolt action, and single shot rifles), handcuffs, and firearm-related products and accessories for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle market. We manufacture our firearm products at our facilities in Springfield, Massachusetts and Houlton, Maine. We sell our products under the Smith & Wesson, M&P, Thompson/Center Arms, Performance Center, and Walther brands. In addition, we pursue opportunities to license our name and trademarks to third parties for use in association with their products and services.

Significant Accounting Policies

12 Months Ended

Apr. 30, 2013

Significant Accounting Policies

2.	Significant Accounting Policies

Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting periods. Our significant estimates include accruals for warranty, product liability, workers’ compensation expense, environmental liability, excess and obsolete inventory, allowance for doubtful accounts, income tax expense, including deferred tax asset valuation, forfeiture rates on stock-based awards, and medical claims payable. Actual results could differ from those estimates.

Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Smith & Wesson Holding Corporation and its wholly owned subsidiaries including Smith & Wesson Corp., Thompson/Center Arms Company, LLC, and SWSS LLC, formerly Smith & Wesson Security Solutions, Inc. (“SWSS”), our security solutions division. The fiscal year-ends of our wholly owned subsidiary, Smith & Wesson Corp., were April 28, 2013, April 29, 2012, and May 1, 2011, a two-day, one-day, and one-day variance to our reported fiscal year ends of April 30, 2013, 2012, and 2011, respectively. These variances did not create any material difference in the consolidated financial statements as presented. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at April 30, 2013 and April 30, 2012 and for the periods presented, have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.

SWSS is being presented as discontinued operations in the consolidated statements of income/(loss) and comprehensive income/(loss) for all periods presented. See Note 3 for additional information regarding these discontinued operations. Unless stated otherwise, any reference to the consolidated statements of income/(loss) and comprehensive income/(loss) items in the notes to the consolidated financial statements refers to results from continuing operations.

On January 3, 2007, we acquired all of the outstanding capital stock of Thompson Center Holding Corporation (formerly Bear Lake Acquisition Corp.) and its subsidiaries (collectively “Thompson/Center Arms”), including Thompson/Center Arms Company, Inc. (now Thompson/Center Arms Company, LLC) (“TCA”). During fiscal 2012, we merged Thompson Center Holding Corporation into Smith & Wesson Corp.

Reclassification — Certain amounts presented in the prior years consolidated cash flows related to discontinued operations have been reclassified to conform to the current year’s presentation.

Fair Value of Financial Instruments — Unless otherwise indicated, the fair values of all reported assets and liabilities, which represent financial instruments not held for trading purposes, approximate the carrying values of such amounts because of their short-term nature or market rates of interest.

Cash and Cash Equivalents — We consider all highly liquid investments purchased with original maturities of three months or less at the date of acquisition to be cash equivalents. We maintain our cash in bank deposit accounts that, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of April 30, 2013, our accounts exceeded federally insured limits by $99.9 million.

Trade Receivables — We extend credit to our domestic customers and some foreign firearm distributors based on their financial condition. We offer discounts for early payment on firearm invoices. When we believe the extension of credit is not advisable, we rely on either a prepayment or a letter of credit. We place past due balances for collection with an outside agency after 90 days if there has been no good faith effort on the part of the customer to bring its account current. We write off balances deemed uncollectible by us against our allowance for doubtful accounts. We estimate our allowance for doubtful accounts through current past due balances, knowledge of our customers’ financial situations, and past payment history.

Concentrations of Credit Risk — Financial instruments that potentially subject us to concentration of credit risk consist principally of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents in overnight U.S. government securities. Concentrations of credit risk with respect to trade receivables are limited by the large number of customers comprising our customer base and their geographic and business dispersion. We perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral.

One customer accounted for approximately 11.6%, 12.2%, and 11.5% of our net product sales for the fiscal years ended April 30, 2013, 2012, and 2011, respectively. This customer accounted for approximately $5.5 million, or 11.6% of total accounts receivable as of April 30, 2013. In addition, two other customers accounted for $6.8 million and $6.2 million, or 14.3% and 13.1%, respectively, of total accounts receivable as of April 30, 2013.

Inventories — We value firearm inventories, consisting primarily of finished firearms, finished firearm components, and related products and accessories, at the lower of cost, using the first-in, first-out (FIFO) method, or market. An allowance for potential non-saleable inventory due to excess stock or obsolescence is based upon a detailed review of inventory components, past history, and expected future usage.

Property, Plant, and Equipment — We record property, plant, and equipment, consisting of land, building, building improvements, machinery, equipment, computers, furniture, and fixtures, at cost and depreciate them using the straight-line method over their estimated useful lives. We charge expenditures for maintenance and repairs to earnings as incurred, and we capitalize additions, renewals, and betterments. Upon the retirement or other disposition of property and equipment, we remove the related cost and accumulated depreciation from the respective accounts and include any gain or loss in operations. A summary of the estimated useful lives is as follows:


Description	Useful Life
Building and improvements		10 to 40 years
Machinery and equipment		2 to 10 years

We capitalize tooling, dies, and fixtures as part of machinery and equipment and depreciate them over a period not exceeding five years.

Intangible Assets — We amortize intangible assets over their estimated useful lives, which range from eight to 20 years. See Note 10 for additional information regarding intangible assets.

Revenue Recognition — For our firearm products, we recognize revenue when the following four basic criteria have been met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been provided; (3) the fee is fixed or determinable; and (4) collection is reasonably assured. Revenue from our security solutions business has been reclassified to discontinued operations.

Product sales account for most of our firearm revenue. We recognize revenue from firearm product sales when the earnings process is complete and the risks and rewards of ownership have transferred to the customer, which is generally upon shipment but could be delayed until the receipt of customer acceptance. We also provide tooling, forging, heat treating, finishing, plating, and engineering support services to customers; we recognize this revenue when accepted by the customer, if applicable, when no further contingencies or material performance obligations exist, and when collectability is reasonably assured, thereby earning us the right to receive and retain payments for services performed and billed.

We recognize trademark licensing revenue for individual licensees based on historical experience and expected cash receipts from licensees. Licensing revenue consists of minimum royalties and/or a percentage of a licensee’s sales on licensed products. Under our current licensing agreements, most of this revenue is payable on a calendar quarter basis. We recognize non-refundable license fees received upon initial signing of license agreements as revenue when no future obligation is required on our part. As a result of a combination of uncertain factors regarding existing licensees, including current and past payment performance, market acceptance of the licensees’ products, and insufficient historical experience, we believe that reasonable assurance of collectability does not exist based on the results and past payment performance of licensees in general. Therefore, we do not recognize minimum royalty payments upon contract signing, but instead record royalty revenue monthly when the minimum royalty can be reasonably estimated for that month and payment is assured. As of April 30, 2013, minimum royalties to be collected in the future amounted to approximately $5.6 million as follows (dollars in thousands):


For the Year Ended April 30,	Minimum Royalty
2014	$	1,240
2015		1,185
2016		909
2017		577
Thereafter		1,708

Total minimum royalties	$	5,619

Segment Information — We have historically reported certain financial information under two segments: firearms and security solutions. As a result of our divestiture of SWSS, the results of the operations comprising the security solutions segment are now being reported as discontinued operations for all periods presented. See Note 3 — Discontinued Operations for additional information.

Geographic Information — During April 30, 2013, 2012, and 2011, we had no material personnel or facilities outside of the United States. Sales outside of the United States are detailed in Note 6.

Research and Development — We engage in both internal and external research and development (“R&D”) in order to remain competitive and to exploit possible untapped market opportunities. We approve prospective R&D projects after analysis of the cost and benefits associated with the potential product. Costs in R&D expense include, among other items, salaries, materials, utilities, and administrative costs.

Earnings/(Loss) per Share — We calculate basic and diluted earnings/(loss) per common share in accordance with the provisions of ASC 260-10, Earnings Per Share . Basic earnings/(loss) per common share equals net income/(loss) divided by the weighted average number of common shares outstanding during the period. Diluted earnings/(loss) per common share equals net income/(loss) divided by the weighted average number of common shares outstanding during the period, including the effect of outstanding stock options and other stock-based instruments if their effect is dilutive.

The following table provides a reconciliation of the net income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings/(loss) per common share (in thousands, except per share data):


	For the Year Ended April 30,
	2013			2012			2011
Net income/(loss)
Income from continuing operations	$	81,406		$	26,433		$	8,080
Loss from discontinued operations, net of tax		(2,693	)		(10,328	)		(90,849	)

Net income/(loss)	$	78,713		$	16,105		$	(82,769	)

Weighted average shares outstanding — Basic		65,155			64,788			60,622
Dilutive effect of stock option and award plans		1,487			965			2,999
Dilutive effect of conversion of convertible debt		—			1,524			—

Diluted shares outstanding		66,642			67,277			63,621

Earnings per share — Basic
Income from continuing operations	$	1.25		$	0.41		$	0.13
Loss from discontinued operations	$	(0.04	)	$	(0.16	)	$	(1.50	)
Net income/(loss)	$	1.21		$	0.25		$	(1.37	)
Earnings per share — Diluted(a)
Income from continuing operations	$	1.22		$	0.40		$	0.13
Loss from discontinued operations	$	(0.04	)	$	(0.15	)	$	(1.43	)
Net income/(loss)	$	1.18		$	0.25		$	(1.30	)

(a)	Included in the calculation for diluted earnings per common share for the year ended April 30, 2012 is $499,000 of diluted earnings related to the effect of conversion of convertible debt.

For fiscal 2013, 246,635 shares of common stock issuable upon the exercise of stock options were excluded from the computation of diluted income per share because the effect would be antidilutive. For fiscal 2012, 952,483 shares of common stock issuable upon the exercise of stock options were excluded from the computation of diluted loss per share because the effect would be antidilutive. For fiscal 2011, 5,515,877 shares of common stock issuable upon conversion of the Convertible Notes (as defined below), 2,345,422 shares of common stock reserved for issuance to the former stockholders of SWSS through date of issuance, and 1,598,124 shares of common stock issuable upon the exercise of stock options were excluded from the computation of diluted income per share because the effect would be antidilutive.

Valuation of Long-lived Tangible and Intangible Assets — We evaluate the recoverability of long-lived assets, or asset groups, whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. When such evaluations indicate that the related future undiscounted cash flows are not sufficient to recover the carrying values of the assets, such carrying values are reduced to fair value and this adjusted carrying value becomes the asset’s new cost basis. We determine fair value primarily using future anticipated cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset, or asset group, discounted using an interest rate commensurate with the risk involved.

We have significant long-lived tangible and intangible assets, which are susceptible to valuation adjustments as a result of changes in various factors or conditions. The most significant long-lived tangible and intangible assets are fixed assets, developed technology, patents, trademarks, and trade names. We amortize all finite-lived intangible assets either on a straight-line basis or based upon patterns in which we expect to utilize the economic benefits of such assets. With the exception of goodwill and intangible assets with indefinite lives, we initially determine the values of intangible assets by a risk-adjusted, discounted cash flow approach. We assess the potential impairment of identifiable intangible assets and fixed assets whenever events or changes in circumstances indicate that the carrying values may not be recoverable and at least annually. Factors we consider important, which could trigger an impairment of such assets, include the following:

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

a significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

Future adverse changes in these or other unforeseeable factors could result in an impairment charge that could materially impact future results of operations and financial position in the reporting period identified. No impairment charges were taken during the year ended April 30, 2013.

In accordance with ASC 350, Intangibles-Goodwill and Other, we test intangible assets with indefinite lives for impairment on an annual basis on February 1 and between annual tests if indicators of potential impairment exist. The impairment test compares the fair value of the reporting unit to its carrying amount, including intangible assets with indefinite lives, to assess whether impairment is present. We have reviewed the provisions of ASC 280-10, Segment Reporting Topic, with respect to the criteria necessary to evaluate the number of reporting units that exist. Based on our review of ASC 280-10-50, we have determined that we operate our continuing operations in one reporting unit for our Springfield, Massachusetts and Houlton, Maine facilities. As of April 30, 2013, we had no goodwill recorded on our books for continuing operations.

Based on a combination of factors that occurred during fiscal 2012, including federal and corporate budgetary constraints, increased price competition, low barriers to entry, and other factors, we determined that indicators for impairment of goodwill and intangible assets existed in our security solutions division and, as a result, we conducted an evaluation of goodwill and intangible assets associated with the acquisition of that business. Based on the earnings and cash flow forecast for the next 10 years, the fair value of this reporting unit was estimated using the expected present value of future cash flows. Based on the work performed, we recorded a goodwill impairment loss of $83.9 million in fiscal 2012, which is included in the results of discontinued operations on our consolidated statements of income/(loss) and comprehensive income/(loss).

We periodically review long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded carrying value for the asset. If impairment is indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis. As noted above, economic and market conditions that affected our security solutions division required us to test for impairment of long-lived assets pertaining to that business in fiscal 2011. Based on that assessment, we recorded an impairment charge of $6.6 million, which is included in the results of discontinued operations on our consolidated statements of income/(income) and comprehensive income/(loss), to reflect the excess of the carrying value of long-lived intangible assets over the discounted cash flows. See Note 3 — Discontinued Operations for additional information. See also Note 10 —Intangible Assets. No impairment charges were taken for continuing operations in fiscal 2013, 2012, or 2011 based on the review of long-lived assets.

We utilize an income approach, with discounted cash flows, to estimate the fair value of each reporting unit. We selected this method because we believe that it most appropriately measures our income producing assets. We considered using the market approach and the cost approach, but concluded that they were not appropriate in valuing our reporting units given the lack of relevant and available market comparisons. The income approach is based on the projected cash flows that are discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash performance. This approach also mitigates the impact of the cyclical trends that occur in our industry. Fair value is estimated using internally developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include terminal value margin rates, future capital expenditures, and changes in future working capital requirements. We also compare and reconcile our overall fair value to our market capitalization. While there are inherent uncertainties related to the assumptions used and to our application of these assumptions to this analysis, we believe that the income approach provides a reasonable estimate of the fair value of our reporting units. The foregoing assumptions were consistent with our long-term performance, with limited exceptions. We believe that our future investments for capital expenditures as a percent of revenue will decline in future years due to our improved utilization resulting from lean initiatives, and we believe that days sales outstanding will decline with any increase in revenues. We also have assumed that through the current economic downturn, our markets have not contracted for the long term; however, it may be a number of years before they fully recover. These assumptions could deviate materially from actual results.

Significant judgments and estimates are involved in determining the useful lives of our long-lived assets, determining what reporting units exist, and assessing when events or circumstances would require an interim impairment analysis of goodwill or other long-lived assets to be performed. Changes in our organization or our management reporting structure, as well as other events and circumstances, including technological advances, increased competition, and changing economic or market conditions, could result in (a) shorter estimated useful lives, (b) additional reporting units, which may require alternative methods of estimating fair values or greater disaggregation or aggregation in our analysis by reporting unit, and (c) other changes in previous assumptions or estimates. A change in the weighted average cost of capital, for example, could materially change the valuation and, if increased, could cause an impairment. In turn, this could have an additional impact on our consolidated financial statements through accelerated amortization and impairment charges.

Accounting for Acquisitions — Our accounting for acquisitions involves significant judgments and estimates, including the fair value of certain forms of consideration; the fair value of acquired intangible assets, which involve projections of future revenue and cash flows; the fair value of other acquired assets and assumed liabilities, including potential contingencies; and the useful lives and, as applicable, the reporting unit, of the assets. Our financial position or results of operations may be materially impacted by changes in our initial assumptions and estimates relating to prior or future acquisitions. Additionally, we determine the fair value of the reporting unit, for purposes of the first step in our annual goodwill impairment test, based on an income approach. If prior or future acquisitions are not accretive to our results of operations as expected or our market value declines dramatically, we may be required to complete the second step, which requires significant judgments and estimates and which may result in material impairment charges in the period in which they are determined.

Income Taxes — The provision for income taxes is based upon income reported in the accompanying consolidated financial statements. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. We measure these deferred taxes by applying tax rates expected to be in place when the deferred items become subject to income tax or deductible for income tax purposes.

Stock Options and Other Stock-Based Awards — As described in Notes 16 and 17, we have an incentive stock plan under which employees and directors receive options to purchase our common stock or other stock-based awards, including stock options, restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”).

Municipal and Product Liability — We provide reserves for municipal and potential product liability defense costs based on estimates determined in consultation with litigation counsel. We evaluate adjustments to the provision for municipal and product liability on an on-going basis and charge or credit them to cost of sales, exclusive of any insurance reimbursements. We make this evaluation based upon information regarding potential and existing product liability cases. We record any future costs as a result of this evaluation when considered both probable and reasonably estimable. Certain municipal and product liability costs are subject to reimbursement by insurance carriers.

Environmental Liability — We have provided reserves, on an undiscounted basis, for potential environmental obligations that we consider probable and for which reasonable estimates of such obligations can be made. We consider environmental liabilities probable based upon specific facts and circumstances, including currently available environmental studies, existing technology, currently enacted laws and regulations, the timing of future expenditures, experience in remediation efforts, direction or approval from regulatory agencies, our status as a potentially responsible party (“PRP”), and the ability of other PRPs or contractually liable parties, if any, to pay the allocated portion of any environmental obligations. We believe that we have adequately reserved for the reasonable estimable costs of known environmental obligations. We review reserves and may make additions or deletions to the reserves as a result of the specific facts and circumstances previously noted.

During the fiscal year ended April 30, 2013, there was no change to the environmental reserve. The environmental reserve decreased for the fiscal year ended April 30, 2012 by $29,000. During fiscal year ended April 30, 2011, the reserve increased by $1.5 million primarily because of the established reserve for the land and building located in Rochester, New Hampshire, which was subsequently transferred to assets held for sale. During fiscal 2013, we completed the sale of the land and building located in Rochester, New Hampshire and agreed to indemnify the buyer for losses arising from, among other things, environmental conditions related to our Thompson/Center subsidiaries’ manufacturing activities. We have insurance to supplement environmental remediation costs in excess of reserves associated with the land and building located in Rochester, New Hampshire. The environmental reserve maintained for this property was relieved as a result of the sale agreement of the property.

Warranty — We generally provide a lifetime warranty to the original purchaser of our new firearm products. We provide for estimated warranty obligations in the period in which we recognize the related revenue. We quantify and record an estimate for warranty-related costs based on our actual historical claims experience and current repair costs. We make adjustments to accruals as warranty claims data and historical experience warrant. Should we experience actual claims and repair costs that are higher than the estimated claims and repair costs used to calculate the provision, our operating results for the period or periods in which such returns or additional costs materialize would be adversely impacted.

