Vista Outdoor Reports FY17 Fourth Quarter and Full-Year Operating Results

• Sales were $579 million, down 5 percent from the prior-year quarter and down 21 percent organically.
• Gross profit was $144 million, down 12 percent from the prior-year quarter and down 27 percent organically.
• Operating expenses were $130 million. Adjusted operating expenses were $129 million, compared to $93 million in the prior-year quarter. The increase includes operating expenses from acquired businesses and a $17 million write off of a receivable due to a customer's bankruptcy. 
• Fully diluted earnings per share (EPS) was $0.02. Adjusted EPS was $0.03, compared to $0.63 in the prior-year quarter. The decrease was caused by the items noted above, partially offset by lower share count due to share repurchases. Both fully diluted and adjusted EPS results include ($0.18) for the write off of the receivable mentioned above.
• The company repurchased approximately 780,000 shares in the quarter for $24.5 million.

For the fiscal year ended March 31, 2017:

• Sales were $2.55 billion, up 12 percent from the prior year and down 7 percent organically.
• Gross profit was $669 million, up 8 percent from the prior year and down 12 percent organically.
• Operating expenses were $876 million. Adjusted operating expenses were $455 million, compared to $344 million in the prior year. The increase includes operating expenses from acquired businesses and the $17 million write off mentioned above. 
• EPS was $(4.66).  Adjusted EPS was $1.90, compared to $2.50 in the prior year. Both GAAP and adjusted EPS results include ($0.18) for the write off mentioned above.
• Free cash flow was $38 million, compared to $163 million in the prior-year period.
• Total year shares repurchased were approximately 3,876,000 shares for $151 million.

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:

Vista Outdoor is establishing initial FY18 financial guidance. The company expects:

• Sales in a range of $2.36 billion to $2.42 billion.
•  Interest expense of approximately $50 million.
• Tax rate of approximately 37 percent.
• EPS in a range of $1.10 to $1.30.
• Capital expenditures of approximately $70 million.
• Free cash flow in a range of $175 million to $200 million.

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.

"Our FY18 financial guidance reflects a continuation of the weakness in the shooting sports market through FY18," said Vista Outdoor Chief Financial Officer Stephen Nolan. "While we still see indications that inventories in the channel will stabilize by the middle of the fiscal year, we expect the period of market correction will extend beyond that point. For FY18, we anticipate EBITDA margins of approximately 11 percent. Near term, the first quarter will reflect a continuation of the particularly weak market conditions we saw in the fourth quarter of FY17. We expect to generate approximately 22 to 24 percent of our annual revenue guidance in the first quarter. We also expect to generate approximately 10 percent of our annual EPS guidance during the first quarter, as a result of increased promotional activity, which is driven by continued weak market conditions and bankruptcy liquidations.

"Additionally, in partnership with our lenders, we amended the financial covenants in our credit agreement to give us improved financial flexibility over the current period of market softness."

Earnings Conference Call Webcast Information

Vista Outdoor will hold an investor conference call to discuss its Fiscal Year 2017 financial results on May 11, 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 is 719-457-0820, and the confirmation code is 9542177.

Reconciliation of Non-GAAP Financial Measures

Gross Profit, Operating Profit, Tax Rate and Earnings Per Share

The adjusted gross profit, adjusted operating expenses, operating profit (adjusted EBIT), adjusted tax rate, adjusted net income, and adjusted earnings per share (adjusted EPS) presented are non-GAAP financial measures that Vista Outdoor defines as gross profit, operating expenses, operating profit (EBIT), tax rate, net income, and EPS excluding, where applicable, the impact of a non-cash goodwill and intangible asset impairment, the impact of a gain recorded on an acquisition claim settlement, changes in value of future payments of contingent consideration, costs incurred in the period for completed and potential transactions, transition costs for the Action Sports acquisition, facility rationalization costs, and acquisition inventory step-up. As these items impact a variety of financial measures Vista Outdoor management is presenting each of these measures so a reader may compare gross profit, operating expenses, EBIT, tax rate, net income 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 these measurements internally to assess business performance, and Vista Outdoor's definition may differ from those used by other companies.

Total Vista Outdoor for the Quarter Ended
March 31, 2017:
		Operating Expenses				Operating Profit				Taxes				Tax Rate			Net Income				EPS
As reported		$	129,827			$	13,967			$	2,097			71.0	%		$	857			$	0.02
Transaction and transition costs		(490)				490				136							354				—
Contingent Consideration		(382)				382				(87)							469				0.01
As adjusted		$	128,955			$	14,839			$	2,146			56.1	%		$	1,680			$	0.03
March 31, 2016:
		Operating Expenses				Operating Profit				Taxes				Tax Rate			Net Income				EPS
As reported		$	95,824			$	67,801			$	23,046			38.2	%		$	37,312			$	0.61
Transaction costs		(1,331)				1,331				506							825				0.01
Facility rationalization		(1,073)				1,073				408							665				0.01 Werbung Mehr Nachrichten zur Vista Outdoor Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Balanced Commercial Property Trust Ltd - Results in Respect of the Year Ended 31 December 2023 (audited) 26.04.24 - PR Newswire Datang Intnl Pwr Gen - 2023 Annual Report 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Wincanton Plc Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59