View Filing Data

General and administrative

^[1]

88,389

119,382

Gross profit

^[1]

40,632

87,569

Operating expenses:

Research and development

2,786

2,152

Selling and marketing

11,718

9,195

29,328

23,698

Total operating expenses

43,832

35,045

Operating (loss)/income

^[1]

(3,200)

52,524

Other (expense)/income, net:

Other income, net

1,298

Interest expense, net

(2,391)

(2,012)

Total other (expense)/income, net

(1,093)

(2,012)

(Loss)/income from operations before income taxes

(4,293)

50,512

Income tax (benefit)/expense

^[1]

(2,128)

15,290

Net (loss)/income

(2,165)

35,222

Comprehensive (loss)/income:

Change in unrealized loss on interest rate swap

(119)

(408)

Other comprehensive loss, before income taxes

(119)

(408)

Income tax benefit on other comprehensive loss

151

Other comprehensive loss, net of tax

(79)

(257)

Comprehensive (loss)/income

$ (2,244)

$ 34,965

Net (loss)/income per share:

Basic

$ (0.04)

$ 0.63

Diluted

$ (0.04)

$ 0.62

Weighted average number of common shares outstanding:

Basic

53,905

56,049

Diluted

53,905

56,883

[1]	We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

Condensed Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Jul. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Treasury Stock
Balance at Apr. 30, 2017	$ 393,162	$ 72	$ 245,865	$ 369,164	$ 436	$ (222,375)
Balance (in shares) at Apr. 30, 2017	53,850,426	72,017,000
Treasury stock, shares at Apr. 30, 2017	18,166,862					18,167,000
Stock-based compensation	$ 1,888		1,888
Change in unrealized income on interest rate swap, net of tax effect	(79)				(79)
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(2,161)		(2,161)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		150,000
Net loss	(2,165)			(2,165)
Balance at Jul. 31, 2017	$ 390,645	$ 72	$ 245,592	$ 366,999	$ 357	$ (222,375)
Balance (in shares) at Jul. 31, 2017	54,000,036	72,167,000
Treasury stock, shares at Jul. 31, 2017	18,166,862					18,167,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Cash flows from operating activities:
Net (loss)/income	$ (2,165)	$ 35,222
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	13,769	10,320
Loss on sale/disposition of assets	5	14
Provision for losses on accounts receivable	227	37
Change in contingent consideration	(1,300)
Stock-based compensation expense	1,888	1,792
Changes in operating assets and liabilities:
Accounts receivable	15,470	2,044
Inventories	(29,385)	(9,860)
Prepaid expenses and other current assets	(2,233)	(1,913)
Income taxes	(2,107)	7,728
Accounts payable	(12,752)	(240)
Accrued payroll and incentives	(12,051)	(9,604)
Accrued profit sharing	1,611	3,559
Accrued expenses	(5,520)	1,805
Accrued warranty	(42)	(161)
Other assets	(217)	(145)
Other non-current liabilities	310	12
Net cash (used in)/provided by operating activities	(34,492)	40,610
Cash flows from investing activities:
Refunds on machinery and equipment		4,773
Receipts from note receivable		21
Payments to acquire patents and software	(97)	(133)
Payments to acquire property and equipment	(4,691)	(15,776)
Net cash used in investing activities	(4,788)	(11,115)
Cash flows from financing activities:
Proceeds from loans and notes payable	25,000
Payments on capital lease obligation	(161)	(149)
Payments on notes payable	(1,575)	(1,575)
Proceeds from Economic Development Incentive Program		101
Payment of employee withholding tax related to restricted stock units	(2,161)	(4,139)
Net cash provided by/(used in) financing activities	21,103	(5,762)
Net (decrease)/increase in cash and cash equivalents	(18,177)	23,733
Cash and cash equivalents, beginning of period	61,549	191,279
Cash and cash equivalents, end of period	43,372	215,012
Supplemental disclosure of cash flow information Cash paid for:
Interest	3,199	2,755
Income taxes	417	7,685
Supplemental Disclosure of Non-cash Investing Activities:
Purchases of property and equipment included in accounts payable	$ 1,815	$ 3,484

Organization	3 Months Ended
Organization	Jul. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	(1) Organization: We are a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. 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 are also a leading provider of shooting, hunting, and rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear. In our Firearms segment, which operates under the Smith & Wesson name, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, and firearm-related products 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 sell our firearm products under the Smith & Wesson, M&P, Performance Center, and Thompson/Center Arms brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We also sell our manufacturing services to other businesses under our Smith & Wesson and Deep River Plastics brands. In our Outdoor Products & Accessories segment, which currently operates under the names of Battenfeld Technologies, Inc., or BTI, BTI Tools, Ultimate Survival Technologies, or UST, and Crimson Trace, we design, source, distribute, and manufacture reloading, gunsmithing, and gun cleaning supplies, high-quality stainless steel cutting tools and accessories, flashlights, tree saws and related trimming accessories, shooting supplies, rests, and other related accessories, apparel, vault accessories, laser grips and laser sights, and a full range of products for survival and emergency preparedness. We sell our outdoor products and accessories under the following brands: Caldwell, Wheeler, Tipton, Frankford Arsenal, Smith & Wesson, M&P, Thompson/Center, Lockdown, Hooyman, BOG-POD, Golden Rod, Non-Typical, Crimson Trace, Imperial, Schrade, Old Timer, UST, and KeyGear. We develop and market our outdoor products and accessories at our facilities in Columbia, Missouri; Wilsonville, Oregon; Kingsport, Tennessee; and Jacksonville, Florida. On August 1, 2016, we acquired substantially all of the net assets of Taylor Brands, LLC; on August 26, 2016, we acquired all of the issued and outstanding stock of Crimson Trace Corporation; and on November 18, 2016, we acquired substantially all of the net assets of Ultimate Survival Technologies, Inc., which acquisitions we refer to collectively as the 2017 Acquisitions. See Note 3 – Acquisitions for more information regarding these transactions.

Basis of Presentation	3 Months Ended
Basis of Presentation	Jul. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	(2) Basis of Presentation: Interim Financial Information – The condensed consolidated balance sheet as of July 31, 2017, the condensed consolidated statements of (loss)/income and comprehensive (loss)/income for the three months ended July 31, 2017 and 2016, the condensed consolidated statement of changes in stockholders’ equity for the three months ended July 31, 2017, and the condensed consolidated statements of cash flows for the three months ended July 31, 2017 and 2016 have been prepared by us without audit. 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 July 31, 2017 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2017 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2017. The results of operations for the three months ended July 31, 2017 may not be indicative of the results that may be expected for the year ending April 30, 2018, or any other period. Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU 2014-09. The core principle of ASU No. 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for interim reporting periods beginning December 15, 2017, and early adoption is permitted. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations, which clarifies the guidance relating to principal versus agent considerations. Additionally, in April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the identification of performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (Topic 606), which provides clarifying guidance in certain narrow areas and adds some practical expedients. The effective dates for these ASUs is the same as the effective date for ASU No. 2014-09. We have engaged third party specialists to assist us in evaluating the impact these ASUs will have on our consolidated financial statements, which we currently do not expect to be material. In July 2015, the FASB issued ASU 2015-11, Inventory - Simplifying the Measurement of Inventory (Topic 330), or ASU 2015-11, which simplifies the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined other than by the last-in first-out (LIFO) method and the retail inventory method. ASU 2015-11 is effective for periods beginning after December 15, 2016, and early adoption is permitted. The new guidance must be applied prospectively. We have adopted ASU 2015-11 on a prospective basis during the three months ended July 31, 2017. The impact on our condensed consolidated financial statements was not material. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU 2016-02, which amends the existing guidance to require lessees to recognize lease assets and lease liabilities arising from operating leases in a classified balance sheet. The requirements of this ASU are effective for financial statements for annual periods beginning after December 15, 2018, and early adoption is permitted. We have begun to collect lease contract information from our subsidiaries and are currently evaluating the impact that ASU 2016-02 will have on our condensed consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, or ASU 2016-09, which includes multiple amendments intended to simplify aspects of share-based payment transactions, including accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The amendments of this ASU were effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning December 15, 2018, and early adoption is permitted. We elected to early adopt this standard during the year ended April 30, 2017. Our first quarter results for fiscal 2017 were restated as a result of adopting ASU 2016-09 during the second quarter of fiscal 2017. As a result of this adoption, net income increased $2.6 million and net income per diluted share increased $0.05 for the three months ended July 31, 2016. We anticipate the new standard may impact the calculation of diluted earnings per share and add volatility to our effective tax rate and income tax expense. The magnitude of such impacts will depend in part on whether significant employee stock option exercises occur.

