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Smith & Wesson Holding Corporation Reports Record Fourth Quarter and Full Year Fiscal 2013 Financial Results

Smith & Wesson Holding Corporation Reports Record Fourth Quarter and Full Year
                        Fiscal 2013 Financial Results

- Record Fiscal Fourth Quarter 2013 Net Sales of $179 Million, Up 38%
Year-Over-Year

- Record Quarterly Net Income from Continuing Operations of $29 Million, or
$0.44 Per Diluted Share

- Record Annual Fiscal 2013 Net Sales of $588 Million, Up 43% Year-Over-Year

- Record Annual Net Income From Continuing Operations of $81 Million, or $1.22
Per Diluted Share

- Record Cash of $101 Million

PR Newswire

SPRINGFIELD, Mass., June 25, 2013

SPRINGFIELD, Mass., June 25, 2013 /PRNewswire/ --Smith & Wesson Holding
Corporation (NASDAQ Global Select: SWHC), a leader in firearm manufacturing
and design, today announced record financial results for the fiscal fourth
quarter and full year periods ended April 30, 2013.

Fourth Quarter Fiscal 2013 Financial Highlights

  oNet sales for the fourth quarter were $178.7 million, up 37.6% from the
    fourth quarter last year. Although the company continued to increase its
    production capacity, it was unable to meet the ongoing demand across most
    of its firearm product lines, resulting in additional growth in the
    company's order backlog.
  oGross profit for the fourth quarter was $68.5 million, or 38.3% of net
    sales, compared with gross profit of $46.9 million, or 36.1% of net sales,
    for the comparable quarter last year. Gross profit improved as a result
    of increased sales volume, leveraging of fixed costs, and a planned
    favorable product mix.
  oOperating expenses for the fourth quarter were $21.6 million, or 12.1% of
    net sales, compared with operating expenses of $21.2 million, or 16.3% of
    net sales, for the fourth quarter last year. The decline in operating
    expenses as a percentage of net sales was primarily driven by higher sales
    combined with controlled spending in sales and marketing.
  oThe increased net sales and leverage in expenses resulted in operating
    income for the fourth quarter of $46.9 million, or 26.2% percent of net
    sales, compared with operating income of $25.7 million, or 19.8% percent
    of net sales, for the comparable quarter last year.
  oIncome from continuing operations for the fourth quarter was $28.6
    million, or $0.44 per diluted share, compared with net income from
    continuing operations of $17.8 million, or $0.27 per diluted share, for
    the fourth quarter last year. Income from continuing operations for the
    fourth quarter of fiscal 2013 includes the impact of a $3.0 million
    charge, or $0.03 per diluted share, related to anticipated expenses
    associated with a Thompson/Center product recall.
  oNon-GAAP Adjusted EBITDAS from continuing operations for the fourth
    quarter increased to $52.7 million compared with $31.2 million for the
    fourth quarter last year.
  oOperating cash flow of $51.3 million and capital spending of $13.0 million
    for the fourth quarter resulted in free cash flow of $38.3 million.

Full Year Fiscal 2013 Financial Highlights

  oNet sales for the full fiscal year were a record $587.5 million compared
    with $412.0 million for the prior fiscal year, an increase of 42.6%.
    Firearm unit production for the year increased by 40.4%.
  oGross profit was 37.2% compared with 31.1% for fiscal 2012.
  oOperating expenses were $85.6 million, or 14.6% of net sales, for fiscal
    2013 compared with operating expenses of $83.1 million, or 20.2% of net
    sales, for fiscal 2012.
  oIncome from continuing operations was $81.4 million, or $1.22 per diluted
    share, compared with income from continuing operations of $26.4 million,
    or $0.40 per diluted share, for last year.
  oNon-GAAP Adjusted EBITDAS from continuing operations for the full fiscal
    year totaled $154.2 million compared with $68.4 million for fiscal 2012.
  oOperating cash flow was $98.1 million and capital spending was $41.4
    million for fiscal 2013, resulting in full year free cash flow of $65.2
    million, which includes $8.5 million from the sale of discontinued
    operations.
  oDuring fiscal 2013, the company repurchased 2.1 million shares of its
    common stock for $20.0 million utilizing cash on hand.
  oCash and cash equivalents as of April 30, 2013 totaled $100.5 million, up
    from $56.7 million a year ago.

