- Net Sales $54.4
Million
- Gross Margin 47.7% (+ 100 Basis Points)
- E-commerce Sales $22.7 Million -- Traditional Sales $31.7 Million
- Direct-to-Consumer Sales Growth of 119.1%
COLUMBIA, Mo., Dec. 1, 2022
/PRNewswire/ -- American Outdoor Brands, Inc. (NASDAQ Global
Select: AOUT), an industry leading provider of products and
accessories for rugged outdoor enthusiasts, today announced
financial results for the second quarter of fiscal 2023 ended
October 31, 2022.
Second Quarter Fiscal 2023 Financial Highlights
- Quarterly net sales were $54.4
million, a decrease of $16.3
million, or 23.1%, compared with net sales of $70.8 million for the comparable quarter last
year. E-commerce channel net sales of $22.7
million declined 17.5% from the comparable quarter last
year, resulting primarily from reduced demand in the shooting
sports category, partially offset by a 119.1% increase in
direct-to-consumer sales, which are primarily in the outdoor
lifestyle category. Traditional channel net sales of $31.7 million declined 26.6% from the comparable
quarter last year, reflecting the impact of lower foot traffic at
retail and retailers' efforts to reduce their overall inventory
levels, as well as lower shooting sports sales to OEM customers.
Compared with pre-COVID levels in the second quarter of fiscal
2020, total net sales grew 14.0%, while e-commerce channel net
sales grew by 171.3% and traditional channel net sales declined by
19.4%.
- Quarterly gross margin was 47.7% compared with quarterly gross
margin of 46.7% for the comparable quarter last year.
- Quarterly GAAP net income was $370,000, or $0.03
per diluted share, compared with net income of $4.6 million, or $0.32 per diluted share, for the comparable
quarter last year.
- Quarterly non-GAAP net income was $4.0
million, or $0.29 per diluted
share, compared with non-GAAP net income of $8.3 million, or $0.58 per diluted share, for the comparable
quarter last year. GAAP to non-GAAP adjustments for net income
exclude acquired intangible amortization, stock compensation,
technology implementation, stockholder cooperation agreement costs,
and facility consolidation costs. For a detailed reconciliation,
see the schedules that follow in this release.
- Quarterly Adjusted EBITDAS was $6.4
million, or 11.8% of net sales, compared with $11.7 million, or 16.5% of net sales, for the
comparable quarter last year. For a detailed reconciliation, see
the schedules that follow in this release.
Brian Murphy, President and Chief
Executive Officer, said, "Our second quarter performance
demonstrates our ability to successfully navigate ongoing
challenges in the macroenvironment while executing on our long-term
strategy. We achieved net sales growth of 14% above our
pre-pandemic levels of fiscal 2020 and introduced several
innovative new products, while strengthening our balance sheet and
marking a number of achievements that support our strategic
priorities and reflect our dedication to leveraging our culture of
innovation to deliver solutions for consumers in the moments that
matter."
"Our direct-to-consumer business, which is largely comprised of
our outdoor lifestyle brands, remained strong in the second
quarter, delivering year-over-year growth of over 119%. We
consider our direct-to-consumer sales to be one gauge of how well
our brands are resonating with consumers, since those sales are not
typically impacted by issues that have hindered retailers, such as
inventory levels or limited open-to-buy dollars. Our
direct-to-consumer category also includes MEAT! Your Maker meat
processing equipment and Grilla outdoor cooking products, which are
sold exclusively, direct-to-consumer. Together, these two brands
generated nearly 10% of our total net sales and helped our Outdoor
Lifestyle category generate 55.6% of our total net sales in the
second quarter. We remain excited about growth opportunities
in our Outdoor Lifestyle category, which consists of products
related to hunting, fishing, camping, and rugged outdoor
activities, and which delivered three-year growth of 22.5% over the
pre-pandemic second quarter of fiscal 2020."