On June 13, 2013, we initiated a recall of all Thompson/Center Arms bolt action rifles manufactured since the products’ introduction in 2007. On November 11, 2011, we also initiated a recall of all Thompson/Center Arms Venture rifles manufactured since the product’s introduction in mid-2009. As of April 30, 2013, we had incurred $3.6 million in recall costs, including the cost of our most recent recall for firearms sold prior to April 30, 2013, and we estimate the remaining cost of these recalls will be $3.8 million, which is recorded in the accrued warranty balance. Warranty expense for the fiscal years ended April 30, 2013, 2012, and 2011 amounted to $7.1 million, $6.3 million, and $3.5 million, respectively.

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2013, 2012, and 2011 (dollars in thousands):


	For the Year Ended April 30,
	2013			2012			2011
Beginning Balance	$	6,412		$	4,213		$	4,588
Liabilities transferred to held for sale		—			(256	)		(244	)
Warranties issued and adjustments to provisions		7,093			6,328			3,534
Warranty claims		(5,082	)		(3,873	)		(3,665	)

Ending Balance	$	8,423		$	6,412		$	4,213

Sales and Promotional Related Expenses — We present product sales in our consolidated financial statements, net of customer promotional program costs that depend upon the volume of sales, which amounted to $5.1 million, $2.7 million, and $10.5 million for the fiscal years ended April 30, 2013, 2012, and 2011, respectively. We have a co-op advertising program at the retail level. We expensed costs amounting to $1.5 million, $1.7 million, and $2.0 million for fiscal 2013, 2012, and 2011, respectively, as selling and marketing expenses.

Shipping and Handling — In the accompanying consolidated financial statements, we included amounts billed to customers for shipping and handling in net product and services sales. We included our costs relating to shipping and handling charges, including inbound freight charges, internal transfer costs, and the other costs of our distribution network, in cost of products and services sold.

Insurance Reserves — We are self-insured through retentions or deductibles for the majority of our workers’ compensation, automobile, general liability, product liability, and group health insurance programs. Self-insurance amounts vary up to $2.0 million per occurrence. We record our liability for estimated premiums and incurred losses in the accompanying consolidated financial statements on an undiscounted basis.

General and Administrative Expenses — In the accompanying consolidated financial statements, we included payroll and benefits for management and administrative employees; profit sharing and stock compensation expenses; information technology costs; legal and professional fees; depreciation of furniture, fixtures, and computer equipment; reserves for bad debts; and expenses for administrative functions in general and administrative operating expenses.

Recently Issued Accounting Standards — In June 2011, the Financial Accounting Standards Board (the “FASB”) issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income . The amendments in this ASU require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of equity. ASU 2011-05 is effective for interim and annual periods beginning after December 15, 2011. In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 . ASU 2011-12 indefinitely defers certain reclassification adjustment provisions of ASU 2011-05. ASU 2011-12 is also effective for interim and annual periods beginning after December 15, 2011. These ASUs do not have a material impact on our consolidated financial statements.

Discontinued Operations

12 Months Ended

Apr. 30, 2013

Discontinued Operations

3.	Discontinued Operations

During fiscal 2010, we acquired all of the outstanding capital stock of SWSS for an initial purchase price of $59.3 million, which consisted of $21.1 million in cash and $38.2 million in common stock paid at closing and 4,080,000 shares of our common were issued on March 18, 2011. During the year ended April 30, 2011, we recorded $3.1 million of income for the reduction in the contingent consideration associated with the purchase agreement in other income.

Based on a combination of factors occurring after our acquisition of SWSS, including federal and corporate budgetary constraints, increased price competition, and a fundamental change in our strategic direction, on October 5, 2011, we committed to a plan to divest the assets, liabilities, and ongoing operations of our security solutions division. On July 10, 2012, we entered into an Asset Purchase Agreement with FutureNet Group, Inc. (“FutureNet”) providing for FutureNet to acquire substantially all of the assets and assume certain of the liabilities of SWSS for a purchase price of $7.9 million, including a $400,000 working capital adjustment. On July 26, 2012, we completed the disposition of SWSS and received $5.5 million in cash and recorded a receivable, included in other assets on our consolidated balance sheets, for the remaining portion of the purchase price. During the year ended April 30, 2013, we received $2.0 million related to this receivable within the agreed upon terms. Prior to the disposition, we presented the assets and liabilities on separate lines as held for sale on our consolidated balance sheets. The operating results of SWSS are classified as discontinued operations and are presented in a separate line in the consolidated statements of income and comprehensive income for all periods presented. As of April 30, 2012, we had recorded $13.5 million of assets held for sale, including $1.0 million relating to the land and building located in Rochester, New Hampshire, and $5.7 million of liabilities held for sale on our consolidated balance sheets. In connection with the divestiture of SWSS, we sold net assets of $13.0 million and incurred $1.6 million in closing-related costs, including $655,000 of legal, professional, and investment banking fees and $918,000 of severance and employee-related costs.

The following is a summary of the operating results of the discontinued operations (dollars in thousands):


	For the Year Ended April 30,
	2013			2012			2011
Net sales from discontinued operations	$	6,732		$	30,752		$	50,067
Loss before income taxes	$	(3,605	)	$	(15,945	)	$	(96,055	)
Loss from discontinued operations(a)	$	(2,693	)	$	(10,328	)	$	(90,849	)

(a)

Included in the results of operations for fiscal 2013 and 2012 are $1.2 million and $5.5 million, respectively, of non-cash charges related to the loss on sale from the divestiture of our discontinued security solutions division. Included in the results of operations for fiscal 2011 are non-cash charges related to the impairment of goodwill and other intangible assets totaling $90.5 million. In addition, for fiscal 2011, we recorded income of $3.1 million related to the reduction in the acquisition liability related to contingent consideration versus the value recorded as of April 30, 2010.

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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Notes Payable and Financing Arrangements

Notes Payable and Financing Arrangements

12 Months Ended

Apr. 30, 2013

4.	Notes Payable and Financing Arrangements

Credit Facilities — We have a $60.0 million credit facility that provides for availability until December 7, 2014 for working capital needs. The revolving line of credit bears interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our leverage ratio, at our election. As of April 30, 2013, there were no borrowings outstanding. Had there been borrowings, they would have borne an interest rate of 4.5% per annum.

As security for the credit facility, TD Bank, N.A. and the other lenders (the “Lenders”) thereunder have a first priority lien on all of our personal property and real estate assets.

We may prepay, in whole or in part, any of the loans that have interest rates determined by reference to the prime rate, with interest accrued to the date of the prepayment on the amount prepaid, without any penalty or premium. Loans with a fixed rate of interest determined by reference to the LIBOR interest rate may be prepaid provided that we reimburse the Lenders for any costs associated with (i) our making payments on dates other than those specified in the credit agreement, or (ii) our borrowing or converting a LIBOR loan on a date other than the borrowing or conversion dates specified in the credit agreement.

Convertible Notes — On December 15, 2006, we issued an aggregate of $80.0 million of 4% senior convertible notes (the “Convertible Notes”) maturing on December 15, 2026 to qualified institutional buyers pursuant to the terms and conditions of a securities purchase agreement and indenture. In fiscal 2011, we exchanged a total of $50.0 million of Convertible Notes for $50.0 million of 9.5% Senior Notes (as defined below). During fiscal 2012, we repurchased the remaining $30.0 million of Convertible Notes utilizing cash on hand. As of April 30, 2013, there were no outstanding Convertible Notes.

9.5% Senior Notes — During fiscal 2011, we issued an aggregate of $50.0 million of 9.5% senior notes due January 14, 2016 (“9.5% Senior Notes”) in exchange for $50.0 million of Convertible Notes pursuant to the terms and conditions of an exchange agreement and indenture (the “9.5% Senior Notes Indenture”).

In fiscal 2011, we evaluated these exchanges as a modification event under ASC 470-60, Troubled Debt Restructurings by Debtors. Because we are not experiencing financial difficulties, the exchanges were not accounted for as troubled debt restructuring. Consequently, we evaluated each exchange under ASC 470-50, Debtor’s Accounting for a Modification or Exchange of Debt Instruments to determine if the modification was substantial. Because the conversion feature was removed in the exchange, the debt modification was determined to be substantial and, accordingly, the exchanged Convertible Notes were extinguished. The fair value of the 9.5% Senior Notes was equal to the carrying value of the exchanged Convertible Notes; therefore, no gain or loss on extinguishment was recorded. During fiscal 2011, in accordance with ASC 470-50, we amortized $476,000 of deferred financing costs associated with the extinguishment to interest expense.

The 9.5% Senior Notes bear interest at a rate of 9.5% per annum payable on June 15 and December 15 of each year.

At any time prior to January 14, 2014, we may, at our option, (a) redeem all or a portion of the 9.5% Senior Notes at a redemption price of 100% of the principal amount of the 9.5% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date, or (b) redeem up to 35% of the aggregate principal amount of the 9.5% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 104.75% of the principal amount of the 9.5% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of clause (b) above, at least 65% of the aggregate original principal amount of the 9.5% Senior Notes remains outstanding and the redemption occurs within 60 days after the closing of the equity offering. On and after January 14, 2014, we may, at our option, redeem all or a portion of the 9.5% Senior Notes at a redemption price of (1) 104.75% of the principal amount of the 9.5% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on January 14, 2014; or (2) 100% of the principal amount of the 9.5% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on January 14, 2015, plus, in either case, accrued and unpaid interest on the 9.5% Senior Notes as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 9.5% Senior Notes from the holders of the 9.5% Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 9.5% Senior Notes mature on January 14, 2016. During fiscal 2013, we purchased a total of $6.4 million of our 9.5% Senior Notes utilizing cash on hand. We paid $552,000 of interest premium relating to these purchases.

The 9.5% Senior Notes are general unsecured obligations of our company. The 9.5% Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments, limitations on indebtedness, limitations on the sale of assets, and limitations on liens.

The limitation on indebtedness in the 9.5% Senior Notes Indenture is only applicable at such time that the consolidated coverage ratio (as set forth in the 9.5% Senior Notes Indenture) for us and our restricted subsidiaries is less than 2.00 to 1.00. In general, as set forth in the 9.5% Senior Notes Indenture, the consolidated coverage ratio is determined by comparing our prior four quarters’ consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) to our consolidated interest expense.

Debt Issuance Costs — Debt issuance costs related to the credit agreement with the Lenders, including all related re-financings, amounted to $2.2 million and were recorded in other assets. These costs are being amortized to expense over the life of the credit facility using the straight-line method. For the fiscal year ended April 30, 2013, we amortized a total of $185,000 to interest expense.

We incurred $4.3 million of debt issuance costs associated with the issuance of the Convertible Notes. We amortized these costs on a straight-line basis, which approximates the effective interest rate method, through December 15, 2011, the date of the first redemption. As noted above, we repurchased $30.0 million of Convertible Notes during fiscal 2012. For fiscal 2011, the exchange of Convertible Notes for 9.5% Senior Notes discussed above resulted in increased amortization expense of $476,000, as noted above.

We incurred $1.8 million of debt issuance costs associated with the issuance of the 9.5% Senior Notes. These costs are being amortized on a straight-line basis, which approximates the effective interest rate method, through January 14, 2016, the date of maturity. For the fiscal year ended April 30, 2013, we amortized $495,000 to interest expense, including $173,000 of debt issuance costs we wrote off in connection with our repurchase of $6.4 million of 9.5% Senior Notes noted above.

The total amount amortized to interest expense for all debt issuance costs in fiscal 2013, 2012, and 2011 was $680,000, $1.4 million, and $1.5 million, respectively, including write-offs related to extinguishment. As of April 30, 2013, without the impact of the exchange noted below, future amortization of debt issuance costs is as follows: fiscal 2014 is $310,000; fiscal 2015 is $310,000; and fiscal 2016 is $212,000.

The credit agreement with the Lenders contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The 9.5% Senior Notes Indenture contains a financial covenant relating to times interest earned. We were in compliance with these debt covenants as of April 30, 2013.

Letters of Credit — At April 30, 2013, we had outstanding letters of credit aggregating $1.1 million.

5.875% Senior Notes — During June 2013, we sold an aggregate of $100.0 million of 5.875% Senior Notes due 2017 to various qualified institutional buyers in exchange for approximately $42.8 million of our outstanding 9.5% Senior Notes from existing holders of such notes and the purchase by certain of such holders of additional 5.875% Senior Notes for cash. As a result of this transaction, our indebtedness increased by $57.1 million and our debt service requirements increased by $1.8 million per annum. The 5.875% Senior Notes were sold pursuant to the terms and conditions of an indenture and exchange and purchase agreements. The 5.875% Senior Notes bear interest at a rate of 5.875% per annum payable on June 15 and December 15 of each year, beginning on December 15, 2013.

At any time prior to June 15, 2015, we may, at our option, (a) upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of 100% of the principal amount of the 5.875% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.875% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.875% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. On and after June 15, 2015, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of (a) 102.9375% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the 5.875% Senior Notes as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 5.875% Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 5.875% Senior Notes mature on June 15, 2017.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Capital Lease

12 Months Ended

Apr. 30, 2013

Capital Lease

5.	Capital Lease

On October 28, 2011, we entered into a sale-leaseback agreement that included the sale of certain machinery and equipment. We then leased a total of $3.5 million of machinery and equipment to increase production capacity. The lease has an effective interest rate of 5.76% and is payable in 60 monthly installments through fiscal 2017. Leases are accounted for under the provisions of ASC 840-10, Leases, which requires that leases be evaluated and classified as operating or capital leases for financial reporting purposes. Based on our evaluation under ASC 840-10, we determined that the lease qualifies as a capital lease because the net present value of future lease payments exceed 90% of the fair market value of the leased machinery and equipment. We have pledged the assets financed to secure the amounts outstanding. We included $442,000 of short-term capital lease obligation in accrued expenses and $2.4 million in other non-current liabilities.

The following sets forth the future minimum lease payments as of April 30, 2013 (dollars in thousands):


	Capital Lease Obligation
2014	$	596
2015		596
2016		596
2017		1,493

Total future minimum lease payments		3,281
Less amounts representing interest		(419	)

Present value of minimum lease payments		2,862
Less current maturities of capital lease		(442	)

Long-term maturities of capital lease	$	2,420

Net Sales

12 Months Ended

Apr. 30, 2013

Net Sales

6.	Net Sales

The following table sets forth the breakdown of net sales for the fiscal years ended April 30, 2013, 2012, and 2011, respectively (dollars in thousands):


	For the Year Ended April 30,
	2013		2012		2011
Handguns	$	324,627	$	238,438	$	190,649
Long Guns		179,187		102,414		77,206
Walther		41,646		32,316		38,011
Other Products & Services		42,054		38,829		36,367

Total Net Sales	$	587,514	$	411,997	$	342,233

With the exception of Walther firearms, all of our firearms are sold under our Smith & Wesson, M&P, Performance Center, and Thompson/Center Arms brands. Depending upon the product or service, our customers include distributors; federal, state, and municipal law enforcement agencies and officers; government and military agencies; businesses; retailers; and consumers.

We sell our products worldwide. The following table sets forth the breakdown of export net sales included in the above table. Our export net sales accounted for 3%, 4%, and 5% of total net sales for the fiscal years ended April 30, 2013, 2012, and 2011, respectively (dollars in thousands):


	For the Year Ended April 30,
Region	2013		2012		2011
Europe	$	2,979	$	5,850	$	4,421
Asia		6,319		4,706		5,970
Latin America		1,693		1,904		1,845
All others international		8,003		4,154		6,563

Total net international sales	$	18,994	$	16,614	$	18,799

No individual foreign country accounted for more than 10% of net sales.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Property, Plant, and Equipment

Advertising Costs

12 Months Ended

Apr. 30, 2013

Advertising Costs

7.	Advertising Costs

We expense advertising costs, primarily consisting of magazine advertisements, printed materials, and television advertisements, either as incurred or upon the first occurrence of the advertising. Advertising expense, included in selling and marketing expenses, for continuing operations for the fiscal years ended April 30, 2013, 2012, and 2011, amounted to $15.1 million, $14.7 million, and $15.1 million, respectively.

Property, Plant, and Equipment

12 Months Ended

Apr. 30, 2013

8.	Property, Plant, and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2013 and 2012 (dollars in thousands):


	April 30, 2013			April 30, 2012
Machinery and equipment	$	135,829		$	111,164
Building and improvements		10,795			7,453
Land and improvements		1,440			1,362

		148,064			119,979
Less: Accumulated depreciation		(75,985	)		(60,852	)

		72,079			59,127
Construction in progress		14,303			1,401

Total property, plant, and equipment, net	$	86,382		$	60,528

Estimated cost to complete construction in progress is $12.8 million.

Depreciation expense from continuing operations amounted to $15.4 million, $13.4 million, and $11.1 million for the fiscal years ended April 30, 2013, 2012, and 2011, respectively.

The following table summarizes depreciation and amortization expense for continuing operations, which includes amortization of intangibles and debt financing costs, by line item for the fiscal years ended April 30, 2013, 2012, and 2011 (dollars in thousands):


	For the Year Ended April 30,
	2013		2012		2011
Cost of products and services sold	$	14,238	$	12,337	$	9,792
Research and development		116		81		86
Selling and marketing		247		234		207
General and administrative		1,449		1,433		1,656
Interest expense		680		1,402		1,489

Total depreciation and amortization	$	16,730	$	15,487	$	13,230

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

Receivables from Insurance Carriers

Inventories

12 Months Ended

Apr. 30, 2013

Inventories

9.	Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or market, as of April 30, 2013 and 2012 (dollars in thousands):


	April 30, 2013		April 30, 2012
Finished goods	$	16,379	$	14,017
Finished parts		34,795		28,936
Work in process		7,852		7,889
Raw material		3,972		4,454

Total inventories	$	62,998	$	55,296

Intangible Assets

12 Months Ended

Apr. 30, 2013

Intangible Assets

10.

Intangible Assets

We record intangible assets at cost. Intangible assets consist of customer relationships, trademarks, trade names, and patents. We amortize patents and developed technology using the straight-line method over their estimated useful lives ranging from eight to 20 years. We amortize customer relationships in pro-ration to the expected yearly revenue generated from the customer lists acquired, currently estimated at 20 years.

