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Gun Reports - News

Smith & Wesson Reports Second Quarter
Fiscal 2012 Financial Results

(GunReports.com) -- Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) has announced financial results for the second quarter of fiscal 2012.

Second Quarter Fiscal 2012 Financial Highlights

• The financial results of the company's security solutions business are reported as discontinued operations for all periods presented as a result of the company's previously announced plan to divest those operations.
• Net sales from continuing operations for the second quarter were $92.3 million, up 10.5% from the year-ago quarter, reflecting strength across nearly all firearm products, offset by a decline in hunting product sales.
• Gross profit was $24.6 million, or 26.7% of sales, compared with gross profit of $25.4 million, or 30.4% of sales, for the year-ago quarter, reflecting the impact of costs associated with a Thompson/Center Arms product recall, as well as direct costs and the efficiency impact associated with the consolidation of the Thompson/Center Arms business to Springfield, Massachusetts, which was completed in November. Excluding those items, second quarter gross profit margin would have been 29.8%.
• Operating expense for the second quarter totaled $21.2 million, or 22.9% of sales, compared with operating expense of$20.6 million, or 24.7% of sales, for the second quarter last year.
• Net income from continuing operations for the second quarter was $948,000, or $0.01 per diluted share, compared with net income from continuing operations of $2.6 million, or $0.04 diluted share, for the second quarter last year. Net income from continuing operations for the second quarter included expenses totaling $0.04 per diluted share related to the combined impact of the Thompson/Center Arms consolidation and product recall as well as the legal fees incurred in connection with the ongoing DOJ and SEC investigations. Net income from continuing operations for the prior year comparable quarter included expenses totaling $0.03 per diluted share related to the DOJ and SEC matters.
• Non-GAAP adjusted EBITDAS from continuing operations for the second quarter totaled $10.2 million compared with $10.8 million for the year-ago quarter.
• At the end of the quarter, firearm backlog was $149.9 million, which was $117.5 million higher than at the end of the second quarter last year and $1.1 million higher than the most recent sequential quarter.
• Operating cash flow of $13.2 million and capital spending of $1.6 million resulted in free cash flow of $11.6 million.

James Debney, Smith & Wesson Holding Corporation President and Chief Executive Officer, said, "Our second quarter was a productive one, delivering sales growth across all of our handgun and modern sporting rifle categories, and highlighted by a number of accomplishments that demonstrate our sole focus on firearms. During the quarter, we made the decision to divest our security solutions business, and we engaged Wedbush Securities to manage that effort. We neared completion of our Thompson/Center Arms consolidation, an action designed to improve efficiencies and enhance gross margins. We shipped our Military & Police (M&P) firearms to a number of police departments in the United States, and we shipped our first order to the Belgium Federal Police pursuant to a multi-year contract, which was our largest single contract to date for our M&P polymer pistols. On the administrative front, we reduced our line of credit to better match our current needs, and we successfully settled a patent infringement claim against a rifle competitor to defend our intellectual property."

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Reader Comments

I'm beginning to think that guns and ammunition and associated gear are the growth industries of the decade.

Comment by: david b | December 15, 2011

Well, david b, if we continue to buy up as much as we can, we'll have some fairly decent investments. And, if investment opportunities aren't your thing, what you buy now might well be good barter material in the future.....

Comment by: canovack | December 15, 2011

Ideally I'd like to be able to buy both stocks and products. I'd be investing in products which I consider investments (or insurance, depending on future events) and getting dividends on the money I spend on the products. Kind of like a cash-back program, where the value of your membership could grow in addition to getting the cash.

Comment by: david b | December 15, 2011

Few things if any, in my experience, turn out to be ideal. If I wasn't such an old fart content with collecting my Army retirement, teaching retirement, and Social Security annuity I might get excited about some other investment opportunities. As it is now, I'm content to add one or two firearms to my collection each month.

Comment by: canovack | December 15, 2011