Acquisitions

3 Months Ended

Jul. 31, 2017

Business Combinations [Abstract]

Acquisitions

(3) Acquisitions:

In fiscal 2017, we acquired substantially all of the net assets of Taylor Brands, LLC and Ultimate Survival Technologies Inc., as well as all of the issued and outstanding stock of Crimson Trace Corporation for an aggregate purchase price of $211.1 million, net of cash acquired, subject to certain adjustments, utilizing cash on hand. In connection with the purchase of Ultimate Survival Technologies, Inc., up to an additional $2.0 million may be paid over a period of two years, contingent upon the financial performance of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations. The initial fair value of this contingent consideration liability was $1.7 million. Based on the current forecasted revenue projections, during the three months ended July 31, 2017, we recorded a $1.3 million reduction in the fair value of this contingent consideration liability because we do not expect that the acquired business will achieve the performance metrics. This reduction was recorded in other income on the condensed consolidated statements of (loss)/income. As of July 31, 2017, the fair value of this contingent liability was $400,000, which was recorded as a non-current liability.

We are in the process of finalizing the valuations of the assets acquired and liabilities assumed related to the 2017 Acquisitions. Therefore, the fair values for these acquisitions are subject to further adjustments as we obtain additional information during the respective measurement periods, which will not exceed 12 months from the date of each acquisition. The 2017 Acquisitions will necessitate the use of this measurement period to adequately analyze and assess a number of factors used in establishing the asset and liability fair values as of each acquisition date, including the significant contractual and operational factors underlying the trade name, developed technology, and customer relationship intangible assets and the related tax impacts of any changes made. During the three months ended July 31, 2017, we increased goodwill by $83,000, primarily as a result of accounts receivable and payroll adjustments relating to the 2017 Acquisitions.

The following table summarizes the estimated preliminary allocation of the purchase price for the 2017 Acquisitions (in thousands):

		2017 Acquisitions			Measurement
		(As Initially			Period				2017 Acquisitions
		Reported)			Adjustments				(As Adjusted)
Accounts receivable	$		11,635	$		(172	)	$		11,463
Inventories			31,269			453				31,722
Income tax receivable			—			68				68
Other current assets			430			(132	)			298
Property, plant, and equipment			8,232			—				8,232
Intangibles			97,850			—				97,850
Goodwill			92,801			(58	)			92,743
Total assets acquired			242,217			159				242,376
Accounts payable			6,214			18				6,232
Accrued expenses			973			158				1,131
Accrued payroll			1,500			(72	)		1428
Accrued income taxes			6			(6	)			—
Accrued warranty			98			96				194
Deferred income taxes			20,658			(35	)			20,623
Total liabilities assumed			29,449			159				29,608
	$		212,768	$		—		$		212,768

Included in general and administrative costs are $1.3 million of acquisition-related costs incurred during the three months ended July 31, 2016 for the 2017 Acquisitions. The 2017 Acquisitions generated $15.5 million of revenue for the three months ended July 31, 2017.

We amortize intangible assets in proportion to expected yearly revenue generated from the intangibles that we acquire. We amortize order backlog over the estimated life during which the backlog is fulfilled. The following are the identifiable intangible assets acquired (in thousands) in the 2017 Acquisitions and their respective weighted average lives:


			Weighted Average
	Amount		Life (In years)
Developed technology	$	3,000		4.1
Customer relationships		76,600		5.1
Trade names		17,000		4.8
Order backlog		1,150		0.3
Non-competition agreement		100		3.4
	$	97,850

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the 2017 Acquisitions had occurred on May 1, 2015 (in thousands, except per share data):

	For the Three
	Months Ended
	July 31, 2016
Net sales	$	229,092
Income from operations		51,109
Net income per share - diluted		0.63

The unaudited pro forma income from operations for the three months ended July 31, 2016 has been adjusted to reflect increased cost of goods sold from the fair value step-up in inventory, which is expensed over the first inventory cycle, and the amortization of intangibles and order backlog recorded as if the 2017 Acquisitions had occurred on May 1, 2015. The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of the actual results that would have been achieved had the 2017 Acquisitions occurred as of May 1, 2015 or the results that may be achieved in future periods.

Goodwill

3 Months Ended

Jul. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

(4) Goodwill

The changes in the carrying amount of goodwill for the three months ended July 31, 2017 by reporting segment are as follows:

		Firearms			Outdoor Products &			Total
		Segment			Accessories Segment			Goodwill
Balance as of April 30, 2017	$		13,770	$		155,247	$		169,017
Adjustments			—			83			83
Balance as of July 31, 2017			13,770			155,330			169,100