"Innovation is a key element in our long-term strategy, and new
products launched within the past two years generated 30% of our
second quarter net sales. During the quarter, we continued to
leverage our Dock & Unlock™ process to deliver a steady flow of
organically developed, exciting new products, including MEAT! Your
Maker Dual Grind Grinders, and two new BOG® tripods, the Sherpa and
the Infinite. These innovative tripods deliver enhanced
versatility, durability, and weight savings, and they expand our
BOG® product offering, which is extremely popular with
hunters. During the quarter, we attended the National
Association of Sporting Goods Wholesalers Expo, where our Caldwell
Claymore Clay Target Thrower was recognized as 'Best New
Accessory'."
"Our long-term strategy also includes a focus on leveraging our
business model. We recently completed the consolidation of
our Crimson Trace operations in Wilsonville, Oregon, as well as our Grilla
operations in Holland, Michigan
and Dallas, Texas, into our
Missouri facility. We
estimate that these consolidations will yield a net cost savings of
approximately $1.5 million per year,
beginning in our fiscal fourth quarter, moving us closer to our
long-term profitability objectives," concluded Murphy.
Andrew Fulmer, Chief Financial
Officer, said, "We continued to further fortify our balance sheet
in the second quarter, demonstrating effective capital deployment.
We purchased over $750,000 of
our common stock in the quarter. Nevertheless, positive operational
cash flow, including a reduction in inventory of over $9.0 million, helped yield an ending cash balance
of $16.4 million."
"Turning to our outlook, we believe that retailers and
distributors remain cautious regarding their inventory levels, and
that consumer spending patterns going forward are still
undetermined. That said, we believe our brands are performing
consistently with long-term, positive consumer outdoor
trends. As a result, we continue to believe our net sales for
fiscal 2023 could exceed pre-pandemic fiscal 2020 levels by as much
as 25%. We believe our solid financial position enables us to
continue executing on our long-term strategic plan, investing in
our business, returning capital to shareholders, and addressing the
exciting growth opportunities we have identified for our company in
fiscal 2023 and beyond," concluded Fulmer.
Conference Call and Webcast
The Company will host a
conference call and webcast today, December
1, 2022, to discuss its second quarter fiscal 2023 financial
and operational results. Speakers on the conference call will
include Brian Murphy, President and
Chief Executive Officer, and Andrew
Fulmer, Chief Financial Officer. The conference call
may include forward-looking statements and a discussion of non-GAAP
financial measures. The conference call and webcast will begin at
5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Those interested in
listening to the conference call via telephone may call directly at
(833) 630-1956 and ask to join the American Outdoor Brands
call. No RSVP is necessary. The conference call audio
webcast can also be accessed live on the Company's website at
www.aob.com, under the Investor Relations section.
Reconciliation of U.S. GAAP to Non-GAAP Financial
Measures
In this press release, certain non-GAAP financial
measures, including "non-GAAP net income," "non-GAAP income per
share diluted," and "Adjusted EBITDAS" are presented. A
reconciliation of these and other non-GAAP financial measures are
contained at the end of this press release. From time-to-time, the
Company considers and uses these non-GAAP financial measures as
supplemental measures of operating performance in order to provide
the reader with an improved understanding of underlying performance
trends. The Company believes it is useful for itself and the
reader to review, as applicable, both (1) GAAP measures that
include (i) amortization of acquired intangible assets, (ii) stock
compensation, (iii) facility consolidation costs, (iv) technology
implementation, (v) acquisition costs, (vi) stockholder cooperation
agreement costs, (vii) income tax adjustments, (viii) interest
expense, (ix) income tax expense, and (x) depreciation and
amortization; and (2) the non-GAAP measures that exclude such
information. The Company presents these non-GAAP measures because
it considers them an important supplemental measure of its
performance and believes the disclosure of such measures provides
useful information to investors regarding the Company's financial
condition and results of operations. The Company's definition of
these adjusted financial measures may differ from similarly named
measures used by others. The Company believes these measures
facilitate operating performance comparisons from period to period
by eliminating potential differences caused by the existence and
timing of certain expense items that would not otherwise be
apparent on a GAAP basis. These non-GAAP measures have
limitations as an analytical tool and should not be considered in
isolation or as a substitute for the Company's GAAP measures.
The principal limitations of these measures are that they do not
reflect the Company's actual expenses and may thus have the effect
of inflating its financial measures on a GAAP basis.
About American Outdoor Brands, Inc.