The following table presents a summary of intangible assets for the year ended April 30, 2013 (dollars in thousands):


	April 30, 2013			April 30, 2012
Customer relationships	$	1,740		$	1,740
Patents, trademarks, and tradenames		5,264			5,222

		7,004			6,962
Less: Accumulated amortization		(3,039	)		(2,430	)

Total intangible assets, net	$	3,965		$	4,532

Amortization expense, excluding amortization of deferred financing costs, amounted to $639,000, $656,000, and $630,000 for the fiscal years ended April 30, 2013, 2012, and 2011, respectively. We expect amortization expense will be approximately $600,000 annually over each of the next five fiscal years.

Receivables from Insurance Carriers

12 Months Ended

Apr. 30, 2013

11.

Receivables from Insurance Carriers

As discussed in Notes 15 and 19, we are party to lawsuits related to the use of our firearm products. We carry insurance that covers certain legal and defense costs related to these matters and record a receivable from insurance carriers when the collection of the insurance proceeds is probable.

The outstanding balance as of April 30, 2013 and 2012 was $1.9 million and $2.1 million, respectively ($25,000 in other current assets and $1.9 million and $2.0 million, respectively, in non-current assets). Our insurance carriers paid no municipal related defense costs in fiscal 2013 or 2012.

Accrued Expenses

12 Months Ended

Apr. 30, 2013

Accrued Expenses

12.

Accrued Expenses

The following table sets forth other accrued expenses as of April 30, 2013 and 2012 (dollars in thousands):


	April 30, 2013		April 30, 2012
Accrued rebates and promotions	$	3,900	$	2,862
Accrued professional fees		2,882		3,682
Accrued employee benefits		1,953		1,902
Interest payable		1,542		1,783
Accrued workers’ compensation		963		766
Accrued commissions		949		1,235
Accrued utilities		537		436
Accrued distributor incentives		458		5,453
Current portion of capital lease obligation		442		418
Accrued severance/restructuring costs		111		345
Accrued other		2,296		1,803

Total accrued expenses	$	16,033	$	20,685

Plant Consolidation

12 Months Ended

Apr. 30, 2013

Plant Consolidation

13.

Plant Consolidation

In November 2011, we completed our previously announced plan to move the production of our hunting products to our Springfield, Massachusetts facility and to close our Rochester, New Hampshire facility. We incurred major capital expenditures relating to moving equipment and processes from Rochester, New Hampshire to Springfield, Massachusetts, improving production efficiencies, purchasing tooling for new product offerings, and various projects designed to increase capacity and upgrade manufacturing technology.

In connection with the plant consolidation, in January 2012, we completed the sale of K.W. Thompson, a company that included our foundry operations and which was a subsidiary of Thompson/Center Arms, for a purchase price of $900,000. Upon closing of the sale, we received a $400,000 note receivable from the Buyer that bears interest at 4% and matures through January 2017. As of April 30, 2013, $308,000 is due to us related to the note receivable of which $78,000 is included in other current assets and $230,000 included in other assets on our consolidated balance sheets. We also recorded a loss on sale of business, which was calculated as the net assets sold in excess of the purchase price, $241,000 of which is included in general and administrative expenses on our consolidated statements of income/(loss) and comprehensive income/(loss). The business sold was not included in discontinued operations because the operations were not material to our overall consolidated financial statements.

As of April 30, 2012, we classified the land and building located in Rochester, New Hampshire as assets held for sale on our consolidated balance sheets in accordance with ASC 360-10-45, Impairment or Disposal of Long Lived Assets. The net book values of our assets held for sale totaled $1.0 million, including the environmental reserve, and were stated at the lower of the carrying value or fair value. On December 19, 2012, we completed the sale of the land and building located in Rochester, New Hampshire.

As of fiscal year ended April 30, 2013, we recorded $345,000 in expenses related to employee severances. The total amount incurred in connection with the plant consolidation was $5.6 million, with $2.5 million for employee severance and relocation expenses and $3.1 million for facilities-related expenses.

The following table summarizes the restructuring liabilities accrued for and changes in those amounts during the year ended April 30, 2013 for the plan discussed above (dollars in thousands):


	Employee Severance and Termination Benefits			Facilities-Related Costs
Balance at April 30, 2011	$	1,252		$	409
Costs incurred during the period		1,146			1,832
Costs paid or settled during the period		(2,053	)		(2,241	)

Balance at April 30, 2012	$	345		$	—
Costs paid or settled during the period		(345	)		—

Balance at April 30, 2013	$	—		$	—

On December 21, 2010, under the Economic Development Incentive Program (“EDIP”) of the Commonwealth of Massachusetts, we were awarded a refundable economic incentive tax credit (“ITC”) by the Economic Assistance Coordinating Council in conjunction with our plan discussed above. The ITC is calculated as 40% of qualified capital expenditures placed in service and allows for a refundable tax credit from the Commonwealth of Massachusetts of up to $721,000 and $4.4 million during the fiscal years ended April 30, 2013 and 2012, respectively. As of April 30, 2013 and 2012, respectively, we had recorded the $721,000 and $4.4 million of the amount received for the ITC as a contra asset account, which is included in Property, Plant, and Equipment. During fiscal 2012, we received $4.4 million of the tax credit and recorded a receivable for an additional $721,000 of tax credit during fiscal 2013, because of our compliance with the written EDIP Investment Analysis Plan.

Fair Value Measurement

12 Months Ended

Apr. 30, 2013

Fair Value Measurement

14.

Fair Value Measurement

We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic, for our financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value under GAAP and requires expanded disclosures regarding fair value measurements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

Financial assets and liabilities recorded on the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (examples include active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities).

Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (examples include interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

We currently do not have any Level 2 financial assets or liabilities.

Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our assumptions about the assumptions a market participant would use in pricing the asset or liability. We currently do not have any Level 3 financial assets or liabilities.

The following table presents information about our assets that are measured at fair value on a recurring basis as of April 30, 2013 and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (dollars in thousands):


Description	April 30, 2013		(Level 1)		April 30, 2012		(Level 1)
Assets:
Cash equivalents	$	100,413	$	100,413	$	56,698	$	56,698

Total assets	$	100,413	$	100,413	$	56,698	$	56,698

Cash equivalents include operating cash and money market accounts.

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Self-Insurance Reserves

12 Months Ended

Apr. 30, 2013

Self-Insurance Reserves

15.

Self-Insurance Reserves

As of April 30, 2013 and 2012, we had reserves for workers’ compensation, product liability, municipal liability, and medical/dental costs totaling $9.6 million and $9.0 million, respectively, of which $5.7 million and $5.4 million, respectively, have been classified as non-current and have been included in other non-current liabilities and $2.3 million and $2.2 million, respectively, have been included in accrued expenses, and $1.6 million and $1.4 million, respectively, have been included in accrued product/municipal liability on the accompanying consolidated balance sheets. In addition, as of April 30, 2013 and 2012, $332,000 of excess workers’ compensation receivable has been classified as an other asset. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates. Amounts charged to expense were $12.2 million, $11.4 million, and $11.5 million for the fiscal years ended April 30, 2013, 2012, and 2011, respectively.

The following table is a summary of the activity in the workers’ compensation, product liability, municipal liability, and medical/dental reserves in the fiscal years ended April 30, 2013, 2012, and 2011 (dollars in thousands):


	For the Year Ended April 30,
	2013			2012			2011
Beginning balance	$	8,980		$	9,456		$	9,694
Additional provision charged to expense		12,201			11,400			11,461
Payments		(11,611	)		(11,876	)		(11,699	)

Ending balance	$	9,570		$	8,980		$	9,456

It is our policy to provide an estimate for loss as a result of expected adverse findings or legal settlements on product liability, municipal liability, workers’ compensation, and other matters when such losses are probable and are reasonably estimable. It is also our policy to accrue for reasonable estimable legal costs associated with defending such litigation. While such estimates involve a range of possible costs, we determine, in consultation with litigation counsel, the most likely cost within such range on a case-by-case basis. We also record receivables from insurance carriers relating to these matters when their collection is probable. As of April 30, 2013 and 2012, we had accrued reserves for product and municipal litigation liabilities of $4.4 million and $4.5 million, respectively (of which $2.8 million and $3.1 million, respectively, were non-current), consisting entirely of expected legal defense costs. In addition, as of April 30, 2013 and 2012, we had recorded receivables from insurance carriers related to these liabilities of $1.9 million and $2.0 million, respectively, nearly all of which has been classified as other assets with $25,000 classified as other current assets.

Stockholders' Equity

12 Months Ended

Apr. 30, 2013

Stockholders' Equity

16.

Stockholders’ Equity

Treasury Stock

During fiscal 2013, our board of directors authorized the repurchase of up to $35.0 million of our common stock, subject to certain conditions, in the open market or privately negotiated transactions on or prior to June 30, 2013. We repurchased 2,099,603 shares of our common stock during fiscal 2013 for $20.0 million utilizing cash on hand leaving $15.0 million of our common stock authorized to be purchased. On June 13, 2013, we announced the authorization of the repurchase of up to $100.0 million of our common stock, of which up to $75.0 million may be repurchased in a tender offer and the remainder of which may be repurchased in the open market or in privately negotiated transactions. This $100.0 million authorization replaces the stock repurchase program authorized in 2012 and is set to expire on or about June 17, 2014.

Stock Option and Employee Stock Purchase Plans

We have two stock option plans (the “SOPs”): the 2001 Stock Option Plan and the 2004 Incentive Stock Plan. New grants under the 2001 Stock Option Plan have not been made since the approval of the 2004 Incentive Stock Plan at our September 13, 2004 annual meeting of stockholders. All new grants covering all participants are issued under the 2004 Incentive Stock Plan.

The 2004 Incentive Stock Plan authorizes the issuance of the lesser of (1) 15% of the shares of our common stock outstanding from time to time, or (2) 10,000,000 shares of our common stock. The plan permits the grant of options to acquire common stock, restricted common stock and deferred stock, restricted stock units (“RSUs”), stock appreciation rights, and dividend equivalents. Our board of directors, or a committee established by our board, administers the SOPs, selects recipients to whom awards are granted, and determines the grants to be awarded. Options granted under the SOPs are exercisable at a price determined by our board or committee at the time of grant, but in no event less than fair market value of our common stock on the date granted. Grants of options may be made to employees and directors without regard to any performance measures. All options issued pursuant to the SOPs are nontransferable and subject to forfeiture.

Unless terminated earlier by our board of directors, the 2004 Incentive Stock Plan will terminate on the earlier of (1) ten years from the date of the later to occur of (i) the original date the plan was approved by our board of directors or our stockholders, whichever is earlier, or (ii) the date an increase in the number of shares reserved for issuance under the plan is approved by our board of directors (so long as such increase is also approved by our stockholders), and (2) at such time as no shares of common stock remain available for issuance under the plan and our company has no further rights or obligations with respect to outstanding awards under the plan. The date of grant of an award is deemed to be the date upon which our board of directors or board committee authorizes the granting of such award. Except in specific circumstances, awards vest over a period of three years and are exercisable for a period of 10 years. The plan also permits the grant of awards to non-employees, which the board has granted in the past. A separate option grant, outside of the 2004 Incentive Stock Plan, for 500,000 shares was made, at an exercise price of $1.47 per share, in connection with the hiring of our former President and Chief Executive Officer during the fiscal year ended April 30, 2005. Our former President and Chief Executive Officer resigned on September 26, 2011 and continues his service as a member of our board of directors and was appointed co-vice chairman of the Board. As of April 30, 2013, there were 250,000 options outstanding relating to this grant, which expire on December 6, 2014.

The number of shares and weighted average exercise prices of (i) options granted under the SOPs and (ii) the separate option grant to our former President and Chief Executive Officer outside of the SOPs for the fiscal years ended April 30, 2013, 2012, and 2011 are as follows:


	For the Year Ended April 30,
	2013					2012					2011
	Shares			Weighted- Average Exercise Price		Shares			Weighted- Average Exercise Price		Shares			Weighted- Average Exercise Price
Options outstanding, beginning of year		3,988,164		$	4.67		3,137,565		$	4.73		3,207,264		$	4.93
Granted during year		3,500			11.02		1,405,600			4.08		755,600			3.85
Exercised during year		(847,042	)		4.10		(290,168	)		2.17		(90,334	)		1.60
Canceled/forfeited during year		(125,495	)		3.87		(264,833	)		5.03		(734,965	)		5.06

Options outstanding, end of period		3,019,127		$	5.31		3,988,164		$	4.67		3,137,565		$	4.73

Weighted average remaining contractual life		6.02 years					6.98 years					5.95 years

Options exercisable, end of period		2,087,675		$	5.38		2,080,692		$	5.14		2,101,705		$	4.91

Weighted average remaining contractual life		5.00 years					5.09 years					4.47 years

As of April 30, 2013, there were 4,090,447 shares available for grant under the 2004 Incentive Stock Plan. We use our unissued share pool for all shares issued for options, restricted share awards, RSUs and Employee Stock Purchase Plan (“ESPP”) issuances.

The aggregate intrinsic value of outstanding options as of April 30, 2013, 2012, and 2011 was $12.1 million, $16.0 million, and $1.6 million, respectively. The aggregate intrinsic value of outstanding options that were exercisable as of April 30, 2013, 2012, and 2011 was $8.7 million, $8.2 million, and $1.6 million, respectively. The aggregate intrinsic value of the options exercised for the years ended April 30, 2013, 2012, and 2011 was $5.1 million, $982,000, and $186,000, respectively. At April 30, 2013, the total of unrecognized compensation cost of outstanding options was $1.5 million, which will be recognized over the remaining weighted average vesting period of 0.89 years.

We had an ESPP that commenced on June 24, 2002 (the “2001 ESPP”), which authorized the sale of up to 10,000,000 shares of our common stock to employees. The 2001 ESPP continued in effect for a term of 10 years and expired with the offering period that ended March 31, 2012. All options and rights to participate in the 2001 ESPP are nontransferable and subject to forfeiture in accordance with the 2001 ESPP guidelines. As of April 30, 2013, we had issued 2,398,630 shares of common stock under the 2001 ESPP, all of which were purchased prior to April 30, 2012.

On September 26, 2011, our stockholders approved our 2011 ESPP to replace our expiring 2001 ESPP, which authorized the sale of up to $6,000,000 shares of our common stock to employees. The shares included in the 2011 ESPP are no longer available for issuance under the 2001 ESPP. Our current ESPP will be implemented in a series of successive offering periods, each with a maximum duration of 12 months. If the fair market value (“FMV”) per share of our common stock on any purchase date is less than the FMV per share on the start date of a 12-month offering period, then that offering period will automatically terminate, and a new 12-month offering period will begin on the next business day. Each offering period will begin on April 1 or October 1, as applicable, immediately following the end of the previous offering period. Payroll deductions will be on an after-tax basis, in an amount of not less than 1% and not more than 20% (or such greater percentage as the committee appointed to administer our ESPP may establish from time to time before the first day of an offering period) of a participant’s compensation on each payroll date. The option exercise price per share will equal 85% of the lower of the FMV on the first day of the offering period or the FMV on the exercise date. The maximum number of shares that a participant may purchase during any purchase period is 12,500 shares, or a total of $25,000 in shares, based on the FMV on the first day of the offering period. Our ESPP will remain in effect until the earliest of (a) the exercise date that participants become entitled to purchase a number of shares greater than the number of reserved shares available for purchase under our ESPP, (b) such date as is determined by our Board of Directors in its discretion, or (c) March 31, 2022. During fiscal 2013, 2012, and 2011, 185,218, 502,898, and 350,971 shares, respectively, were purchased under our ESPP’s.

We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We calculate the fair value of our stock options and warrants issued to employees using the Black-Scholes model at the time the options and warrants were granted. That amount is then amortized over the vesting period of the option or warrant. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

The following assumptions were used in valuing our options and ESPP purchases during the 12-month periods ended April 30, 2013, 2012, and 2011:


	For the Year Ended April 30,
	2013			2012			2011
Stock option grants:
Risk-free interest rate		0.31	%		0.85 - 2.20	%		1.31 - 2.47	%
Expected term		5.84 - 7.84 years			5.30 - 8.18 years			5.36 - 9.0 years
Expected volatility		70.0	%		66.9 - 74.6	%		69.5 - 76.4	%
Dividend yield		0	%		0	%		0	%
Employee Stock Purchase Plan:
Risk-free interest rate		0.13	%		0.08	%		0.18	%
Expected term		6 months			6 months			6 months
Expected volatility		56.3	%		51.3	%		34.0	%
Dividend yield		0	%		0	%		0	%

We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables, as noted in the above table). The total stock-based compensation expense, including stock options, purchases under our ESPP, and RSU and performance-based RSU (“PSU”) awards, was $4.1 million, which included $45,000 of stock-based compensation expense related to the loss on the sale of our discontinued operations, $2.5 million, and $1.7 million, for fiscal years 2013, 2012, and 2011, respectively. Stock-based compensation expense is included in general and administrative expenses.

We grant service-based RSUs to our executive officers, employees, consultants, and directors. The grants are made at no cost to the recipient. A RSU represents the right to acquire one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three years with one-third of the units vesting on each anniversary date of the grant date. The aggregate fair value of our RSU grants is amortized to compensation expense over the vesting period.

We grant PSUs with market conditions to our executive officers. We grant PSUs without market conditions to our employees who are not executive officers, including for the successful completion of specific projects or goals, such as the implementation of our new enterprise resource planning (“ERP”) system. At the time of grant, we calculate the fair value of our PSUs using Monte-Carlo simulation. We incorporate the following variables into the valuation model:


	For the Year Ended April 30,
	2013			2012			2011
Grant date fair market value
Smith & Wesson Holding Corporation	$	8.71		$	3.57 - 7.98		$	3.69 - 3.92
NASDAQ Composite Index	$	—		$	—		$	2,295.36 - 2,369.77
Russell 2000 Index	$	935.25		$	798.05 - 2,781.91		$	—
Volatility(a)
Smith & Wesson Holding Corporation		49.28	%		51.43 - 67.67	%		83.96 - 84.65	%
NASDAQ Composite Index		—			—			31.45 - 31.48	%
Russell 2000 Index		25.72	%		27.64 - 29.97	%		—
Correlation coefficient(b)		0.47			0.46 - 0.49			0.39
Risk-free interest rate(c)		0.32	%		0.40 - 0.63	%		0.66 - 0.85	%
Dividend yield(d)		0	%		0	%		0.00	%

(a)	Volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)	We do not expect to pay dividends in the foreseeable future.

The market-condition PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our market-condition PSUs have a maximum aggregate award equal to 200% of the target amount granted. The number of market-condition PSUs that may be earned depends upon the total stockholder return (“TSR”) of our common stock compared with the TSR of the Russell 2000 Index (the “RUT”) or NASDAQ Composite Index (the “IXIC”), as applicable, over the three-year performance period. Our stock must outperform the RUT or the IXIC, as applicable, by 10% in order for the target award to vest.

