美國
證券交易委員會
華盛頓特區 20549
表格
根據1934年證券交易法第13或15(d)條款的季度報告。 |
根據1934年證券交易法第13或15(d)條款的過渡報告 |
截至2024年6月30日季度結束
委員會檔案號碼。
（依憑章程所載的完整登記名稱）
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(依據所在地或其他管轄區) 的註冊地或組織地點) |
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(國稅局僱主 識別號碼) |
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(總部辦公地址) |
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(郵遞區號) |
(
(註冊人電話號碼，包括區號)
根據本法第 12 (b) 條註冊的證券：
每個類別的標題 |
交易符號 |
註冊的交易所名稱 |
勾選表示登記商：(1) 是否已在過去12個月內（或登記商需提交報告的較短期間內）依照1934年證券交易法第13條或第15(d)條的規定提交所有報告?，並且(2) 在過去90天內已受過此等報告要求的條款約束。
用勾選方式表示，註冊人在過去12個月（或註冊人需提交此類文件的較短期間）已向適用法規S-t條例405條的提交每一個互動數據文件。
請勾選指示登記者是否為大型快速提交人、快速提交人、非快速提交人、較小的報告公司或新興成長型公司。請參閱交易所法規120億2條，了解「大型快速提交人」、「快速提交人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速歸檔人 |
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☒ |
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非加速歸檔人 |
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小型報告公司 |
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新興成長型企業 |
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如果是新興成長公司，請用勾選表示該註冊人已選擇不使用根據《交易所法》第13(a)條提供的任何新的或修訂的財務會計標準的擴展過渡期來遵守。 ☐
請在核取方框內表明公司是否為空殼公司（根據交易所法規120億2號所定義）。 是 ☐ 否
截至2024年7月26日，註冊人名下擁有2,177,417,976股普通股。
史密斯威森品牌有限公司。
十進二文件10-Q的季度報告
截至2024年和2023年10月31日的三個月和六個月
目錄
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Smith & Wesson®, S&W®, M&P®, M&P Shield®, Performance Center®, Airlite®, Airweight®, American Guardians®, Armornite®, Arrow®, Aurora®, Aurora-II®, Blast Jacket®, Bodyguard®, Carry Comp®, Chiefs Special®, Club 1852®, Competitor®, CSX®, Dagger®, E-Series®, EZ®, Flexmag®, G-Core®, Gemtech®, Gemtech Suppressors®, GM®, Gm-S1®, GMt-Halo®, Governor®, GVAC®, Integra®, Lady Smith®, Lever Lock®, Lunar®, M&P FPC®, M2.0®, Magnum®, Mist-22®, Mountain Gun®, Protected by Smith & Wesson®, Put A Legend On Your Line®, Quickmount®, Shield®, Silence is Golden®, Smith & Wesson Collectors Association®, Smith & Wesson Performance Center®, Smith & Wesson Precision Components®, Smith & Wesson Response®, SW Equalizer®, SW22 Victory®, TEMPO®, The S&W Bench®, The Sigma Series®, Trek®, Volunteer®, 和 Weather Shield® 是我們公司或其子公司的一些註冊美國商標。本報告還可能包含其他公司的商標和商號。
關於前瞻性信息聲明
本季度報告（表格10-Q）中包含的陳述中，非純歷史性的陳述是根據《1933年證券法》第27A節及《1934年證券交易法》第21E節（簡稱《交易所法》）的定義屬於前瞻性陳述。除本季度報告（表格10-Q）中包含或引用的歷史事實陳述外，所有其他陳述，包括關於我們未來經營結果、未來財務狀況、業務策略、目標、計劃、前景、市場以及未來運營計劃和目標的陳述，均爲前瞻性陳述。在某些情況下，您可以通過諸如“預期”、“相信”、“估計”、“期望”、“意圖”、“目標”、“考慮”、“項目”、“預測”、“可能”、“或許”、“計劃”、“將”、“會”、“應該”、“能夠”、“潛在”、“繼續”、“目標”或這些術語的否定形式或類似表達來識別前瞻性陳述。然而，並非所有的前瞻性陳述都包含這些識別性詞語。本季度報告（表格10-Q）中的具體前瞻性陳述包括關於計劃在2024年12月搬離康涅狄格州深河設施的聲明；我們當前的信念表明，利用深河設施的資產沒有減值跡象；根據此處定義的轉讓和承擔協議，未來期間預計的未折現現金流；我們未來期間所有經營租賃和融資租賃的租金支付；我們期望與未歸屬的限制性股票單位（RSUs）和績效股票單位（PSUs）相關的未確認補償費用將在平均剩餘合同期1.6年內確認；我們相信，雙子星（此處定義）針對我們提出的其餘索賠沒有依據，並且我們打算積極捍衛這一行動；我們對承諾和意外事件-訴訟部分所述的某些問題的看法是指控毫無根據，並且，任何事件及其結果或任何傷害均歸因於索賠人或第三方的疏忽或誤用火器；我們相信，我們在產品責任案件和索賠方面的提存是一種合理的量化衡量，反映了我們承擔的產品責任案件和索賠的成本；我們相信，不利結果或長期訴訟可能對我們的業務造成損害；我們相信，我們在面臨的訴訟中正在積極捍衛自己；我們得出的結論是，我們無法合理估計與這些訴訟有關的材料不利判決的可能性或合理可能損失的預估區間，並且我們決定不爲這些訴訟中的判決提存；我們相信，我們已提供足夠的費用提存來支付辯護費用；我們意圖在與田納西州瑪麗維爾的新設施相關的情況下，在2025年12月31日或之前，承擔或導致總資本支出不少於12000萬美元，創造不少於620個新工作崗位，並維持該設施的平均時薪至少爲25.97美元；我們預計，在增加機械和設備成本時，到2025財年結束時將支出在16500萬美元到17000萬美元之間；我們相信，內部和分銷渠道的存貨水平超過需求可能對未來的經營結果產生負面影響；我們預計，在財政年度剩餘時間內我們的存貨水平將下降；我們對2025財年的資本支出期望；影響我們未來資本需求的因素；在可接受的條款下的股權或債務融資的可用性，或者說根本沒有；我們的股息的記錄日期和支付日期；以及我們相信我們的現有資本資源和信貸設施將足以支持我們未來12個月的運營。本報告中包含的所有前瞻性陳述均基於截至本日期我們所掌握的信息，僅就該日期發言。除法律要求外，我們不承擔更新任何前瞻性陳述的義務，以反映該日期之後的事件或情況。本季度報告（表格10-Q）中包含或引用的前瞻性陳述反映了我們截至本日期對應未來事件的看法，並且受到可能導致我們實際結果、表現或成就與任何前瞻性陳述中表達或暗示的結果顯著不同的風險、不確定性、假設和情況變化的影響。儘管我們認爲前瞻性陳述中反映的期望是合理的，但我們無法保證未來事件、結果、表現或成就的實現。多個因素可能導致實際結果與前瞻性陳述指示的結果大相徑庭。這些因素包括但不限於經濟、政治、社會、立法、監管、通貨膨脹和健康因素；2024年選舉的結果；對火器和火器相關產品的監管可能增加；社會活動家的行動可能對我們的業務產生不利影響；訴訟的影響；我們產品的需求；美國經濟整體以及火器行業的現狀；一般經濟條件和消費者支出模式；我們的競爭環境；原材料和元件的供應、可用性和成本；圍繞恐怖主義和犯罪的恐懼的投機；我們預期的增長和增長機會；我們有效管理和執行搬遷的能力；我們在國內外各個市場，包括消費、執法和軍工渠道，提高對我們產品的需求的能力；我們在新興市場和現有市場的滲透率；我們的策略；我們維持和提升品牌認知度和聲譽的能力；我們推出新產品的能力；新產品的成功；我們擴展市場的能力；我們未處理訂單被取消的潛在情況；以及根據時間的推移在我們向證券交易委員會（SEC）提交的報告中詳細說明的其他因素，包括截至2024年4月30日的財年的表格10-K年報，或2024財年的表格10-K。
P第一部分 — 財務信息
項目 1。 金融財務報表
史密斯&韋森品牌公司及其子公司
簡明綜合簡明資產負債表
(未經審計)
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截至日期： |
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2024年10月31日 |
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2024年4月30日 |
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（在 千位，除面值和分享數據外) |
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資產 |
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流動資產: |
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現金及現金等價物 |
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$ |
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$ |
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應收賬款，扣除信用損失準備金$ |
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存貨 |
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預付費用及其他流動資產 |
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應付所得稅款項 |
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流動資產總額 |
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不動產、廠房及設備，扣除折舊及攤銷後淨值 |
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無形資產淨值 |
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商譽 |
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遞延所得稅 |
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其他資產 |
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總資產 |
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$ |
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$ |
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負債及股東權益 |
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流動負債： |
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應付賬款 |
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$ |
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$ |
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應計費用和遞延營業收入 |
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應計工資和激勵 |
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應計利潤分享 |
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應計保固責任 |
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流動負債總額 |
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應付票據及貸款（附註3） |
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融資租賃應付賬款，扣除當前部分 |
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其他非流動負債 |
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總負債 |
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股東權益： |
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優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。 |
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0.01 |
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資本公積額額外增資 |
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保留盈餘 |
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其他綜合收益累積額 |
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庫存股（ |
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( |
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( |
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股東權益總額 |
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負債總額及股東權益合計 |
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$ |
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$ |
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隨附附注是這些簡明綜合財務報表的重要組成部分。
4
史密斯&韋森品牌公司及其子公司
總體簡明財務報表 OF 收入
(未經審計)
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截至三個月結束 |
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截至六個月 |
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2024 |
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2023 |
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2024 |