American Outdoor
Brands, Inc. (NASDAQ Global Select: AOUT) is an industry leading
provider of outdoor products and accessories, including hunting,
fishing, camping, shooting, outdoor cooking, and personal security
and defense products, for rugged outdoor enthusiasts. The
company produces innovative, top quality products under its brands
BOG®; BUBBA®; Caldwell®; Crimson Trace®; Frankford Arsenal®; Grilla
Grills®; Hooyman®; Imperial®; LaserLyte®; Lockdown®; MEAT!; Old
Timer®; Schrade®; Tipton®; Uncle Henry®; ust®; and Wheeler®.
For more information about all the brands and products from
American Outdoor Brands, Inc., visit www.aob.com.
Safe Harbor Statement
Certain statements contained in
this press release may be deemed to be forward-looking statements
under federal securities laws, and we intend that such
forward-looking statements be subject to the safe harbor created
thereby. All statements other than statements of historical facts
contained or incorporated herein by reference in this press
release, including statements regarding our future operating
results, future financial position, business strategy, objectives,
goals, plans, prospects, markets, and plans and objectives for
future operations, are forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as
"anticipates," "believes," "estimates," "expects," "intends,"
"targets," "contemplates," "projects," "predicts," "may," "might,"
"plan," "would," "should," "could," "may," "can," "potential,"
"continue," "objective," or the negative of those terms, or similar
expressions intended to identify forward-looking statements.
However, not all forward-looking statements contain these
identifying words. Specific forward-looking statements in this
press release include our belief that our second quarter
performance demonstrates our ability to successfully navigate
ongoing challenges in the macroenvironment while executing on our
long-term strategy; our direct-to-consumer sales is one gauge of
how well our brands are resonating with consumers; our excitement
about growth opportunities in our Outdoor Lifestyle category; our
estimate that the consolidations of our operations in Wilsonville, Oregon and Holland, Michigan, and Dallas, Texas into our Missouri facility will yield a significant
cost savings of approximately $1.5
million per year, beginning in our fiscal fourth quarter;
our belief that retailers and distributors remain cautious
regarding their inventory levels, and that consumer spending
patterns going forward are still undetermined; our belief that our
brands are performing consistently with long-term, positive
consumer outdoor trends; our belief that our net sales for fiscal
2023 could exceed pre-pandemic fiscal 2020 levels by as much as
25%; and our belief that our solid financial position enables us to
continue executing on our long-term strategic plan, investing in
our business, and addressing the exciting growth opportunities we
have identified for fiscal 2023 and beyond; and our outlook for
fiscal 2023. We caution that these statements are qualified by
important risks, uncertainties, and other factors that could cause
actual results to differ materially from those reflected by such
forward-looking statements. Such factors include, among others, the
effects of the COVID-19, pandemic, including potential disruptions
in our ability to source the materials necessary for the production
of our products, disruptions and delays in the manufacture of our
products, and difficulties encountered by retailers and other
components of the distribution channel for our products; economic,
social, political, legislative, and regulatory factors; lawsuits
and their effect on us; inventory levels, both internally and in
the distribution channel, in excess of demand; natural disasters,
pandemics, seasonality, news events, political events, and consumer
tastes; future investments for capital expenditures; future
products and product development; the features, quality, and
performance of our products; the success of our strategies and
marketing programs; our market share and factors that affect our
market share; liquidity and anticipated cash needs and
availability; the supply, availability, and costs of materials and
components and related tariffs; our ability to maintain and enhance
brand recognition and reputation; risks associated with the
distribution of our products and overall availability of labor;
and, other factors detailed from time to time in our reports filed
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the fiscal year ended April 30, 2022.