During the year ended April 30, 2013, we granted 152,000 market-condition PSUs to certain of our executive officers and 63,050 PSUs without market conditions to other employees. We also granted 320,279 service-based RSUs during the year ended April 30, 2013, including 250,250 RSUs to certain of our executive officers, 35,000 RSUs to our directors, 28,029 RSUs to non-executive officer employees, and 7,000 RSUs to consultants. Compensation expense recognized related to grants of RSUs and PSUs was $1.8 million for the fiscal year ended April 30, 2013.

During the fiscal year ended April 30, 2013, we delivered 14,250 PSUs without market-conditions to current employees with a total market value of $131,000 and we also delivered 69,637 shares of common stock to certain of our executive officers, current employees, consultants, and a former employee under vested RSUs with a total market value of $595,000.

During the year ended April 30, 2013, we cancelled 16,996 service-based RSUs, and 35,000 market-condition PSUs as a result of the service period condition not being met, and 2,000 PSUs without a market-condition as a result of the performance condition not being met.

During the fiscal year ended April 30, 2012, we granted 149,873 service-based RSUs to employees and consultants. During April 30, 2012, we granted 209,200 market-condition PSUs to certain of our executive officers.

During the fiscal year ended April 30, 2012, we cancelled 88,700 market-condition PSUs previously granted to our former President and Chief Executive Officer as a result of the service period condition not being met. Compensation expense recognized related to grants of RSUs and PSUs, excluding the $180,000 impact of the 88,700 cancelled PSUs, was $350,000 for the 12 months ended April 30, 2012. During the 12 months ended April 30, 2013, we delivered 9,500 shares of common stock to employees and consultants under vested RSUs with a total market value of $43,000.

During the fiscal year ended April 30, 2011, we granted 7,500 service-based RSUs to consultants and 120,200 market-condition PSUs to certain of our executive officers. We delivered 67,195 shares of common stock with a total market value of $271,000, under RSUs that vested during such period.

During the fiscal year ended April 30, 2011, we cancelled an aggregate of 134,999 PSUs, consisting of (i) 53,333 PSUs previously granted to our former President and Chief Executive Officer, as financial targets associated with these PSUs were not met for the fiscal year ended April 30, 2011, (ii) 40,000 PSUs previously granted to our former Executive Vice President and Chief Financial Officer because the service period condition not being met, (iii) 15,000 PSUs previously granted to our former President of SWSS because of the service period condition not being met, and (iv) 26,666 PSUs previously granted to our former President and Chief Executive Officer, as financial targets associated with these PSUs were not met for the fiscal year ended April 30, 2010. Compensation expense recognized related to grants of RSUs and PSUs, excluding the $905,000 impact of the 134,999 cancelled PSUs previously granted to the former employees named above, was $281,000 for the fiscal year ended April 30, 2011.

The grant date fair value of RSUs and PSUs that vested in fiscal 2013, 2012, and 2011 was $726,000, $43,000, and $321,000, respectively.

A summary of activity in unvested RSUs and PSUs for fiscal years 2013, 2012 and 2011 is as follows:


	For the Year Ended April 30,
	2013					2012					2011
	Total # of Restricted Stock Units			Weighted Average Grant Date Fair Value		Total # of Restricted Stock Units			Weighted Average Grant Date Fair Value		Total # of Restricted Stock Units			Weighted Average Grant Date Fair Value
RSUs and PSUs outstanding, beginning of year		384,140		$	7.91		123,600		$	5.27		210,727		$	10.32
Awarded		535,329			9.43		359,073			7.66		127,700			3.87
Vested		(83,887	)		8.71		(9,500	)		4.18		(79,828	)		11.36
Forfeited		(53,996	)		6.14		(89,033	)		5.31		(134,999	)		8.22

RSUs and PSUs outstanding, end of period		781,586		$	8.42		384,140		$	7.91		123,600		$	5.27

As of April 30, 2013, there was $3.8 million of unrecognized compensation cost related to unvested RSUs and PSUs. This cost is expected to be recognized over a weighted average remaining contractual term of 1.7 years.

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 5
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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-Subparagraph (SAB TOPIC 4.C)
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

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-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Employer Sponsored Benefit Plans

Employer Sponsored Benefit Plans

12 Months Ended

Apr. 30, 2013

17.

Employer Sponsored Benefit Plans

Contributory Defined Investment Plan — We offer a contributory defined investment plan covering substantially all employees who have completed at least six months of service, as defined. Employees may contribute from 1% to 30% of their annual pay, with us matching 50% of the first 6% of combined pre- and post-tax compensation. We contributed $1.7 million, $1.5 million, and $991,000 for the fiscal years ended April 30, 2013, 2012, and 2011, respectively.

Non-Contributory Profit Sharing Plan — We have a non-contributory profit sharing plan covering substantially all of our Springfield, Massachusetts and Houlton, Maine employees. Employees become eligible on May 1 following the completion of a full fiscal year of continuous service. We contribute 15% of our net operating profit before interest and taxes up to 15% of qualifying payroll, as defined, to the plan each year. For fiscal 2013, we plan to contribute approximately $9.6 million, which has been recorded in general and administrative costs. We contributed $8.0 million and $4.1 million for the fiscal years ended April 30, 2012 and 2011, respectively. Contributions are funded after the fiscal year-end.

The entire disclosure for pension and other postretirement benefits.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Income Taxes

12 Months Ended

Apr. 30, 2013

Income Taxes

18.

Income Taxes

We use an asset and liability approach for financial accounting and reporting of income taxes. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured by applying enacted tax rates and laws to the taxable years in which differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Income tax expense from continuing operations consists of the following (dollars in thousands):


	For the Year Ended April 30,
	2013		2012			2011
Current:
Federal	$	38,661	$	9,816		$	1,701
State		5,982		2,050			1,931

Total current		44,643		11,866			3,632
Deferred:
Deferred federal		1,508		778			2,223
Deferred state		349		(62	)		(401	)

Total deferred		1,857		716			1,822

Total income tax expense	$	46,500	$	12,582		$	5,454

The following table presents a reconciliation of the provision for income taxes from continuing operations at statutory rates to the provision in the consolidated financial statements (dollars in thousands):


	For the Year Ended April 30,
	2013			2012			2011
Federal income taxes expected at 35% statutory rate	$	44,767		$	13,655		$	4,737
State income taxes, less federal income tax benefit		4,576			1,328			452
Employee Stock Purchase Plan		131			83			96
Other		530			60			238
Business meals and entertainment		107			98			100
Worthless stock deduction		—			(1,845	)		—
Depreciation-permanent		—			—			(22	)
Domestic production activity deduction		(3,708	)		(676	)		—
Research and development tax credit		(140	)		(100	)		(242	)
Change in uncertain tax positions		237			(21	)		95

Total income tax expense	$	46,500		$	12,582		$	5,454

Future tax benefits (deferred tax liabilities) related to temporary differences are the following (dollars in thousands):


	April 30,
	2013			2012
Current tax assets (liabilities):
Environmental reserves	$	—		$	108
Inventory reserves		5,247			5,020
Product liability		584			532
Accrued expenses, including compensation		2,847			4,542
Warranty reserve		2,212			2,206
Other		417			105
Property taxes		(49	)		(51	)
Promotions		1,215			756
Less valuation allowance		(397	)		(459	)

Net deferred tax asset — current	$	12,076		$	12,759

Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	$	2,703		$	2,370
Environmental reserves		221			224
Product liability		364			419
Workers’ compensation		952			725
Warranty reserve		1,020			412
Stock-based compensation		3,411			3,495
State bonus depreciation		645			583
Property, plant and equipment		(15,187	)		(11,600	)
Intangible assets		95			452
Transaction costs		(90	)		(91	)
Pension		64			142
Less valuation allowance		(2,061	)		(1,668	)

Net deferred tax liability — non-current	$	(7,863	)	$	(4,537	)

Net deferred tax asset — total	$	4,213		$	8,222

(a)	Deferred taxes related to stock compensation have been adjusted from amounts reported in the prior year as noted below.

As required by ASC 740-10, Accounting for Income Taxes, we record tax assets or liabilities for the temporary differences between the book value and tax bases in assets and liabilities. In assessing the realization of our deferred income tax assets, we consider whether it is more likely than not that the deferred income tax assets will be realized. The ultimate realization of our deferred income tax assets depends upon generating future taxable income during the periods in which our temporary differences become deductible and before our net operating loss carryforwards expire. We evaluate the recoverability of our deferred income tax assets by assessing the need for a valuation allowance on a quarterly basis. If we determine that it is more likely than not that our deferred income tax assets will not be recovered, we establish a valuation allowance against some or all of our deferred income tax assets. Recording a valuation allowance or reversing a valuation allowance could have a significant effect on our future results of operations and financial position. Management is unaware of any recent or expected future changes in tax laws that would have a material impact on our financial statements.

We had federal net operating loss carryforwards amounting to $757,000 as of April 30, 2013, which expire in fiscal 2020. We obtained $8.2 million in additional loss carryforwards through our acquisition of SWSS on July 20, 2009, the majority of which was utilized in fiscal 2010. Utilization of the remaining losses is limited by Section 382 of the Internal Revenue Code to $108,000 in fiscal 2013 and for each taxable year thereafter. It is possible that future substantial changes in our ownership could occur that could result in additional ownership changes pursuant to Section 382 of the Internal Revenue Code. If such an ownership change were to occur, there could be an annual limitation on the remaining tax loss carryforward.

There were $23.1 million and $19.4 million in state net operating loss carryforwards as of April 30, 2013 and 2012, respectively. The state net operating loss carryforwards will expire between April 30, 2015 and April 30, 2033. There were $2.3 million and $1.9 million of state tax credit carryforwards as of April 30, 2013 and 2012, respectively. The state tax credit carryforwards will expire between April 30, 2015 and April 30, 2025 or have no expiration date.

As of April 30, 2013, valuation allowances of $973,000 and $1.5 million were provided on our deferred tax assets for state net operating loss carryforward, and state tax credits, respectively, that we do not anticipate using prior to their expiration and $20,000 for other state deferred tax assets for which we anticipate we will realize no benefit. As of April 30, 2012, valuation allowances of $827,000 and $1.1 million, were provided on our deferred tax assets for same state net operating loss carryforwards and state tax credits, respectively, that we do not anticipate using prior to their expiration and $239,000 for other state deferred tax assets for which we anticipate we will realize no benefit. The increase in the valuation allowance on our deferred tax assets for state net operating losses and credits and other state deferred tax assets related mainly to our operations in Tennessee. No other valuation allowance was provided on our deferred federal income tax assets as of April 30, 2013 or 2012, as we believe that it is more likely than not that all such assets will be realized.

At April 30, 2013 and 2012, we had gross tax-effected unrecognized tax benefits of $1.1 million and $1.2 million, respectively, of which the entire amounts, if recognized, would favorably impact the effective tax rate. Included in the unrecognized tax benefits at April 30, 2013 and 2012, we have $270,000 and $260,000, respectively, of accrued interest and penalties related to uncertain tax positions, which have been recorded in other current and non-current liabilities.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in thousands):


	April 30,
	2013			2012
Beginning balance	$	1,150		$	1,123
Gross increases/(decreases) — tax positions in prior year		224			(5	)
Settlements		(332	)		(9	)
Interest, penalties, and impact of state deductions on federal taxes		160			85
Lapse of statute of limitations		(111	)		(44	)

Ending balance	$	1,091		$	1,150

Approximately $1.0 million of our unrecognized tax benefits has been classified as current income tax liabilities and is recorded in accrued expenses because a payment of cash is anticipated within one year of the balance sheet date or the statute is expected to expire. In fiscal 2014, we expect to incur additional taxes, interest, and penalties on uncertain tax positions. The remainder has been classified as non-current because a payment of cash is not anticipated within one year. We do not expect this change to be material. Interest and penalties related to income tax liabilities are included in income tax expense.

With limited exception, we are subject to U.S. federal, state, and local, or non-U.S. income tax audits by tax authorities for fiscal years subsequent to April 30, 2009.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Commitments and Contingencies

Commitments and Contingencies

12 Months Ended

Apr. 30, 2013

19.

Commitments and Contingencies

Litigation

On January 19, 2010, the DOJ unsealed indictments of 22 individuals from the law enforcement and military equipment industries, one of whom was our former Vice President-Sales, International & U.S. Law Enforcement. We were not charged in the indictment. We also were served with a Grand Jury subpoena for the production of documents. We have always taken, and continue to take seriously, our obligation as an industry leader to foster a responsible and ethical culture, which includes adherence to laws and industry regulations in the United States and abroad. Although we are cooperating fully with the DOJ in this matter and have undertaken a comprehensive review of company policies and procedures, the DOJ may determine that we have violated FCPA laws. On February 21, 2012, the DOJ filed a motion to dismiss with prejudice the indictments of the remaining defendants who are pending trial, including our former Vice President-Sales, International & U.S. Law Enforcement. On February 24, 2012, the district court granted the motion to dismiss. We cannot predict, however, when the investigation will be completed or its outcome. There could be additional indictments of our company, our officers, or our employees. If the DOJ determines that we violated FCPA laws, we may face sanctions, including significant civil and criminal penalties. In addition, we could be prevented from bidding on domestic military and government contracts and could risk debarment by the U.S. Department of State. We also face increased legal expenses and could see an increase in the cost of doing international business. We could also see private civil litigation arising as a result of the outcome of the investigation. In addition, responding to the investigation may divert the time and attention of our management from normal business operations. Regardless of the outcome of the investigation, the publicity surrounding the investigation and the potential risks associated with the investigation could negatively impact the perception of our company by investors, customers, and others.

In fiscal 2011, we received a subpoena from the staff of the SEC giving notice that the SEC is conducting a non-public, fact-finding inquiry to determine whether there have been any violations of the federal securities laws. It appears this civil inquiry was triggered in part by the DOJ investigation into potential FCPA violations. Although we are cooperating fully with the SEC in this matter, the SEC may determine that we have violated federal securities laws. We cannot predict when this inquiry will be completed or its outcome. If the SEC determines that we have violated federal securities laws, we may face injunctive relief, disgorgement of ill-gotten gains, and sanctions, including fines and penalties, or may be forced to take corrective actions that could increase our costs or otherwise adversely affect our business, results of operations, and liquidity. We also face increased legal expenses and could see an increase in the cost of doing business. We could also see private civil litigation arising as a result of the outcome of this inquiry. In addition, responding to the inquiry may divert the time and attention of our management from normal business operations. Regardless of the outcome of the inquiry, the publicity surrounding the inquiry and the potential risks associated with the inquiry could negatively impact the perception of our company by investors, customers, and others.

We are involved in two purported stockholder derivative lawsuits. These actions were brought by putative plaintiffs on behalf of our company against certain of our officers, directors, and employees. The lawsuits are based principally on a theory of breach of fiduciary duties. The putative plaintiffs seek unspecified damages on behalf of our company from the individual defendants. Damages sought in each case include equitable and/or injunctive relief, actions to improve corporate governance, and recovery of attorneys’ fees, and in one case also include declaratory relief and the rescission of certain option awards. We believe that the allegations asserted in the above lawsuits are unfounded.

We are a defendant in ten product liability cases and are aware of eight other product liability claims, primarily alleging defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case brought by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover damages allegedly arising out of the misuse of firearms by third parties. We believe that the various allegations as described above are unfounded, and, in addition, that any accident and any results from them were due to negligence or misuse of the firearm by the claimant or a third party and that there should be no recovery against us.

In addition, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, and employment matters, which arise in the ordinary course of business.

The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek changes to our corporate governance and unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to in excess of $1.4 million. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. We believe that our accruals for product liability cases and claims, as described below, are a reasonable quantitative measure of the cost to us of product liability cases and claims.

We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive and time consuming and diverts the time and attention of our management.

We monitor the status of known claims and the product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. While it is difficult to forecast the outcome of these claims, we believe, after consultation with litigation counsel, that it is uncertain whether the outcome of these claims will have a material adverse effect on our financial position, results of operations, or cash flows. We believe that we have provided adequate reserves for defense costs. We do not anticipate material adverse judgments and intend to vigorously defend ourselves.

For the fiscal years ended April 30, 2013, 2012, and 2011, we paid $758,000, $401,000, and $1.3 million, respectively, in defense and administrative costs relative to product liability and municipal litigation. In addition, we spent an aggregate of $42,000, $105,000, and $70,000, respectively, in those fiscal years in settlement fees related to product liability cases.

We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amount due as reimbursement under existing policies from the insurance carriers as a receivable shown in other current assets and other assets.

In fiscal 2013, we recorded expense of $805,000 to recognize changes in our product liability and municipal litigation liability. In fiscal 2012 and 2011, we recorded income of $560,000 and $1.0 million, respectively, to recognize changes in our product liability and municipal litigation liability.

At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made.

Environmental Remediation

We are subject to numerous federal, state, and local laws that regulate both the health and safety of our workforce as well as our environmental liability, including, those regulations monitored by the Occupational Health and Safety Administration (OSHA), National Fire Protection Association (NFPA), and the Department of Public Health (DPH). Though not exhaustive, examples of applicable regulations include confined space safety, walking and working surfaces, machine guarding, and life safety.

We are required to comply with regulations that mitigate any release into the environment. These laws have required, and are expected to continue to require, us to make significant expenditures of both a capital and expense nature. Several of the more significant federal laws applicable to our operations include the Clean Air Act, the Clean Water Act, the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), and the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act.

We have in place programs and personnel to monitor compliance with various federal, state, and local environmental regulations. In the normal course of our manufacturing operations, we are subject to governmental proceedings and orders pertaining to waste disposal, air emissions, and water discharges into the environment. We fund our environmental costs through cash flows from operations. We believe that we are in compliance with applicable environmental regulations in all material respects.

We are required to remediate hazardous waste at our facilities. Currently, we own designated sites in Springfield, Massachusetts and are subject to two release areas, which are the focus of remediation projects as part of the Massachusetts Contingency Plan (“MCP”). The MCP provides a structured environment for the voluntary remediation of regulated releases. We may be required to remove hazardous waste or remediate the alleged effects of hazardous substances on the environment associated with past disposal practices at sites not owned by us. We have received notice that we are a potentially responsible party from the Environmental Protection Agency and/or individual states under CERCLA or a state equivalent at two sites.

