Vista Outdoor Testifies Before Congress on Slate of Recreation Bills

Rhea-AI Summary

Vista Outdoor (NYSE: VSTO) announced its support for several bipartisan recreation bills aimed at increasing outdoor access and equipment across the U.S. during a testimony on March 28, 2023, before the House of Representatives Subcommittee on Federal Lands. These bills, part of the larger America’s Outdoor Recreation Act of 2022, follow the Bureau of Economic Analysis report indicating that the outdoor recreation economy accounts for $862 billion in gross output and supports 4.5 million jobs. Vista's planned separation of its Outdoor and Sporting Products segments into independent companies is on track for 2023, enhancing shareholder value.

Positive

• Vista Outdoor supports multiple bipartisan recreation bills aimed at enhancing outdoor access, which could foster market growth.
• The outdoor recreation economy accounts for $862 billion in gross output and has shown robust growth, likely benefiting Vista's business.
• The planned separation into two independent companies is expected to create shareholder value and streamline operations.

Negative

• None.

The company is joining other industry stakeholders to ensure that all Americans have access, opportunity, and equipment to experience the outdoors.

ANOKA, Minn., March 28, 2023 /PRNewswire/ -- Vista Outdoor Inc. (NYSE: VSTO), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor products to consumers around the globe, announced that Fred C. Ferguson, Vice President, Public Affairs and Communications, Vista Outdoor, on Tuesday, March 28, delivered remarks before United States House of Representatives Subcommittee on Federal Lands, asking leadership in Washington to pass several ground-breaking recreation bills.

Ferguson joined other outdoor industry stakeholders — including the National Park Service, International Mountain Bicycling Association, National Ski Areas Association, Safari Club International and others — to promote passage of the following bipartisan bills: the Federal Interior Lands Media (FILM) Act, the Simplifying Outdoor Access for Recreation (SOAR) Act, the Biking on Long Distance Trails (BOLT) Act, the Ski Hill Resources for Economic Development (SHRED) Act, the Law Enforcement Officer and Firefighter Recreation Pass Act, the Range Access Act and more.

"Much of our business success, combined with bipartisan outdoor policy wins led by this Subcommittee, has contributed to the growth of the outdoor recreation economy," Ferguson said in his prepared remarks before the Subcommittee. "The latest Bureau of Economic Analysis research shows that the outdoor recreation economy represents $862 billion in gross output, 4.5 million jobs and 1.9% of GDP. From 2020 to 2021, the outdoor recreation economy grew three times faster than the overall U.S. economy as Americans flocked outdoors during the pandemic. This translates to job creation, economic development and diversification for communities in and around federal lands and waters.

"Vista Outdoor and the Outdoor Recreation Roundtable support each of the bills under consideration today. The current climate and long-term outlook make today's bipartisan hearing essential, and we urge the Subcommittee to move with speed and conviction to enact these bills."

Late last year, to showcase its support of passing these bills — which are part of a larger legislative package called America's Outdoor Recreation Act of 2022 — Vista Outdoor's entire portfolio signed and sent a letter to Chuck Schumer, Majority Leader, U.S. Senate; Mitch McConnell, Minority Leader, U.S. Senate; Raul Grijalva, Chairman, House Natural Resources Committee; and Bruce Westerman, Ranking Member, House Natural Resources Committee. Click here to read the letter in its entirety.

Vista Outdoor thanks all the outdoor industry stakeholders who joined in support of this bipartisan opportunity to protect our public lands, ensuring we sustain the outdoors for generations to come.

Separation Update

On May 5, 2022, Vista Outdoor announced that the company plans to separate its Outdoor Products and Sporting Products segments into two independent, publicly traded companies. The company expects to create these companies through a tax-free spin-off of its Outdoor Products segment to Vista Outdoor shareholders.

The company is on track to execute the separation in calendar 2023. The Form 10 has been filed with the Securities Exchange Commission (SEC) confidentially.

About Vista Outdoor Inc.
Vista Outdoor (NYSE: VSTO) is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. Brands include Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fox Racing, Bell Helmets, Camp Chef, Giro, Simms Fishing, QuietKat, Stone Glacier, Federal Ammunition, Remington Ammunition and more. Our reporting segments, Outdoor Products and Sporting Products, provide consumers with a wide range of performance-driven, high-quality and innovative outdoor and sporting products. As Vista Outdoor announced in 2022, the company is separating its Outdoor Products and Sporting Products segments into two independent, publicly traded companies. That plan is on track to happen in calendar year 2023. For news and information, visit our website at www.vistaoutdoor.com.

Investor Contact:
Tyler Lindwall
Phone: 612-704-0147
Email: investor.relations@vistaoutdoor.com

Media Contact:
Eric Smith
720-772-0877
media.relations@vistaoutdoor.com

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SOURCE Vista Outdoor Inc.

FAQ

What outdoor recreation bills is Vista Outdoor advocating for?

Vista Outdoor is advocating for several bipartisan bills, including the FILM Act, SOAR Act, BOLT Act, SHRED Act, and others.

When did Vista Outdoor testify before Congress?

Vista Outdoor testified before Congress on March 28, 2023.

What is the projected separation timeline for Vista Outdoor's segments?

Vista Outdoor plans to separate its Outdoor Products and Sporting Products segments in calendar 2023.

What is the significance of the outdoor recreation economy according to Vista Outdoor?

The outdoor recreation economy represents $862 billion in gross output, supporting 4.5 million jobs and contributing 1.9% to GDP.

What impact could the bipartisan bills have on Vista Outdoor?

The bipartisan bills could enhance outdoor access and boost demand for Vista Outdoor's products, positively impacting business growth.