Contact:
Liz Sharp, VP, Investor
Relations
lsharp@aob.com
(573) 303-4620
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
|
As
of:
|
|
October 31,
2022
|
|
April 30,
2022
|
|
(Unaudited)
|
|
|
|
(In thousands, except
par value and share data)
|
ASSETS
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
16,355
|
|
$
19,521
|
Accounts receivable,
net of allowance for credit losses of $146 on
October 31, 2022 and $129 on April 30,
2022
|
32,557
|
|
28,879
|
Inventories
|
111,444
|
|
121,683
|
Prepaid expenses and
other current assets
|
11,292
|
|
8,491
|
Income tax
receivable
|
1,286
|
|
1,231
|
Total current
assets
|
172,934
|
|
179,805
|
Property, plant, and
equipment, net
|
10,168
|
|
10,621
|
Intangible assets,
net
|
58,067
|
|
63,194
|
Right-of-use
assets
|
24,975
|
|
23,884
|
Other assets
|
328
|
|
336
|
Total
assets
|
$
266,472
|
|
$
277,840
|
LIABILITIES
AND EQUITY
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
8,765
|
|
$
13,563
|
Accrued
expenses
|
10,869
|
|
7,853
|
Accrued payroll,
incentives, and profit sharing
|
2,593
|
|
3,786
|
Lease liabilities,
current
|
1,342
|
|
1,803
|
Total current
liabilities
|
23,569
|
|
27,005
|
Notes and loans
payable, net of current portion
|
19,575
|
|
24,697
|
Lease liabilities, net
of current portion
|
24,520
|
|
23,076
|
Other non-current
liabilities
|
31
|
|
31
|
Total
liabilities
|
67,695
|
|
74,809
|
Equity:
|
|
|
|
Preferred stock,
$0.001 par value, 20,000,000 shares authorized, no
shares issued or outstanding
|
—
|
|
—
|
Common stock,
$0.001 par value, 100,000,000 shares authorized,
14,353,170 shares issued and 13,432,177 shares
outstanding on
October 31, 2022 and 14,240,290 shares issued and
13,403,326
outstanding on April 30, 2022
|
14
|
|
14
|
Additional paid in
capital
|
270,220
|
|
268,393
|
Retained
deficit
|
(55,676)
|
|
(50,351)
|
Treasury stock, at cost
(920,993 shares on October 31, 2022
and 836,964 shares on April 30, 2022)
|
(15,781)
|
|
(15,025)
|
Total
equity
|
198,777
|
|
203,031
|
Total liabilities and
equity
|
$
266,472
|
|
$
277,840
|
|
|
|
|
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended October 31,
|
|
For the Six Months
Ended October 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
sales
|
|
$
54,436
|
|
$
70,760
|
|
$
98,112
|
|
$
131,528
|
Cost of
sales
|
|
28,474
|
|
37,723
|
|
53,111
|
|
69,508
|
Gross profit
|
|
25,962
|
|
33,037
|
|
45,001
|
|
62,020
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
1,557
|
|
1,457
|
|
3,313
|
|
2,977
|
Selling, marketing, and
distribution
|
|
13,924
|
|
15,664
|
|
25,704
|
|
28,864
|
General and
administrative
|
|
10,615
|
|
10,615
|
|
21,679
|
|
20,654
|
Total operating
expenses
|
|
26,096
|
|
27,736
|
|
50,696
|
|
52,495
|
Operating
(loss)/income
|
|
(134)
|
|
5,301
|
|
(5,695)
|
|
9,525
|
Other income,
net:
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
585
|
|
619
|
|
826
|
|
747
|
Interest expense,
net
|
|
(242)
|
|
(53)
|
|
(428)
|
|
(99)
|
Total other income,
net
|
|
343
|
|
566
|
|
398
|
|
648
|
Income/(loss) from
operations before income taxes
|
|
209
|
|
5,867
|
|
(5,297)
|
|
10,173
|
Income tax
(benefit)/expense
|
|
(161)
|
|
1,284
|
|
28
|
|
2,133
|
Net
income/(loss)
|
|
$
370
|
|
$
4,583
|
|
$
(5,325)
|
|
$
8,040
|