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2023 |
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(以千為單位，除每股數據外) |
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營業淨收入 |
$ |
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$ |
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$ |
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$ |
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銷售成本 |
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毛利潤 |
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營運費用： |
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研發 |
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銷售、營銷和分銷 |
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一般及行政費用 |
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營業費用總額 |
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營業收入 |
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其他（費用）/收入，淨 |
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其他 (費用)/收益，淨額 |
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( |
) |
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( |
) |
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利息費用，淨額 |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
總其他費用，淨額 |
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( |
) |
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( |
) |
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( |
) |
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( |
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營業稅前收入 |
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所得稅費用 |
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凈利潤 |
$ |
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$ |
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$ |
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$ |
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每股淨利潤： |
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基本-淨利潤 |
$ |
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$ |
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$ |
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$ |
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稀釋後-淨利潤 |
$ |
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$ |
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$ |
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$ |
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流通的普通股加權平均數量： |
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基本 |
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攤薄 |
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隨附附注是這些簡明綜合財務報表的重要組成部分。
5
史密斯&韋森品牌公司及其子公司
總體簡明財務報表 OF 股東權益變動
(未經審計)
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累積的 |
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Common |
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追加 |
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其他 |
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總計 |
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股票 |
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已付資本 |
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保留 |
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綜合 |
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庫藏股 |
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股東的 |
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(單位: 千元) |
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股份 |
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金額 |
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資本 |
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盈餘 |
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收入 |
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股份 |
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金額 |
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權益 |
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截至2023年7月31日的餘額 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
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基於股票的薪酬 |
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— |
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— |
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— |
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— |
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— |
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— |
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員工購股計劃下發行的股份。 |
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— |
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— |
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— |
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— |
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— |
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限制性普通股的發行 |
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— |
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( |
) |
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— |
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— |
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— |
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— |
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( |
) |
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回購庫藏股 |
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— |
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— |
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— |
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— |
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|
— |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
未支付的分紅派息 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
( |
) |
已發放分紅派息（每普通分享$0.12） |
|
|
— |
|
|
|
— |
|
|
|
— |
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( |
) |
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— |
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— |
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— |
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( |
) |
凈利潤 |
|
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— |
|
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— |
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— |
|
|
|
|
|
|
— |
|
|
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— |
|
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— |
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|||
2023年10月31日結餘 |
|
|
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|
$ |
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|
$ |
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|
$ |
|
|
$ |
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|
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$ |
( |
) |
|
$ |
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|||||||
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||||||||
截至2023年4月30日的餘額 |
|
|
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|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
|
|||||||
基於股票的薪酬 |
|
|
— |
|
|
|
— |
|
|
|
|
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|
— |
|
|
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— |
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— |
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— |
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||
員工發行的股份 |
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— |
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— |
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|
— |
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— |
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|
— |
