Tuesday, December 08, 2015 5:10:22 PM
Revenue of $143.24M (+32.1% Y/Y) beats by $4.
Smith & Wesson Holding Corporation Reports Second Quarter Fiscal 2016 Financial Results
Tue December 8, 2015 4:05 PM|PR Newswire | About: SWHC
SPRINGFIELD, Mass., Dec. 8, 2015 /PRNewswire/ -- Smith & Wesson Holding Corporation (SWHC), a leader in firearm manufacturing and design, today announced financial results for the fiscal second quarter ended October 31, 2015.
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Second Quarter Fiscal 2016 Financial Highlights
Quarterly net sales were $143.2 million, an increase of 32.1% over the second quarter last year. Firearms division net sales of $124.9 million increased by 15.2% over the comparable quarter last year. Accessories division net sales of $18.4 million increased by 24.6% over the comparable quarter last year, which was prior to the company's acquisition of Battenfeld Technologies, Inc. (BTI) on December 11, 2014.
Gross margin for the quarter was 39.2% compared with 32.1% in the comparable quarter last year.
Quarterly GAAP net income was $12.5 million, or $0.22 per diluted share, compared with $5.1 million, or $0.09 per diluted share, for the comparable quarter last year. Second quarter 2016 GAAP net income per diluted share included an expense of $0.03 for amortization expense, net of tax, related to the acquisition of BTI.
Quarterly non-GAAP net income was $14.2 million, or $0.25 per diluted share, compared with $5.2 million, or $0.10 per diluted share, for the comparable quarter last year.
Quarterly non-GAAP Adjusted EBITDAS was $33.4 million, or 23.3% of net sales.
James Debney, Smith & Wesson Holding Corporation President and Chief Executive Officer, said, "The combined strength of our firearms and accessories divisions delivered results that exceeded our financial guidance for sales and net income, reflecting the successful implementation of our growth strategy. Based on our second quarter performance, we are raising our fiscal 2016 guidance for revenue as well as net income. Higher revenue in our firearms division was driven by increased orders for our Smith & Wesson SDVE polymer pistols, M&P® Shield" and M&P BODYGUARD® polymer pistols, and our long guns, especially our Thompson/Center" Venture" bolt-action rifles. Our accessories division, which was established less than one year ago, also continued to deliver excellent results, with double-digit, year-over-year revenue growth and gross margins that came in above the year-ago quarter. During the second quarter, we introduced a range of new products including the new Thompson/Center Strike" Muzzleloader; the M&P BODYGUARD 380 with Crimson Trace® Green Laserguard®; the M&P Shield pistol with tritium night sights, a new engraved SW1911 pistol from Smith & Wesson Custom Engraving; and from our Performance Center, the new ported M&P Shield in 9mm and 40S&W for enhanced performance. We look forward to showcasing these new products, and others, at SHOT Show in January."
Jeff Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer, said, "Our gross margin performance was strong in the second quarter, driven by the favorable impact of increased production volumes in our firearms division and by gross margins in our accessories division in excess of 50.0%. For the first half of fiscal 2016, we generated $22.8 million in operating cash flow and $8.6 million in free cash flow despite our seasonal inventory build in preparation for the hunting and holiday shopping seasons. Our balance sheet remains healthy as we ended the second quarter with cash of $54.1 million and no borrowings on our $175.0 million revolving line of credit."
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