Net income/(loss) per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.03
|
|
$
0.32
|
|
$
(0.40)
|
|
$
0.57
|
Diluted
|
|
$
0.03
|
|
$
0.32
|
|
$
(0.40)
|
|
$
0.56
|
Weighted average number
of common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
13,465
|
|
14,135
|
|
13,454
|
|
14,109
|
Diluted
|
|
13,589
|
|
14,348
|
|
13,454
|
|
14,369
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
For the Six Months
Ended October 31,
|
|
2022
|
|
2021
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
Net
(loss)/income
|
$
(5,325)
|
|
$
8,040
|
Adjustments to
reconcile net income to net cash provided by/
(used in) operating activities:
|
|
|
|
Depreciation and
amortization
|
8,272
|
|
8,386
|
(Gain)/loss on
sale/disposition of assets
|
(5)
|
|
127
|
Provision for credit
losses on accounts receivable
|
16
|
|
38
|
Deferred income
taxes
|
—
|
|
(403)
|
Stock-based
compensation expense
|
1,835
|
|
1,416
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(3,694)
|
|
(12,195)
|
Inventories
|
10,239
|
|
(30,677)
|
Accounts
payable
|
(4,058)
|
|
3,632
|
Accrued
liabilities
|
1,823
|
|
660
|
Other
|
(2,936)
|
|
(4,298)
|
Net cash provided by/(used
in) operating activities
|
6,167
|
|
(25,274)
|
Cash flows from
investing activities:
|
|
|
|
Payments to acquire
patents and software
|
(2,495)
|
|
(1,124)
|
Payments to acquire
property and equipment
|
(816)
|
|
(1,708)
|
Net cash used in investing
activities
|
(3,311)
|
|
(2,832)
|
Cash flows from
financing activities:
|
|
|
|
Payments on notes and
loans payable
|
(5,170)
|
|
—
|
Payments to acquire
treasury stock
|
(756)
|
|
—
|
Cash paid for debt
issuance costs
|
(88)
|
|
—
|
Proceeds from exercise
of options to acquire common stock,
including employee stock purchase plan
|
287
|
|
413
|
Payment of employee
withholding tax related to restricted
stock units
|
(295)
|
|
(505)
|
Net cash used in financing
activities
|
(6,022)
|
|
(92)
|
Net decrease in cash
and cash equivalents
|
(3,166)
|
|
(28,198)
|
Cash and cash
equivalents, beginning of period
|
19,521
|
|
60,801
|
Cash and cash
equivalents, end of period
|
$
16,355
|
|
$
32,603
|
Supplemental disclosure
of cash flow information
|
|
|
|
Cash paid
for:
|
|
|
|
Interest
|
$
393
|
|
$
76
|
Income taxes
|
$
86
|
|
$
2,500
|
|
|
|
|
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES
(In thousands, except per share data)
(Unaudited)
|
|
|
For the Three Months
Ended October 31,
|
|
For the Six Months
Ended October 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
GAAP gross
profit
|
$
25,962
|
|
$
33,037
|
|
$
45,001
|
|
$
62,020
|
|
Facility consolidation
costs
|
158
|
|
—
|
|
158
|
|
—
|
|
Non-GAAP gross
profit
|
$
26,120
|
|
$
33,037
|
|
$
45,159
|
|
$
62,020
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
26,096
|
|
$
27,736
|
|
$
50,696
|
|
$
52,495
|
|
Amortization of
acquired intangible assets
|
(3,074)
|
|
(3,428)
|
|
(6,150)
|
|
(6,856)
|
|
Stock
compensation
|
(1,121)
|
|
(664)
|
|
(1,835)
|
|
(1,416)
|
|
Facility consolidation
costs
|
(134)
|
|
—
|
|
(134)
|
|
—
|
|
Technology
implementation
|
(273)
|
|
(887)
|
|
(1,042)
|
|
(1,159)
|
|
Acquisition
costs
|
—
|
|
—
|
|
(47)
|
|
—
|
|
Stockholder cooperation
agreement costs
|
(167)
|
|
—
|
|
(1,177)
|
|
—
|
|
Other
|
—
|
|
(18)
|
|
—
|
|
(18)
|
|