Refer to Note 12 — Segment Information below for more detail.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Notes and Loans Payable	3 Months Ended
Notes and Loans Payable	Jul. 31, 2017
Debt Disclosure [Abstract]
Notes and Loans Payable	(5) Notes and Loans Payable: Credit Facilities – On June 15, 2015, we and certain of our domestic subsidiaries entered into an unsecured credit facility, or the Credit Agreement, with TD Bank, N.A. and other lenders, or the Lenders, which included a $175.0 million revolving line of credit, or the Revolving Line and a $105.0 million term loan, or the Term Loan, of which $92.4 million was outstanding as of July 31, 2017. The Revolving Line provides for availability until October 27, 2021 for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election. On October 27, 2016, we entered into a second amendment to the Credit Agreement, or the Second Amendment, with the Lenders. Among other things, the Second Amendment increased the Revolving Line, available from the Lenders to $350.0 million, increased the option to expand the credit commitment to an additional $150.0 million, and extended the maturity of the Revolving Line from June 15, 2020 to October 27, 2021. Other than the changes described in the Second Amendment, we otherwise remain subject to the terms of the Credit Agreement, as described below. We incurred $525,000 of debt issuance costs related to this amendment and have recorded these costs in notes and loans payable in the condensed consolidated balance sheet. As of July 31, 2017, we had $75.0 million of borrowings outstanding on the Revolving Line, which bore interest at 2.73%, equal to the LIBOR rate plus an applicable margin. The Term Loan, which bears interest at a variable rate, requires principal payments of $6.3 million per annum plus interest, payable quarterly. Any remaining outstanding amount on the maturity date of June 15, 2020 for the Term Loan will be due in full. We incurred $1.0 million of debt issuance costs related to the Credit Agreement, which are included in notes and loans payable in the accompanying condensed consolidated balance sheet. We were required to obtain fixed interest rate protection on the Term Loan covering not less than 75% of the aggregate outstanding principal balance of the Term Loan. Accordingly, on June 18, 2015, we entered into an interest rate swap agreement, which expires on June 15, 2020, that covered 100% of the $105.0 million of floating rate debt. On July 6, 2015, we executed an interest rate swap pursuant to such agreement, which requires us to pay interest at a defined rate of 1.56% while receiving interest at a defined variable rate of one-month LIBOR (0.188%). This swap, when combined with the applicable margin based on our consolidated leverage ratio, effectively fixed our interest rate on the Term Loan, which is subject to change based on changes in our consolidated leverage ratio. As of July 31, 2017, our interest rate on the Term Loan was 3.06%. As of July 31, 2017, the interest rate swap was considered effective and had no effect on earnings. The fair value of the interest rate swap on July 31, 2017 was an asset of $453,000 and was included in other assets on our condensed consolidated balance sheet. We do not expect the interest rate swap to have any material effect on earnings within the next 12 months. 5.000% Senior Notes – During fiscal 2015, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2018, or the 5.000% Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture, or the 5.000% Senior Notes Indenture, and purchase agreements. The 5.000% Senior Notes bear interest at a rate of 5.000% per annum payable on January 15 and July 15 of each year, beginning on January 15, 2015. We incurred $2.3 million of debt issuance costs related to the issuance of the 5.000% Senior Notes. On and after July 15, 2017, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.000% Senior Notes at a redemption price of 100% of the principal amount of the 5.000% Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 5.000% Senior Notes from the holders of the 5.000% 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 5.000% Senior Notes mature on July 15, 2018. The 5.000% Senior Notes are general, unsecured obligations of our company. The 5.000% Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments (such as share repurchases, dividends, and early payment of indebtedness), limitations on indebtedness, limitations on the sale of assets, and limitations on liens. Payments that would otherwise be characterized as restricted payments are permitted under the 5.000% Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 5.000% Senior Notes Indenture, or the 5.000% Senior Notes Lifetime Aggregate Limit. In addition, the 5.000% Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 5.000% Senior Notes Lifetime Aggregate Limit. Among such exceptions are (i) the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (A) $50.0 million in any fiscal year or (B) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income, and (ii) share repurchases over the life of the 5.000% Senior Notes in an aggregate amount not to exceed $75.0 million. The limitation on indebtedness in the 5.000% Senior Notes Indenture is only applicable at such time that the consolidated coverage ratio (as set forth in the 5.000% Senior Notes Indenture) for us and our restricted subsidiaries is less than 3.00 to 1.00. In general, as set forth in the 5.000% 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. The carrying value of our 5.000% Senior Notes as of July 31, 2017 approximates fair value in considering Level 2 inputs within the hierarchy. The Credit Agreement for our credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The 5.000% Senior Notes Indenture contains a financial covenant relating to times interest earned. Letters of Credit – At July 31, 2017, we had outstanding letters of credit under our credit facility aggregating $1.1 million.

Fair Value Measurement

3 Months Ended

Jul. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurement

(6) Fair Value Measurement:

We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic, or ASC 820-10, 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 condensed 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).

Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $43.4 million and $61.5 million as of July 31, 2017 and April 30, 2017, respectively. We utilized Level 1 of the value hierarchy to determine the fair values of these assets.

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 that trade infrequently);

•	inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as 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).

The carrying value of our Term Loan approximated the fair value as of July 31, 2017, in considering Level 2 inputs within the hierarchy. The fair value of our 5.000% Senior Notes as of July 31, 2017 approximated the carrying value in considering Level 2 inputs within the hierarchy as the Senior Notes are not frequently traded. The fair value of the interest rate swap was estimated by a third party using inputs that are observable or that can be corroborated by observable market data, such as interest rate yield curves, and, therefore, is classified within Level 2 of the valuation hierarchy. For more information regarding the interest rate swap, refer to Note 5 — Notes and Loans Payable.

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.

The acquisition-related contingent consideration liability represents the estimated fair value of additional future earn-outs payable for acquisitions of businesses that included earn-out clauses. The valuation of the contingent consideration will be evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions which are considered Level 3 inputs.

In connection with the purchase of Ultimate Survival Technologies, Inc., up to an additional $2.0 million may be paid over a period of two years, contingent upon the financial performance of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations. The initial fair value of this contingent consideration liability was $1.7 million. Based on the current forecasted revenue projections, during the three months ended July 31, 2017, we recorded a $1.3 million reduction in the fair value of this contingent consideration liability because we do not expect that the acquired business will achieve the performance metrics. This reduction was recorded in other income on the condensed consolidated statements of (loss)/income. As of July 31, 2017, the fair value of this contingent liability was $400,000, which was recorded as a non-current liability.

Inventories

3 Months Ended

Jul. 31, 2017

Inventory Disclosure [Abstract]

Inventories

(7) Inventories:

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of July 31, 2017 and April 30, 2017 (in thousands):

	July 31, 2017		April 30, 2017
Finished goods (a)	$	90,312	$	61,080
Finished parts		50,340		51,177
Work in process		8,566		9,379
Raw material		11,849		10,046
Total inventories	$	161,067	$	131,682

(a) The increase in finished goods inventory was primarily related to our Firearms segment.

Intangible Assets

3 Months Ended

Jul. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

(8) Intangible Assets:

The following table presents a summary of intangible assets as of July 31, 2017 and April 30, 2017 (in thousands):

	July 31, 2017							April 30, 2017
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	105,260	$	(19,958	)	$	85,302	$	105,260	$	(16,463	)	$	88,797
Developed technology		19,430		(6,058	)		13,372		19,430		(5,436	)		13,994
Patents, trademarks, and trade names		53,433		(17,239	)		36,194		53,308		(15,619	)		37,689
Backlog		1,150		(1,150	)		—		1,150		(1,150	)		—
		179,273		(44,405	)		134,868		179,148		(38,668	)		140,480
Patents in progress		584		—			584		611		—			611
Total definite-lived intangible assets		179,857		(44,405	)		135,452		179,759		(38,668	)		141,091
Indefinite-lived intangible assets		226		—			226		226		—			226
Total intangible assets	$	180,083	$	(44,405	)	$	135,678	$	179,985	$	(38,668	)	$	141,317

We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, six years for developed technology, and five years for patents, trademarks, and trade names. Amortization expense, excluding amortization of deferred financing costs, amounted to $5.7 million and $2.7 million for the three months ended July 31, 2017 and 2016, respectively.

Estimated amortization expense of intangible assets for the remainder of fiscal 2018 and succeeding fiscal years is as follows:

Fiscal		Amount
2018	$		17,208
2019			23,207
2020			20,374
2021			17,559
2022			14,843
Thereafter			41,677
Total	$		134,868

On an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired, we evaluate the fair value of the definite and indefinite-lived intangible assets to determine if an impairment charge is required. We performed our most recent annual impairment review as of February 1, 2017. Other than the reduction in the fair value of the contingent consideration liability mentioned above, there were no events or changes in circumstances that would indicate the fair value of intangible assets was reduced to below its carrying value during the three months ended July 31, 2017, and therefore intangible assets were not tested for impairment.

Accrued Expenses

3 Months Ended

Jul. 31, 2017

Payables And Accruals [Abstract]

Accrued Expenses

(9) Accrued Expenses:

The following table sets forth other accrued expenses as of July 31, 2017 and April 30, 2017 (in thousands):

	July 31, 2017		April 30, 2017
Accrued rebates and promotions	$	25,874	$	26,750
Accrued employee benefits		6,121		4,574
Accrued taxes other than income		2,905		7,758
Accrued professional fees		2,493		2,079
Current portion of capital lease obligation		604		1,022
Interest payable		332		1,361
Accrued other		6,547		8,142
Total accrued expenses	$	44,876	$	51,686

Stockholders' Equity

3 Months Ended

Jul. 31, 2017

Equity [Abstract]

Stockholders' Equity

(10) Stockholders’ Equity:

Treasury Stock

During fiscal 2017, our board of directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions until March 28, 2019. This share repurchase authorization is similar to the $50.0 million authorization from June 2015 under which we repurchased 2.6 million shares of common stock for $50.0 million in fiscal 2017. As of July 31, 2017, there were no share repurchases under this stock repurchase program.

