Business
American Outdoor Brands, Inc. Reports First Quarter Fiscal 2021 Financial Results
- Net Sales Growth +51.9% - E-commerce Channel Net Sales +130% -- Traditional Channel Net Sales +15% - Gross Margin +590 basis points - Net Income +135.9%
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"- Net Sales Growth +51.9%\n - E-commerce Channel Net Sales +130% -- Traditional Channel Net Sales +15%\n - Gross Margin +590 basis points\n - Net Income +135.9%\n\n\nCOLUMBIA, Mo., Sept. 3, 2020 /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 first quarter fiscal 2021, ended July 31, 2020.\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2021 Financial Highlights\nQuarterly net sales were $50.5 million, an increase of $17.3 million, or 51.9%, over net sales of $33.2 million for the comparable quarter last year, driven primarily by increases in both e-commerce and traditional sales channels. Quarterly gross margin was 47.0%, an increase of 590 basis points, over gross margin of 41.1% for the comparable quarter last year. Quarterly net income was $1.8 million, or $0.13 per diluted share, compared with a net loss of $(5.0) million, or $(0.36) per diluted share, for the comparable quarter last year. Quarterly non-GAAP net income was $5.0 million, or $0.36 per diluted share, compared with a non-GAAP net loss of $(1.2 million), or $(0.09) per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for net income exclude costs related to the acquired intangible amortization, stock compensation, and other costs. Quarterly Adjusted EBITDAS was $8.7 million, or 17.3% of net sales, compared with $10,000, or 0.0% of net sales, for the comparable quarter last year. Brian Murphy, President and CEO, said, \"I want to thank all of our employees for their incredible accomplishments. In the past several months, this dedicated team has successfully organized and executed our spin-off into an independent company, maintained safety protocols to ensure the health and safety of our workforce and our business, and delivered first quarter results that featured significant growth in both net sales and profitability. We believe our net sales growth of nearly 52% reflected the strong alignment between our diverse brand portfolio and current consumer trends, including participation in outdoor activities, driven in part by pandemic related travel restrictions and social distancing, increased interest in self-protection, and our ability to replenish retailer inventories. We also ...