American Outdoor Brands, Inc. Reports First Quarter Fiscal 2025 Financial Results
American Outdoor Brands (NASDAQ: AOUT) reported Q1 fiscal 2025 results with net sales of $41.6 million, down 4.1% year-over-year. The company posted a GAAP net loss of $2.4 million ($0.18 per share) compared to a $4.1 million loss last year. Non-GAAP net income improved to $748,000 ($0.06 per share) from $98,000 a year ago.
Key highlights include:
- Gross margin steady at 45.4%
- Adjusted EBITDAS up 76% to $2.0 million (4.8% of sales)
- International sales grew 21% to $4.4 million
- New products launched within 24 months generated 23% of sales
- $23.5 million cash balance with no debt
The company remains optimistic about fiscal 2025 growth prospects despite headwinds in the Shooting Sports category.
American Outdoor Brands (NASDAQ: AOUT) ha riportato i risultati del primo trimestre fiscale 2025 con vendite nette di $41.6 milioni, in calo del 4.1% rispetto all'anno precedente. L'azienda ha registrato una perdita netta GAAP di $2.4 milioni ($0.18 per azione) rispetto a una perdita di $4.1 milioni dello scorso anno. Il reddito netto Non-GAAP è migliorato a $748,000 ($0.06 per azione) da $98,000 dell'anno scorso.
Le principali evidenze includono:
- Margine lordo stabile al 45.4%
- EBITDAS corretto in aumento del 76% a $2.0 milioni (4.8% delle vendite)
- Le vendite internazionali sono cresciute del 21% a $4.4 milioni
- I nuovi prodotti lanciati negli ultimi 24 mesi hanno generato il 23% delle vendite
- Saldo di cassa di $23.5 milioni senza debiti
L'azienda rimane ottimista riguardo alle prospettive di crescita per il 2025 nonostante le difficoltà nella categoria degli Sport di Tiro.
American Outdoor Brands (NASDAQ: AOUT) informó los resultados del primer trimestre fiscal 2025 con ventas netas de $41.6 millones, una disminución del 4.1% en comparación con el año anterior. La compañía reportó una pérdida neta GAAP de $2.4 millones ($0.18 por acción) en comparación con una pérdida de $4.1 millones el año pasado. El ingreso neto no GAAP mejoró a $748,000 ($0.06 por acción) desde $98,000 hace un año.
Los aspectos destacados incluyen:
- Margen bruto estable en 45.4%
- EBITDAS ajustado aumentó un 76% a $2.0 millones (4.8% de las ventas)
- Las ventas internacionales crecieron un 21% a $4.4 millones
- Los nuevos productos lanzados en los últimos 24 meses generaron el 23% de las ventas
- Saldo de caja de $23.5 millones sin deuda
La compañía se muestra optimista sobre las perspectivas de crecimiento para el fiscal 2025 a pesar de los vientos en contra en la categoría de Deportes de Tiro.
American Outdoor Brands (NASDAQ: AOUT)는 2025 회계연도 1분기 결과를 발표하며 총 매출 4,160만 달러를 기록했으며, 이는 지난해 대비 4.1% 감소한 수치입니다. 회사는 GAAP 기준 순손실 240만 달러 ($0.18 per share) 를 기록했으며, 이는 지난해 410만 달러의 손실과 비교됩니다. 비GAAP 기준 순소득은 지난해 9만 8천 달러에서 748,000달러 ($0.06 per share)로 개선되었습니다.
주요 하이라이트는 다음과 같습니다:
- 총 마진이 45.4%로 안정적임
- 조정된 EBITDAS가 76% 증가하여 200만 달러 (판매의 4.8%)로 증가함
- 해외 판매가 21% 증가하여 440만 달러에 도달함
- 24개월 이내에 출시된 신제품이 판매의 23%를 차지함
- 부채가 없는 2,350만 달러의 현금 잔고 보유
회사는 사격 스포츠 부문에서의 역풍에도 불구하고 2025 회계연도 성장 전망에 대해 낙관적입니다.
American Outdoor Brands (NASDAQ: AOUT) a publié ses résultats du premier trimestre fiscal 2025 avec des ventes nettes de 41,6 millions de dollars, en baisse de 4,1% par rapport à l'année précédente. L'entreprise a enregistré une perte nette GAAP de 2,4 millions de dollars (0,18 $ par action) contre une perte de 4,1 millions de dollars l'année dernière. Le revenu net non-GAAP a augmenté à 748 000 dollars (0,06 $ par action) contre 98 000 dollars l'année précédente.