Earnings per Share

The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three months ended July 31, 2017 and 2016 (in thousands, except per share data):

	For the Three Months Ended July 31,
	2017										2016
	Net						Per Share				Net					Per Share
	Income				Shares		Amount				Income			Shares		Amount
Basic earnings	$		(2,165	)		53,905	$		(0.04	)	$		35,222		56,049	$	0.63
Effect of dilutive stock awards		—			—			—				—			834		(0.01	)
Diluted earnings	$		(2,165	)		53,905	$		(0.04	)	$		35,222		56,883	$	0.62

All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the three months ended July 31, 2016.

Incentive Stock and Employee Stock Purchase Plans

We have two stock plans: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan. Except in specific circumstances, grants vest over a period of three or four years and are exercisable for a period of 10 years. The plan also permits the grant of awards to non-employees, which our board of directors has authorized in the past.

The number of shares and weighted average exercise prices of options for the three months ended July 31, 2017 and 2016 were as follows:

	For the Three Months Ended July 31,
	2017				2016
			Weighted				Weighted
			Average				Average
	Shares		Exercise Price		Shares		Exercise Price
Options outstanding, beginning of year		335,160	$	6.58		389,360	$	6.16
Exercised during the period	—		—		—		—
Options outstanding, end of period		335,160	$	6.58		389,360	$	6.16
Weighted average remaining contractual life	3.76 years				4.79 years
Options exercisable, end of period		335,160	$	6.58		389,360	$	6.16
Weighted average remaining contractual life	3.76 years				4.79 years

The aggregate intrinsic value of outstanding and exercisable stock options as of July 31, 2017 and 2016 was $4.7 million and $9.1 million, respectively. There were no stock options exercised for the three months ended July 31, 2017 and 2016. At July 31, 2017, there were no unrecognized compensation costs of outstanding options.

On September 26, 2011, our stockholders approved our Employee Stock Purchase Plan, or ESPP. Under the ESPP, each participant is granted an option to purchase our common stock on each subsequent exercise date during the offering period, (as such terms are defined in the ESPP) in accordance with the terms of the ESPP. The option to purchase shares is exercised automatically unless the participant withdraws from the plan in accordance with the terms of the ESPP or the participant’s employment is terminated. Neither plan contributions credited to a participant’s account nor any rights to exercise any option or receive shares of common stock may be assigned, transferred, pledged, or otherwise disposed of other than by will or the laws of descent and distribution. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation.

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 issued to employees using the Black-Scholes model at the time the options are granted. That amount is then amortized over the vesting period of the option. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

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 grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables). The total stock-based compensation expense, including stock options, purchases under our ESPP, RSUs, and performance-based RSUs, or PSUs, was $1.9 million and $1.8 million for the three months ended July 31, 2017 and 2016, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses.

We grant service-based RSUs to employees, consultants, and directors. The awards are made at no cost to the recipient. An 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 or four years with one-third or one-fourth of the units vesting, respectively, on each anniversary date of the grant date. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period.

We grant PSUs to our executive officers and our employees who are not executive officers. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation, using the risk-free interest rate, expected volatility, the correlation coefficient utilizing the same historical price data used to develop the volatility assumptions and dividend yield variables.

The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our PSUs have a maximum aggregate award potential equal to 200% of the target amount granted. Generally, the number of PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or RUT, over the three-year performance period. For PSUs, our stock must outperform the RUT by 5% in order for the target award to vest. In addition, there is a cap on the number of shares that can be earned under our PSUs, which is equal to six times the grant-date value of each award.

In certain circumstances the vested awards will be delivered on the first anniversary of the applicable vesting date. We have applied a discount to the grant date fair value when determining the amount of compensation expense to be recorded for these RSUs and PSUs.

During the three months ended July 31, 2017, we granted an aggregate of 164,180 service-based RSUs to non-executive officer employees. In addition, in connection with a 2014 grant, 105,500 PSUs vested (i.e. the target amount granted), which yielded 115.2% of the maximum award possible resulting in awards totaling 121,504 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $1.7 million for the three months ended July 31, 2017. We delivered common stock to employees during the three months ended July 31, 2017 under vested RSUs and PSUs with a total market value of $5.5 million.

During the three months ended July 31, 2016, we granted an aggregate of 159,321 service-based RSUs, including 129,321 RSUs to non-executive officer employees and 30,000 RSUs to a newly hired executive officer. In addition, in connection with a 2013 grant, 118,500 PSUs vested (i.e. the target amount granted), which yielded 200.0% of the maximum award possible resulting in awards totaling 237,000 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $1.6 million for the three months ended July 31, 2016. We delivered common stock to employees during the three months ended July 31, 2016 under vested RSUs and PSUs with a total market value of $10.1 million.

A summary of activity in unvested RSUs and PSUs for the three months ended July 31, 2017 and 2016 is as follows:

	For the Three Months Ended July 31,
	2017					2016
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,428,848		$	18.46		1,215,753		$	15.38
Awarded		180,184			23.57		277,821			13.81
Vested		(247,491	)		16.94		(360,709	)		11.50
Forfeited		(92,902	)		12.71		(9,695	)		14.19
RSUs and PSUs outstanding, end of period		1,268,639		$	19.91		1,123,170		$	16.25

As of July 31, 2017, there was $13.1 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 1.9 years.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jul. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(11) Commitments and Contingencies: Litigation We are a defendant in three product liability cases and are aware of seven other product liability claims, which primarily allege defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed on August 27, 1999 by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover monetary damages, as well as injunctive relief, 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. 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 unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to approximately $900,000. 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 related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and a review of the merit of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore, we have not accrued for any such judgments. To the extent that circumstances change and we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided for adequate reserves for defense costs. We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amounts due as reimbursement under existing policies from the insurance carriers as a receivable shown in other current assets and other assets. At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made.

Segment Information

3 Months Ended

Jul. 31, 2017

Segment Reporting [Abstract]

Segment Information

(12) Segment Information:

We report our results of operations in two segments: (1) Firearms and (2) Outdoor Products & Accessories. Our two segments are defined based on the reporting and review process used by the chief operating decision maker, our Chief Executive Officer. The Firearms segment has been determined to be a single operating segment and reporting segment based on our reliance on production metrics, such as gross margin per unit produced, units produced per day, incoming orders per day, and revenue produced by trade channel, all of which are particular to the Firearms segment. The Outdoor Products & Accessories segment represents two operating segments that have been aggregated into a single reportable segment, which are evaluated, by a measurement of incoming orders per day and sales and gross margin by customer and brand.

The Firearms segment includes our firearms and other components, which we manufacture at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut and our firearm products, which we develop, assemble, and market in our Springfield, Massachusetts facility. The Outdoor Products & Accessories segment includes our accessories, camping, and survival products, which we develop, source, market, and distribute at our facilities in Columbia, Missouri; Kingsport, Tennessee; and Jacksonville, Florida and our electro-optics products, which we develop, market, and assemble in our Wilsonville, Oregon facility. We report operating costs based on the activities performed within each segment.

