PR Newswire
FARMINGTON, Utah, Aug. 10, 2017
FARMINGTON, Utah, Aug. 10, 2017 /PRNewswire/ -- Vista Outdoor Inc. (NYSE: VSTO) today reported operating results for the first quarter of its Fiscal Year 2018 (FY18), which ended on July 2, 2017.
"We delivered a solid start to Fiscal Year 2018 in the face of a challenging retail environment," said Vista Outdoor Interim Chairman and Chief Executive Officer Michael Callahan. "The company continues its focus on new product development, improved operational performance, and cost savings."
For the first quarter ended July 2, 2017:
Please see the tables in the press release for a reconciliation of non-GAAP adjusted gross profit, operating profit, tax rate, fully diluted earnings per share, and free cash flow to the comparable GAAP measures.
Outlook for Fiscal Year 2018
"We are pleased with our performance in the quarter," said Vista Outdoor Chief Financial Officer Stephen Nolan. "Our working capital reduction efforts are delivering results, with strong cash performance in a quarter when traditionally the company has had a net cash use. Margins were helped by the timing of some general overhead spending and by a late introduction in the quarter of ammunition promotional programs. This late introduction pushed the impact of those programs into later quarters. Our sales programs also resulted in the company pulling ahead some revenue from the second quarter into the latter part of our first quarter. Nonetheless, we are reaffirming previously issued guidance for the full year."
Vista Outdoor reaffirmed its FY18 financial guidance. The company expects:
The guidance above does not include the impact of any future strategic acquisitions, divestitures, investments, business combinations or other significant transactions, nor the impact of transition expenses for already-completed acquisitions.
Earnings Conference Call Webcast Information
Vista Outdoor will hold an investor conference call to discuss its first quarter FY18 financial results on August 10, 2017, at 9 a.m. ET. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast and view and/or download the earnings press release, including a reconciliation of non-GAAP financial measures, and the related earnings release presentation slides, which will also include detailed segment information, via Vista Outdoor's website (www.vistaoutdoor.com). Choose "Investors" then "Events and Presentations." For those who cannot participate in the live webcast, a telephone recording of the conference call will be available for one month after the call. The telephone number for the recorded call is 719-457-0820, and the confirmation code is 1265259.
Reconciliation of Non-GAAP Financial Measures
Gross Profit, Operating Profit, and Earnings Per Share
The adjusted gross profit, operating expenses, operating profit (adjusted EBIT), adjusted tax rate, and adjusted earnings per share (adjusted EPS) presented below are non-GAAP financial measures. Vista Outdoor defines these measures as gross profit, operating profit (EBIT), tax rate, and EPS excluding, where applicable, the impact of costs incurred for current and possible transactions, pension curtailment, change in value of future payments of contingent consideration, transition costs for the Action Sports acquisition, and acquisition inventory step-up. Vista Outdoor management is presenting these measures so a reader may compare gross profit, EBIT, tax rate, and EPS excluding these items, as the measures provide investors with an important perspective on the operating results of the company. Vista Outdoor management uses this measurement internally to assess business performance, and Vista Outdoor's definition may differ from those used by other companies.
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Vista Outdoor | | | | | | | | | | | | | | | | |||||||||||||
Quarter ended July 2, | | | | | | | | | | | | | | | | |||||||||||||
(in thousands) | | | | | | | | | | | | | | | | |||||||||||||
| | Gross | | Operating | | Operating | | Income | | Income | | Net | | EPS | | |||||||||||||
As reported | | $ | 146,558 | | | $ | 107,217 | | | $ | 39,341 | | | $ | 10,296 | | | 38.2 | % | | $ | 16,652 | | | $ | 0.29 | | |
Pension curtailment | | — | | | 5,783 | | | (5,783) | | | (2,154) | | | | | (3,629) | | | (0.06) | | | |||||||
Contingent consideration | | — | | | (843) | | | 843 | | | 314 | | | | | 529 | | | 0.01 | | | |||||||
Transaction costs | | — | | | (84) | | | 84 | | | 31 | | | | | 53 | | | — | | | |||||||
As adjusted | | $ | 146,558 | | | $ | 112,073 | | | $ | 34,485 | | | $ | 8,487 | | | 38.4 | % | | $ | 13,605 | | | $ | 0.24 | | |
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Quarter ended July 3, | | | | | | | | | | | | | | | | |||||||||||||
(in thousands) | | | | | | | | | | | | | | | | |||||||||||||
| | Gross | | Operating | | Operating | | Income | | Income | | Net | | EPS | | |||||||||||||
As reported | | $ | 171,377 | | | $ | 112,275 | | | $ | 59,102 | | | $ | 18,015 | | | 38.2 | % | | $ | 29,124 | | | $ Werbung Mehr Nachrichten zur Vista Outdoor Inc Aktie kostenlos abonnieren
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