Les points clés incluent :
- Marche brute stable à 45,4%
- EBITDAS ajusté en hausse de 76% à 2,0 millions de dollars (4,8% des ventes)
- Les ventes internationales ont augmenté de 21% pour atteindre 4,4 millions de dollars
- Les nouveaux produits lancés au cours des 24 derniers mois ont représenté 23% des ventes
- Solde de trésorerie de 23,5 millions de dollars sans dettes
L'entreprise reste optimiste quant aux perspectives de croissance pour l'année fiscale 2025 malgré les vents contraires dans la catégorie des sports de tir.
American Outdoor Brands (NASDAQ: AOUT) hat die Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht mit netto Verkäufen von 41,6 Millionen Dollar, was einem Rückgang von 4,1% im Jahresvergleich entspricht. Das Unternehmen verzeichnete einen GAAP-Nettoverlust von 2,4 Millionen Dollar ($0,18 pro Aktie), im Vergleich zu einem Verlust von 4,1 Millionen Dollar im Vorjahr. Das Non-GAAP-Nettoeinkommen verbesserte sich auf 748.000 Dollar ($0,06 pro Aktie) gegenüber 98.000 Dollar im Vorjahr.
Wichtige Highlights sind:
- Bruttomarge stabil bei 45,4%
- Bereinigtes EBITDAS stieg um 76% auf 2,0 Millionen Dollar (4,8% des Umsatzes)
- Internationale Verkäufe stiegen um 21% auf 4,4 Millionen Dollar
- Neue Produkte, die innerhalb von 24 Monaten eingeführt wurden, machten 23% des Umsatzes aus
- Ein Barguthaben von 23,5 Millionen Dollar ohne Schulden
Das Unternehmen bleibt trotz der Herausforderungen im Bereich Schießsport optimistisch hinsichtlich der Wachstumsprognosen für 2025.
- Non-GAAP net income increased to $748,000 from $98,000 last year
- Adjusted EBITDAS grew 76% to $2.0 million (4.8% of sales)
- International sales increased 21% to $4.4 million
- New products launched within 24 months generated 23% of net sales
- Strong balance sheet with $23.5 million cash and no debt
- Net sales declined 4.1% year-over-year to $41.6 million
- GAAP net loss of $2.4 million ($0.18 per share)
- Headwinds expected to continue in the Shooting Sports category
Insights
American Outdoor Brands' Q1 FY2025 results present a mixed picture. While net sales declined
The international sales growth of
Investors should monitor the company's ability to navigate headwinds in the Shooting Sports category and capitalize on growth opportunities in Outdoor Lifestyle. The strong balance sheet with
The Q1 results reveal interesting consumer trends in the outdoor products market. The softness in outdoor cooking and rugged outdoor segments, contrasted with strength in hunting and fishing, suggests a shift in consumer preferences. This could be due to economic factors or changing recreational habits post-pandemic.
The weakness in personal protection products is particularly noteworthy, as it may indicate a broader trend in the firearms and related accessories market. This could have implications for other companies in the sector. On the other hand, the strong performance of shooting accessories like clay target throwers points to continued interest in recreational shooting sports.
The
• Net Sales
• GAAP Gross Margin
• Traditional Channel Sales
• E-Commerce Channel Sales
• International Net Sales
First Quarter Fiscal 2025 Financial Highlights
- Quarterly net sales were
$41.6 million $1.8 million 4.1% , compared with net sales of$43.4 million - Quarterly gross margin was
45.4% , consistent with quarterly gross margin of45.4% for the comparable quarter last year. Non-GAAP gross margin for the quarter was46.0% . For a detailed reconciliation, see the schedules that follow in this release. - Quarterly GAAP net loss was
$2.4 million $0.18 $4.1 million $0.31 - Quarterly non-GAAP net income was
$748,000 $0.06 $98,000 $0.01 - Quarterly Adjusted EBITDAS was
$2.0 million 4.8% of net sales, compared with Adjusted EBITDAS of$1.1 million 2.6% of net sales, for the prior year. For a detailed reconciliation, see the schedules that follow in this release.