Segment assets are those directly used in or clearly allocable to a reportable segment’s operations. Assets by business segment are presented in the following table as of July 31, 2017 and April 30, 2017 (in thousands):

	As of July 31, 2017						As of April 30, 2017
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	381,053	$	397,069	$	778,122	$	393,341	$	394,695	$	788,036
Property, plant, and equipment, net		132,341		13,581		145,922		135,985		13,700		149,685
Intangibles, net		2,730		132,948		135,678		2,792		138,525		141,317
Goodwill		13,770		155,330		169,100		13,770		155,247		169,017

Results by business segment are presented in the following tables for the three months ended July 31, 2017 and 2016 (in thousands):

	For the Three Months Ended July 31, 2017 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	98,357	$	30,664			$ —			$ —			$	129,021
Intersegment revenue		1,081		1,871				—			(2,952	)		—
Total net sales		99,438		32,535			$ —				(2,952	)		129,021
Cost of sales		72,757		18,432				—			(2,800	)		88,389
Gross margin		26,681		14,103				—			(152	)		40,632
Operating income/(loss)		668		(4,893	)	(b)		(11,770	)		12,795			(3,200	)
Income tax expense/(benefit)		2,395		(1,636	)			(2,887	)		—			(2,128	)

	For the Three Months Ended July 31, 2016 (a)
	Firearms		Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	192,400	$	14,551		$ —			$ —			$	206,951
Intersegment revenue		794		62			—			(856	)		—
Total net sales		193,194		14,613			—			(856	)		206,951
Cost of sales		112,370		7,874			—			(862	)		119,382
Gross margin		80,824		6,739			—			6			87,569
Operating income/(loss)		54,416		(2,885	)		(11,659	)		12,652			52,524
Income tax expense/(benefit)		19,967		(1,057	)		(3,620	)		—			15,290

_______________

(a)

We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

(b)

Amount includes $3.3 million of amortization of intangibles assets as a result of the 2017 Acquisitions.

Subsequent Events	3 Months Ended
Subsequent Events	Jul. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	(13) Subsequent Events: In August 2017, we acquired substantially all of the net assets of Gemini Technologies, Incorporated, or Gemtech, and Bubba Blade^TM branded products from Fish Tales LLC, in two separate transactions, for an aggregate purchase price of $22.0 million, subject to certain adjustments, utilizing a combination of cash on hand and borrowings under our Revolving Line. In addition, up to a maximum of $17.1 million may be paid to Gemtech contingent upon the cumulative three year financial performance of the acquired business. Gemtech, based in Eagle, Idaho, is a provider of quality suppressors and accessories for the consumer, law enforcement, and military markets. Fish Tales, LLC, based in Oro Valley, Arizona, is a provider of premium sportsman knives and tools for fishing and hunting, including the premium knife brand, Bubba Blade. The preliminary purchase price allocation has not been completed for these acquisitions as of the date of the filing of this Form 10-Q. We recorded $417,000 in general and administrative expenses for acquisition-related expenses during the three months ended July 31, 2017 in connection with these acquisitions.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Jul. 31, 2017
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information – The condensed consolidated balance sheet as of July 31, 2017, the condensed consolidated statements of (loss)/income and comprehensive (loss)/income for the three months ended July 31, 2017 and 2016, the condensed consolidated statement of changes in stockholders’ equity for the three months ended July 31, 2017, and the condensed consolidated statements of cash flows for the three months ended July 31, 2017 and 2016 have been prepared by us without audit. 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 July 31, 2017 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2017 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2017. The results of operations for the three months ended July 31, 2017 may not be indicative of the results that may be expected for the year ending April 30, 2018, or any other period.
Recently Issued Accounting Standards	Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU 2014-09. The core principle of ASU No. 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for interim reporting periods beginning December 15, 2017, and early adoption is permitted. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations, which clarifies the guidance relating to principal versus agent considerations. Additionally, in April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the identification of performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (Topic 606), which provides clarifying guidance in certain narrow areas and adds some practical expedients. The effective dates for these ASUs is the same as the effective date for ASU No. 2014-09. We have engaged third party specialists to assist us in evaluating the impact these ASUs will have on our consolidated financial statements, which we currently do not expect to be material. In July 2015, the FASB issued ASU 2015-11, Inventory - Simplifying the Measurement of Inventory (Topic 330), or ASU 2015-11, which simplifies the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined other than by the last-in first-out (LIFO) method and the retail inventory method. ASU 2015-11 is effective for periods beginning after December 15, 2016, and early adoption is permitted. The new guidance must be applied prospectively. We have adopted ASU 2015-11 on a prospective basis during the three months ended July 31, 2017. The impact on our condensed consolidated financial statements was not material. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU 2016-02, which amends the existing guidance to require lessees to recognize lease assets and lease liabilities arising from operating leases in a classified balance sheet. The requirements of this ASU are effective for financial statements for annual periods beginning after December 15, 2018, and early adoption is permitted. We have begun to collect lease contract information from our subsidiaries and are currently evaluating the impact that ASU 2016-02 will have on our condensed consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, or ASU 2016-09, which includes multiple amendments intended to simplify aspects of share-based payment transactions, including accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The amendments of this ASU were effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning December 15, 2018, and early adoption is permitted. We elected to early adopt this standard during the year ended April 30, 2017. Our first quarter results for fiscal 2017 were restated as a result of adopting ASU 2016-09 during the second quarter of fiscal 2017. As a result of this adoption, net income increased $2.6 million and net income per diluted share increased $0.05 for the three months ended July 31, 2016. We anticipate the new standard may impact the calculation of diluted earnings per share and add volatility to our effective tax rate and income tax expense. The magnitude of such impacts will depend in part on whether significant employee stock option exercises occur.

Acquisitions (Tables) - Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.

3 Months Ended

Jul. 31, 2017

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated preliminary allocation of the purchase price for the 2017 Acquisitions (in thousands):

		2017 Acquisitions			Measurement
		(As Initially			Period				2017 Acquisitions
		Reported)			Adjustments				(As Adjusted)
Accounts receivable	$		11,635	$		(172	)	$		11,463
Inventories			31,269			453				31,722
Income tax receivable			—			68				68
Other current assets			430			(132	)			298
Property, plant, and equipment			8,232			—				8,232
Intangibles			97,850			—				97,850
Goodwill			92,801			(58	)			92,743
Total assets acquired			242,217			159				242,376
Accounts payable			6,214			18				6,232
Accrued expenses			973			158				1,131
Accrued payroll			1,500			(72	)		1428
Accrued income taxes			6			(6	)			—
Accrued warranty			98			96				194
Deferred income taxes			20,658			(35	)			20,623
Total liabilities assumed			29,449			159				29,608
	$		212,768	$		—		$		212,768

Identifiable Intangible Assets Acquired and Respective Weighted Average Lives

The following are the identifiable intangible assets acquired (in thousands) in the 2017 Acquisitions and their respective weighted average lives:


			Weighted Average
	Amount		Life (In years)
Developed technology	$	3,000		4.1
Customer relationships		76,600		5.1
Trade names		17,000		4.8
Order backlog		1,150		0.3
Non-competition agreement		100		3.4
	$	97,850

Unaudited Pro Forma Results of Operations

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the 2017 Acquisitions had occurred on May 1, 2015 (in thousands, except per share data):

	For the Three
	Months Ended
	July 31, 2016
Net sales	$	229,092
Income from operations		51,109
Net income per share - diluted		0.63

Goodwill (Tables)

3 Months Ended

Jul. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended July 31, 2017 by reporting segment are as follows:

		Firearms			Outdoor Products &			Total
		Segment			Accessories Segment			Goodwill
Balance as of April 30, 2017	$		13,770	$		155,247	$		169,017
Adjustments			—			83			83
Balance as of July 31, 2017			13,770			155,330			169,100

Inventories (Tables)

3 Months Ended

Jul. 31, 2017

Inventory Disclosure [Abstract]

Summary of Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of July 31, 2017 and April 30, 2017 (in thousands):

	July 31, 2017		April 30, 2017
Finished goods (a)	$	90,312	$	61,080
Finished parts		50,340		51,177
Work in process		8,566		9,379
Raw material		11,849		10,046
Total inventories	$	161,067	$	131,682

(a) The increase in finished goods inventory was primarily related to our Firearms segment.