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|||
根據限制性股票的普通股發行 |
|
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|
— |
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( |
) |
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— |
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— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
回購庫藏股 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||||
應計未支付的分紅 |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
||||||
分紅派息（每股普通股$0.24） |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
||||||
凈利潤 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
2023年10月31日結餘 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
||||||||
2024年7月31日結餘 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
|
|||||||
基於股票的薪酬 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
員工發行的分享 |
|
|
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|
— |
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|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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|
|||
限制性普通股的發行 |
|
|
|
|
|
— |
|
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( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
回購庫藏股 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||||
未支付的分紅派息累計 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
已發行分紅派息（每普通分享$0.13） |
|
— |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
|||||
凈利潤 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
截至2024年10月31日的餘額 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
|
|||||||
|
|
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|
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|
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|
|
|
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|
||||||||
2024年4月30日結餘 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
|
|||||||
基於股票的薪酬 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
員工發行的股份 |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
根據限制發行普通股 |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
||
回購庫藏股 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||||
未付的分紅累計 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
每股分紅派息（$0.26每普通股） |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
||||||
凈利潤 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
截至2024年10月31日的餘額 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
|
|||||||
隨附附注是這些簡明綜合財務報表的重要組成部分。
6
史密斯&韋森品牌公司及其子公司
綜合財務報表摘要現金流量表
(未經審計)
|
|
截至10月31日的六個月內 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(單位: 千元) |
|
|||||
經營活動現金流量： |
|
|
|
|
|
|
||
凈利潤 |
|
$ |
|
|
$ |
|
||
調整淨利潤與經營活動所使用的/提供的淨現金之間的差額： |
|
|
|
|
|
|
||
折舊及攤銷 |
|
|
|
|
|
|
||
(收益)/資產銷售/處置損失 |
|
|
( |
) |
|
|
|
|
應收賬款的損失/(回收)準備 |
|
|
|
|
|
( |
) |
|
股份報酬支出 |
|
|
|
|
|
|
||
營運資產和負債的變化： |
|
|
|
|
|
|
||
應收賬款 |
|
|
|
|
|
( |
) |
|
存貨 |
|
|
( |
) |
|
|
|
|
預付費用及其他流動資產 |
|
|
( |
) |
|
|
( |
) |
所得稅 |
|
|
( |
) |
|
|
( |
) |
應付賬款 |
|
|
( |
) |
|
|
|
|
應計工資和激勵 |
|
|
( |
) |
|
|
|
|
應計利潤分享 |
|
|
( |
) |
|
|
( |
) |
應計費用和遞延營業收入 |
|
|
|
|
|
|
||
應計保固責任 |
|
|
( |
) |
|
|
( |
) |
其他資產 |
|
|
|
|
|
|
||
其他非流動負債 |
|
|
( |
) |
|
|
( |
) |
經營活動產生之淨現金流量 |
|
|
( |
) |
|
|
|
|
投資活動之現金流量: |
|
|
|
|
|
|
||
用於收購專利和軟件的支出 |
|
|
( |
) |
|
|
( |
) |
產銷土地及設備款項 |
|
|
|
|
|
|
||
用於收購房地產和設備的支出 |
|
|
( |
) |
|
|
( |
) |
投資活動中使用的淨現金 |
|
|
( |
) |
|
|
( |
) |
來自籌資活動的現金流量: |
|
|
|
|
|
|
||
貸款和應付票據的收益 |
|
|
|
|
|
|
||
支付債券發行成本的現金 |
|
|
( |
) |
|
|
|
|
融資租賃義務的支付 |
|
|
( |
) |
|
|
( |
) |
支付票據和應付款 |
|
|
|
|
|
( |
) |
|
支付用於收購庫藏股的款項 |
|
|
( |
) |
|
|
( |
) |
分紅派息 |
|
|
( |
) |
|
|
( |
) |
用於從員工股票購買計劃中購買普通股的收益 |
|
|
|
|
|
|
||
支付與員工預扣稅相關的費用 |
|
|
( |
) |
|
|
( |
) |
籌資活動提供的淨現金 |
|
|
|
|
|
|
||
現金及現金等價物淨減少額 |
|
|
( |
) |
|
|
( |
) |
期初現金及現金等價物 |
|
|
|
|
|
|
||
現金及現金等價物期末餘額 |
|
$ |
|
|
$ |
|
||
現金流額外披露 |
|
|
|
|
|
|
||
支付現金： |
|
|
|
|
|
|
||
利息，扣除已 capitalized 的金額 |
|
$ |
|
|
$ |
|
||
所得稅 |
|
$ |
|
|
$ |
|
||
隨附附注是這些簡明綜合財務報表的重要組成部分。
7
史密斯威森品牌公司及其子公司
簡明綜合現金流量表 - （續）
（未經審計）
非現金投資活動的補充披露:
|
|
截至10月31日的六個月內 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(單位: 千元) |
|
|||||
購買的財產和設備包括在應付賬款中 |
|
$ |
|
|
$ |
|
||
資本租賃包括在應計費用和融資租賃應付款中 |
|
|
|
|
|
|
||
隨附附注是這些簡明綜合財務報表的重要組成部分。
8
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
(1) 組織：
我們是世界領先的槍械製造商和設計師之一。我們製造各種手槍（包括左輪手槍和自動手槍）、長槍（包括現代運動步槍、手槍口徑卡賓槍和槓桿式步槍）、手銬、槍械消聲器，以及其他與槍械相關的產品，銷售給包括槍械愛好者、收藏家、獵人、運動員、競技射手、尋求家居和個人保護的個人、執法和安防-半導體機構及其官員，以及美國和全球的軍工-半導體機構等各種客戶。我們以Smith & Wesson和Gemtech品牌銷售我們的產品。我們在馬薩諸塞州斯普林菲爾德、緬因州霍爾頓， 康涅狄格州深河； 以及田納西州瑪麗維爾。我們還向其他企業出售我們的製造服務，以試圖平衡我們工廠的負載。我們以Smith & Wesson和Smith & Wesson Precision Components品牌出售這些服務。在2024財年，我們開始在新的瑪麗維爾設施進行製造和分銷活動。在截至2024年10月31日的季度中，我們出於在2024年12月騰出場地的預期，停止了我們在康涅狄格州設施的運營。請參見第8條 - 承諾事項和或有事項 和第9條 - 重組 有關更多信息，請參見At-the-Market Equity Issuance Program。
(2) 表示基礎：
中期基本報表信息 – 截至2024年10月31日的簡明合併資產負債表，2024年和2023年截至10月31日三個月和六個月的簡明合併損益表，2024年和2023年截至10月31日三個月和六個月的簡明合併股東權益變動表，以及2024年和2023年截至10月31日六個月的簡明合併現金流量表均由我們編制，無需審計。我們認爲，所有調整，包括僅爲公正呈現財務狀況、經營結果、股東權益變動和現金流量所需的正常經常性調整，均已包含在內。所有關聯交易均在合併中被消除。截至2024年4月30日的合併資產負債表是基於我們審計過的合併基本報表得出的。
根據美國一般公認會計原則（GAAP）編制的基本報表中通常包含的某些信息和附註披露已被簡化或省略。這些簡明的合併基本報表應與我們2024財年10-K表中包含的合併基本報表及其附註一起閱讀。2024年10月31日結束的三個月和六個月的經營結果 可能 可能不代表截至2025年4月30日財年結束時可能預期的結果。或其他任何時期。
最近發佈的會計標準 – 在2023年11月，財務會計準則委員會（FASb）發佈了會計準則更新（“ASU”）第2023-07號，改進可報告分部披露，要求對實體的可報告分部進行增量披露，但不改變分部的定義或確定可報告分部的指導。新指導要求披露顯著的分部費用，這些費用（1）定期提供給（或易於從定期提供的信息計算）首席運營決策maker，以及（2）包含在報告的分部利潤或損失的度量中。新標準還允許公司披露多個分部利潤或損失的度量，如果這些度量用於評估績效和分配資源。此更新對2023年12月15日後開始的財年生效，除非不可行，應當追溯採用。此更新將對我們生效，從我們的年報10-k表格開始，適用於截至2025年4月30日的財年及其後的中期。我們目前正在評估此次標準的採納對基本報表的影響（如有）。
在2023年12月，FASb發佈了ASU第2023-09號，改進所得稅披露，要求實體在其稅率調解表中披露關於聯邦、州和外國所得稅的額外類別信息，並在某些類別中提供更多的調解項目細節，如果這些項目滿足定量閾值。實體必須提供有關新類別的定性披露。指導要求所有實體披露已支付的所得稅，扣除退款，按聯邦（國家）、州和外國稅分列，並根據定量閾值分解信息。該指導對披露要求進行了其他幾項更改。要求實體前瞻性地應用該指導，並可選擇追溯應用。該指導對於2024年12月15日後開始的年度期間生效，或對於我們來說爲2026財年。我們目前正在評估此次標準的採納對基本報表的影響（如有）。
在2024年11月，FASB發佈了ASU第2024-03號，收入報表費用的細分，要求實體在基本報表的附註中披露關於在收入報表中每個相關費用標題中包含的某些成本和費用的信息。實體還需要披露關於這些金額的定性描述。
9
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
在相關的費用標題中，未單獨量化的部分。實體需要披露銷售費用的總額，並在年度報告中，定義銷售費用。實體應當前瞻性地應用該指導，選擇性地可以追溯應用。 該指導適用於2026年12月15日之後開始的年度期間，或我們財政年度2028年。我們目前正在評估採納該標準對財務披露的影響。
(3) 應付票據和貸款：
信貸貸款 — 在2020年8月24日，我們及某些子公司與包括TD Bank, N.A.（作爲管理代理）、TD Securities（USA）LLC 和Regions Bank（作爲聯合主承銷商和聯合簿記人）在內的某些貸款人簽署了修改和重述的信貸協議，即修改和重述的信貸協議。該協議提供了在任何時候可用的$
在2024年10月3日，我們及某些子公司與包括TD Bank, N.A.（作爲管理代理）、TD Securities（USA）LLC 和Regions Bank（作爲聯合主承銷商和聯合簿記人）在內的某些貸款人簽署了修改和重述的信貸協議，即第二份修改和重述的信貸協議。第二份修改和重述的信貸協議對修改和重述的信貸協議進行了修訂和重述。第二份修改和重述的信貸協議目前沒有擔保；但是，如果發生任何觸發事件（在第二份修改和重述的信貸協議中定義），我們及某些子公司將需要簽署某些文件，以支持TD Bank, N.A.作爲管理代理，作爲這些文件相關方的貸款人將享有法律有效的優先權利，對其中描述的擔保物享有可執行的優先權。
第二份修改和重述的信貸協議提供了$
截至2024年10月31日時，我們可供借款的金額為0萬，包括我們的加拿大子設施，受借款基準限制限制，扣除未償信用證
《第二次修訂和重述的信用協議》包含習慣性的限制，包括對債務、留置權、業務或組織結構的根本變化、投資、貸款、預付款、擔保、收購、資產出售、分紅派息、股票回購、股票贖回以及其他債務的贖回或提前還款，以及與關聯方的交易的限制。我們還受到財務契約的約束，包括最低合併固定費用覆蓋比率和最大合併槓桿比率。截至2024年10月31日，我們遵守所有所需的財務契約。
信用狀 — 截至2024年10月31日，我們有未到期的信用證總額爲 $
10
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
(4) 公允價值計量：
我們遵循《會計準則彙編》，即ASC 820-10的規定， 公允價值計量和披露主題，或ASC 820-10，對我們的金融資產和負債進行計量。ASC 820-10提供了在GAAP下計量公允價值的框架，並要求擴展與公允價值計量相關的披露。ASC 820-10將公允價值定義爲在計量日以有序交易的方式在市場參與者之間進行交易時，爲資產獲得的交換價格或爲轉移負債而支付的價格（即退出價格），該交易發生在資產或負債的主要或最有利市場中。ASC 820-10還建立了公允價值層次結構，要求實體在計量公允價值時最大限度地使用可觀察輸入，儘可能少使用不可觀察輸入。
在附帶的合併資產負債表中記錄的金融資產和負債根據估值技術的輸入進行分類，如下所示：
第1級 — 其價值基於我們在計量日能夠接觸到的活躍市場中相同資產或負債的未經調整的報價（例如，活躍交易的股票證券、上市衍生品，以及大部分美國政府及其機構的證券）的金融資產和負債。
我們的現金及現金等價物定期以公允價值計量，總計$
第2級 — 金融資產和負債的價值基於在交易不頻繁的市場中的報價，或者基於在活躍市場中具有相似屬性的工具報價的價值。二級輸入包括以下內容：
Level 3 — 基於價格或估值技術的金融資產和負債，其價值需要輸入，且這些輸入是不可觀察的並且對整體公允價值測量是重要的。這些輸入反映了我們對市場參與者在定價資產或負債時使用的假設的判斷。
我們沒有宣佈在呈報期間派發任何分紅。下表裡提供共同股每股基本盈餘和稀釋盈餘的計算方法，涉及2024年和2023年六月三十日結束三個月的財務報表。