Brian Murphy, President and Chief Executive Officer, said, "Net sales results for our first quarter came in as expected, declining slightly year-over-year, driven by a combination of order timing and recent trends in certain consumer markets. Nevertheless, I am pleased with our performance, which included a significant increase of more than
"Innovation allows us to forge strong relationships with our consumers and retailers and expand our access to new markets. New products launched within the past 24 months generated
"Expanded distribution opportunities are also a key part of our growth strategy and during the quarter we remained focused on ensuring our brands are increasingly accessible to a broad audience of consumers, both domestically and internationally. Accordingly, our efforts to introduce more of our brands to Canadian consumers helped deliver international net sales of
Andrew Fulmer, Chief Financial Officer, said, "Our balance sheet remained strong in the first quarter, and we continued to demonstrate disciplined capital management. We ended the quarter with
Conference Call and Webcast
The Company will host a conference call and webcast today, September 5, 2024, to discuss its first quarter fiscal 2025 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 aob.com, under the Investor Relations section.
Reconciliation of
In this press release, certain non-GAAP financial measures, including "non-GAAP net income" 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) technology implementation, (iv) non-recurring inventory reserve adjustment, (v) emerging growth status transition costs, (vi) income tax adjustments, (vii) interest (income)/expense, (viii) income tax expense, and (xi) 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 innovation company that provides product solutions for outdoor enthusiasts, including hunting, fishing, camping, shooting, outdoor cooking, and personal security and personal defense products. The Company produces innovative, high quality products under brands including BOG®; BUBBA®;
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 in the success of the core to our long-term growth strategy of new product innovation and expanded distribution opportunities; our belief in the resilience of consumer and the future growth in sales of our new products; our belief that our initiatives to drive channel expansion, combined with our robust new product pipeline, will deliver growth in our Outdoor Lifestyle category; and our belief that we remain well positioned to deliver growth in both net sales and profitability in fiscal 2025. 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, 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, 2024.
AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES | |||
CONSOLIDATED BALANCE SHEETS | |||
As of: | |||
July 31, 2024 | April 30, 2024 | ||
(In thousands, except par value and share data) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 23,463 | $ 29,698 | |
Accounts receivable, net of allowance for credit losses of | 26,346 | 25,728 | |
Inventories | 106,710 | 93,315 | |
Prepaid expenses and other current assets | 5,585 | 6,410 | |
Income tax receivable | 245 | 223 | |
Total current assets | 162,349 | 155,374 | |
Property, plant, and equipment, net | 10,992 | 11,038 | |
Intangible assets, net | 37,930 | 40,217 | |
Right-of-use assets | 33,165 | 33,564 | |
Other assets | 354 | 404 | |
Total assets | $ 244,790 | $ 240,597 | |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 18,118 | $ 14,198 | |
Accrued expenses | 11,725 | 9,687 | |
Accrued payroll and incentives | 4,923 | 4,167 | |
Lease liabilities, current | 1,359 | 1,331 | |
Total current liabilities | 36,125 | 29,383 | |
Lease liabilities, net of current portion | 32,951 | 33,289 | |
Total liabilities | 69,076 | 62,672 | |
Commitments and contingencies | |||
Equity: | |||
Preferred stock, | — | — | |
Common stock, | 15 | 15 | |
Additional paid in capital | 277,642 | 277,107 | |
Retained deficit | (76,988) | (74,623) | |
Treasury stock, at cost (1,945,432 shares on July 31, 2024 and | (24,955) | (24,574) | |
Total equity | 175,714 | 177,925 | |
Total liabilities and equity | $ 244,790 | $ 240,597 | |
AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(In thousands, except per share data) | ||||
For the Three Months Ended July 31, | ||||
2024 | 2023 | |||
(Unaudited) | ||||
Net sales | $ 41,643 | $ 43,445 | ||
Cost of sales | 22,717 | 23,726 | ||
Gross profit | 18,926 | 19,719 | ||
Operating expenses: | ||||
Research and development | 1,674 | 1,599 | ||
Selling, marketing, and distribution | 11,383 | 12,054 | ||
General and administrative | 8,443 | 10,151 | ||