During fiscal 2013 we completed the sale of the land and building located in Rochester, New Hampshire pursuant to which we agreed to indemnify the buyer for losses arising from, among other things, environmental conditions related to our Thompson/Center subsidiaries’ manufacturing activities. The environmental reserve maintained for this property was relieved as a result of the purchase and sale agreement.

As of April 30, 2013 and 2012, respectively, we had recorded $577,000 of the environmental reserve in non-current liabilities. We have calculated the net present value of the environmental reserve to be equal to the carrying value of the liability recorded on our books. Our estimate of these costs is based upon currently enacted laws and regulations, currently available facts, experience in remediation efforts, existing technology, and the ability of other potentially responsible parties or contractually liable parties to pay the allocated portions of any environmental obligations.

When the available information is sufficient to estimate the amount of liability, that estimate has been used, when the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. We may not have insurance coverage for our environmental remediation costs. We have not recognized any gains from probable recoveries or other gain contingencies. The environmental reserve was calculated using undiscounted amounts based on independent environmental remediation reports obtained.

Based on information known to us, we do not expect current environmental regulations or environmental proceedings and claims to have a material adverse effect on our consolidated financial position, results of operations, or cash flows. However, it is not possible to predict with certainty the impact on us of future environmental compliance requirements or of the cost of resolution of future environmental proceedings and claims, in part because the scope of the remedies that may be required is not certain, liability under federal environmental laws is joint and several in nature, and environmental laws and regulations are subject to modification and changes in interpretation. There can be no assurance that additional or changing environmental regulation will not become more burdensome in the future and that any such development would not have a material adverse effect on our company.

Suppliers

The inability to obtain sufficient quantities of components, parts, raw materials, and other supplies from independent sources necessary for the production of our products could result in reduced or delayed sales or lost orders. Any delay in or loss of sales could adversely impact our operating results. Many of the components, parts, raw materials, and other supplies used in the production of our products are available only from a limited number of suppliers. In most cases, we do not have long-term supply contracts with these suppliers.

Contracts

Employment Agreements — We have employment, severance, and change of control agreements with certain officers and managers.

Other Agreements — We have distribution agreements with various third parties in the ordinary course of business.

Outstanding Letters of Credit/Restricted Cash — We had open letters of credit aggregating $1.1 million as of April 30, 2013. We had restricted cash totaling $3.3 million as of April 30, 2013 of which $2.5 million acts as a compensating balance against our line of credit dated December 7, 2010 and $812,000 is related to the environmental remediation required to be performed in accordance with our credit facility with the Lenders. This restricted cash cannot be withdrawn from the accounts in which it is deposited without the consent of the Lenders.

Rental Leases

We lease office space in Scottsdale, Arizona, under an operating lease which expires in January 2015; machinery and photocopiers at our Springfield and Houlton locations with various expiration dates; and vehicles for our national sales force.

As of April 30, 2013, the lease commitments were as follows (dollars in thousands):


For the Year Ended April 30,	Amount
2014	$	1,441
2015		545
2016		99
2017		79
2018		30

	$	2,194

Rent expense in the fiscal years ended April 30, 2013, 2012, and 2011 was $2.2 million, $2.3 million, and $2.1 million, respectively.

The entire disclosure for commitments and contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 460
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Quarterly Financial Information

Quarterly Financial Information

12 Months Ended

Apr. 30, 2013

20.

Quarterly Financial Information (Unaudited)

The following table summarizes quarterly financial results in fiscal 2013 and 2012. In our opinion, all adjustments necessary to present fairly the information for such quarters have been reflected (dollars in thousands, except per share data):


	For the Year Ended April 30, 2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	135,995		$	136,560		$	136,242		$	178,717		$	587,514
Gross profit		51,293			48,523			50,099			68,488	(a)		218,403
Income from continuing operations, net of tax		18,869			16,401			17,506			28,630			81,406
Income/(loss) from discontinued operations, net of tax		(1,083	)		4,784			(2,930	)		(3,464	)		(2,693	)
Net income	$	17,787		$	21,184		$	14,576		$	25,166		$	78,713
Per common share
Basic — continuing operations	$	0.29		$	0.25		$	0.27		$	0.45		$	1.25
Diluted — continuing operations	$	0.28		$	0.24		$	0.26		$	0.44		$	1.22
Basic — net income/(loss)	$	0.27		$	0.32		$	0.22		$	0.39		$	1.21
Diluted — net income/(loss)	$	0.27		$	0.31		$	0.22		$	0.38		$	1.18
Market price (low-high)	$	6.07-10.25		$	7.40-11.24		$	7.67-11.25		$	8.25-10.63		$	6.07-11.25

	For the Year Ended April 30, 2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	91,730		$	92,299		$	98,125		$	129,843		$	411,997
Gross profit		26,516			24,606			30,004			46,863			127,989
Income from continuing operations, net of tax		2,275			948			5,393			17,817			26,433
Loss from discontinued operations, net of tax		(1,485	)		(2,539	)		(955	)		(5,349	)		(10,328	)
Net income/(loss)	$	790		$	(1,591	)	$	4,438		$	12,468		$	16,105
Per common share
Basic — continuing operations	$	0.04		$	0.01		$	0.08		$	0.27		$	0.41
Diluted — continuing operations	$	0.04		$	0.01		$	0.08		$	0.27		$	0.40
Basic — net income/(loss)	$	0.01		$	(0.02	)	$	0.07		$	0.19		$	0.25
Diluted — net income/(loss)	$	0.01		$	(0.02	)	$	0.07		$	0.19		$	0.25
Market price (low-high)	$	2.63-3.67		$	2.29-3.39		$	2.72-5.20		$	4.93-8.60		$	2.29-8.60

(a)	Gross profit for the fourth fiscal quarter included a $3.0 million adjustment for the recall of our Thompson/Center Arms bolt action rifles.

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

Schedule II-Valuation and Qualifying Accounts

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Apr. 30, 2013

SCHEDULE II

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended April 30, 2013, 2012, and 2011


			Additions
	Balance at May 1,		Charged to Costs and Expenses			Charged to Other Accounts			Deductions			Balance at April 30,
2013
Allowance for doubtful accounts	$	1,058	$	738		$	—		$	(668	)	$	1,128
Inventory reserve		6,965		2,603			—			(447	)		9,121
Deferred tax valuation allowance		2,127		331			—			—			2,458
Warranty reserve		6,412		7,093			—			(5,082	)		8,423
Product and municipal liabilities		4,512		805			(201	)(1)		(758	)		4,358
Workers compensation		3,008		2,034			—			(1,226	)		3,816
Environmental		577		—			—			—			577
2012
Allowance for doubtful accounts	$	2,147	$	(439	)	$	—		$	(650	)	$	1,058
Inventory reserve		7,117		511			(206	)(4)		(457	)		6,965
Deferred tax valuation allowance		1,176		951			—			—			2,127
Warranty reserve		4,213		6,328			(256	)(4)		(3,873	)		6,412
Product and municipal liabilities		5,473		(560	)		—			(401	)		4,512
Workers compensation		2,282		1,890			—			(1,164	)		3,008
Environmental		2,077		—			(1,470	)(3)		(30	)		577
2011
Allowance for doubtful accounts	$	811	$	1,379		$	—		$	(43	)	$	2,147
Inventory reserve		7,152		607			—			(642	)		7,117
Deferred tax valuation allowance		676		500			—			—			1,176
Warranty reserve		4,588		3,534			(244	)(4)		(3,665	)		4,213
Product and municipal liabilities		5,760		1,009			—			(1,296	)		5,473
Workers compensation		2,321		734			—			(773	)		2,282
Environmental		657		288			1,182	(2)		(50	)		2,077

(1)	Decrease in municipal liability reserve was the result of expired statute of limitations on certain cases.

(2)	Increase in environmental reserve was as a result of settlement with the former owners of Thompson/Center Arms regarding the environmental escrow established at acquisition for the Rochester, New Hampshire facility.

(3)	Decrease in environmental reserve was the result of a reclassification of the reserve related to the Rochester, New Hampshire facility to assets held for sale.

(4)	Decrease in the inventory reserve and warranty reserves was the result of a reclassification of assets and liabilities held for sale that relate to the SWSS disposal group.

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2013

Use of Estimates

Principles of Consolidation

Reclassification

Reclassification — Certain amounts presented in the prior years consolidated cash flows related to discontinued operations have been reclassified to conform to the current year’s presentation.

Fair Value of Financial Instruments

Cash and Cash Equivalents

Trade Receivables

Concentrations of Credit Risk

Inventories

Property, Plant, and Equipment


Description	Useful Life
Building and improvements		10 to 40 years
Machinery and equipment		2 to 10 years

We capitalize tooling, dies, and fixtures as part of machinery and equipment and depreciate them over a period not exceeding five years.

Intangible Assets

Intangible Assets — We amortize intangible assets over their estimated useful lives, which range from eight to 20 years. See Note 10 for additional information regarding intangible assets.

Revenue Recognition


For the Year Ended April 30,	Minimum Royalty
2014	$	1,240
2015		1,185
2016		909
2017		577
Thereafter		1,708

Total minimum royalties	$	5,619

Segment Information

Geographic Information

Geographic Information — During April 30, 2013, 2012, and 2011, we had no material personnel or facilities outside of the United States. Sales outside of the United States are detailed in Note 6.

Research and Development

Earnings/(Loss) per Share


	For the Year Ended April 30,
	2013			2012			2011
Net income/(loss)
Income from continuing operations	$	81,406		$	26,433		$	8,080
Loss from discontinued operations, net of tax		(2,693	)		(10,328	)		(90,849	)

Net income/(loss)	$	78,713		$	16,105		$	(82,769	)

Weighted average shares outstanding — Basic		65,155			64,788			60,622
Dilutive effect of stock option and award plans		1,487			965			2,999
Dilutive effect of conversion of convertible debt		—			1,524			—

Diluted shares outstanding		66,642			67,277			63,621

Earnings per share — Basic
Income from continuing operations	$	1.25		$	0.41		$	0.13
Loss from discontinued operations	$	(0.04	)	$	(0.16	)	$	(1.50	)
Net income/(loss)	$	1.21		$	0.25		$	(1.37	)
Earnings per share — Diluted(a)
Income from continuing operations	$	1.22		$	0.40		$	0.13
Loss from discontinued operations	$	(0.04	)	$	(0.15	)	$	(1.43	)
Net income/(loss)	$	1.18		$	0.25		$	(1.30	)

(a)	Included in the calculation for diluted earnings per common share for the year ended April 30, 2012 is $499,000 of diluted earnings related to the effect of conversion of convertible debt.

Valuation of Long-lived Tangible and Intangible Assets

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

a significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

In accordance with ASC 350,Intangibles-Goodwill and Other, we test intangible assets with indefinite lives for impairment on an annual basis on February 1 and between annual tests if indicators of potential impairment exist. The impairment test compares the fair value of the reporting unit to its carrying amount, including intangible assets with indefinite lives, to assess whether impairment is present. We have reviewed the provisions of ASC 280-10, Segment Reporting Topic, with respect to the criteria necessary to evaluate the number of reporting units that exist. Based on our review of ASC 280-10-50, we have determined that we operate our continuing operations in one reporting unit for our Springfield, Massachusetts and Houlton, Maine facilities. As of April 30, 2013, we had no goodwill recorded on our books for continuing operations.

Accounting for Acquisitions

Income Taxes

Stock Options and Other Stock-Based Awards

Municipal and Product Liability

Environmental Liability

Warranty


	For the Year Ended April 30,
	2013			2012			2011
Beginning Balance	$	6,412		$	4,213		$	4,588
Liabilities transferred to held for sale		—			(256	)		(244	)
Warranties issued and adjustments to provisions		7,093			6,328			3,534
Warranty claims		(5,082	)		(3,873	)		(3,665	)

Ending Balance	$	8,423		$	6,412		$	4,213

Sales and Promotional Related Expenses

Shipping and Handling

Insurance Reserves

General and Administrative Expenses

Recently Issued Accounting Standards

Fair Value Measurements and Disclosures Topic

Financial assets and liabilities recorded on the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (examples include interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

We currently do not have any Level 2 financial assets or liabilities.

Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2013

Summary of Estimated Useful Lives

A summary of the estimated useful lives is as follows:


Description	Useful Life
Building and improvements		10 to 40 years
Machinery and equipment		2 to 10 years

Minimum Royalties to be Collected in Future

As of April 30, 2013, minimum royalties to be collected in the future amounted to approximately $5.6 million as follows (dollars in thousands):


For the Year Ended April 30,	Minimum Royalty
2014	$	1,240
2015		1,185
2016		909
2017		577
Thereafter		1,708

Total minimum royalties	$	5,619

Reconciliation of Net Income (Loss) Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings (Loss) per Common Share


	For the Year Ended April 30,
	2013			2012			2011
Net income/(loss)
Income from continuing operations	$	81,406		$	26,433		$	8,080
Loss from discontinued operations, net of tax		(2,693	)		(10,328	)		(90,849	)

Net income/(loss)	$	78,713		$	16,105		$	(82,769	)

Weighted average shares outstanding — Basic		65,155			64,788			60,622
Dilutive effect of stock option and award plans		1,487			965			2,999
Dilutive effect of conversion of convertible debt		—			1,524			—

Diluted shares outstanding		66,642			67,277			63,621

Earnings per share — Basic
Income from continuing operations	$	1.25		$	0.41		$	0.13
Loss from discontinued operations	$	(0.04	)	$	(0.16	)	$	(1.50	)
Net income/(loss)	$	1.21		$	0.25		$	(1.37	)
Earnings per share — Diluted(a)
Income from continuing operations	$	1.22		$	0.40		$	0.13
Loss from discontinued operations	$	(0.04	)	$	(0.15	)	$	(1.43	)
Net income/(loss)	$	1.18		$	0.25		$	(1.30	)

(a)	Included in the calculation for diluted earnings per common share for the year ended April 30, 2012 is $499,000 of diluted earnings related to the effect of conversion of convertible debt.

Change in Accrued Warranties Recorded as Non-Current Liability


	For the Year Ended April 30,
	2013			2012			2011
Beginning Balance	$	6,412		$	4,213		$	4,588
Liabilities transferred to held for sale		—			(256	)		(244	)
Warranties issued and adjustments to provisions		7,093			6,328			3,534
Warranty claims		(5,082	)		(3,873	)		(3,665	)

Ending Balance	$	8,423		$	6,412		$	4,213

Discontinued Operations (Tables)

12 Months Ended

Apr. 30, 2013

Summary of Operating Results of Discontinued Operations

The following is a summary of the operating results of the discontinued operations (dollars in thousands):


	For the Year Ended April 30,
	2013			2012			2011
Net sales from discontinued operations	$	6,732		$	30,752		$	50,067
Loss before income taxes	$	(3,605	)	$	(15,945	)	$	(96,055	)
Loss from discontinued operations(a)	$	(2,693	)	$	(10,328	)	$	(90,849	)

(a)

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

Future Minimum Lease Payments

Capital Lease (Tables)

12 Months Ended

Apr. 30, 2013

The following sets forth the future minimum lease payments as of April 30, 2013 (dollars in thousands):


	Capital Lease Obligation
2014	$	596
2015		596
2016		596
2017		1,493

Total future minimum lease payments		3,281
Less amounts representing interest		(419	)

Present value of minimum lease payments		2,862
Less current maturities of capital lease		(442	)

Long-term maturities of capital lease	$	2,420

Net Sales (Tables)

12 Months Ended

Apr. 30, 2013

Breakdown of Net Sales

The following table sets forth the breakdown of net sales for the fiscal years ended April 30, 2013, 2012, and 2011, respectively (dollars in thousands):


	For the Year Ended April 30,
	2013		2012		2011
Handguns	$	324,627	$	238,438	$	190,649
Long Guns		179,187		102,414		77,206
Walther		41,646		32,316		38,011
Other Products & Services		42,054		38,829		36,367

Total Net Sales	$	587,514	$	411,997	$	342,233

Breakdown of Export Sales

The following table sets forth the breakdown of export net sales included in the above table. Our export net sales accounted for 3%, 4%, and 5% of total net sales for the fiscal years ended April 30, 2013, 2012, and 2011, respectively (dollars in thousands):


	For the Year Ended April 30,
Region	2013		2012		2011
Europe	$	2,979	$	5,850	$	4,421
Asia		6,319		4,706		5,970
Latin America		1,693		1,904		1,845
All others international		8,003		4,154		6,563

Total net international sales	$	18,994	$	16,614	$	18,799

Property, Plant, and Equipment (Tables)

12 Months Ended

Apr. 30, 2013

Summary of Property Plant and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2013 and 2012 (dollars in thousands):


	April 30, 2013			April 30, 2012
Machinery and equipment	$	135,829		$	111,164
Building and improvements		10,795			7,453
Land and improvements		1,440			1,362

		148,064			119,979
Less: Accumulated depreciation		(75,985	)		(60,852	)

		72,079			59,127
Construction in progress		14,303			1,401

Total property, plant, and equipment, net	$	86,382		$	60,528

Summary of Depreciation and Amortization Expense for Continuing Operations


	For the Year Ended April 30,
	2013		2012		2011
Cost of products and services sold	$	14,238	$	12,337	$	9,792
Research and development		116		81		86
Selling and marketing		247		234		207
General and administrative		1,449		1,433		1,656
Interest expense		680		1,402		1,489

Total depreciation and amortization	$	16,730	$	15,487	$	13,230

Inventories (Tables)

12 Months Ended

Apr. 30, 2013

Summary of Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or market, as of April 30, 2013 and 2012 (dollars in thousands):


	April 30, 2013		April 30, 2012
Finished goods	$	16,379	$	14,017
Finished parts		34,795		28,936
Work in process		7,852		7,889
Raw material		3,972		4,454

Total inventories	$	62,998	$	55,296

Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2013

Summary of Intangible Assets

The following table presents a summary of intangible assets for the year ended April 30, 2013 (dollars in thousands):


	April 30, 2013			April 30, 2012
Customer relationships	$	1,740		$	1,740
Patents, trademarks, and tradenames		5,264			5,222

		7,004			6,962
Less: Accumulated amortization		(3,039	)		(2,430	)

Total intangible assets, net	$	3,965		$	4,532

Accrued Expenses (Tables)

12 Months Ended

Apr. 30, 2013

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of April 30, 2013 and 2012 (dollars in thousands):


	April 30, 2013		April 30, 2012
Accrued rebates and promotions	$	3,900	$	2,862
Accrued professional fees		2,882		3,682
Accrued employee benefits		1,953		1,902
Interest payable		1,542		1,783
Accrued workers’ compensation		963		766
Accrued commissions		949		1,235
Accrued utilities		537		436
Accrued distributor incentives		458		5,453
Current portion of capital lease obligation		442		418
Accrued severance/restructuring costs		111		345
Accrued other		2,296		1,803