Jeffrey D. Buchanan, Smith & Wesson Holding Corporation Executive Vice
President and Chief Financial Officer, stated, "Building on the strength of
our record profitability, robust cash flows, and rising cash position in
fiscal 2013, we recently accelerated a number of steps to optimize our capital
structure and generate increased value for our stockholders. On June 13, 2013,
we announced that we had repurchased our outstanding 9.5% notes for $49.2
million and that we had issued $75.0 million of new 5.875% notes. Since that
date, we have sold an additional $25.0 million of the 5.875% notes, which will
bring the total new note issuance to $100.0 million. Also on June 13,
2013,we announced that we initiated a $100.0 million stock buyback, a portion
of which is expected to be purchased through a $75.0 million tender offer for
$10.00 per share, which commenced on June 17, 2013. Overall, we believe that
these changes provide a solid foundation upon which to continue to grow our
core firearms business, while giving us the financial flexibility to be
strategically opportunistic in the market."

James Debney, Smith & Wesson Holding Corporation President and Chief Executive
Officer, stated, "We are pleased with our results, which include record fourth
quarter and annual net sales and profits and a substantial expansion of our
gross margins. Our successful performance was driven by solid marketing,
innovative new products, disciplined manufacturing execution, and strict
financial management. Significant increases in our manufacturing capacity,
combined with continued robust consumer demand for firearms, resulted in
higher sales of our most popular M&P® products. Our achievements over the
year aligned directly with our growth strategy, which is underpinned by a
focus on our core firearm business. Having completed another year of
successfully executing our strategy, we are today issuing our financial
outlook for the first quarter and full fiscal year 2014."

Financial Outlook

The company expects net sales for the first quarter of fiscal 2014 to be
between $162.0 million and $167.0 million, which would represent
year-over-year growth of approximately 21% at the midpoint. The company
anticipates GAAP earnings per share from continuing operations of between
$0.34 and $0.37 for the first quarter of fiscal 2014. Included in this first
quarter outlookare estimated expenses of approximately $0.06 per share
associated with the bond and stock repurchases.

The company anticipates net sales for fiscal 2014 of between $605.0 million
and $615.0 million, which would represent year-over-year growth of
approximately 4% at the midpoint. It should be noted that the company ended
its Walther distribution agreement at the end of fiscal 2013. Therefore, when
Walther is excluded from the full year 2013 results, estimated net sales for
2014 would represent year-over-year growth of 12% at the mid-point. The
company anticipates GAAP earnings per share from continuing operations of
between $1.30 and $1.35 for fiscal 2014, and Adjusted EBITDAS of between
$160.0 million and $170.0 million.

Conference Call and Webcast

The company will host a conference call and webcast today, June 25, 2013, to
discuss its fourth quarter and full year fiscal 2013 financial and operational
results. Speakers on the conference call will include James Debney, President
and CEO, and Jeffrey D. Buchanan, Executive Vice President and CFO. The
conference call may include forward-looking statements. 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 call via telephone may call directly at
(857) 244-7551 and reference conference code 34472188. No RSVP is necessary.
The conference call audio webcast can also be accessed live and for replay on
the company's website at www.smith-wesson.com, under the Investor Relations
section. The company will maintain an audio replay of this conference call on
its website for a period of time after the call. No other audio replay will be
available.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

In this press release, certain non-GAAP financial measures, including
"Adjusted EBITDAS" and "free cash flow" are presented. From time-to-time, the
company considers and uses Adjusted EBITDAS and free cash flow as supplemental
measures 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
compensation expense, plant consolidation costs, DOJ and SEC investigation
costs, and certain other transactions. See the attached "Reconciliation of
GAAP Net Income to Non-GAAP Adjusted EBITDAS" for a detailed explanation of
the amounts excluded from and included in net income to arrive at Adjusted
EBITDAS for the three-month and full year periods ended April 30, 2013 and
April 30, 2012 and the company's guidance for full year fiscal 2014. Free
cash flow is defined as cash flow provided by operating activities less
capital expenditures, which include purchases of property, equipment, and
software.