(5) 庫存：
下表概述了截至以下日期的庫存，按照成本或淨可變現價值中的較低者列示： 2024年10月31日和2024年4月30日（以千計）：
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2024年10月31日 |
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2024年4月30日 |
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成品 |
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$ |
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$ |
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成品部件 |
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在製品 |
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原材料 |
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庫存總額 |
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$ |
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$ |
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||
11
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
(6) 應計費用和遞延收入:
以下表格列出了截至2024年10月31日和2024年4月30日的其他應計費用（以千爲單位）: 以下表格列出了截至2024年10月31日和2024年4月30日的其他應計費用（以千爲單位）:
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2024年10月31日 |
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2024年4月30日 |
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應計專業費用 |
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$ |
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$ |
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||
除所得稅外的其他應計稅款 |
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應計和解 |
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應計員工福利 |
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累計分銷商獎勵 |
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融資租賃負債的當期部分 |
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累計折扣和促銷 |
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營運租賃債務的流動部分 |
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應計其他款項 |
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總計已計提費用和遞延營業收入 |
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$ |
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$ |
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||
(7) 股東權益:
庫藏股
2023年9月19日，我們的董事會授權回購高達美元的普通股，須符合特定條件，在公開市場或私下協商的交易中，截至2024年9月19日或2023年授權。在2024財年，我們購買了美元。在2025財年，我們已經購買了美元。2023年授權於2024年9月19日到期。2024年9月5日，我們的董事會授權回購高達美元
在截至2024年10月31日的三個月內，我們共回購了
每股盈利
下表提供了淨利潤金額和用於確定基本和稀釋每股收益的普通股和普通股等效股的加權平均數的調解 2024年和2023年10月31日結束的三個月（金額以千爲單位，除每股數據外）：
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截至10月31日的三個月 |
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2024 |
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2023 |
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Net |
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每股盈餘 |
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Net |
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每股盈餘 |
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收入 |
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股份 |
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金額 |
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收入 |
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股份 |
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金額 |
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基本盈利 |
$ |
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$ |
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$ |
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$ |
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攤薄股份獎項的影響 |
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期末稀釋每股收益 |
$ |
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$ |
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$ |
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$ |
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12
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
下表提供了截至2024年和2023年10月31日的六個月期間，淨利潤金額和用於判斷基本和稀釋每股收益的加權平均普通股及普通股等價分享數量的對賬（以千爲單位，除每股數據外）：
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截至10月31日的六個月， |
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2024 |
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2023 |
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Net |
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每股盈餘 |
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Net |
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每股盈餘 |
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收入 |
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股份 |
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金額 |
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收入 |
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股份 |
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金額 |
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基本盈利 |
$ |
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$ |
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$ |
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$ |
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攤薄股份獎項的影響 |
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( |
) |
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期末稀釋每股收益 |
$ |
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$ |
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$ |
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$ |
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截至2024年和2023年10月31日的三個月，有
激勵股票和員工股票購買計劃
我們有兩個股票激勵計劃：2013年激勵股票計劃和2022年激勵股票計劃，或稱激勵股票計劃，員工和非員工可以在此計劃下獲得股票期權、限制性股票獎勵、限制性股票單位、股票增值權、獎勵股票和代替義務的獎勵、績效獎勵及股息等價物。自從我們的股東在2022年9月的年度股東大會上批准2022年激勵股票計劃以來，2013年激勵股票計劃下未發放任何獎勵。所有新的獎勵都在2022年激勵股票計劃下發放。
我們有一個員工股票購買計劃，或稱ESPP，參與者在該計劃中可在每個後續行使日期以折扣價購買我們的普通股，具體條款根據ESPP的定義而定，符合ESPP的條款。
總的基於股票的補償費用，包括我們ESPP下的購買以及在激勵股票計劃下授予的限制性股票單位和基於績效的限制性股票單位，或PSUs， 爲 $
我們向員工和非員工董事會成員授予限制性股票單位。獎勵是以零成本授予受款人。一個限制性股票單位代表獲得一股普通股的權利，並不擁有投票或股息權利。除特定情況下外，授予員工的限制性股票單位在一段時間內歸屬。
我們向我們的執行官授予PSU，並不時向一些不是執行官的管理員工授予PSU。這些PSU在相應的
在截至2024年10月31日的六個月期間，我們授予了總共的
在截至2023年10月31日的六個月內我們授予了總共
13
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
未歸屬RSU和PSU的活動總結爲 截至2024年和2023年10月31日的六個月活動如下：
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截至10月31日的六個月內 |
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2024 |
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2023 |
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加權 |
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加權 |
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總數 # 的 |
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平均值 |
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總數 # 的 |
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平均值 |
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受限制 |
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授予日期 |
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受限制 |
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授予日期 |
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股票單位 |
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公允價值 |
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股票單位 |
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公允價值 |
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期初尚未行使的RSU和PSU |
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$ |
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$ |
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授予 |
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已發行股票 |
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( |
) |
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( |
) |
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放棄 |
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( |
) |
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( |
) |
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期末尚未行使的RSU和PSU |