Total accrued expenses	$	16,033	$	20,685

Plant Consolidation (Tables)

12 Months Ended

Apr. 30, 2013

Summary of Restructuring Liabilities Accrued for and Changes

The following table summarizes the restructuring liabilities accrued for and changes in those amounts during the year ended April 30, 2013 for the plan discussed above (dollars in thousands):


	Employee Severance and Termination Benefits			Facilities-Related Costs
Balance at April 30, 2011	$	1,252		$	409
Costs incurred during the period		1,146			1,832
Costs paid or settled during the period		(2,053	)		(2,241	)

Balance at April 30, 2012	$	345		$	—
Costs paid or settled during the period		(345	)		—

Balance at April 30, 2013	$	—		$	—

Fair Value Measurement (Tables)

12 Months Ended

Apr. 30, 2013

Fair Value of Assets Measured on Recurring Basis


Description	April 30, 2013		(Level 1)		April 30, 2012		(Level 1)
Assets:
Cash equivalents	$	100,413	$	100,413	$	56,698	$	56,698

Total assets	$	100,413	$	100,413	$	56,698	$	56,698

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

Summary of Other Liabilities

Self-Insurance Reserves (Tables)

12 Months Ended

Apr. 30, 2013


	For the Year Ended April 30,
	2013			2012			2011
Beginning balance	$	8,980		$	9,456		$	9,694
Additional provision charged to expense		12,201			11,400			11,461
Payments		(11,611	)		(11,876	)		(11,699	)

Ending balance	$	9,570		$	8,980		$	9,456

Stockholders' Equity (Tables)

12 Months Ended

Apr. 30, 2013

Share Based Compensation Stock Options Activity


	For the Year Ended April 30,
	2013					2012					2011
	Shares			Weighted- Average Exercise Price		Shares			Weighted- Average Exercise Price		Shares			Weighted- Average Exercise Price
Options outstanding, beginning of year		3,988,164		$	4.67		3,137,565		$	4.73		3,207,264		$	4.93
Granted during year		3,500			11.02		1,405,600			4.08		755,600			3.85
Exercised during year		(847,042	)		4.10		(290,168	)		2.17		(90,334	)		1.60
Canceled/forfeited during year		(125,495	)		3.87		(264,833	)		5.03		(734,965	)		5.06

Options outstanding, end of period		3,019,127		$	5.31		3,988,164		$	4.67		3,137,565		$	4.73

Weighted average remaining contractual life		6.02 years					6.98 years					5.95 years

Options exercisable, end of period		2,087,675		$	5.38		2,080,692		$	5.14		2,101,705		$	4.91

Weighted average remaining contractual life		5.00 years					5.09 years					4.47 years

Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions

The following assumptions were used in valuing our options and ESPP purchases during the 12-month periods ended April 30, 2013, 2012, and 2011:


	For the Year Ended April 30,
	2013			2012			2011
Stock option grants:
Risk-free interest rate		0.31	%		0.85 - 2.20	%		1.31 - 2.47	%
Expected term		5.84 - 7.84 years			5.30 - 8.18 years			5.36 - 9.0 years
Expected volatility		70.0	%		66.9 - 74.6	%		69.5 - 76.4	%
Dividend yield		0	%		0	%		0	%
Employee Stock Purchase Plan:
Risk-free interest rate		0.13	%		0.08	%		0.18	%
Expected term		6 months			6 months			6 months
Expected volatility		56.3	%		51.3	%		34.0	%
Dividend yield		0	%		0	%		0	%

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:


	For the Year Ended April 30,
	2013			2012			2011
Grant date fair market value
Smith & Wesson Holding Corporation	$	8.71		$	3.57 - 7.98		$	3.69 - 3.92
NASDAQ Composite Index	$	—		$	—		$	2,295.36 - 2,369.77
Russell 2000 Index	$	935.25		$	798.05 - 2,781.91		$	—
Volatility(a)
Smith & Wesson Holding Corporation		49.28	%		51.43 - 67.67	%		83.96 - 84.65	%
NASDAQ Composite Index		—			—			31.45 - 31.48	%
Russell 2000 Index		25.72	%		27.64 - 29.97	%		—
Correlation coefficient(b)		0.47			0.46 - 0.49			0.39
Risk-free interest rate(c)		0.32	%		0.40 - 0.63	%		0.66 - 0.85	%
Dividend yield(d)		0	%		0	%		0.00	%

(a)	Volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)	We do not expect to pay dividends in the foreseeable future.

Summary of Activity in Unvested RSUs and PSUs

A summary of activity in unvested RSUs and PSUs for fiscal years 2013, 2012 and 2011 is as follows:


	For the Year Ended April 30,
	2013					2012					2011
	Total # of Restricted Stock Units			Weighted Average Grant Date Fair Value		Total # of Restricted Stock Units			Weighted Average Grant Date Fair Value		Total # of Restricted Stock Units			Weighted Average Grant Date Fair Value
RSUs and PSUs outstanding, beginning of year		384,140		$	7.91		123,600		$	5.27		210,727		$	10.32
Awarded		535,329			9.43		359,073			7.66		127,700			3.87
Vested		(83,887	)		8.71		(9,500	)		4.18		(79,828	)		11.36
Forfeited		(53,996	)		6.14		(89,033	)		5.31		(134,999	)		8.22

RSUs and PSUs outstanding, end of period		781,586		$	8.42		384,140		$	7.91		123,600		$	5.27

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2013

Income Tax Expense from Continuing Operations

Income tax expense from continuing operations consists of the following (dollars in thousands):


	For the Year Ended April 30,
	2013		2012			2011
Current:
Federal	$	38,661	$	9,816		$	1,701
State		5,982		2,050			1,931

Total current		44,643		11,866			3,632
Deferred:
Deferred federal		1,508		778			2,223
Deferred state		349		(62	)		(401	)

Total deferred		1,857		716			1,822

Total income tax expense	$	46,500	$	12,582		$	5,454

Reconciliation of Provision for Income Taxes from Continuing Operations


	For the Year Ended April 30,
	2013			2012			2011
Federal income taxes expected at 35% statutory rate	$	44,767		$	13,655		$	4,737
State income taxes, less federal income tax benefit		4,576			1,328			452
Employee Stock Purchase Plan		131			83			96
Other		530			60			238
Business meals and entertainment		107			98			100
Worthless stock deduction		—			(1,845	)		—
Depreciation-permanent		—			—			(22	)
Domestic production activity deduction		(3,708	)		(676	)		—
Research and development tax credit		(140	)		(100	)		(242	)
Change in uncertain tax positions		237			(21	)		95

Total income tax expense	$	46,500		$	12,582		$	5,454

Future Tax Benefits (Deferred Tax Liabilities) Related to Temporary Differences

Future tax benefits (deferred tax liabilities) related to temporary differences are the following (dollars in thousands):


	April 30,
	2013			2012
Current tax assets (liabilities):
Environmental reserves	$	—		$	108
Inventory reserves		5,247			5,020
Product liability		584			532
Accrued expenses, including compensation		2,847			4,542
Warranty reserve		2,212			2,206
Other		417			105
Property taxes		(49	)		(51	)
Promotions		1,215			756
Less valuation allowance		(397	)		(459	)

Net deferred tax asset — current	$	12,076		$	12,759

Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	$	2,703		$	2,370
Environmental reserves		221			224
Product liability		364			419
Workers’ compensation		952			725
Warranty reserve		1,020			412
Stock-based compensation		3,411			3,495
State bonus depreciation		645			583
Property, plant and equipment		(15,187	)		(11,600	)
Intangible assets		95			452
Transaction costs		(90	)		(91	)
Pension		64			142
Less valuation allowance		(2,061	)		(1,668	)

Net deferred tax liability — non-current	$	(7,863	)	$	(4,537	)

Net deferred tax asset — total	$	4,213		$	8,222

(a)	Deferred taxes related to stock compensation have been adjusted from amounts reported in the prior year as noted below.

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in thousands):


	April 30,
	2013			2012
Beginning balance	$	1,150		$	1,123
Gross increases/(decreases) — tax positions in prior year		224			(5	)
Settlements		(332	)		(9	)
Interest, penalties, and impact of state deductions on federal taxes		160			85
Lapse of statute of limitations		(111	)		(44	)

Ending balance	$	1,091		$	1,150

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 30, 2013

Lease Commitments

As of April 30, 2013, the lease commitments were as follows (dollars in thousands):


For the Year Ended April 30,	Amount
2014	$	1,441
2015		545
2016		99
2017		79
2018		30

	$	2,194

Quarterly Financial Information (Tables)

12 Months Ended

Apr. 30, 2013

Quarterly Financial Information


	For the Year Ended April 30, 2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	135,995		$	136,560		$	136,242		$	178,717		$	587,514
Gross profit		51,293			48,523			50,099			68,488	(a)		218,403
Income from continuing operations, net of tax		18,869			16,401			17,506			28,630			81,406
Income/(loss) from discontinued operations, net of tax		(1,083	)		4,784			(2,930	)		(3,464	)		(2,693	)
Net income	$	17,787		$	21,184		$	14,576		$	25,166		$	78,713
Per common share
Basic — continuing operations	$	0.29		$	0.25		$	0.27		$	0.45		$	1.25
Diluted — continuing operations	$	0.28		$	0.24		$	0.26		$	0.44		$	1.22
Basic — net income/(loss)	$	0.27		$	0.32		$	0.22		$	0.39		$	1.21
Diluted — net income/(loss)	$	0.27		$	0.31		$	0.22		$	0.38		$	1.18
Market price (low-high)	$	6.07-10.25		$	7.40-11.24		$	7.67-11.25		$	8.25-10.63		$	6.07-11.25

	For the Year Ended April 30, 2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	91,730		$	92,299		$	98,125		$	129,843		$	411,997
Gross profit		26,516			24,606			30,004			46,863			127,989
Income from continuing operations, net of tax		2,275			948			5,393			17,817			26,433
Loss from discontinued operations, net of tax		(1,485	)		(2,539	)		(955	)		(5,349	)		(10,328	)
Net income/(loss)	$	790		$	(1,591	)	$	4,438		$	12,468		$	16,105
Per common share
Basic — continuing operations	$	0.04		$	0.01		$	0.08		$	0.27		$	0.41
Diluted — continuing operations	$	0.04		$	0.01		$	0.08		$	0.27		$	0.40
Basic — net income/(loss)	$	0.01		$	(0.02	)	$	0.07		$	0.19		$	0.25
Diluted — net income/(loss)	$	0.01		$	(0.02	)	$	0.07		$	0.19		$	0.25
Market price (low-high)	$	2.63-3.67		$	2.29-3.39		$	2.72-5.20		$	4.93-8.60		$	2.29-8.60

(a)	Gross profit for the fourth fiscal quarter included a $3.0 million adjustment for the recall of our Thompson/Center Arms bolt action rifles.

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Apr. 30, 2013 USD ($) Segment shares	Apr. 30, 2012 USD ($) shares	Apr. 30, 2011 USD ($) shares
Product Information [Line Items]
Accounts exceeded by Federal insured limits	$ 99,900,000
Maximum maturity period of all highly liquid investments to be considered cash equivalents	3 months
Royalties to be collected	$ 5,619,000
Number of segments \| Segment	2
Goodwill impairment loss		$ 83,900,000
Increase (decrease) in environmental reserve		(29,000)	$ 1,500,000
Recall costs	$ 3,600,000
Remaining cost related to recall costs	3,800,000
Warranty expense	7,100,000	6,300,000	3,500,000
Customer promotional program costs	5,100,000	2,700,000	10,500,000
Selling and marketing expenses	$ 30,020,000	$ 31,317,000	$ 34,580,000
Customer One
Product Information [Line Items]
Percentage of net product sales	11.60%	12.20%	11.50%
Accounts receivable	$ 5,500,000
Percentage of accounts receivable	11.60%
Customer Two
Product Information [Line Items]
Accounts receivable	$ 6,800,000
Percentage of accounts receivable	14.30%
Customer Three
Product Information [Line Items]
Accounts receivable	$ 6,200,000
Percentage of accounts receivable	13.10%
Amortization of Intangible Assets \| Minimum
Product Information [Line Items]
Estimated useful life of intangible assets	8 years
Amortization of Intangible Assets \| Maximum
Product Information [Line Items]
Estimated useful life of intangible assets	20 years
Co-op advertising program
Product Information [Line Items]
Selling and marketing expenses	$ 1,500,000	$ 1,700,000	$ 2,000,000
Self Insurance
Product Information [Line Items]
Maximum amount of self-insurance per occurrence	$ 2,000,000
Tooling, Dies, and Fixtures \| Maximum
Product Information [Line Items]
Estimated useful life	5 years
Stock Options
Product Information [Line Items]
Number of common stock issuable with antidilutive effect \| shares	246,635	952,483	1,598,124
Convertible Debt Securities
Product Information [Line Items]
Number of common stock issuable with antidilutive effect \| shares			5,515,877
Shares Reserved For Future Issuances \| Smith And Wesson Security Solutions Inc
Product Information [Line Items]
Number of common stock issuable with antidilutive effect \| shares			2,345,422
Segment, Discontinued Operations
Product Information [Line Items]
Impairment charges	$ 6,600,000
Segment, Continuing Operations
Product Information [Line Items]
Impairment charges	$ 0	$ 0	$ 0

Summary of Estimated Useful Lives (Detail)	12 Months Ended
Summary of Estimated Useful Lives (Detail)	Apr. 30, 2013
Building and improvements \| Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	10 years
Building and improvements \| Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	40 years
Machinery and equipment \| Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	2 years
Machinery and equipment \| Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	10 years

Minimum Royalties to be Collected in Future (Detail) $ in Thousands	Apr. 30, 2013 USD ($)
Future Minimum Payments Receivable [Line Items]
2014	$ 1,240
2015	1,185
2016	909
2017	577
Thereafter	1,708
Total minimum royalties	$ 5,619

Reconciliation of Net Income (Loss) Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings (Loss) per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2013

Jan. 31, 2013

Oct. 31, 2012

Jul. 31, 2012

Apr. 30, 2012

Jan. 31, 2012

Oct. 31, 2011

Jul. 31, 2011

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Net income/(loss)

Loss from discontinued operations, net of tax

$ 28,630

$ 17,506

$ 16,401

$ 18,869

$ 17,817

$ 5,393

$ 948

$ 2,275

$ 81,406

$ 26,433

$ 8,080

(3,464)

(2,930)

4,784

(1,083)

(5,349)

(955)

(2,539)

(1,485)

(2,693)

(10,328)

(90,849)

Weighted average shares outstanding - Basic

$ 25,166

$ 14,576

$ 21,184

$ 17,787

$ 12,468

$ 4,438

$ (1,591)

$ 790

$ 78,713

$ 16,105

$ (82,769)

65,155

64,788

60,622

Dilutive effect of stock option and award plans

1,487

965

2,999

Dilutive effect of conversion of convertible debt

1,524

Diluted shares outstanding

66,642

67,277

63,621

Earnings per share - Basic

$ 0.45

$ 0.27

$ 0.25

$ 0.29

$ 0.27

$ 0.08

$ 0.01

$ 0.04

$ 1.25

$ 0.41

$ 0.13

(0.04)

(0.16)

(1.50)

0.39

0.22

0.32

0.27

0.19

0.07

(0.02)

0.01

1.21

0.25

(1.37)

Earnings per share - Diluted

0.44

0.26

0.24

0.28

0.27

0.08

0.01

0.04

1.22

0.40

0.13

(0.04)

(0.15)

(1.43)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 0.38

$ 0.22

$ 0.31

$ 0.27

$ 0.19

$ 0.07

$ (0.02)

$ 0.01

$ 1.18

^[1]

$ 0.25

^[1]

$ (1.30)

^[1]

[1]	Included in the calculation for diluted earnings per common share for the year ended April 30, 2012 is $499,000 of diluted earnings related to the effect of conversion of convertible debt.

