Third Quarter Fiscal 2013 Financial Highlights
- Net sales from continuing operations for the third quarter were $136.2 million, up 38.8% from the third quarter last year. The company continued to increase its production capacity during the third quarter and has operated its plant at essentially full capacity for the last four quarters. Despite these capacity increases, the company was unable to meet the ongoing demand across all of its firearm product lines.
- Gross profit for the third quarter was $50.1 million, or 36.8% of net sales, compared with gross profit of $30.0 million, or 30.6% of net sales, for the comparable quarter last year. Gross profit improved as a result of increased sales volume, leveraging of fixed costs, and a favorable product mix.
- Operating expenses for the third quarter were $22.1 million, or 16.2% of net sales, compared with operating expenses of $19.7 million, or 20.1% of net sales, for the third quarter last year. The increase in operating expenses was primarily related to higher general and administrative costs associated with the ongoing implementation of the company's new ERP system and incentive compensation. The decline in operating expenses as a percentage of net sales was primarily driven by increased sales volume and controlled spending in sales and marketing.
- Operating income from continuing operations for the third quarter was $28.0 million, or 20.6% percent of net sales, compared with operating income from continuing operations of $10.3 million, or 10.5% percent of net sales, for the comparable quarter last year.
- Income from continuing operations for the third quarter was $17.5 million, or $0.26 per diluted share, more than triple the net income from continuing operations of $5.4 million, or $0.08 per diluted share, for the third quarter last year.
- Non-GAAP Adjusted EBITDAS from continuing operations for the third quarter increased to $33.3 million compared with $14.8 million for the third quarter last year. Fiscal year-to-date non-GAAP Adjusted EBITDAS was $101.5 million compared with $37.2 million for the comparable prior year period.
Operating cash flow of $33.0 million and net capital spending of $12.6 million for the third quarter resulted in free cash flow of $20.4 million.
During the third quarter of fiscal 2013, the company's Board of Directors approved a program to repurchase up to $35.0 million of Smith & Wesson's common stock, subject to certain conditions, in the open market or privately negotiated transactions on or prior to June 30, 2013. The company repurchased 2.1 million shares of its common stock for $20.0 million through this program during the third quarter of fiscal 2013 utilizing cash on hand.
About Smith & Wesson
Smith & Wesson Holding Corporation is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality firearms, related products, and training to the global military, law enforcement, and consumer markets.
Smith & Wesson
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