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| SWHC > SEC Filings for SWHC > Form 8-K on 6-Dec-2012 | All Recent SEC Filings |
6-Dec-2012
Results of Operations and Financial Condition, Regulation FD Disclosu
As described in Item 7.01, we are furnishing this Report on Form 8-K in connection with the disclosure of information during a conference call and webcast on December 6, 2012 discussing our second quarter fiscal 2013 financial results. The disclosure provided in Item 7.01 of this Report on Form 8-K is hereby incorporated by reference into this Item 2.02.
The information in this Current Report on Form 8-K is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
We are furnishing this Current Report on Form 8-K in connection with the disclosure of information during a conference call and webcast on December 6, 2012 discussing our second quarter fiscal 2013 financial results. This information may be amended or updated at any time and from time to time through another Form 8-K, a later company filing, or other means.
In this Current Report on Form 8-K, a non-GAAP financial measure known as "Adjusted EBITDAS" is presented. From time-to-time, we consider and use Adjusted EBITDAS as a supplemental measure of operating performance in order to provide the reader with an improved understanding of underlying performance trends. Adjusted EBITDAS excludes the effects of interest expense, income taxes, depreciation of tangible fixed assets, amortization of intangible assets, stock-based employee compensation expense, loss on the sale of discontinued operations, DOJ and SEC investigation costs, and certain other transactions. See the reconciliation of GAAP Net Income below for detailed explanations of the amounts excluded from and included in net income to arrive at Adjusted EBITDAS for the trailing 12-month period ended October 31, 2012. Adjusted or non-GAAP financial measures provide investors and us with supplemental measures of operating performance and trends that facilitate comparisons between periods before, during, and after certain items that would not otherwise be apparent on a GAAP basis. Adjusted financial measures are not, and should not be viewed as, a substitute for GAAP results. Our definition of these adjusted financial measures may differ from similarly named measures used by others. Also included is a reconciliation of GAAP Net Income for the trailing 12-month period ended October 31, 2012.
SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDAS (Unaudited)
Trailing Twelve Months Ended, October 31, 2012
GAAP Adjustments Adjusted
Net sales $ 500,523 - $ 500,523
Cost of sales 323,840 $ (13,720 )(1) 310,120
Gross profit 176,683 13,720 190,403
Operating expenses:
Research and development 4,384 (111 )(1) 4,273
Selling and marketing 29,426 (228 )(1) 29,198
General and administrative 49,000 (6,031 )(2) 42,969
Total operating expenses 82,810 (6,370 ) 76,440
Operating income from continuing
operations 93,873 20,090 113,963
Other income/(expense):
Other income/(expense), net 63 - (4) 63
Interest income 1,406 (1,270 )(7) 136
Interest expense (6,399 ) 6,399 (5) -
Total other income/(expense), net (4,930 ) 5,129 199
Income from continuing operations
before income taxes 88,943 25,219 114,162
Income tax expense 30,461 (30,461 )(6) -
Income from continuing operations 58,482 55,680 114,162
Discontinued operations:
Loss from operations of discontinued
security solutions division (11,789 ) 8,203 (8) (3,586 )
Income tax benefit (9,185 ) 9,185 (6) -
Loss from discontinued operations (2,604 ) (982 ) (3,586 )
Net income/comprehensive income $ 55,878 $ 54,698 $ 110,576
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(1) To eliminate depreciation, amortization, and plant consolidation costs.
(2) To eliminate depreciation, amortization, stock-based compensation expense, and DOJ/SEC costs and related profit sharing impacts of DOJ/SEC.
(3) To eliminate depreciation, amortization, stock-based compensation expense, plant consolidation costs, severance beneifts for our former President and CEO, and DOJ/SEC costs and related profit sharing impacts of DOJ/SEC.
(4) To eliminate unrealized mark-to-market adjustments on foreign exchange contracts. We did not have any foreign exchange contracts that required mark-to-market adjustments for all periods presented.
(5) To eliminate interest expense.
(6) To eliminate income tax expense.
(7) To eliminate intercompany interest income.
(8) To eliminate depreciation, amortization, interest expense, and stock-based compensation expense.
(9) To eliminate depreciation and amortization.
SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME FOR TRAILING TWELVE MONTHS (Unaudited)
Trailing Twelve
Months Ended
For the Three Months Ended, October 31, 2012
January 31, 2012 April 30, 2012 July 31, 2012 October 31, 2012 GAAP
Net sales $ 98,125 $ 129,843 $ 135,995 $ 136,560 $ 500,523
Cost of sales 68,121 82,980 84,702 88,037 323,840
Gross profit 30,004 46,863 51,293 48,523 176,683
Operating expenses:
Research and development 992 973 1,142 1,278 4,385
Selling and marketing 8,062 6,495 6,828 8,042 29,427
General and administrative 10,666 13,729 12,025 12,579 48,999
Total operating expenses 19,720 21,197 19,995 21,899 82,811
Operating income from continuing
operations 10,284 25,666 31,298 26,624 93,872
Other income/(expense):
Other income/(expense), net 8 16 - 39 63
Interest income 394 309 368 335 1,406
Interest expense (1,629 ) (1,439 ) (1,987 ) (1,344 ) (6,399 )
Total other income/(expense), net (1,227 ) (1,114 ) (1,619 ) (970 ) (4,930 )
Income from continuing operations
before income taxes 9,057 24,552 29,679 25,654 88,942
Income tax expense 3,664 6,735 10,808 9,253 30,460
Income from continuing operations 5,393 17,817 18,871 16,401 58,482
Discontinued operations:
Loss from operations of
discontinued security solutions
division (1,600 ) (7,639 ) (1,683 ) (867 ) (11,789 )
Income tax benefit (645 ) (2,290 ) (598 ) (5,651 ) (9,184 )
Income/(loss) from discontinued
operations (955 ) (5,349 ) (1,085 ) 4,784 (2,605 )
Net income/comprehensive income $ 4,438 $ 12,468 $ 17,786 $ 21,185 $ 55,877
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The information in this Current Report on Form 8-K is furnished pursuant to Item 7.01 and shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in the Current Report that is required to be disclosed solely by Regulation FD.
The text included with this Current Report on Form 8-K is available on our website located at www.smith-wesson.com, although we reserve the right to discontinue that availability at any time.
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