Intangible Assets (Tables)

3 Months Ended

Jul. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following table presents a summary of intangible assets as of July 31, 2017 and April 30, 2017 (in thousands):

	July 31, 2017							April 30, 2017
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	105,260	$	(19,958	)	$	85,302	$	105,260	$	(16,463	)	$	88,797
Developed technology		19,430		(6,058	)		13,372		19,430		(5,436	)		13,994
Patents, trademarks, and trade names		53,433		(17,239	)		36,194		53,308		(15,619	)		37,689
Backlog		1,150		(1,150	)		—		1,150		(1,150	)		—
		179,273		(44,405	)		134,868		179,148		(38,668	)		140,480
Patents in progress		584		—			584		611		—			611
Total definite-lived intangible assets		179,857		(44,405	)		135,452		179,759		(38,668	)		141,091
Indefinite-lived intangible assets		226		—			226		226		—			226
Total intangible assets	$	180,083	$	(44,405	)	$	135,678	$	179,985	$	(38,668	)	$	141,317

Schedule of Future Expected Amortization Expense

Estimated amortization expense of intangible assets for the remainder of fiscal 2018 and succeeding fiscal years is as follows:

Fiscal		Amount
2018	$		17,208
2019			23,207
2020			20,374
2021			17,559
2022			14,843
Thereafter			41,677
Total	$		134,868

Accrued Expenses (Tables)

3 Months Ended

Jul. 31, 2017

Payables And Accruals [Abstract]

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of July 31, 2017 and April 30, 2017 (in thousands):

	July 31, 2017		April 30, 2017
Accrued rebates and promotions	$	25,874	$	26,750
Accrued employee benefits		6,121		4,574
Accrued taxes other than income		2,905		7,758
Accrued professional fees		2,493		2,079
Current portion of capital lease obligation		604		1,022
Interest payable		332		1,361
Accrued other		6,547		8,142
Total accrued expenses	$	44,876	$	51,686

Stockholders' Equity (Tables)

3 Months Ended

Jul. 31, 2017

Equity [Abstract]

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

	For the Three Months Ended July 31,
	2017										2016
	Net						Per Share				Net					Per Share
	Income				Shares		Amount				Income			Shares		Amount
Basic earnings	$		(2,165	)		53,905	$		(0.04	)	$		35,222		56,049	$	0.63
Effect of dilutive stock awards		—			—			—				—			834		(0.01	)
Diluted earnings	$		(2,165	)		53,905	$		(0.04	)	$		35,222		56,883	$	0.62

Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of options for the three months ended July 31, 2017 and 2016 were as follows:

	For the Three Months Ended July 31,
	2017				2016
			Weighted				Weighted
			Average				Average
	Shares		Exercise Price		Shares		Exercise Price
Options outstanding, beginning of year		335,160	$	6.58		389,360	$	6.16
Exercised during the period	—		—		—		—
Options outstanding, end of period		335,160	$	6.58		389,360	$	6.16
Weighted average remaining contractual life	3.76 years				4.79 years
Options exercisable, end of period		335,160	$	6.58		389,360	$	6.16
Weighted average remaining contractual life	3.76 years				4.79 years

Summary of Activity in Unvested RSUs and PSUs

A summary of activity in unvested RSUs and PSUs for the three months ended July 31, 2017 and 2016 is as follows:

	For the Three Months Ended July 31,
	2017					2016
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,428,848		$	18.46		1,215,753		$	15.38
Awarded		180,184			23.57		277,821			13.81
Vested		(247,491	)		16.94		(360,709	)		11.50
Forfeited		(92,902	)		12.71		(9,695	)		14.19
RSUs and PSUs outstanding, end of period		1,268,639		$	19.91		1,123,170		$	16.25

Segment Information (Tables)

3 Months Ended

Jul. 31, 2017

Segment Reporting [Abstract]

Schedule of Assets by Business Segment

Assets by business segment are presented in the following table as of July 31, 2017 and April 30, 2017 (in thousands):

	As of July 31, 2017						As of April 30, 2017
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	381,053	$	397,069	$	778,122	$	393,341	$	394,695	$	788,036
Property, plant, and equipment, net		132,341		13,581		145,922		135,985		13,700		149,685
Intangibles, net		2,730		132,948		135,678		2,792		138,525		141,317
Goodwill		13,770		155,330		169,100		13,770		155,247		169,017

Schedule of Results by Business Segment

Results by business segment are presented in the following tables for the three months ended July 31, 2017 and 2016 (in thousands):

	For the Three Months Ended July 31, 2017 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	98,357	$	30,664			$ —			$ —			$	129,021
Intersegment revenue		1,081		1,871				—			(2,952	)		—
Total net sales		99,438		32,535			$ —				(2,952	)		129,021
Cost of sales		72,757		18,432				—			(2,800	)		88,389
Gross margin		26,681		14,103				—			(152	)		40,632
Operating income/(loss)		668		(4,893	)	(b)		(11,770	)		12,795			(3,200	)
Income tax expense/(benefit)		2,395		(1,636	)			(2,887	)		—			(2,128	)

	For the Three Months Ended July 31, 2016 (a)
	Firearms		Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	192,400	$	14,551		$ —			$ —			$	206,951
Intersegment revenue		794		62			—			(856	)		—
Total net sales		193,194		14,613			—			(856	)		206,951
Cost of sales		112,370		7,874			—			(862	)		119,382
Gross margin		80,824		6,739			—			6			87,569
Operating income/(loss)		54,416		(2,885	)		(11,659	)		12,652			52,524
Income tax expense/(benefit)		19,967		(1,057	)		(3,620	)		—			15,290

_______________

(a)

(b)

Amount includes $3.3 million of amortization of intangibles assets as a result of the 2017 Acquisitions.

Organization - Additional Information (Detail)	3 Months Ended
Organization - Additional Information (Detail)	Jul. 31, 2017
Taylor Brands, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date	Aug. 01, 2016
Crimson Trace Corporation
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date	Aug. 26, 2016
Ultimate Survival Technologies, Inc.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date	Nov. 18, 2016

Basis of Presentation - Additional Information (Detail) - ASU 2016-09 $ / shares in Units, $ in Millions	3 Months Ended
	Jul. 31, 2016 USD ($) $ / shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Net income increased \| $	$ 2.6
Net income per diluted share increased \| $ / shares	$ 0.05

Acquisitions - Additional Information (Detail) - USD ($)

3 Months Ended

12 Months Ended

Jul. 31, 2017

Jul. 31, 2016

Apr. 30, 2017

Reduction in fair value of contingent consideration liability

$ 1,300,000

Net sales

^[1]

129,021,000

$ 206,951,000

Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.

Payments to acquire business, net of cash acquired

$ 211,100,000

Business combination increase in goodwill

83,000

Business combination, acquisition-related costs

$ 1,300,000

Net sales

15,500,000

Ultimate Survival Technologies, Inc.