Adjusted or non-GAAP financial measures provide investors and the company 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. The company's
definition of these adjusted financial measures may differ from similarly
named measures used by others.

About Smith & Wesson

Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) is a
U.S.-based leader in firearm manufacturing and design, delivering a broad
portfolio of quality firearms, related products, and training to the global
military, law enforcement, and consumer markets. The company's brands include
Smith & Wesson®, M&P® and Thompson/Center Arms™. Smith & Wesson facilities are
located in Massachusetts and Maine. For more information on Smith & Wesson,
call (800) 331-0852 or log on to www.smith-wesson.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. Such forward-looking statements include the company's anticipated
expenses associated with the Thompson/Center product recall; the company's
assessment that it recently executed a number of steps to optimize its capital
structure and generate increased value for its stockholders building on the
strength of its record profitability, robust cash flows, and rising cash
position in fiscal 2013; the company's belief that its repurchases of
outstanding notes and the issuance of new notes as well as the announced stock
buyback will increase the company's financial flexibility and provide a solid
foundation upon which to continue to grow its core firearm business while
being strategically opportunistic in the market; the company's belief that its
successful performance was driven by solid marketing, innovative new products,
disciplined manufacturing execution, and strict financial management; the
company's belief that significant increases in the company's manufacturing
capacity, combined with continued robust consumer demand for firearms resulted
in higher sales of its most popular M&P products; and the company's
expectations for net sales, GAAP earnings per share from continuing
operations, and estimated expenses associated with bond and stock repurchases
for the first quarter of fiscal 2014 as well as net sales, GAAP earnings per
share from continuing operations and Adjusted EBITDAS for fiscal 2014. We
caution that these statements are qualified by important factors that could
cause actual results to differ materially from those reflected by such
forward-looking statements. Such factors include the demand for our products;
the costs and ultimate conclusion of certain legal matters, including the DOJ
and SEC matters; the state of the U.S. economy; general economic conditions,
and consumer spending patterns; the potential for increased regulation of
firearms and firearm-related products; speculation surrounding fears of
terrorism and crime; our growth opportunities; our anticipated growth; our
ability to increase demand for our products in various markets, including
consumer, law enforcement, and military channels, domestically and
internationally; the position of our hunting products in the consumer
discretionary marketplace and distribution channel; our penetration rates in
new and existing markets; our strategies; our ability to introduce new
products; the success of new products; our ability to expand our markets; the
potential for cancellation of orders from our backlog; and other risks
detailed from time to time in our reports filed with the SEC, including our
Form 10-K Report for the fiscal year ended April 30, 2013.

Contact: Liz Sharp, VP Investor Relations
Smith & Wesson Holding Corp.
(413) 747-3304
lsharp@smith-wesson.com



SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                         For the Three Months Ended  For the Years Ended April
                         April 30:                   30,
                         2013           2012         2013          2012
                         (Unaudited)    (Unaudited)
                         (In thousands, except per share data)
Net sales                $   178,717    $  129,843   $  587,514    $  411,997
Cost of sales                110,229       82,980       369,111       284,008
Gross profit                 68,488        46,863       218,403       127,989
Operating expenses:
  Research and              1,388         973          4,751         4,543
  development
  Selling and marketing     6,817         6,495        30,020        31,317
  General and               13,416        13,729       50,798        47,213
  administrative
  Total operating           21,621        21,197       85,569        83,073
  expenses
Operating income from        46,867        25,666       132,834       44,916
continuing operations
Other income/(expense):
  Other                     —             16           39            78
  income/(expense), net
  Interest income           64            309          814           1,505
  Interest expense          (1,210)       (1,439)      (5,781)       (7,484)
  Total other               (1,146)       (1,114)      (4,928)       (5,901)
  income/(expense), net
Income from continuing
operations before income     45,721        24,552       127,906       39,015
taxes
Income tax expense           17,090        6,735        46,500        12,582
Income from continuing       28,631        17,817       81,406        26,433
operations
Discontinued operations:
  Loss from operations
  of discontinued            (455)         (7,639)      (3,605)       (15,945)
  security solutions
  division
  Income tax                 3,010         (2,290)      (912)         (5,617)
  expense/(benefit)
  Loss from discontinued     (3,465)       (5,349)      (2,693)       (10,328)
  operations
Net income/comprehensive $   25,166     $  12,468    $  78,713     $  16,105
income
Net income per share:
  Basic - continuing     $   0.45       $  0.27      $  1.25       $  0.41
  operations
  Basic - net income     $   0.39       $  0.19      $  1.21       $  0.25
  Diluted - continuing   $   0.44       $  0.27      $  1.22       $  0.40
  operations
  Diluted - net income   $   0.38       $  0.19      $  1.18       $  0.25
Weighted average number
of common shares
outstanding:
  Basic                      64,217        65,057       65,155        64,788
  Diluted                    65,450        66,418       66,642        67,277





SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                                           As of:
                                           April 30, 2013     April 30, 2012
                                           (In thousands, except par value and
                                           share data)
ASSETS
Current assets:
     Cash and cash equivalents, including
     restricted cash of $3,345 on April    $    100,487       $    56,717
     30, 2013 and $3,334 on April 30, 2012
     Accounts receivable, net of allowance
     for doubtful accounts of $1,128 on         46,088             48,313
     April 30, 2013 and $1,058 on
     April30, 2012
     Inventories                                62,998             55,296
     Prepaid expenses and other current         4,824              4,139
     assets
     Assets held for sale                       —                  13,490
     Deferred income taxes                     12,076             12,759
     Income tax receivable                      3,093              —
              Total current assets             229,566            190,714
Property, plant, and equipment, net            86,382             60,528
Intangibles, net                               3,965              4,532
Other assets                                   7,076              5,900
                                           $    326,989       $    261,674
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Accounts payable                      $    31,220        $    28,618
     Accrued expenses                           16,033             20,685
     Accrued payroll                            13,096             9,002
     Accrued income taxes                       —                  291
     Accrued taxes other than income            5,349              4,270
     Accrued profit sharing                     9,587              8,040
     Accrued product/municipal liability        1,551              1,397
     Accrued warranty                           5,757              5,349
     Liabilities held for sale                  —                  5,693
              Total current liabilities        82,593             83,345
Deferred income taxes                         7,863              4,537
Notes payable, net of current portion          43,559             50,000
Other non-current liabilities                  11,675             10,948
              Total liabilities                145,690            148,830
Commitments and contingencies
Stockholders' equity:
 Preferred stock, $.001par value,
 20,000,000shares authorized, no shares        —                  —
 issued or outstanding
 Common stock, $.001par value,
 100,000,000shares authorized, 67,596,716
 shares issued and 64,297,113 shares           68                 67
 outstanding on April 30, 2013 and
 66,512,097shares issued and 65,312,097
 shares outstanding on April30, 2012
 Additional paid-in capital                    199,120            189,379
 Retained earnings/(accumulated deficit)       8,434              (70,279)
 Accumulated other comprehensive income         73                 73
 Treasury stock, at cost (3,299,603 common
 shares on April 30, 2013 and 1,200,000 on      (26,396)           (6,396)
 April 30, 2012)
              Total stockholders' equity       181,299            112,844
                                           $    326,989       $    261,674



SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                 For the Years Ended April 30,
                                                 2013             2012
                                                 (In thousands)
Cash flows from operating activities:
 Net Income                                      $   78,713       $  16,105
 Adjustments to reconcile net income to net
 cash provided by operating activities:
  Amortization and depreciation                      16,730          15,487
  Loss on sale of business including loss on
  sale of discontinued operations, including $45     1,222           5,688
  of stock-based compensation expense
  Loss on sale/disposition of assets                 315             285
  Provisions for/(recoveries of) losses on           720             (465)
  accounts receivable
  Change in disposal group assets and                (1,215)         5,467
  liabilities
  Deferred income taxes                              4,009           (1,558)
  Stock-based compensation expense                   4,073           2,484
  Excess book deduction of stock-based compensation  —               (144)
  Changes in operating assets and liabilities:
  Accounts receivable                               1,505           5,089
  Inventories                                       (7,702)         (9,235)
  Other current assets                              (285)           950
  Income tax receivable/payable                     (3,384)         4,804
  Accounts payable                                  2,602           (8,716)
  Accrued payroll                                   3,489           3,693
  Accrued taxes other than income                   1,079           (7,151)
  Accrued profit sharing                            1,547           3,959
  Accrued other expenses                            (5,279)         (877)
  Accrued product/municipal liability               154             (1,187)
  Accrued warranty                                  408             2,169
  Other assets                                      (1,930)         (189)
  Other non-current liabilities                     1,327           714
                  Net cash provided by              98,098          37,372
                  operating activities
Cash flows from investing activities:
 Proceeds from sale of business including            7,500           500
 discontinued operations
 Receipts from note receivable                      73              19
 Payments to acquire patents and software           (102)           (164)
 Proceeds from sale of property and equipment       1,040           26
 Payments to acquire property and equipment         (41,421)        (13,770)
                  Net cash used in investing        (32,910)        (13,389)
                  activities
Cash flows from financing activities:
 Proceeds from loans and notes payable               1,753           1,532
 Cash paid for debt issue costs                      —               (1,850)
 Proceeds from energy efficiency incentive           —               225
 programs
 Payments on capital lease obligation                (600)           —
 Cash paid for redemption of convertible notes       —               (30,000)
 Payments on loans and notes payable                 (8,195)         (1,532)
 Proceeds from Economic Development Incentive        —               4,400
 Program
 Payments to acquire treasury stock                  (20,000)        —
 Proceeds from exercise of options to acquire
 common stock, including employee stock purchase     4,808           1,667
 plan
 Taxes paid related to restricted stock issuance     (209)           —
 Excess tax benefit of stock-based compensation      1,025           —
                  Net cash used in financing        (21,418)        (25,558)
                  activities
Net increase/(decrease) in cash and cash             43,770          (1,575)
equivalents
Cash and cash equivalents, beginning of period       56,717          58,292
Cash and cash equivalents, end of period         $   100,487      $  56,717
Supplemental disclosure of cash flow information
 Cash paid for:
  Interest                                       $   5,295        $  5,865
  Income taxes                                       44,087          3,963



SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDAS (Unaudited)
                     For the Three Months Ended April 30,   For the Three Months Ended April
                     2013:                                  30, 2012:
                     GAAP       Adjustments     Adjusted    GAAP       Adjustments    Adjusted
                     (In thousands)
Net sales           $ 178,717  $ —             $ 178,717   $ 129,843  $ —            $ 129,843
Cost of sales         110,229    (4,026)  (8)    106,203     82,980     (3,735) (1)    79,245
Gross profit          68,488     4,026           72,514      46,863     3,735          50,598
Operating expenses:
  Research and        1,388      (29)     (8)    1,359       973        (13)    (1)    960
  development
  Selling and         6,817      (79)     (8)    6,738       6,495      (56)    (1)    6,439
  marketing
  General and         13,416     (1,668)  (2)    11,748      13,729     (1,668) (4)    12,061
  administrative
  Total operating     21,621     (1,776)         19,845      21,197     (1,737)        19,460
  expenses
Operating income
from continuing        46,867     5,802           52,669      25,666     5,472          31,138
operations
Other
income/(expense):
  Other
  income/(expense),    —          —               —           16         —              16
  net
  Interest income     64         —               64          309        (300)   (7)    9
  Interest expense    (1,210)    1,210    (5)    —           (1,439)    1,439   (5)    —
  Total other
  income/(expense),    (1,146)    1,210           64          (1,114)    1,139          25
  net
Income from
continuing             45,721     7,012           52,733      24,552     6,611          31,163
operations before
income taxes
Income tax expense    17,090     (17,090) (6)    —           6,735      (6,735) (6)    —
Income from
continuing             28,631     24,102          52,733      17,817     13,346         31,163
operations
Discontinued
operations:
Loss from operations
of discontinued        (455)      —               (455)       (7,639)    6,060   (9)    (1,579)
security solutions
division
Income tax             3,010      (3,010)  (6)    —           (2,290)    2,290   (6)    —
expense/(benefit)
Loss on discontinued   (3,465)    3,010           (455)       (5,349)    3,770          (1,579)
operations
Net
income/comprehensive $ 25,166   $ 27,112        $ 52,278    $ 12,468   $ 17,116       $ 29,584
income

SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDAS (Unaudited)
                     For the Year Ended April 30, 2013:     For the Year Ended April 30, 2012:
                     GAAP       Adjustments     Adjusted    GAAP        Adjustments     Adjusted
                     (In thousands)
Net sales           $ 587,514  $ —             $ 587,514   $ 411,997   $ —             $ 411,997
Cost of sales         369,111    (14,237) (8)    354,874     284,008     (14,554) (1)    269,454
Gross profit          218,403    14,237          232,640     127,989     14,554          142,543
Operating expenses:
  Research and        4,751      (116)    (8)    4,635       4,543       (157)    (1)    4,386
  development
  Selling and         30,020     (247)    (8)    29,773      31,317      (277)    (1)    31,040
  marketing
  General and         50,798     (6,542)  (2)    44,256      47,213      (8,246)  (3)    38,967
  administrative
  Total operating     85,569     (6,905)         78,664      83,073      (8,680)         74,393
  expenses
Operating income
from continuing        132,834    21,142          153,976     44,916      23,234          68,150
operations
Other
income/(expense):
  Other
  income/(expense),    39         —               39          78          —               78
  net
  Interest income     814        (608)    (7)    206         1,505       (1,343)  (7)    162
  Interest expense    (5,781)    5,781    (5)    —           (7,484)     7,484    (5)    —
  Total other
  income/(expense),    (4,928)    5,173           245         (5,901)     6,141           240
  net
Income from
continuing             127,906    26,315          154,221     39,015      29,375          68,390
operations before
income taxes
Income tax expense    46,500     (46,500) (6)    —           12,582      (12,582) (6)    —
Income from
continuing             81,406     72,815          154,221     26,433      41,957          68,390
operations
Discontinued
operations:
Loss from operations
of discontinued        (3,605)    1,808    (9)    (1,797)     (15,945)    8,321    (9)    (7,624)
security solutions
division
Income tax benefit     (912)      912      (6)    —           (5,617)     5,617    (6)    —
Loss on discontinued   (2,693)    896             (1,797)     (10,328)    2,704           (7,624)
operations
Net
income/comprehensive $ 78,713   $ 73,711        $ 152,424   $ 16,105    $ 44,661        $ 60,766
income

(1) To exclude depreciation, amortization, and plant consolidation costs.
(2) To exclude depreciation, amortization, stock-based compensation expense,
    and DOJ/SEC costs and related profit sharing impacts of DOJ/SEC.
    To exclude depreciation, amortization, stock-based compensation expense,
(3) plant consolidation costs, severance benefits for our former President
    and CEO, and DOJ/SEC costs and related profit sharing impacts of DOJ/SEC.
    To exclude depreciation, amortization, stock-based compensation expense,
(4) plant consolidation costs, and DOJ/SEC costs and related profit sharing
    impacts of DOJ/SEC.
(5) To exclude interest expense.
(6) To exclude income tax expense.
(7) To exclude intercompany interest income.
(8) To exclude depreciation and amortization.
(9) To exclude loss on sale of discontinued operations, depreciation,
    amortization, interest expense, and stock-based compensation expense.





SOURCE Smith & Wesson Holding Corporation

Website: http://www.smith-wesson.com
 
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