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截至2024年10月31日，這裡有$
(8) 承諾和或有事項：
訴訟
2018年1月，Gemini Technologies, Incorporated（以下簡稱Gemini）在美國愛達荷州地方法院對我們提起訴訟。起訴書指控我們違反了與Gemini達成的資產購買協議及相關協議中的收益條款及其他條款，涉及我們收購Gemtech業務的交易。起訴書請求法院就資產購買協議中的各種條款作出解釋，並要求賠償金額爲$
我們是
14
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
我們是加拿大多倫多安大略省高等法院提起的假定集體訴訟的被告，該訴訟是在加拿大多倫多提起的
2020年5月，我們在一起與2019年4月發生的波威查巴德猶太教堂槍擊事件有關的行動中被點名。該申訴是在加利福尼亞州中部聖地亞哥縣高等法院提起的，並就產品責任、不正當競爭、疏忽和公共滋擾向我們提出索賠。原告聲稱他們在事件發生當天在猶太教堂並遭受了身體和/或情感上的傷害。原告尋求補償性和懲罰性賠償、律師費和禁令救濟。2020年9月，我們提出了異議和罷工動議，試圖駁回原告的申訴。2021年7月，法院部分批准了我們的動議，並部分推翻了該動議，裁定（1）《保護合法武器貿易法》禁止原告的產品責任訴訟；（2）原告沒有資格維持根據《不正當競爭法》提起的人身傷害相關損害賠償訴訟，但允許原告進行修改以辯護經濟損失；以及（3）《保護武器合法貿易法》不禁止原告的普通過失和公共滋擾行爲，因爲原告指控我們違反了《美國法典》第 18 條922 (b) (4)，它通常禁止銷售全自動 “機關槍”。2021 年 8 月，我們向加利福尼亞州上訴法院第四上訴區第一分庭提交了委託令狀申請。2021 年 9 月，上訴法院駁回了我們的上訴。2022年2月，法院將該案合併爲三起相關案件，我們不是這三起案件的當事方。2022年3月，法院批准了我們的動議，駁回了原告的《不正當競爭法》索賠，沒有進一步的修改許可。2023 年 2 月 28 日，我們提出了即決判決動議。2023 年 5 月 19 日，法院無偏見地駁回了我們的即決判決動議，並允許原告有時間進行更多發現。我們重新提出的即決判決動議的聽證會於2024年10月11日舉行。探索正在進行中。2024 年 12 月 2 日，法院批准了我們重新提出的即決判決動議。
我們是向美國馬薩諸塞特區地方法院提起的訴訟的被告。2021年8月，墨西哥政府對幾家總部位於美國的槍支製造商和一家槍支分銷商提起訴訟，聲稱被告以他們所知道的經常武裝墨西哥毒品卡特爾的方式設計、營銷、分銷和銷售槍支。除其他索賠外，原告指控所有被告存在疏忽、公共滋擾、設計缺陷、不當致富和賠償以及僅針對我們的違反《馬薩諸塞州消費者保護法》，並正在尋求金錢賠償和禁令救濟。2021年11月，被告提出動議，要求駁回原告的申訴。2022年9月，地方法院批准了被告的解僱動議。2022年10月，原告向美國第一巡迴上訴法院提交了上訴通知書。2024年1月22日，第一巡迴法院推翻了初審法院對該案的駁回。2024年4月18日，被告向美國最高法院提交了移審令申請。2024年8月7日，地方法院基於屬人管轄權的理由駁回了對訴訟中八名被告中的六名（不包括我們）的訴訟。2024年10月4日，美國最高法院批准了被告的移審令申請。2024年10月31日，地方法院發佈命令，在美國最高法院對該案進行審查之前，暫緩審理該案的全部案件。
2022年9月，我們在與2022年7月4日伊利諾伊州高地公園槍擊事件有關的12起幾乎相同的單獨訴訟中被指定爲被告。這些申訴是在伊利諾伊州萊克縣第十九司法巡迴法院提起的，並根據《伊利諾伊州消費者欺詐和欺騙性商業行爲法》對我們提出過失、欺騙和不公平行爲提出索賠。原告聲稱事件發生時他們正在遊行，遭受了身體和/或情感傷害。原告要求賠償性賠償、律師費和禁令救濟。我們向美國伊利諾伊州北區地方法院提出了撤銷每起案件的動議。2022年11月，我們提出了一項動議，要求合併案件，以提出初步動議
15
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
目的。2022年12月，原告提出動議，要求將案件發回州法院。2023年9月，法院批准了原告的還押動議。2023 年 10 月，我們向美國第七巡迴上訴法院提交了上訴通知書。2024年3月，向伊利諾伊州萊克縣巡迴法院提起了三起新訴訟。2024年4月8日，第七巡迴法院確認了還押決定。2024年5月10日，原告提出動議，要求支付因驅逐而產生的律師費。2024年5月17日，我們對原告的動議提出了異議。迄今尚未發佈任何決定。2024年6月和7月，地方法院將12起單獨的訴訟發回州法院，一些原告修改了申訴，刪除了違反聯邦法律的內容，並對我們提出了其他索賠，包括指控違反《伊利諾伊州統一欺騙性貿易慣例法》、疏忽和故意造成情緒困擾以及疏忽委託的索賠。在同一時期，我們在同一州法院針對我們的另外13起單獨案件中也被點名，對我們的指控與最初和經修訂的申訴相似。2024年7月17日，初審法院合併了所有案件，目的是提出駁回和發現的動議。2024年9月16日，被告提出動議，要求駁回原告的25份單獨申訴。
2022年12月，紐約州布法羅市向紐約州伊利縣最高法院對衆多槍支製造商、分銷商和零售商提起訴訟。2022年12月下旬，紐約州羅切斯特市向紐約州門羅郡最高法院對同一被告提起了幾乎相同的申訴。這些投訴指控違反《紐約通用商業法》、公共滋擾和違反紐約通用商業法的欺騙性商業行爲。2023 年 1 月，我們向美國紐約西區地方法院提交了移交案件的通知。2023年3月24日，被告提出動議，要求暫停這兩起案件，等待美國第二巡迴上訴法院對NSSF訴詹姆斯案作出裁決。2023年6月8日，法院批准了被告的合併動議，並在NSSF訴詹姆斯案的上訴得到解決之前暫停審理。
我們認爲，上述各種指控是沒有根據的，此外，任何事件及其結果或任何傷害都是由於索賠人或第三方的疏忽或濫用槍支造成的。
2022年3月，兩名原告代表2018年11月至今在斯普林菲爾德工廠工作的擬議一類現任和前任僱員和臨時工提出索賠，指控不支付工資和加班費，違反了《馬薩諸塞州工資法》和《馬薩諸塞州公平工資法》。雙方達成了和解協議，該協議於2024年3月15日獲得法院的初步批准。2024年9月17日，初審法院法官下令最終批准和解協議。
此外，我們不時參與訴訟、索賠、調查和訴訟，包括在正常業務過程中出現的商業、環境、場所和僱傭事宜。
在個別案件中尋求的救濟主要包括補償性賠償，有時還包括懲罰性賠償。某些案件和索賠要求未指明的補償性或懲罰性賠償。在其他情況下，要求的補償性損害賠償金額可能低於美元
我們還參與了2023年12月5日在內華達州克拉克縣第八司法地區法院提起的假定股東衍生品訴訟。該訴訟是由原告提起的，他們試圖代表我們對我們的董事和某些執行官採取行動。該投訴指控我們因製造、營銷和銷售 “AR-15 式步槍” 而故意違反聯邦、州和地方法律，故意允許我們承擔重大責任，從而違反了信託義務。衍生原告代表我們向個別被告尋求賠償，並對我們的合規程序和治理政策進行改革和改進。2024年3月19日，法院批准了我們根據內華達州法律要求提供擔保的動議。2024年5月6日，法院無偏見地駁回了原告的訴訟，理由是他們未能根據法院的命令交納按金。2024年7月10日和11日，原告分別對無偏見解僱令和案件上訴陳述提出了上訴通知書。2024年7月25日，原告在上訴時提交了保釋通知書。2024年11月21日，內華達州最高法院發佈命令，根據雙方的規定駁回上訴。
在我們面臨的訴訟中，我們正在大力爲自己辯護。不利的結果或曠日持久的訴訟可能會損害我們的業務。這種性質的訴訟也既昂貴又耗時，並且會轉移我們管理層的時間和注意力。
我們監控已知索賠的狀況和相關的產品應計負債，其中包括已申訴和未申報的索賠的辯護費用金額。在諮詢了訴訟律師並審查了每項索賠的案情之後，我們得出的結論是，我們無法合理估計與重大不利相關的合理可能損失的概率或估計範圍
16
史密斯&韋森品牌公司及其子公司
簡明綜合財務報表註釋（未經查核）
截至2024年和2023年10月31日的三個月和六個月
與此類索賠有關的判決，因此，我們沒有累積任何此類判決。將來，如果我們確定損失（或超過應計損失的額外損失）至少是合理可能的和實質性的，那麼如果可以做出這樣的估計，我們將披露對可能損失的估計值或損失範圍，或者披露無法作出估計。我們認爲，我們已經爲國防費用提供了足夠的應計款項。
目前，無法估算出與不利結果有關的合理可能的額外損失。
承諾
20年9月30日21 日，我們宣佈計劃在2023年將總部和重要業務部分遷至田納西州的瑪麗維爾或搬遷。關於搬遷，我們與布朗特工業發展委員會簽訂了項目協議或項目協議
在截至2023年10月31日的六個月中，我們確定密蘇里州配送中心的某些配送設備將不予使用，也無法完全收回此類設備的賬面淨值。因此，我們記錄了美元的減值
此外，我們將部分塑料注射成型業務遷至瑪麗維爾工廠。截至 2024 年 10 月 31 日，我們在深河工廠使用的注塑成型機械和設備已搬遷到瑪麗維爾工廠，或者已被處置。我們認爲沒有任何減值跡象表明深河設施使用的資產存在減值。
(9) Restructuring:
As a result of the Relocation, $
The following table summarizes restructuring charges by line item for the three and six months ended October 31, 2024 and 2023 (in thousands):
17
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the Three and Six Months Ended October 31, 2024 and 2023
|
|
For the Three Months Ended October 31, |
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For the Six Months Ended October 31, |
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2024 |
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2023 |
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2024 |
|
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2023 |
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||||
Cost of sales |
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$ |
|
|
$ |
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|
$ |
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|
$ |
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||||
Selling, marketing, and distribution |
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||||
General and administrative |
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|
|
|
|
|
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( |
) |
|
|
|
|||
Total restructuring charges, net |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The components of the restructuring charges recorded in our condensed consolidated statements of income were as follows (in thousands):
|
|
For the Three Months Ended October 31, |
|
|
For the Six Months Ended October 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Severance and employee-related benefits (a) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
Relocation (a) |
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||||
Public relations |
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Freight |
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Consulting services |
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Employee relations |
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Office rent and equipment |
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|
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|
||||
Total restructuring charges, net |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The following table summarizes the activity in the severance and employee-related benefits and relocation accruals for the six months ended October 31, 2024 (in thousands):
|
|
Severance and employee-related benefits |
|
|
Relocation |
|
|
Total (a) |
|
|||
Accrual at April 30, 2024 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Charges |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Cash payments and settlements |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Accrual at October 31, 2024 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
18
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
Please refer to the Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2024 Annual Report and our unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q. This section sets forth key objectives and performance indicators used by us as well as key industry data tracked by us.
Second Quarter Fiscal 2025 Highlights
Our operating results for the three months ended October 31, 2024 included the following:
During the three months ended October 31, 2024, we purchased 753,631 shares of our common stock for $9.8 million.
Our operating results for the six months ended October 31, 2024 included the following:
During the six months ended October 31, 2024, we purchased 1,624,300 shares of our common stock for $22.6 million.