Contingent consideration payable upon financial performance of acquired business

$ 1,700,000

Business combination, contingent consideration payable performance period

2 years

Reduction in fair value of contingent consideration liability

1,300,000

Business combination contingent consideration liability non-current

$ 400,000

Ultimate Survival Technologies, Inc. | Maximum

Contingent consideration payable upon financial performance of acquired business

$ 2,000,000

[1]	We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Business Acquisition [Line Items]
Goodwill	$ 169,100	$ 169,017
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Business Acquisition [Line Items]
Accounts receivable	11,463
Inventories	31,722
Income tax receivable	68
Other current assets	298
Property, plant, and equipment	8,232
Intangibles	97,850
Goodwill	92,743
Total assets acquired	242,376
Accounts payable	6,232
Accrued expenses	1,131
Accrued payroll	1,428
Accrued warranty	194
Deferred income taxes	20,623
Total liabilities assumed	29,608
Net assets acquired	212,768
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| As Initially Reported
Business Acquisition [Line Items]
Accounts receivable	11,635
Inventories	31,269
Other current assets	430
Property, plant, and equipment	8,232
Intangibles	97,850
Goodwill	92,801
Total assets acquired	242,217
Accounts payable	6,214
Accrued expenses	973
Accrued payroll	1,500
Accrued income taxes	6
Accrued warranty	98
Deferred income taxes	20,658
Total liabilities assumed	29,449
Net assets acquired	212,768
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Measurement Period Adjustments
Business Acquisition [Line Items]
Accounts receivable	(172)
Inventories	453
Income tax receivable	68
Other current assets	(132)
Goodwill	(58)
Total assets acquired	159
Accounts payable	18
Accrued expenses	158
Accrued payroll	(72)
Accrued income taxes	(6)
Accrued warranty	96
Deferred income taxes	(35)
Total liabilities assumed	$ 159

Acquisitions - Identifiable Intangible Assets Acquired and Respective Weighted Average Lives (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Apr. 30, 2017
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 179,857	$ 179,759
Weighted Average Life (In years)	5 years
Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 19,430	19,430
Weighted Average Life (In years)	6 years
Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 105,260	105,260
Weighted Average Life (In years)	5 years
Order backlog
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,150	$ 1,150
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	97,850
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 3,000
Weighted Average Life (In years)	4 years 1 month 6 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 76,600
Weighted Average Life (In years)	5 years 1 month 6 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Trade names
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 17,000
Weighted Average Life (In years)	4 years 9 months 18 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Order backlog
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,150
Weighted Average Life (In years)	3 months 18 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Non-competition agreement
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 100
Weighted Average Life (In years)	3 years 4 months 24 days

Acquisitions - Unaudited Pro Forma Results of Operations (Detail) - Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2016 USD ($) $ / shares
Business Acquisition [Line Items]
Net sales	$ 229,092
Income from operations	$ 51,109
Net income per share - diluted \| $ / shares	$ 0.63

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	3 Months Ended
	Jul. 31, 2017 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 169,017
Adjustments	83
Ending Balance	169,100
Firearms Segment
Goodwill [Line Items]
Beginning Balance	13,770
Ending Balance	13,770
Outdoor Products & Accessories Segment
Goodwill [Line Items]
Beginning Balance	155,247
Adjustments	83
Ending Balance	$ 155,330

Notes and Loans Payable - Additional Information (Detail) - USD ($)	3 Months Ended
	Jul. 31, 2017	Apr. 30, 2017	Oct. 27, 2016	Jul. 06, 2015	Jun. 30, 2015	Jun. 18, 2015	Jun. 15, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Interest description of revolving line of credit	The Revolving Line provides for availability until October 27, 2021 for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election.
Credit facility, maturity	Jun. 15, 2020
Percentage of interest rate protection on term loan							75.00%
Fair value of the interest rate swap asset	$ 453,000
Senior notes indenture, number of shares allowed for repurchase					$ 50,000,000
Maximum consolidated coverage ratio	300.00%
Minimum consolidated coverage ratio	100.00%
Maximum
Debt Instrument [Line Items]
Senior notes indenture, number of shares allowed for repurchase		$ 50,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Percentage of floating rate debt covered						100.00%
Derivative, notional amount						$ 105,000,000
Derivative, maturity date	Jun. 15, 2020
Derivative, fixed interest rate				1.56%
Derivative, variable interest rate of one-month LIBOR				0.188%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity							$ 175,000,000
Credit Facilities
Debt Instrument [Line Items]
Debt issuance cost	$ 1,000,000
Borrowings outstanding	75,000,000
Outstanding letters of credit	$ 1,100,000
Credit Facilities \| LIBOR Rate
Debt Instrument [Line Items]
Interest rate on borrowings	2.73%
Term Loan
Debt Instrument [Line Items]
Outstanding debt	$ 92,400,000						$ 105,000,000
Principal payments per annum	$ 6,300,000
Debt instrument, interest rate, effective percentage	3.06%
5.000% Senior Notes due 2018
Debt Instrument [Line Items]
Debt issuance cost								$ 2,300,000
Notes issued								$ 75,000,000
Debt instrument, interest rate	5.00%							5.00%
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 5.000% Senior Notes at a redemption price of 100% of the principal amount of the 5.000% Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date.
Redemption price of senior notes	100.00%
Debt instrument maturity date	Jul. 15, 2018
Senior notes indenture, maximum number of shares allowed for repurchase as a percentage of consolidated net income for previous four consecutive published fiscal quarters	75.00%
5.000% Senior Notes due 2018 \| Minimum
Debt Instrument [Line Items]
Notice period of senior notes	30 days
Senior notes indenture, number of shares allowed for repurchase	$ 50,000,000
5.000% Senior Notes due 2018 \| Maximum
Debt Instrument [Line Items]
Notice period of senior notes	60 days
Senior notes indenture, number of shares allowed for repurchase	$ 75,000,000
Second Amendment \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity			$ 350,000,000
Credit facility additional borrowing capacity option to increase maximum borrowing capacity			150,000,000
Credit facility, maturity	Oct. 27, 2021
Debt issuance cost			$ 525,000

Fair Value Measurement - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jul. 31, 2017	Apr. 30, 2017	Apr. 30, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reduction in fair value of contingent consideration liability	$ 1,300,000
Ultimate Survival Technologies, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payable upon financial performance of acquired business		$ 1,700,000
Business combination, contingent consideration payable performance period		2 years
Reduction in fair value of contingent consideration liability	1,300,000
Business combination contingent consideration liability non-current	$ 400,000
Ultimate Survival Technologies, Inc. \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payable upon financial performance of acquired business		$ 2,000,000
5.000% Senior Notes due 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, interest rate	5.00%		5.00%
(Level 1) \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 43,400,000	$ 61,500,000

Inventories - Summary of Inventories (Detail) - USD ($)
$ in Thousands

Jul. 31, 2017

Apr. 30, 2017

Inventory Disclosure [Abstract]

Finished goods

^[1]

$ 90,312

$ 61,080

Finished parts

50,340

51,177

Work in process

8,566

9,379

Raw material

11,849

10,046

Total inventories

$ 161,067

$ 131,682

[1]	The increase in finished goods inventory was primarily related to our Firearms segment.