Non-GAAP operating
expenses
|
$
21,327
|
|
$
22,739
|
|
$
40,311
|
|
$
43,046
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
(loss)/income
|
$
(134)
|
|
$
5,301
|
|
$
(5,695)
|
|
$
9,525
|
|
Amortization of
acquired intangible assets
|
3,074
|
|
3,428
|
|
6,150
|
|
6,856
|
|
Stock
compensation
|
1,121
|
|
664
|
|
1,835
|
|
1,416
|
|
Facility consolidation
costs
|
292
|
|
—
|
|
292
|
|
—
|
|
Technology
implementation
|
273
|
|
887
|
|
1,042
|
|
1,159
|
|
Acquisition
costs
|
—
|
|
—
|
|
47
|
|
—
|
|
Stockholder cooperation
agreement costs
|
167
|
|
—
|
|
1,177
|
|
—
|
|
Other
|
—
|
|
18
|
|
—
|
|
18
|
|
Non-GAAP operating
income
|
$
4,793
|
|
$
10,298
|
|
$
4,848
|
|
$
18,974
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income/(loss)
|
$
370
|
|
$
4,583
|
|
$
(5,325)
|
|
$
8,040
|
|
Amortization of
acquired intangible assets
|
3,074
|
|
3,428
|
|
6,150
|
|
6,856
|
|
Stock
compensation
|
1,121
|
|
664
|
|
1,835
|
|
1,416
|
|
Facility consolidation
costs
|
292
|
|
—
|
|
292
|
|
—
|
|
Technology
implementation
|
273
|
|
887
|
|
1,042
|
|
1,159
|
|
Acquisition
costs
|
—
|
|
—
|
|
47
|
|
—
|
|
Stockholder cooperation
agreement costs
|
167
|
|
—
|
|
1,177
|
|
—
|
|
Other
|
—
|
|
18
|
|
—
|
|
18
|
|
Income tax
adjustments
|
(1,342)
|
|
(1,249)
|
|
(1,178)
|
|
(2,362)
|
|
Non-GAAP net
income
|
$
3,955
|
|
$
8,331
|
|
$
4,040
|
|
$
15,127
|
|
|
|
|
|
|
|
|
|
|
GAAP net income/(loss)
per share - diluted
|
$
0.03
|
|
$
0.32
|
|
$
(0.40)
|
|
$
0.56
|
|
Amortization of
acquired intangible assets
|
0.23
|
|
0.24
|
|
0.46
|
|
0.48
|
|
Stock
compensation
|
0.08
|
|
0.05
|
|
0.14
|
|
0.10
|
|
Facility consolidation
costs
|
0.02
|
|
—
|
|
0.02
|
|
—
|
|
Technology
implementation
|
0.02
|
|
0.06
|
|
0.08
|
|
0.08
|
|
Acquisition
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
Stockholder cooperation
agreement costs
|
0.01
|
|
—
|
|
0.09
|
|
—
|
|
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
Income tax
adjustments
|
(0.10)
|
|
(0.09)
|
|
(0.09)
|
|
(0.16)
|
|
Non-GAAP net income per
share - diluted
|
$
0.29
|
|
$
0.58
|
|
$
0.30
|
|
$
1.05
|
(a)
|
(a) Non-GAAP net income
per share does not foot due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP NET INCOME/(LOSS) TO NON-GAAP ADJUSTED EBITDAS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended October 31,
|
|
For the Six Months
Ended October 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
GAAP net
income/(loss)
|
$
|
370
|
|
$
|
4,583
|
|
$
|
(5,325)
|
|
$
|
8,040
|
Interest
expense
|
|
242
|
|
|
53
|
|
|
428
|
|
|
99
|
Income tax
(benefit)/expense
|
|
(161)
|
|
|
1,284
|
|
|
28
|
|
|
2,133
|
Depreciation and
amortization
|
|
4,110
|
|
|
4,207
|
|
|
8,272
|
|
|
8,386
|
Stock
compensation
|
|
1,121
|
|
|
664
|
|
|
1,835
|
|
|
1,416
|
Technology
implementation
|
|
273
|
|
|
887
|
|
|
1,042
|
|
|
1,159
|
Acquisition
costs
|
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
Facility consolidation
costs
|
|
292
|
|
|
—
|
|
|
292
|
|
|
—
|
Stockholder cooperation
agreement costs
|
|
167
|
|
|
—
|
|
|
1,177
|
|
|
—
|
Other
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
Non-GAAP Adjusted
EBITDAS
|
$
|
6,414
|
|
$
|
11,696
|
|
|
$
7,796
|
|
|
$
21,251
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE American Outdoor Brands, Inc.