Results of Operations
Net Sales and Gross Profit – For the Three Months Ended October 31, 2024
The following table sets forth certain information regarding net sales and gross profit for the three months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|||
Handguns |
$ |
93,810 |
|
|
$ |
88,347 |
|
|
$ |
5,463 |
|
|
6.2% |
Long guns |
|
25,132 |
|
|
|
28,120 |
|
|
|
(2,988 |
) |
|
-10.6% |
Other products & services |
|
10,737 |
|
|
|
8,491 |
|
|
|
2,246 |
|
|
26.5% |
Total net sales |
$ |
129,679 |
|
|
$ |
124,958 |
|
|
$ |
4,721 |
|
|
3.8% |
Cost of sales |
|
95,133 |
|
|
|
93,192 |
|
|
|
1,941 |
|
|
2.1% |
Gross profit |
$ |
34,546 |
|
|
$ |
31,766 |
|
|
$ |
2,780 |
|
|
8.8% |
% of net sales (gross margin) |
|
26.6 |
% |
|
|
25.4 |
% |
|
|
|
|
|
|
The following table sets forth certain information regarding firearm units shipped by trade channel for the three months ended October 31, 2024 and 2023 (units in thousands):
Total Units Shipped |
|
2024 |
|
|
2023 |
|
|
# Change |
|
|
% Change |
|||
Handguns |
|
|
229 |
|
|
|
191 |
|
|
|
38 |
|
|
19.9% |
Long guns |
|
|
46 |
|
|
|
56 |
|
|
|
(10 |
) |
|
-17.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sporting Goods Channel Units Shipped |
|
2024 |
|
|
2023 |
|
|
# Change |
|
|
% Change |
|||
Handguns |
|
|
211 |
|
|
|
177 |
|
|
|
34 |
|
|
19.2% |
Long guns |
|
|
39 |
|
|
|
53 |
|
|
|
(14 |
) |
|
-26.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Professional Channel Units Shipped |
|
2024 |
|
|
2023 |
|
|
# Change |
|
|
% Change |
|||
Handguns |
|
|
18 |
|
|
|
14 |
|
|
|
4 |
|
|
28.6% |
Long guns |
|
|
7 |
|
|
|
3 |
|
|
|
4 |
|
|
133.3% |
19
Sales of our handguns increased $5.5 million, or 6.2%, over the comparable quarter last year, primarily as a result of increased shipments of newly introduced products (defined as any new SKU not shipped in the comparable quarter last year), which represented 46.8% of handgun sales in the period, and a 2% to 5% price increase that became effective in the third quarter of fiscal 2024, partially offset by a shift in product mix to lower priced models. Handgun unit shipments into the sporting goods channel increased by 19.2% over the comparable quarter last year while overall consumer handgun demand remained relatively flat (as indicated by adjusted background checks reported in the National Instant Criminal Background Check System, or NICS).
Sales of our long guns decreased $3.0 million, or 10.6%, from the comparable quarter last year, primarily as a result of the timing of new product launches in the comparable quarter last year, partially offset by a shift in product mix to higher priced models, as well as a 2% to 5% price increase on select products that became effective in the third quarter of fiscal 2024. Shipments of newly introduced products represented 54.4% of long gun sales in the period. Long gun unit shipments into our sporting goods channel decreased 26.4% from the comparable quarter last year while overall consumer demand for long guns increased 3.6% (as indicated by NICS).
Other products and services revenue increased $2.2 million, or 26.5%, over the comparable quarter last year, primarily because of increased suppressor and component parts sales.
Newly introduced products represented 44.4% of net sales for the three months ended October 31, 2024 and included six new pistols, three new long guns, and many new product line extensions.
Gross margin for the three months ended October 31, 2024 was 26.6% compared with 25.4% for the comparable quarter last year, primarily because of a $3.2 million legal settlement recognized in the prior year comparable quarter. Excluding the impact of the prior year legal settlement, gross margin was lower by 130 basis points due to higher labor and overhead costs, partially offset by lower inventory adjustments (including standard cost revaluations, shrink, and excess inventory write downs) and favorable fixed-cost absorption from higher production volumes.
Inventory balances increased $35.5 million between April 30, 2024 and October 31, 2024 as a result of a slowdown in demand combined with level loading of our manufacturing facilities to ensure our ability to satisfy anticipated future demand. While inventory levels, both internally and in the distribution channel, in excess of demand may negatively impact future operating results, it is difficult to forecast the potential impact of distributor inventories on future revenue and income as demand is impacted by many factors, including seasonality, new product introductions, news events, political events, and consumer tastes. We expect our inventory levels to decline during the remainder of the fiscal year.
Net Sales and Gross Profit – For the Six Months Ended October 31, 2024
The following table sets forth certain information regarding net sales and gross profit for the six months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|||
Handguns |
$ |
147,087 |
|
|
$ |
174,452 |
|
|
$ |
(27,365 |
) |
|
-15.7% |
Long guns |
|
49,853 |
|
|
|
46,903 |
|
|
|
2,950 |
|
|
6.3% |
Other products & services |
|
21,073 |
|
|
|
17,846 |
|
|
|
3,227 |
|
|
18.1% |
Total net sales |
$ |
218,013 |
|
|
$ |
239,201 |
|
|
$ |
(21,188 |
) |
|
-8.9% |
Cost of sales |
|
159,276 |
|
|
|
177,034 |
|
|
|
(17,758 |
) |
|
-10.0% |
Gross profit |
$ |
58,737 |
|
|
$ |
62,167 |
|
|
$ |
(3,430 |
) |
|
-5.5% |
% of net sales (gross margin) |
|
26.9 |
% |
|
|
26.0 |
% |
|
|
|
|
|
|
20
The following table sets forth certain information regarding firearm units shipped by trade channel for the six months ended October 31, 2024 and 2023 (units in thousands):
Total Units Shipped |
|
2024 |
|
|
2023 |
|
|
# Change |
|
|
% Change |
|||
Handguns |
|
|
349 |
|
|
|
365 |
|
|
|
(16 |
) |
|
-4.4% |
Long guns |
|
|
85 |
|
|
|
95 |
|
|
|
(10 |
) |
|
-10.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sporting Goods Channel Units Shipped |
|
2024 |
|
|
2023 |
|
|
# Change |
|
|
% Change |
|||
Handguns |
|
|
323 |
|
|
|
339 |
|
|
|
(16 |
) |
|
-4.7% |
Long guns |
|
|
71 |
|
|
|
86 |
|
|
|
(15 |
) |
|
-17.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Professional Channel Units Shipped |
|
2024 |
|
|
2023 |
|
|
# Change |
|
|
% Change |
|||
Handguns |
|
|
26 |
|
|
|
26 |
|
|
|
- |
|
|
0.0% |
Long guns |
|
|
14 |
|
|
|
9 |
|
|
|
5 |
|
|
55.6% |
Sales of our handguns decreased $27.4 million, or 15.7%, from the comparable period last year, primarily as a result of lower consumer demand within the industry and a shift in product mix to lower priced models, partially offset by increased shipments of newly introduced products, which represented 43.0% of handgun sales in the period, and a 2% to 5% price increase that became effective in the third quarter of fiscal 2024. Handgun unit shipments into the sporting goods channel decreased by 4.7% from the comparable period last year while overall consumer handgun demand decreased 2.5% (as indicated by adjusted background checks reported by NICS).
Sales of our long guns increased $3.0 million, or 6.3%, over the comparable period last year, primarily as a result of increased shipments of newly introduced products, which represented 62.1% of long gun sales in the period, a shift in product mix to higher priced models, as well as a 2% to 5% price increase on select products that became effective in the third quarter of fiscal 2024. Long gun unit shipments into our sporting goods channel decreased 17.4% from the comparable period last year while overall consumer demand for long guns increased 1.8% (as indicated by NICS).
Other products and services revenue increased $3.2 million, or 18.1%, over the comparable period last year, primarily because of increased suppressor and component parts sales, partially offset by lower handcuff and business-to-business sales.
Newly introduced products represented 43.2% of net sales for the six months ended October 31, 2024 and included six new pistols, four new long guns, and many new product line extensions.
Gross margin for the six months ended October 31, 2024 was 26.9% compared with 26.0% for the comparable period last year, primarily because of a $3.2 million legal settlement recognized in the prior year comparable period. Excluding the impact of the prior year legal settlement, gross margin was lower by 40 basis points due to higher labor and overhead costs, partially offset by favorable fixed-cost absorption from higher production volumes, lower inventory adjustments, as described above, and lower Relocation costs.
