Smith & Wesson Holding Corporation Reports Fourth Quarter and Full Fiscal 2009 Financial Results
SPRINGFIELD, Mass. -- Smith & Wesson Holding Corporation (Nasdaq: SWHC), parent company of Smith & Wesson Corp., today announced financial results for the fiscal year and the fourth fiscal quarter ended April 30, 2009.
GunReports Quik-Look Summary:
- Fourth Quarter Sales of $99.5 Million (+20%)
- Fourth Quarter Net Income of $7.4 Million (+125%)
- Fourth Quarter Fully Diluted EPS of $0.14 (+75%)
- Record Annual Sales of $335.0 Million (+13%)
- Firearms Backlog Grows to $268 Million
Net sales for the fourth fiscal quarter ended April 30, 2009 were $99.5 million, $16.4 million, or 19.8%, higher than net sales of $83.1 million for the fourth fiscal quarter last year. Gross profit of $30.9 million, or 31.0%, of sales for the fourth quarter of fiscal 2009 increased compared with gross profit of $25.5 million, or 30.6% of sales, for the fourth quarter last year.
Net income for the fourth quarter of fiscal 2009 was $7.4 million, or $0.14 per diluted share, compared with $3.3 million, or $0.08 per diluted share, for the fourth quarter of fiscal 2008. Adjusted EBITDAS was $15.6 million for the fourth quarter compared with$11.4 million for the fourth quarter of fiscal 2008.
Smith & Wesson President and CEO, Michael F. Golden, said, "Our fourth quarter results reflect a number of records for Smith & Wesson, including record quarterly revenue, record net income, record earnings per share, and record levels in both our cash balances and our firearms backlog. These results demonstrate that we continue to capitalize on the strong consumer demand for our products, particularly our handguns and tactical rifles."
Total firearms sales for the fourth quarter were $93.9 million, an increase of 22.4% over the fourth quarter of last year.
Pistol sales increased 32.8% to $29.0 million.
M&P tactical rifle sales increased by 195.1% to $17.4 million for the fourth quarter.
Total revolver sales were $20.8 million, a decrease of 2.8% versus the comparable quarter one year ago.
Non-firearm sales totaled $5.7 million, a 12.1% decrease from non-firearm sales of $6.4 million for the fourth quarter last year.