Reconciliation of Net Income (Loss) Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings (Loss) per Common Share (Parenthetical) (Detail)	12 Months Ended
	Apr. 30, 2013 USD ($)
Convertible Debt Securities
Reconciliation Of Earning Per Share Statement [Line Items]
Diluted earnings related to the effect of conversion of convertible debt	$ 499,000

Change in Accrued Warranty (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Guarantor Obligations [Line Items]
Beginning Balance	$ 6,412	$ 4,213	$ 4,588
Liabilities transferred to held for sale		(256)	(244)
Warranties issued and adjustments to provisions	7,093	6,328	3,534
Warranty claims	(5,082)	(3,873)	(3,665)
Ending Balance	$ 8,423	$ 6,412	$ 4,213

Discontinued Operations - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 26, 2012	Mar. 18, 2011	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011	Jul. 10, 2012	Apr. 30, 2010
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from completed disposition			$ 7,500,000	$ 500,000
Severance and employee-related costs			345,000
Smith And Wesson Security Solutions Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price of acquired entity							$ 59,300,000
Cash paid for acquired entity							21,100,000
Common stock issued for acquired entity.							$ 38,200,000
Issuance of shares under purchase agreement amendment		4,080,000
Income from reduction in contingent consideration					$ 3,100,000
Purchase price to be paid for assets and liabilities						$ 7,900,000
Working capital adjustment Amount						$ 400,000
Cash received from completed disposition	$ 5,500,000		2,000,000
Assets held for sale				13,500,000
Land and building held for sale				1,000,000
Liabilities held for sale				$ 5,700,000
Sold net assets			13,000,000
Incurred closing-related costs			1,600,000
Legal, professional, and investment banking fees			655,000
Severance and employee-related costs			$ 918,000

Summary of Operating Results of Discontinued Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Net sales from discontinued operations

$ 6,732

$ 30,752

$ 50,067

Loss before income taxes

(3,605)

(15,945)

(96,055)

^[1]

$ (2,693)

$ (10,328)

$ (90,849)

[1]

Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

Summary of Operating Results of Discontinued Operations (Parenthetical) (Detail) - Smith And Wesson Security Solutions Inc - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of the disposal group	$ 1.2	$ 5.5
Impairment of goodwill and other intangible assets			$ 90.5
Income related to the reduction in the acquisition liability related to contingent consideration versus the value recorded			$ 3.1

Notes Payable and Financing Arrangements - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Jun. 30, 2013 USD ($)	Apr. 30, 2013 USD ($)	Apr. 30, 2012 USD ($)	Apr. 30, 2011 USD ($)	Dec. 15, 2006 USD ($)
Debt Instrument [Line Items]
Amount of convertible debt exchanged				$ 50,000,000
Amortization of debt interest expense				476,000
Debt Issuance cost paid on senior notes		$ 2,200,000
Amortized interest expense		185,000
Payment of debt issuance costs			$ 1,850,000	1,145,000
Amortization to interest expense for all debt issuance costs		680,000	1,400,000	1,500,000
Future amortization of debt issuance costs, fiscal 2014		310,000
Future amortization of debt issuance costs, fiscal 2015		310,000
Future amortization of debt issuance costs, fiscal 2016		212,000
Outstanding letters of credit		1,100,000
Convertible Notes
Debt Instrument [Line Items]
Payment of debt issuance costs		$ 4,300,000
Date of the first redemption		Dec. 15, 2011
At any time prior to January 14, 2014
Debt Instrument [Line Items]
Description of Redemption for Senior Notes		(a) redeem all or a portion of the 9.5% Senior Notes at a redemption price of 100% of the principal amount of the 9.5% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date, or (b) redeem up to 35% of the aggregate principal amount of the 9.5% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 104.75% of the principal amount of the 9.5% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of clause (b) above, at least 65% of the aggregate original principal amount of the 9.5% Senior Notes remains outstanding and the redemption occurs within 60 days after the closing of the equity offering.
At any time prior to January 14, 2014 \| Scenario One
Debt Instrument [Line Items]
Redemption price of Senior Notes		100.00%
At any time prior to January 14, 2014 \| Scenario Two
Debt Instrument [Line Items]
Redemption price of Senior Notes		104.75%
Percentage of redeem notes		35.00%
At any time prior to January 14, 2014 \| Scenario Three
Debt Instrument [Line Items]
Percentage of redeem notes		65.00%
Period of redemption occurred		60 days
On and after January 14, 2014
Debt Instrument [Line Items]
Description of Redemption for Senior Notes		redeem all or a portion of the 9.5% Senior Notes at a redemption price of (1) 104.75% of the principal amount of the 9.5% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on January 14, 2014; or (2) 100% of the principal amount of the 9.5% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on January 14, 2015, plus, in either case, accrued and unpaid interest on the 9.5% Senior Notes as of the applicable redemption date.
On and after January 14, 2014 \| Scenario One
Debt Instrument [Line Items]
Redemption price of Senior Notes		104.75%
Period of redemption occurred		12 months
On and after January 14, 2014 \| Scenario Two
Debt Instrument [Line Items]
Redemption price of Senior Notes		100.00%
Period of redemption occurred		12 months
4% senior convertible notes
Debt Instrument [Line Items]
Notes issued					$ 80,000,000
Convertible Notes Exchanged Amount				50,000,000
Convertible Notes repurchased			$ 30,000,000
Maturity Date		Dec. 15, 2026
Interest Rate					4.00%
9.5% Senior notes due 2016
Debt Instrument [Line Items]
Notes issued				50,000,000
Maturity Date		Jan. 14, 2016
Interest Rate		9.50%
Senior Notes Exchanged Amount				$ 50,000,000
Amortization of debt interest expense		$ 495,000
Payment for purchase of Senior Notes		6,400,000
Finance cost of Senior Notes		$ 552,000
Consolidated Coverage Ratio		2.00
Debt Issuance cost paid on senior notes		$ 1,800,000
Write off of debt issuance cost		173,000
Subsequent Event \| 9.5% Senior notes due 2016
Debt Instrument [Line Items]
Senior Notes Exchanged Amount	$ 42,800,000
Subsequent Event \| 5.875% Senior Notes
Debt Instrument [Line Items]
Notes issued	$ 100,000,000
Maturity Date	Jun. 15, 2017
Interest Rate	5.875%
Indebtedness increased	$ 57,100,000
Debt service requirements increased	$ 1,800,000
Subsequent Event \| 5.875% Senior Notes \| At any time prior to June 15, 2015
Debt Instrument [Line Items]
Description of Redemption for Senior Notes	(a) upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of 100% of the principal amount of the 5.875% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.875% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.875% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering.
Subsequent Event \| 5.875% Senior Notes \| At any time prior to June 15, 2015 \| Minimum
Debt Instrument [Line Items]
Notice Period of Senior Notes	30 days
Subsequent Event \| 5.875% Senior Notes \| At any time prior to June 15, 2015 \| Maximum
Debt Instrument [Line Items]
Notice Period of Senior Notes	60 days
Subsequent Event \| 5.875% Senior Notes \| At any time prior to June 15, 2015 \| Scenario One
Debt Instrument [Line Items]
Redemption price of Senior Notes	100.00%
Percentage of principal amount that remains outstanding	65.00%
Subsequent Event \| 5.875% Senior Notes \| At any time prior to June 15, 2015 \| Scenario Two
Debt Instrument [Line Items]
Redemption price of Senior Notes	105.875%
Percentage of redeem notes	35.00%
Subsequent Event \| 5.875% Senior Notes \| On and after June 15, 2015
Debt Instrument [Line Items]
Description of Redemption for Senior Notes	upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of (a) 102.9375% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the 5.875% Senior Notes as of the applicable redemption date.
Subsequent Event \| 5.875% Senior Notes \| On and after June 15, 2015 \| Minimum
Debt Instrument [Line Items]
Notice Period of Senior Notes	30 days
Subsequent Event \| 5.875% Senior Notes \| On and after June 15, 2015 \| Maximum
Debt Instrument [Line Items]
Notice Period of Senior Notes	60 days
Subsequent Event \| 5.875% Senior Notes \| On and after June 15, 2015 \| Scenario One
Debt Instrument [Line Items]
Redemption price of Senior Notes	102.9375%
Subsequent Event \| 5.875% Senior Notes \| On and after June 15, 2015 \| Scenario Two
Debt Instrument [Line Items]
Redemption price of Senior Notes	100.00%
Credit Facilities
Debt Instrument [Line Items]
Decrease in revolving line of credit		$ 60,000,000
Date until availability is provided		Dec. 07, 2014
Interest Description of revolving Line of Credit		Variable rate equal to LIBOR or prime plus an applicable margin based on our leverage ratio
Borrowings outstanding		$ 0
Interest rate on borrowings		4.50%

Capital Lease - Additional Information (Detail) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 28, 2011 USD ($)	Apr. 30, 2013 USD ($) Installment	Apr. 30, 2012 USD ($)
Capital Leased Assets [Line Items]
Proceeds from lease of machinery and equipment	$ 3,500
Effective interest rate	5.76%
Number of monthly installments \| Installment		60
Condition of lease qualifies as capital lease		Net present value of future lease payments exceed 90% of the fair market value of the leased machinery and equipment
Percentage of fair market value for qualifying as capital lease		90.00%
Current portion of capital lease obligation		$ 442	$ 418
Amount of short term capital lease obligations in other non current liabilities		$ 2,400

Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid within one year (or one operating cycle, if longer) of the balance sheet date.

Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Capital Leased Assets [Line Items]
2014	$ 596
2015	596
2016	596
2017	1,493
Total future minimum lease payments	3,281
Less amounts representing interest	(419)
Present value of minimum lease payments	2,862
Less current maturities of capital lease	(442)	$ (418)
Long-term maturities of capital lease	$ 2,420

Breakdown of Net sale (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Breakdown of Net sale (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Net Sales	$ 178,717	$ 136,242	$ 136,560	$ 135,995	$ 129,843	$ 98,125	$ 92,299	$ 91,730	$ 587,514	$ 411,997	$ 342,233
Handguns
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Net Sales									324,627	238,438	190,649
Long Guns
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Net Sales									179,187	102,414	77,206
Walther
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Net Sales									41,646	32,316	38,011
Other products and services
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Net Sales									$ 42,054	$ 38,829	$ 36,367

Net Sales - Additional Information (Detail)	12 Months Ended
Net Sales - Additional Information (Detail)	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Segment Reporting Information [Line Items]
Export sales as percentage of revenue	3.00%	4.00%	5.00%

Breakdown of Export Sales (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Breakdown of Export Sales (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Sales Concentration [Line Items]
Net sales	$ 178,717	$ 136,242	$ 136,560	$ 135,995	$ 129,843	$ 98,125	$ 92,299	$ 91,730	$ 587,514	$ 411,997	$ 342,233
Europe
Sales Concentration [Line Items]
Net sales									2,979	5,850	4,421
Asia
Sales Concentration [Line Items]
Net sales									6,319	4,706	5,970
Latin America
Sales Concentration [Line Items]
Net sales									1,693	1,904	1,845
All other International
Sales Concentration [Line Items]
Net sales									8,003	4,154	6,563
Total International
Sales Concentration [Line Items]
Net sales									$ 18,994	$ 16,614	$ 18,799

Advertising Costs - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Advertising Costs [Line Items]
Advertising expense for continuing operations	$ 15.1	$ 14.7	$ 15.1

Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Property, Plant, and Equipment Disclosure [Line Items]
Machinery and equipment	$ 135,829	$ 111,164
Building and improvements	10,795	7,453
Land and improvements	1,440	1,362
Property plant and equipment gross	148,064	119,979
Less: Accumulated depreciation	(75,985)	(60,852)
Property plant and equipment before construction in progress	72,079	59,127
Construction in progress	14,303	1,401
Total property, plant, and equipment, net	$ 86,382	$ 60,528

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Property, Plant and Equipment [Line Items]
Estimated cost to complete construction in progress	$ 12.8
Depreciation expense from continuing operations	$ 15.4	$ 13.4	$ 11.1

Summary of Depreciation and Amortization Expense for Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Depreciation and Other Amortization Expenses [Line Items]
Depreciation and amortization	$ 16,730	$ 15,487	$ 13,230
Cost of products and services sold
Depreciation and Other Amortization Expenses [Line Items]
Depreciation and amortization	14,238	12,337	9,792
Research and development
Depreciation and Other Amortization Expenses [Line Items]
Depreciation and amortization	116	81	86
Selling and marketing
Depreciation and Other Amortization Expenses [Line Items]
Depreciation and amortization	247	234	207
General and administrative
Depreciation and Other Amortization Expenses [Line Items]
Depreciation and amortization	1,449	1,433	1,656
Interest expense
Depreciation and Other Amortization Expenses [Line Items]
Depreciation and amortization	$ 680	$ 1,402	$ 1,489

Summary of Inventories (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Components Of Inventory [Line Items]
Finished goods	$ 16,379	$ 14,017
Finished parts	34,795	28,936
Work in process	7,852	7,889
Raw materials	3,972	4,454
Total inventories	$ 62,998	$ 55,296

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense of intangible assets	$ 639,000	$ 656,000	$ 630,000
Amortization expense of intangible assets for year one	600,000
Amortization expense of intangible assets for year two	600,000
Amortization expense of intangible assets for year three	600,000
Amortization expense of intangible assets for year four	600,000
Amortization expense of intangible assets for year five	$ 600,000
Patents \| Minimum
Finite-Lived Intangible Assets And Liabilities [Line Items]
Estimated useful life	8 years
Patents \| Maximum
Finite-Lived Intangible Assets And Liabilities [Line Items]
Estimated useful life	20 years
Developed technology \| Minimum
Finite-Lived Intangible Assets And Liabilities [Line Items]
Estimated useful life	8 years
Developed technology \| Maximum
Finite-Lived Intangible Assets And Liabilities [Line Items]
Estimated useful life	20 years
Customer relationships
Finite-Lived Intangible Assets And Liabilities [Line Items]
Estimated useful life	20 years

Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Finite-Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, gross	$ 7,004	$ 6,962
Less: Accumulated amortization	(3,039)	(2,430)
Total intangible assets, net	3,965	4,532
Customer relationships
Finite-Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, gross	1,740	1,740
Patents, trademarks, and tradenames
Finite-Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, gross	$ 5,264	$ 5,222

Receivables from Insurance Carriers - Additional Information (Detail) - USD ($)	Apr. 30, 2013	Apr. 30, 2012
Commitments and Contingencies [Line Items]
Reserves for workers' compensation	$ 1,900,000	$ 2,100,000
Receivables from insurance carriers, included in other current assets	25,000	25,000
Receivables from insurance carriers, included in other non-current assets	$ 1,900,000	$ 2,000,000

Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Accrued Expenses [Line Items]
Accrued rebates and promotions	$ 3,900	$ 2,862
Accrued professional fees	2,882	3,682
Accrued employee benefits	1,953	1,902
Interest payable	1,542	1,783
Accrued workers' compensation	963	766
Accrued commissions	949	1,235
Accrued utilities	537	436
Accrued distributor incentives	458	5,453
Current portion of capital lease obligation	442	418
Accrued severance/restructuring costs	111	345
Accrued other	2,296	1,803
Total accrued expenses	$ 16,033	$ 20,685

Plant Consolidation - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2012	Apr. 30, 2013	Apr. 30, 2012
Property, Plant, and Equipment Disclosure [Line Items]
Proceed from sale of business	$ 900,000
Note receivable	$ 400,000	$ 308,000
Note receivable interest rate		4.00%
Note receivable maturity		2017-01
Assets held for sale			$ 1,000,000
Expenses related to facilities and employee severance		$ 345,000
Restructuring charges		$ 5,600,000
Qualified Capital expenditure percentage		40.00%
Tax credit received recorded as contra asset		$ 721,000	4,400,000
General and administrative
Property, Plant, and Equipment Disclosure [Line Items]
Loss on sale of business		241,000
Other Current Assets
Property, Plant, and Equipment Disclosure [Line Items]
Note receivable		78,000
Other Asset
Property, Plant, and Equipment Disclosure [Line Items]
Note receivable		230,000
Additional
Property, Plant, and Equipment Disclosure [Line Items]
Refundable tax credit		721,000
Maximum
Property, Plant, and Equipment Disclosure [Line Items]
Refundable tax credit		721,000	$ 4,400,000
Employee Severance
Property, Plant, and Equipment Disclosure [Line Items]
Restructuring charges		2,500,000
Facilities-related expenses
Property, Plant, and Equipment Disclosure [Line Items]
Restructuring charges		$ 3,100,000

Plant consolidation (Detail) - USD ($) $ in Thousands	12 Months Ended
Plant consolidation (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Employee Severance
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 345	$ 1,252
Costs incurred during the period		1,146
Costs paid or settled during the period	$ (345)	(2,053)
Ending balance		345
Facilities-Related Costs
Restructuring Cost and Reserve [Line Items]
Beginning balance		409
Costs incurred during the period		1,832
Costs paid or settled during the period		$ (2,241)

Fair Value of Assets Measured on Recurring Basis (Detail) - Fair value, recurring basis - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Assets:
Cash equivalents	$ 100,413	$ 56,698
Total assets	100,413	56,698
(Level 1)
Assets:
Cash equivalents	100,413	56,698
Total assets	$ 100,413	$ 56,698

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Self-Insurance Reserves - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2010
Self Insurance Reserves [Line Items]
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs	$ 9,570,000	$ 8,980,000	$ 9,456,000	$ 9,694,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, Non-current portion	5,700,000	5,400,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, included in accrued expenses	2,300,000	2,200,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, included in accrued product/municipal liability	1,600,000	1,400,000
Workers' compensation receivable classified as an other asset	332,000	332,000
Amounts charged to expense	12,201,000	11,400,000	$ 11,461,000
Accrued reserves for product and municipal litigation liabilities	4,400,000	4,500,000
Accrued reserves for product and municipal litigation liabilities, Non-current portion	2,800,000	3,100,000
Receivables from insurance carriers, included in other assets	1,900,000	2,000,000
Receivables from insurance carriers, included in other current assets	$ 25,000	$ 25,000

Summary of Other Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Self Insurance Reserves [Line Items]
Beginning balance	$ 8,980	$ 9,456	$ 9,694
Additional provision charged to expense	12,201	11,400	11,461
Payments	(11,611)	(11,876)	(11,699)
Ending balance	$ 9,570	$ 8,980	$ 9,456

Stockholders' Equity - Additional Information (Detail)	1 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Jun. 13, 2013 USD ($)	Apr. 30, 2013 USD ($) yr $ / shares shares	Apr. 30, 2012 USD ($) $ / shares shares	Apr. 30, 2011 USD ($) $ / shares shares	Jun. 30, 2002 shares	Sep. 26, 2011 shares	Apr. 30, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchasing shares		2,099,603
Repurchase shares value \| $		$ 20,000,000
Stock repurchase remaining authorized amount \| $		$ 15,000,000
Stock repurchase program, expiration date		Jun. 17, 2014
Number of stock option plans		2
Option granted		3,500	1,405,600	755,600
Exercise price per share \| $ / shares		$ 11.02	$ 4.08	$ 3.85
Options outstanding		3,019,127	3,988,164	3,137,565			3,207,264
Intrinsic value of stock vested \| $		$ 12,100,000	$ 16,000,000	$ 1,600,000
Intrinsic value of stock exercisable \| $		8,700,000	8,200,000	1,600,000
Intrinsic value of stock exercised \| $		5,100,000	982,000	186,000
Unrecognized compensation cost of outstanding options \| $		$ 1,500,000
Stock-based compensation expense \| $				281,000
Performance period		3 years
Percentage of maximum aggregate award granted		200.00%
Percentage of stock outperform in order for target award to be earned		10.00%
Amount of share based compensation delivered \| $		$ (209,000)		(50,000)
Amount of cancelled PSU Excluded from compensation Expenses \| $			180,000
Grant date fair value of vested RSUs and PSUs \| $		726,000	$ 43,000	321,000
Unrecognized compensation cost related to unvested RSUs and PSUs \| $		3,800,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $		$ 35,000,000
Cancelled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $				$ 905,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term		10 months 21 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period		320,279
Share based compensation delivered		69,637		67,195
Amount of share based compensation delivered \| $		$ 595,000		$ 271,000
Other than options cancelled in period		16,996
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSUs cancelled in period				134,999
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term		1 year 8 months 12 days
Stock-based compensation expense \| $		$ 1,800,000
Stock units granted in period		535,329	359,073	127,700
Other than options cancelled in period		53,996	89,033	134,999
Performance Based Awards With Market-condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options cancelled in period		35,000
Performance Based Awards Without Market-condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options cancelled in period		2,000
2004 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock authorized		15.00%
Authorized of common stock		10,000,000
Incentive stock plan description		Unless terminated earlier by our board of directors, the 2004 Incentive Stock Plan will terminate on the earlier of (1) ten years from the date of the later to occur of (i) the original date the plan was approved by our board of directors or our stockholders, whichever is earlier, or (ii) the date an increase in the number of shares reserved for issuance under the plan is approved by our board of directors (so long as such increase is also approved by our stockholders), and (2) at such time as no shares of common stock remain available for issuance under the plan and our company has no further rights or obligations with respect to outstanding awards under the plan. The date of grant of an award is deemed to be the date upon which our board of directors or board committee authorizes the granting of such award.
Period to award vested and calculate volatility rate		3 years
Period of award vested exercisable \| yr		10
Shares available for grant under incentive stock option		4,090,447
2011 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price per share as a percentage of fair market value		85.00%
Fair market value of shares an employee may purchase under the stock purchase plan \| $		$ 25,000
Shares purchase under Employee Stock Purchase Plan		185,218	502,898	350,971
2011 ESPP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deduction of participant's compensation		1.00%
2011 ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved under employee stock purchase plan						6,000,000
Payroll deduction of participant's compensation		20.00%
Number of shares an employee may purchase under the stock purchase plan		12,500
ESPP 2001
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized of common stock					10,000,000
ESPP expired date					Mar. 31, 2012
ESPP term period					10 years
ESPP issued shares of common stock		2,398,630
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $		$ 4,100,000	$ 2,500,000	$ 1,700,000
Stock-based compensation expense related to the loss on sale of our discontinued operations \| $		$ 45,000
Subsequent Event \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $	$ 100,000,000
Subsequent Event \| Tender Offer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $	$ 75,000,000
Employees \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period		63,050
Share based compensation delivered		14,250
Amount of share based compensation delivered \| $		$ 131,000
Executive Officer \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period		250,250
Executive Officer \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $			$ 350,000
Stock units granted in period		152,000	209,200	120,200
Former President And Chief Executive Officer as financial targets for the fiscal year ended April 30, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option granted		500,000
Exercise price per share \| $ / shares		$ 1.47
Options outstanding		250,000
ESPP expired date		Dec. 06, 2014
Former President And Chief Executive Officer as financial targets for the fiscal year ended April 30, 2010 \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options cancelled in period			88,700
PSUs cancelled in period				26,666
Employees and Consultants \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period			149,873
Share based compensation delivered		9,500
Amount of share based compensation delivered \| $		$ 43,000
Consultant \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period		7,000
Former President and Chief Executive Officer as financial targets for fiscal year ended April 30, 2011 \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSUs cancelled in period				53,333
Former Executive Vice President and Chief Financial Officer \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSUs cancelled in period				40,000
Former President of SWSS \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSUs cancelled in period				15,000
Non-Executive Officer Employees \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period		28,029
Consultants \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period				7,500
Director \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted in period		35,000