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 179,857	$ 179,759
Total definite-lived intangible assets, Accumulated Amortization	(44,405)	(38,668)
Total definite-lived intangible assets, Net Carrying Amount	135,452	141,091
Indefinite-lived intangible assets, Net Carrying Amount	226	226
Total Intangible assets, Gross Carrying Amount	180,083	179,985
Total Intangible assets, Net Carrying Amount	135,678	141,317
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	105,260	105,260
Total definite-lived intangible assets, Accumulated Amortization	(19,958)	(16,463)
Total definite-lived intangible assets, Net Carrying Amount	85,302	88,797
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	19,430	19,430
Total definite-lived intangible assets, Accumulated Amortization	(6,058)	(5,436)
Total definite-lived intangible assets, Net Carrying Amount	13,372	13,994
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	53,433	53,308
Total definite-lived intangible assets, Accumulated Amortization	(17,239)	(15,619)
Total definite-lived intangible assets, Net Carrying Amount	36,194	37,689
Backlog
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,150	1,150
Total definite-lived intangible assets, Accumulated Amortization	(1,150)	(1,150)
Definite-lived intangible assets excluding patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	179,273	179,148
Total definite-lived intangible assets, Accumulated Amortization	(44,405)	(38,668)
Total definite-lived intangible assets, Net Carrying Amount	134,868	140,480
Patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	584	611
Total definite-lived intangible assets, Net Carrying Amount	$ 584	$ 611

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 5.7	$ 2.7
Weighted-average period for amortization of intangible assets	5 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	6 years
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years

Intangible Assets - Schedule of Future Expected Amortization Expense (Detail) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 135,452	$ 141,091
Outdoor Products & Accessories Segment
Finite-Lived Intangible Assets [Line Items]
2018	17,208
2019	23,207
2020	20,374
2021	17,559
2022	14,843
Thereafter	41,677
Total definite-lived intangible assets, Net Carrying Amount	$ 134,868

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Payables And Accruals [Abstract]
Accrued rebates and promotions	$ 25,874	$ 26,750
Accrued employee benefits	6,121	4,574
Accrued taxes other than income	2,905	7,758
Accrued professional fees	2,493	2,079
Current portion of capital lease obligation	604	1,022
Interest payable	332	1,361
Accrued other	6,547	8,142
Total accrued expenses	$ 44,876	$ 51,686

Stockholders' Equity - Additional Information (Detail)	3 Months Ended		12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Jul. 31, 2017 USD ($) OptionPlan shares	Jul. 31, 2016 USD ($) shares	Apr. 30, 2017 USD ($) shares	Jun. 30, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $				$ 50,000,000
Repurchase of common stock \| shares	0		2,600,000
Number of stock option plans \| OptionPlan	2
Intrinsic value of stock outstanding \| $	$ 4,700,000	$ 9,100,000
Intrinsic value of stock exercisable \| $	$ 4,700,000	$ 9,100,000
Stock options exercised \| shares	0	0
Unrecognized compensation cost of outstanding options \| $	$ 0
Stock-based compensation expense \| $	$ 1,900,000	$ 1,800,000
Performance period	3 years
Percentage of maximum potential aggregate award granted	200.00%
Percentage of stock outperform in order for target award to vest	5.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded \| shares		159,321
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded \| shares	105,500	118,500
Share based payment award percentage of award yielded	115.20%	200.00%
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 1,700,000	$ 1,600,000
Stock units, awarded \| shares	180,184	277,821
Stock units, vested \| shares	247,491	360,709
Grant date fair value of vested RSUs and PSUs \| $	$ 5,500,000	$ 10,100,000
Unrecognized compensation cost related to unvested RSUs and PSUs \| $	$ 13,100,000
Weighted average remaining contractual term	1 year 10 months 24 days
Non-Executive Employees \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded \| shares	164,180	129,321
Executive Officer \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded \| shares		30,000
Executive Officer \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, vested \| shares	121,504	237,000
2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of award vested exercisable	10 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $			$ 50,000,000
Maximum \| 2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period to award vested and calculate volatility rate	4 years
Minimum \| 2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period to award vested and calculate volatility rate	3 years

Stockholders' Equity - Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Earnings Per Share [Abstract]
Net (loss)/income	$ (2,165)	$ 35,222
Basic earnings, Shares	53,905	56,049
Effect of dilutive stock awards, Shares		834
Diluted earnings, Shares	53,905	56,883
Basic earnings, Per Share Amount	$ (0.04)	$ 0.63
Effect of dilutive stock awards, Per Share Amount		(0.01)
Diluted earnings, Per Share Amount	$ (0.04)	$ 0.62

Stockholders' Equity - Share Based Compensation Stock Options Activity (Detail) - $ / shares	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Shares
Options outstanding, beginning of year, Shares	335,160	389,360
Exercised during the period, Shares	0	0
Options outstanding, end of period, Shares	335,160	389,360
Weighted average remaining contractual life	3 years 9 months 4 days	4 years 9 months 15 days
Options exercisable, end of period, Shares	335,160	389,360
Weighted average remaining contractual life	3 years 9 months 4 days	4 years 9 months 15 days
Weighted-Average Exercise Price
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 6.58	$ 6.16
Options outstanding, end of period, Weighted-Average Exercise Price	6.58	6.16
Options exercisable, end of period, Weighted-Average Exercise Price	$ 6.58	$ 6.16

Stockholders' Equity - Summary of Activity in Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	1,428,848	1,215,753
Restricted Stock Units, Awarded	180,184	277,821
Restricted Stock Units, Vested	(247,491)	(360,709)
Restricted Stock Units, Forfeited	(92,902)	(9,695)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	1,268,639	1,123,170
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	$ 18.46	$ 15.38
Weighted Average Grant Date Fair Value, Awarded	23.57	13.81
Weighted Average Grant Date Fair Value, Vested	16.94	11.50
Weighted Average Grant Date Fair Value, Forfeited	12.71	14.19
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 19.91	$ 16.25

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Jul. 31, 2017 USD ($) Case Claim
Schedule Of Commitments And Contingencies [Line Items]
Number of Product liability cases \| Case	3
Number of Other product liability claims \| Claim	7
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	$ 75,000
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	$ 900,000

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Jul. 31, 2017 Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Firearms Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Information - Schedule of Assets by Business Segment (Detail) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Segment Reporting Information [Line Items]
Total assets	$ 778,122	$ 788,036
Property, plant, and equipment, net	145,922	149,685
Intangibles, net	135,678	141,317
Goodwill	169,100	169,017
Firearms Segment
Segment Reporting Information [Line Items]
Total assets	381,053	393,341
Property, plant, and equipment, net	132,341	135,985
Intangibles, net	2,730	2,792
Goodwill	13,770	13,770
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Total assets	397,069	394,695
Property, plant, and equipment, net	13,581	13,700
Intangibles, net	132,948	138,525
Goodwill	$ 155,330	$ 155,247

Segment Information - Schedule of Results by Business Segment (Detail) - USD ($)
$ in Thousands

3 Months Ended

Jul. 31, 2017

Jul. 31, 2016

^[1]

$ 129,021

$ 206,951

^[1]

88,389

119,382

^[1]

40,632

87,569

^[1]

(3,200)

52,524

Intersegment Eliminations

^[1]

(2,128)

15,290

^[1]

(2,952)

(856)

^[1]

(2,800)

(862)

^[1]

(152)

^[1]

12,795

12,652

Operating Segments

^[1]

129,021

206,951

Corporate

^[1]

(11,770)

(11,659)

^[1]

(2,887)

(3,620)

Firearms Segment

Firearms Segment | Intersegment Eliminations

^[1]

98,357

192,400

Firearms Segment | Operating Segments

^[1]

1,081

794

^[1]

99,438

193,194

^[1]

72,757

112,370

^[1]

26,681

80,824

^[1]

668

54,416

Outdoor Products & Accessories Segment

^[1]

2,395

19,967

Outdoor Products & Accessories Segment | Intersegment Eliminations

^[1]

30,664

14,551

Outdoor Products & Accessories Segment | Operating Segments

^[1]

1,871

^[1]

32,535

14,613

^[1]

18,432

7,874

^[1]

14,103

6,739

^[1]

(4,893)

^[2]

(2,885)