Operating Expenses
The following table sets forth certain information regarding operating expenses for the three months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Research and development |
$ |
2,221 |
|
|
$ |
1,724 |
|
|
$ |
497 |
|
|
|
28.8 |
% |
Selling, marketing, and distribution |
|
9,574 |
|
|
|
10,952 |
|
|
|
(1,378 |
) |
|
|
-12.6 |
% |
General and administrative |
|
15,779 |
|
|
|
15,322 |
|
|
|
457 |
|
|
|
3.0 |
% |
Total operating expenses |
$ |
27,574 |
|
|
$ |
27,998 |
|
|
$ |
(424 |
) |
|
|
-1.5 |
% |
% of net sales |
|
21.3 |
% |
|
|
22.4 |
% |
|
|
|
|
|
|
||
Research and development expenses increased $497,000 over the prior year comparable quarter because of higher materials and testing costs associated with new product development. Selling, marketing, and distribution expenses decreased $1.4 million from the prior year comparable quarter, primarily as a result of one-time costs related to our grand opening event at our Maryville facility in the prior year comparable quarter and lower spending on promotions. General and administrative expenses increased $457,000 over the prior year comparable quarter, primarily because of higher legal costs, partially offset by lower compensation-related expense and lower professional services.
21
The following table sets forth certain information regarding operating expenses for the six months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Research and development |
$ |
4,736 |
|
|
$ |
3,522 |
|
|
$ |
1,214 |
|
|
|
34.5 |
% |
Selling, marketing, and distribution |
|
19,411 |
|
|
|
20,993 |
|
|
|
(1,582 |
) |
|
|
-7.5 |
% |
General and administrative |
|
29,480 |
|
|
|
29,536 |
|
|
|
(56 |
) |
|
|
-0.2 |
% |
Total operating expenses |
$ |
53,627 |
|
|
$ |
54,051 |
|
|
$ |
(424 |
) |
|
|
-0.8 |
% |
% of net sales |
|
24.6 |
% |
|
|
22.6 |
% |
|
|
|
|
|
|
||
Research and development expenses increased $1.2 million over the prior year comparable period because of higher materials and testing costs associated with new product development and higher compensation-related costs. Selling, marketing, and distribution expenses decreased $1.6 million from the prior year comparable period, primarily as a result of a $1.9 million impairment on distribution equipment related to the Relocation and one-time costs related to our grand opening event at our Maryville facility in the prior year comparable period. Excluding the impact of these one-time prior year charges, selling, marketing, and distribution expenses increased $1.2 million, primarily as a result of the timing of certain industry events and higher spending on promotions. General and administrative expenses decreased $56,000 from the prior year comparable period, primarily because of lower Relocation costs, lower profit sharing expense, and lower compensation-related expense, partially offset by higher legal costs.
Operating Income
The following table sets forth certain information regarding operating income for the three months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Operating income |
$ |
6,972 |
|
|
$ |
3,768 |
|
|
$ |
3,204 |
|
|
|
85.0 |
% |
% of net sales (operating margin) |
|
5.4 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
||
Operating income for the three months ended October 31, 2024 increased $3.2 million over the comparable quarter last year, primarily for the reasons outlined above.
The following table sets forth certain information regarding operating income for the six months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Operating income |
$ |
5,110 |
|
|
$ |
8,116 |
|
|
$ |
(3,006 |
) |
|
|
-37.0 |
% |
% of net sales (operating margin) |
|
2.3 |
% |
|
|
3.4 |
% |
|
|
|
|
|
|
||
Operating income for the six months ended October 31, 2024 decreased $3.0 million from the comparable period last year, primarily for the reasons outlined above.
Interest Expense, net
The following table sets forth certain information regarding interest expense, net for the three months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Interest expense, net |
$ |
(1,419 |
) |
|
$ |
(646 |
) |
|
$ |
773 |
|
|
|
119.7 |
% |
Interest expense increased by $773,000 over the comparable quarter last year as a result of higher average debt balances, lower capitalized interest, and lower average cash balances during the three months ended October 31, 2024 compared with the comparable quarter last year.
The following table sets forth certain information regarding interest expense, net for the six months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Interest expense, net |
$ |
(2,152 |
) |
|
$ |
(492 |
) |
|
$ |
1,660 |
|
|
|
337.4 |
% |
22
Interest expense increased by $1.7 million over the comparable period last year as a result of higher average debt balances, lower capitalized interest, and lower average cash balances during the six months ended October 31, 2024 compared with the comparable period last year.
Income Taxes
The following table sets forth certain information regarding income tax expense for the three months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Income tax expense |
$ |
1,414 |
|
|
$ |
765 |
|
|
$ |
649 |
|
|
|
84.8 |
% |
% of income from operations (effective tax rate) |
|
25.5 |
% |
|
|
23.4 |
% |
|
|
|
|
|
2.1 |
% |
|
Income tax expense increased $649,000 from the comparable quarter last year, primarily as a result of higher operating income. Before adjusting for discrete items related to stock-based compensation, the effective tax rate is 26.0% in the current quarter and 23.5% in the prior year comparable quarter. The increase in the effective tax rate was due to changes in state apportionment and a decrease in pre-tax profitability.
The following table sets forth certain information regarding income tax expense for the six months ended October 31, 2024 and 2023 (dollars in thousands):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Income tax expense |
$ |
921 |
|
|
$ |
2,196 |
|
|
$ |
(1,275 |
) |
|
|
-58.1 |
% |
% of income from operations (effective tax rate) |
|
31.3 |
% |
|
|
28.1 |
% |
|
|
|
|
|
3.1 |
% |
|
Income tax expense decreased $1.3 million from the comparable period last year, primarily as a result of lower operating income. Before adjusting for discrete items related to stock-based compensation, the effective tax rate was 26.4% in the current period and 24.2% in the prior year comparable period. The increase in the effective tax rate was due to changes in state apportionment and a decrease in pre-tax profitability.
Net Income
The following table sets forth certain information regarding net income and the related per share data for the three months ended October 31, 2024 and 2023 (dollars in thousands, except per share data):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Net income |
$ |
4,134 |
|
|
$ |
2,498 |
|
|
$ |
1,636 |
|
|
|
65.5 |
% |
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
0.09 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
|
80.0 |
% |
Diluted |
$ |
0.09 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
|
80.0 |
% |
Net income for the three months ended October 31, 2024 was $4.1 million compared with $2.5 million for the comparable quarter last year for the reasons outlined above.
The following table sets forth certain information regarding net income and the related per share data for the six months ended October 31, 2024 and 2023 (dollars in thousands, except per share data):
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Net income |
$ |
2,026 |
|
|
$ |
5,616 |
|
|
$ |
(3,590 |
) |
|
|
-63.9 |
% |
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
0.05 |
|
|
$ |
0.12 |
|
|
$ |
(0.07 |
) |
|
|
-58.3 |
% |
Diluted |
$ |
0.04 |
|
|
$ |
0.12 |
|
|
$ |
(0.08 |
) |
|
|
-66.7 |
% |
Net income for the six months ended October 31, 2024 was $2.0 million compared with $5.6 million for the comparable period last year for the reasons outlined above.
23
Liquidity and Capital Resources
Our principal cash requirements are to finance the growth of our operations, including working capital and capital expenditures, and return capital to stockholders. Capital expenditures for new product development, and repair and replacement of equipment represent important cash needs.
The following table sets forth certain cash flow information for the six months ended October 31, 2024 and 2023 (dollars in thousands):
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
Operating activities |
|
$ |
(38,212 |
) |
|
$ |
37,756 |
|
|
$ |
(75,968 |
) |
|
|
-201.2 |
% |
Investing activities |
|
|
(7,879 |
) |
|
|
(67,063 |
) |
|
|
59,184 |
|
|
|
88.3 |
% |
Financing activities |
|
|
24,345 |
|
|
|
19,943 |
|
|
|
4,402 |
|
|
|
-22.1 |
% |
Total cash flow |
|
$ |
(21,746 |
) |
|
$ |
(9,364 |
) |
|
$ |
(12,382 |
) |
|
|
132.2 |
% |
Operating Activities
Cash used in operating activities was $38.2 million for the six months ended October 31, 2024 compared with $37.8 million of cash provided for the six months ended October 31, 2023. Cash used in operating activities for the six months ended October 31, 2024 was unfavorably impacted by a $35.5 million increase in inventory compared with a $13.8 million decrease in inventory in the prior comparable period, a $10.1 million decrease in accounts payable compared with a $14.7 million increase in accounts payable in the prior comparable period, and a $3.9 million decrease in accrued payroll and incentives compared with a $1.3 million increase in accrued payroll and incentives in the prior comparable period. Cash used in operating activities for the six months ended October 31, 2024 was favorably impacted by a $6.4 million decrease in accounts receivable compared with a $4.6 million increase in accounts receivable in the prior comparable period.