Share Based Compensation Stock Options Activity (Detail) - $ / shares	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Number of shares and weighted average exercise prices
Options outstanding, beginning of year, Shares	3,988,164	3,137,565	3,207,264
Granted during year, Shares	3,500	1,405,600	755,600
Exercised during year, Shares	(847,042)	(290,168)	(90,334)
Canceled/forfeited during year, Shares	(125,495)	(264,833)	(734,965)
Options outstanding, end of year, Shares	3,019,127	3,988,164	3,137,565
Weighted average remaining contractual life	6 years 7 days	6 years 11 months 23 days	5 years 11 months 12 days
Options exercisable, end of period, Shares	2,087,675	2,080,692	2,101,705
Weighted average remaining contractual life	5 years	5 years 1 month 2 days	4 years 5 months 19 days
Weighted-Average Exercise Price
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 4.67	$ 4.73	$ 4.93
Granted during year, Weighted-Average Exercise Price	11.02	4.08	3.85
Exercised during year, Weighted-Average Exercise Price	4.10	2.17	1.60
Canceled/forfeited during year, Weighted-Average Exercise Price	3.87	5.03	5.06
Options outstanding, end of year, Weighted-Average Exercise Price	5.31	4.67	4.73
Options exercisable, end of period, Weighted-Average Exercise Price	$ 5.38	$ 5.14	$ 4.91

Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions (Detail)

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

^[1]

0.32%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[2]

0.00%

Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1]

0.40%

0.66%

Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1]

0.63%

0.85%

Stock option grants

0.31%

0.85%

1.31%

70.00%

2.20%

2.47%

0.00%

66.90%

69.50%

Stock option grants | Minimum

74.60%

76.40%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected term

5 years 10 months 2 days

5 years 3 months 18 days

5 years 4 months 10 days

Stock option grants | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected term

7 years 10 months 2 days

8 years 2 months 5 days

9 years

Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

0.13%

0.08%

0.18%

Expected term

6 months

56.30%

51.30%

34.00%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

0.00%

[1]	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.
[2]	We do not expect to pay dividends in the foreseeable future.

Share Based Payment Award Performance Shares Valuation Assumptions (Detail) - $ / shares

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Correlation coefficient

^[1]

0.47

0.39

^[2]

0.32%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[3]

0.00%

Minimum

Correlation coefficient

^[1]

0.46

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[2]

0.40%

0.66%

Maximum

Correlation coefficient

^[1]

0.49

Smith & Wesson Holding Corporation | PSUs

^[2]

0.63%

0.85%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 8.71

Smith & Wesson Holding Corporation | PSUs | Minimum

^[4]

49.28%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 3.57

$ 3.69

Smith & Wesson Holding Corporation | PSUs | Maximum

^[4]

51.43%

83.96%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 7.98

$ 3.92

Nasdaq Composite Index | Minimum

^[4]

67.67%

84.65%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nasdaq Composite Index | Maximum

^[4]

3145.00%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nasdaq Composite Index | PSUs

^[4]

3148.00%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nasdaq Composite Index | PSUs | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nasdaq Composite Index | PSUs | Maximum

$ 2,295.36

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

2,369.77

Russell 2000 Index

$ 935.25

Russell 2000 Index | Minimum

^[4]

25.72%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 798.05

Russell 2000 Index | Maximum

^[4]

27.64%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 2,781.91

^[4]

29.97%

[1]	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.
[2]	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.
[3]	We do not expect to pay dividends in the foreseeable future.
[4]	Volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Detail)	12 Months Ended
	Apr. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Zero-coupon U.S. Treasury bill performance period	3 years
Us Treasury Bills
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Zero-coupon U.S. Treasury bill performance period	3 years

Summary of Activity in Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	384,140	123,600	210,727
Restricted Stock Units, Awarded	535,329	359,073	127,700
Restricted Stock Units, Vested	(83,887)	(9,500)	(79,828)
Restricted Stock Units, Forfeited	(53,996)	(89,033)	(134,999)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	781,586	384,140	123,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of period	$ 7.91	$ 5.27	$ 10.32
Weighted Average Grant Date Fair Value, Awarded	9.43	7.66	3.87
Weighted Average Grant Date Fair Value, Vested	8.71	4.18	11.36
Weighted Average Grant Date Fair Value, Forfeited	6.14	5.31	8.22
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 8.42	$ 7.91	$ 5.27

Employer Sponsored Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Contributory Defined Investment Plan
Defined Contribution Plan [Line Items]
Defined contribution plan, matching contribution percentage	50.00%
Defined contribution plan service period	6 months
Deferred compensation plan description	We offer a contributory defined investment plan covering substantially all employees who have completed at least six months of service, as defined. Employees may contribute from 1% to 30% of their annual pay, with us matching 50% of the first 6% of combined pre- and post-tax compensation.
Employer contribution to defined benefit plan	$ 1,700,000	$ 1,500,000	$ 991,000.0
Contributory Defined Investment Plan \| Minimum
Defined Contribution Plan [Line Items]
Defined contribution plan, employee contribution percentage	1.00%
Contributory Defined Investment Plan \| Maximum
Defined Contribution Plan [Line Items]
Defined contribution plan, employee contribution percentage	30.00%
Non-Contributory Profit Sharing Plan
Defined Contribution Plan [Line Items]
Defined contribution plan service period	1 year
Deferred compensation plan description	We contribute 15% of our net operating profit before interest and taxes up to 15% of qualifying payroll, as defined, to the plan each year.
Employer contribution to defined benefit plan		$ 8,000,000	$ 4,100,000
Defined benefit plan employer contribution percentage	15.00%
Defined contribution plan expected contribution	$ 9,600,000

Income Tax Expense from Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Current:
Federal	$ 38,661	$ 9,816	$ 1,701
State	5,982	2,050	1,931
Total current	44,643	11,866	3,632
Deferred:
Deferred federal	1,508	778	2,223
Deferred state	349	(62)	(401)
Total deferred	1,857	716	1,822
Total income tax expense	$ 46,500	$ 12,582	$ 5,454

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations.

The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 9
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations.

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The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 8, 16, 17, 289
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Quarterly Financial Information [Line Items]

Reconciliation of Provision for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Income Tax Reconciliation [Line Items]
Federal income taxes expected at 35% statutory rate	$ 44,767	$ 13,655	$ 4,737
State income taxes, less federal income tax benefit	4,576	1,328	452
Employee Stock Purchase Plan	131	83	96
Other	530	60	238
Business meals and entertainment	107	98	100
Worthless stock deduction		(1,845)
Depreciation-permanent			(22)
Domestic production activity deduction	(3,708)	(676)
Research and development tax credit	(140)	(100)	(242)
Change in uncertain tax positions	237	(21)	95
Total income tax expense	$ 46,500	$ 12,582	$ 5,454

Reconciliation of Provision for Income Taxes from Continuing Operations (Parenthetical) (Detail)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Income Tax Reconciliation [Line Items]
Federal income taxes, expected statutory rate	35.00%	35.00%	35.00%

Future Tax Benefits (Deferred Tax Liabilities) Related to Temporary Differences (Detail) - USD ($) $ in Thousands	Apr. 30, 2013	Apr. 30, 2012
Current tax assets (liabilities):
Property taxes	$ (721)	$ (4,400)
Net deferred tax asset - current	12,076	12,759
Non-current tax assets (liabilities):
Property taxes	(721)	(4,400)
Net deferred tax liability - non-current	(7,863)	(4,537)
Net deferred tax asset - total	4,213	8,222
Current
Current tax assets (liabilities):
Environmental reserves		108
Inventory reserves	5,247	5,020
Product liability	584	532
Accrued expenses, including compensation	2,847	4,542
Warranty reserve	2,212	2,206
Other	417	105
Property taxes	(49)	(51)
Promotions	1,215	756
Less valuation allowance	(397)	(459)
Net deferred tax asset - current	12,076	12,759
Non-current tax assets (liabilities):
Environmental reserves		108
Product liability	584	532
Warranty reserve	2,212	2,206
Property taxes	(49)	(51)
Non Current
Current tax assets (liabilities):
Environmental reserves	221	224
Product liability	364	419
Warranty reserve	1,020	412
Property taxes	(15,187)	(11,600)
Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	2,703	2,370
Environmental reserves	221	224
Product liability	364	419
Workers' compensation	952	725
Warranty reserve	1,020	412
Stock-based compensation	3,411	3,495
State bonus depreciation	645	583
Property taxes	(15,187)	(11,600)
Intangible assets	95	452
Transaction costs	(90)	(91)
Pension	64	142
Less valuation allowance	(2,061)	(1,668)
Net deferred tax liability - non-current	$ (7,863)	$ (4,537)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Income Tax [Line Items]
Gross tax-effected unrecognized tax benefits	$ 1,091,000	$ 1,150,000	$ 1,123,000
Accrued interest and penalties related to uncertain tax positions	270,000	260,000
Unrecognized tax benefits, current income tax liabilities	1,000,000
Smith And Wesson Security Solutions Inc
Income Tax [Line Items]
Net operating loss carryforwards	$ 8,200,000
Acquisition date	Jul. 20, 2009
Operating carryforward expiring in fiscal 2013	$ 108,000
Operating carryforward expiring thereafter	108,000
Federal
Income Tax [Line Items]
Net operating loss carryforwards	$ 757,000
Operating loss carry forwards expiration date	Expire in fiscal 2020
State
Income Tax [Line Items]
Net operating loss carryforwards	$ 23,100,000	19,400,000
Operating loss carry forwards expiration date	Expire between April 30, 2015 and April 30, 2033
Tax credit carryforwards	$ 2,300,000	1,900,000
Valuation allowances for net operating loss carryforward	973,000	827,000
Valuation allowances for tax credits	1,500,000	1,100,000
Valuation allowances for other tax carryforward	$ 20,000	$ 239,000
State \| Minimum
Income Tax [Line Items]
State tax credit carryforwards expire date	Apr. 30, 2015
State \| Maximum
Income Tax [Line Items]
State tax credit carryforwards expire date	Apr. 30, 2025

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012
Income Tax Contingency [Line Items]
Beginning balance	$ 1,150	$ 1,123
Gross increases/(decreases) - tax positions in prior year	224	(5)
Settlements	(332)	(9)
Interest, penalties, and impact of state deductions on federal taxes	160	85
Lapse of statute of limitations	(111)	(44)
Ending balance	$ 1,091	$ 1,150

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Apr. 30, 2013 USD ($) Case Claim	Apr. 30, 2012 USD ($)	Apr. 30, 2011 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of derivative lawsuits \| Case	2
Allegations of lawsuit	The lawsuits are based principally on a theory of breach of fiduciary duties.
Number of Product liability cases \| Case	10
Number of Other product liability claims \| Claim	8
Defense and administrative costs	$ 758,000	$ 401,000	$ 1,300,000
Settlement fees related to product liability cases	42,000	105,000	70,000
Income and expense	805,000	560,000	1,000,000
Environmental reserve in non-current liabilities	577,000	577,000
Restricted cash	3,345,000	3,334,000
Outstanding letters of credit	1,100,000
Rent expense	2,200,000	$ 2,300,000	$ 2,100,000
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	75,000
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	1,400,000
Environmental Remediation
Schedule Of Commitments And Contingencies [Line Items]
Restricted cash	812,000
Letter of Credit
Schedule Of Commitments And Contingencies [Line Items]
Restricted cash	2,500,000
Outstanding letters of credit	$ 1,100,000

Lease Commitments (Detail) $ in Thousands	Apr. 30, 2013 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2014	$ 1,441
2015	545
2016	99
2017	79
2018	30
Operating Leases, Future Minimum Payments Due, Total	$ 2,194

Quarterly Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2013

Jan. 31, 2013

Oct. 31, 2012

Jul. 31, 2012

Apr. 30, 2012

Jan. 31, 2012

Oct. 31, 2011

Jul. 31, 2011

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Net sales

$ 178,717

$ 136,242

$ 136,560

$ 135,995

$ 129,843

$ 98,125

$ 92,299

$ 91,730

$ 587,514

$ 411,997

$ 342,233

68,488

^[1]

50,099

48,523

51,293

46,863

30,004

24,606

26,516

218,403

127,989

104,688

Income/(loss) from discontinued operations, net of tax

28,630

17,506

16,401

18,869

17,817

5,393

948

2,275

81,406

26,433

8,080

(3,464)

(2,930)

4,784

(1,083)

(5,349)

(955)

(2,539)

(1,485)

(2,693)

(10,328)

(90,849)

Basic - continuing operations

$ 25,166

$ 14,576

$ 21,184

$ 17,787

$ 12,468

$ 4,438

$ (1,591)

$ 790

$ 78,713

$ 16,105

$ (82,769)

Net income per share

$ 0.45

$ 0.27

$ 0.25

$ 0.29

$ 0.27

$ 0.08

$ 0.01

$ 0.04

$ 1.25

$ 0.41

$ 0.13

Diluted - continuing operations

0.44

0.26

0.24

0.28

0.27

0.08

0.01

0.04

1.22

0.40

0.13

Basic - net income/(loss)

0.39

0.22

0.32

0.27

0.19

0.07

(0.02)

0.01

1.21

0.25

(1.37)

Diluted - net income/(loss)

0.38

0.22

0.31

0.27

0.19

0.07

(0.02)

0.01

1.18

^[2]

0.25

^[2]

$ (1.30)

^[2]

Market price low

8.25

7.67

7.40

6.07

4.93

2.72

2.29

2.63

6.07

2.29

Market price high

$ 10.63

$ 11.25

$ 11.24

$ 10.25

$ 8.60

$ 5.20

$ 3.39

$ 3.67

$ 11.25

$ 8.60

[1]	Gross profit for the fourth fiscal quarter included a $3.0 million adjustment for the recall of our Thompson/Center Arms bolt action rifles.
[2]	Included in the calculation for diluted earnings per common share for the year ended April 30, 2012 is $499,000 of diluted earnings related to the effect of conversion of convertible debt.

Quarterly Financial Information (Parenthetical) (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2013

Jan. 31, 2013

Oct. 31, 2012

Jul. 31, 2012

Apr. 30, 2012

Jan. 31, 2012

Oct. 31, 2011

Jul. 31, 2011

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Quarterly Financial Information [Line Items]

Adjustment To Gross Profit

$ 68,488

^[1]

$ 50,099

$ 48,523

$ 51,293

$ 46,863

$ 30,004

$ 24,606

$ 26,516

$ 218,403

$ 127,989

$ 104,688

Quarterly Financial Information [Line Items]

Allowance for doubtful accounts

$ 3,000

[1]	Gross profit for the fourth fiscal quarter included a $3.0 million adjustment for the recall of our Thompson/Center Arms bolt action rifles.

Schedule II-Valuation and Qualifying Accounts (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Valuation and Qualifying Accounts Disclosure [Line Items]

$ 1,058

$ 2,147

$ 811

738

(439)

1,379

(668)

(650)

(43)

Valuation and Qualifying Accounts Disclosure [Line Items]

1,128

1,058

2,147

Inventory reserve

6,965

7,117

7,152

2,603

511

607

^[1]

(206)

(447)

(457)

(642)

Deferred tax valuation allowance

9,121

6,965

7,117

Valuation and Qualifying Accounts Disclosure [Line Items]

2,127

1,176

676

331

951

500

Valuation and Qualifying Accounts Disclosure [Line Items]

2,458

2,127

1,176

Warranty reserve

6,412

4,213

4,588

7,093

6,328

3,534

^[1]

(256)

(244)

(5,082)

(3,873)

(3,665)

Product and municipal liabilities

8,423

6,412

4,213

Valuation and Qualifying Accounts Disclosure [Line Items]

4,512

5,473

5,760

805

(560)

1,009

^[2]

(201)

(758)

(401)

(1,296)

Valuation and Qualifying Accounts Disclosure [Line Items]

4,358

4,512

5,473

Workers compensation

3,008

2,282

2,321

2,034

1,890

734

(1,226)

(1,164)

(773)

Valuation and Qualifying Accounts Disclosure [Line Items]

3,816

3,008

2,282

Environmental

577

2,077

657

288

(1,470)

^[3]

1,182

^[4]

(30)

(50)