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American Outdoor Brands, Inc. Reports Second Quarter Fiscal 2023 Financial Results

  • 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
[email protected]
(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













SOURCE American Outdoor Brands, Inc.

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