Total operating expenses | 21,500 | 23,804 | ||
Operating loss | (2,574) | (4,085) | ||
Other (expense)/income, net: | ||||
Other income, net | 83 | 39 | ||
Interest income/(expense), net | 148 | (12) | ||
Total other (expense)/income, net | 231 | 27 | ||
Loss from operations before income taxes | (2,343) | (4,058) | ||
Income tax expense | 22 | 55 | ||
Net loss | $ (2,365) | $ (4,113) | ||
Net loss per share: | ||||
Basic | $ (0.18) | $ (0.31) | ||
Diluted | $ (0.18) | $ (0.31) | ||
AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited) | |||
For the Three Months Ended July 31, | |||
2024 | 2023 | ||
(In thousands) | |||
Cash flows from operating activities: | |||
Net loss | $ (2,365) | $ (4,113) | |
Adjustments to reconcile net loss to net cash provided by | |||
Depreciation and amortization | 3,309 | 3,969 | |
Provision for credit losses on accounts receivable | (19) | 6 | |
Stock-based compensation expense | 932 | 932 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (599) | 3,268 | |
Inventories | (13,395) | (5,179) | |
Accounts payable | 4,073 | 4,115 | |
Accrued liabilities | 2,794 | 2,122 | |
Other | 918 | 45 | |
Net cash (used in)/provided by operating activities | (4,352) | 5,165 | |
Cash flows from investing activities: | |||
Payments to acquire patents and software | (261) | (267) | |
Payments to acquire property and equipment | (844) | (569) | |
Net cash used in investing activities | (1,105) | (836) | |
Cash flows from financing activities: | |||
Payments on notes and loans payable | — | (5,000) | |
Payments to acquire treasury stock | (381) | (2,268) | |
Payment of employee withholding tax related to restricted stock units | (397) | (300) | |
Net cash used in financing activities | (778) | (7,568) | |
Net increase in cash and cash equivalents | (6,235) | (3,239) | |
Cash and cash equivalents, beginning of period | 29,698 | 21,950 | |
Cash and cash equivalents, end of period | $ 23,463 | $ 18,711 | |
Supplemental disclosure of cash flow information | |||
Cash paid for: | |||
Interest | $ 42 | $ 117 | |
Income taxes (net of refunds) | $ 36 | $ 13 | |
AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES | |||
For the Three Months Ended July 31, | |||
2024 | 2023 | ||
GAAP gross profit | $ 18,926 | $ 19,719 | |
Non-recurring inventory reserve adjustment | 221 | — | |
Non-GAAP gross profit | $ 19,147 | $ 19,719 | |
GAAP operating expenses | $ 21,500 | $ 23,804 | |
Amortization of acquired intangible assets | (2,119) | (2,960) | |
Stock compensation | (932) | (932) | |
Technology implementation | — | (293) | |
Emerging growth status transition costs | (42) | — | |
Non-GAAP operating expenses | $ 18,407 | $ 19,619 | |
GAAP operating loss | $ (2,574) | $ (4,085) | |
Amortization of acquired intangible assets | 2,119 | 2,960 | |
Stock compensation | 932 | 932 | |
Non-recurring inventory reserve adjustment | 221 | — | |
Technology implementation | — | 293 | |
Emerging growth status transition costs | 42 | — | |
Non-GAAP operating income | $ 740 | $ 100 | |
GAAP net loss | $ (2,365) | $ (4,113) | |
Amortization of acquired intangible assets | 2,119 | 2,960 | |
Stock compensation | 932 | 932 | |
Non-recurring inventory reserve adjustment | 221 | — | |
Technology implementation | — | 293 | |
Emerging growth status transition costs | 42 | — | |
Income tax adjustments | (201) | 26 | |
Non-GAAP net income | $ 748 | $ 98 | |
GAAP net loss per share - diluted | $ (0.18) | $ (0.31) | |
Amortization of acquired intangible assets | 0.16 | 0.22 | |
Stock compensation | 0.07 | 0.07 | |
Non-recurring inventory reserve adjustment | 0.02 | — | |
Technology implementation | — | 0.02 | |
Emerging growth status transition costs | — | — | |
Income tax adjustments | (0.02) | — | |
Non-GAAP net income per share - diluted (a) | $ 0.06 | $ 0.01 | |
(a) Non-GAAP net income per share does not foot due to rounding. | |||
AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES | |||||
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDAS | |||||
For the Three Months Ended July 31, | |||||
2024 | 2023 | ||||
GAAP net loss | $ | (2,365) | $ | (4,113) | |
Interest (income)/expense | (148) | 12 | |||
Income tax expense | 22 | 55 | |||
Depreciation and amortization | 3,284 | 3,945 | |||
Stock compensation | 932 | 932 | |||
Technology implementation | — | 293 | |||
Non-recurring inventory reserve adjustment | 221 | — | |||
Emerging growth status transition costs | 42 | — | |||
Non-GAAP Adjusted EBITDAS | $ | 1,988 | $ | 1,124 | |
Contact:
Liz Sharp, VP, Investor Relations
lsharp@aob.com
(573) 303-4620
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SOURCE American Outdoor Brands, Inc.
FAQ
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