Investing Activities
Cash used in investing activities decreased $59.2 million for the six months ended October 31, 2024 compared with the prior year comparable period. We paid $8.0 million for capital expenditures for the six months ended October 31, 2024, $58.9 million lower than the prior year comparable period, primarily as a result of payments related to the Relocation in the prior year period.
We currently expect to spend $25.0 million to $30.0 million on capital expenditures in fiscal 2025.
Financing Activities
Cash provided by financing activities was $24.3 million for the six months ended October 31, 2024 compared with $19.9 million of cash provided in financing activities for the six months ended October 31, 2023. Cash provided by financing activities during the six months ended October 31, 2024 was primarily the result of $60 million in borrowings under our revolving line of credit, partially offset by $22.6 million of share repurchases and $11.7 million in dividend distributions.
Credit Facilities — We entered into the Second Amended and Restated Credit Agreement on October 3, 2024. The Second Amended and Restated Credit Agreement provides for a revolving line of credit of $175.0 million at any one time, or the Revolving Line. The Revolving Line bears interest at either the Base Rate (as defined in the Second Amended and Restated Credit Agreement) or the SOFR rate, plus an applicable margin based on our consolidated leverage ratio. The Second Amended and Restated Credit Agreement also provides a swingline facility in the maximum amount of $5.0 million at any one time (subject to availability under the Revolving Line). Each Swingline Loan (as defined in the Amended and Restated Credit Agreement) bears interest at the Base Rate, plus an applicable margin based on our Adjusted Consolidated Leverage Ratio (as defined in the Second Amended and Restated Credit Agreement). Subject to the satisfaction of certain terms and conditions described in the Second Amended and Restated Credit Agreement, we have an option to increase the Revolving Line by an aggregate amount not exceeding $50.0 million. The Revolving Line matures on the earlier of October 3, 2029 or the date that is six months in advance of the earliest maturity of any Permitted Notes (as defined in the Second Amended and Restated Credit Agreement) under the Second Amended and Restated Credit Agreement.
As of October 31, 2024, we had $100.0 million of borrowings outstanding on the Revolving Line, bearing interest at an average rate of 6.92%, which was equal to the SOFR rate plus an applicable margin.
The credit agreement for our credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. We were in compliance with all debt covenants as of October 31, 2024.
24
Share Repurchase Programs — On September 19, 2023, 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 through September 19, 2024, or the 2023 Authorization. During fiscal 2024, we purchased 793,551 shares of our common stock for $10.2 million under the 2023 Authorization. During fiscal 2025, we purchased 1,531,763 shares of our common stock for $21.4 million under the 2023 Authorization. The 2023 Authorization expired on September 19, 2024. On September 5, 2024, 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 from September 20, 2024 through September 20, 2025, or the 2024 Authorization. During fiscal 2025, we have repurchased 92,537 shares of our common stock for $1.2 million under the 2024 Authorization.
During the three months ended October 31, 2024, we repurchased a total of 753,631 shares of our common stock for $9.8 million. During the six months ended October 31, 2024, we repurchased a total of 1,624,300 shares of our common stock for $22.6 million.
Dividends — In June 2024, our Board of Directors authorized a regular quarterly dividend for stockholders of $0.13 per share. The next dividend will be for stockholders of record as of market close on December 19, 2024 and will be payable on January 2, 2025.
Our future capital requirements will depend on many factors, including net sales, the timing and extent of spending to support product development efforts, the expansion of sales and marketing activities, the timing of introductions of new products and enhancements to existing products, the costs to ensure access to adequate manufacturing capacity, and costs related to the Relocation. Further equity or debt financing may not be available to us on acceptable terms or at all. If sufficient funds are not available or are not available on acceptable terms, our ability to take advantage of unexpected business opportunities or to respond to competitive pressures could be limited or severely constrained.
As of October 31, 2024, we had $39.1 million in cash and cash equivalents on hand. Based upon our current working capital position, current operating plans, and expected business conditions, we believe that our existing capital resources and credit facilities will be adequate to fund our operations for at least the next 12 months.
Other Matters
Critical Accounting Policies
The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant accounting policies are disclosed in Note 2 of the Notes to the Consolidated Financial Statements in our Fiscal 2024 Annual Report. The most significant areas involving our judgments and estimates are described in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2024 Annual Report, to which there have been no material changes. Actual results could differ from our estimates.
Recent Accounting Pronouncements
The nature and impact of recent accounting pronouncements, if any, is discussed in Note 2—Basis of Presentation to our condensed consolidated financial statements included elsewhere in this report, which is incorporated herein by reference.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
During the period ended October 31, 2024, we did not enter into or transact any forward option contracts nor did we have any forward contracts outstanding.
25
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of October 31, 2024, our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act was recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
There was no change in our internal control over financial reporting during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
26
PART II — OTHER INFORMATION
Item 1. Legal Proceedings
The nature of legal proceedings against us is discussed in Note 8—Commitments and Contingencies to our condensed consolidated financial statements included elsewhere in this report, which is incorporated herein by reference.
Item 1A. Risk Factors
Investors should carefully review and consider the information regarding certain factors that could materially affect our business, results of operations, financial condition, and cash flows as set forth under Part I, Item 1A “Risk Factors” of our Fiscal 2024 Form 10-K. Additional risks and uncertainties not presently known to us or that we currently believe not to be material may also adversely impact our business, results of operations, financial position, and cash flows. We are aware of no material changes to the Risk Factors discussed in our Fiscal 2024 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth certain information relating to the purchases of our common stock by us and any affiliated purchasers within the meaning of Rule 10b-18(a)(3) under the Exchange Act during the three months ended October 31, 2024 (dollars in thousands, except per share data):
|
|
|
|
|
|
|
|
Total # of Shares |
|
|
Maximum Dollar |
|
||||
|
|
|
|
|
|
|
|
Purchased as |
|
|
Value of Shares |
|
||||
|
|
|
|
|
|
|
|
Part of Publicly |
|
|
that May Yet Be |
|
||||
|
|
Total # of |
|
|
Average |
|
|
Announced |
|
|
Purchased |
|
||||
|
|
Shares |
|
|
Price Paid |
|
|
Plans or |
|
|
Under the Plans |
|
||||
Period |
|
Purchased |
|
|
Per Share (1) |
|
|
Programs (2) |
|
|
or Programs |
|
||||
August 1 to August 31, 2024 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
26,949 |
|
September 1 to September 30, 2024 |
|
|
753,631 |
|
|
$ |
12.94 |
|
|
|
753,631 |
|
|
|
48,752 |
|
October 1 to October 31, 2024 |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
48,752 |
|
|
Total |
|
|
753,631 |
|
|
|
12.94 |
|
|
|
753,631 |
|
|
|
|
|
Item 5. Other Information
Rule 10b5-1 Trading Plans
The adoption or termination of contracts, instructions, or written plans for the purchase and sale of our securities by our Section 16 officers and directors for the three months ended October 31, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, or a Rule 10b5-1 Plan, were as follows:
Name |
|
Title |
|
Action |
|
Date Adopted |
|
Termination Date |
|
|
|
Termination of |
|
|
27
INDEX TO EXHIBITS
Item 6. Exhibits
The exhibits listed on the Index to Exhibits (immediately preceding the signatures section of this Quarterly Report on Form 10-Q) are included herewith or incorporated herein by reference.
10.126** |
|
|
|
|
|
31.1* |
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer |
|
|
|
31.2* |
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer |
|
|
|
32.1* |
|
|
|
|
|
32.2* |
|
|
|
|
|
101.INS |
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
|
|
|
* Filed herewith.
** Certain schedules and exhibits have been omitted from this filing pursuant to Item 601(a) (5) of Regulation S-K. We agree to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.
(1) Incorporated by reference to the Registrant's Current Report on Form 8-K filed with the SEC on October 4, 2024.
28
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
SMITH & WESSON BRANDS, INC. a Nevada corporation |
||
|
|
|
||
Date: December 5, 2024 |
|
By: |
|
/s/ Mark P. Smith |
|
|
|
|
Mark P. Smith |
|
|
|
|
President and Chief Executive Officer |
Date: December 5, 2024 |
|
By: |
|
/s/ Deana L. McPherson |
|
|
|
|
Deana L. McPherson |
|
|
|
|
Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary |
29