Business
American Outdoor Brands, Inc. Reports Fourth Quarter and Full Year Fiscal 2022 Financial Results
Full Year Net Sales $247.5 MillionFull Year e-commerce Channel Sales $97.4 Million -- Traditional Channel Sales $150.1 MillionFull Year Gross Margin 46.2%
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"Full Year Net Sales $247.5 MillionFull Year e-commerce Channel Sales $97.4 Million -- Traditional Channel Sales $150.1 MillionFull Year Gross Margin 46.2% (+40 Basis Points)COLUMBIA, Mo., July 14, 2022 /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 fourth quarter and full year fiscal 2022 ended April 30, 2022.\n\n \n \n \n \n \n \n\n \nFull Year Fiscal 2022 Financial Highlights\nFull year net sales were $247.5 million, a decrease of $29.2 million, or 10.5%, compared with record net sales of $276.7 million for the prior year. On a two-year basis, net sales grew 47.9%, reflecting increases in both e-commerce and traditional sales channels.Full year gross margin was 46.2%, an increase of 40 basis points, over gross margin of 45.8% for the prior year.Full year GAAP net loss was $64.9 million, or $4.66 per diluted share, compared with net income of $18.4 million, or $1.29 per diluted share, last year. During the fourth quarter, the decline in our stock price and resulting market capitalization constituted a triggering event under Accounting Standards Codification No. 350, Intangible-Goodwill and Other (ASC 350), requiring the Company to record a $67.8 million, non-cash impairment charge. The impairment charge and related income tax effect, which when combined, negatively impacted basic and diluted earnings per share by $5.37. Excluding the impairment and related tax charges, diluted earnings per share would have been $0.71.Full year non-GAAP net income was $24.7 million, or $1.77 per diluted share, compared with non-GAAP net income of $33.0 million, or $2.32 per diluted share, for the prior year. GAAP to non-GAAP adjustments for net income exclude a non-cash impairment of goodwill, acquired intangible amortization, stock compensation, transition costs, technology implementation, acquisition costs, COVID-19 expenses, related party interest, and other costs. For a detailed reconciliation, see the schedules that follow in this release.Full year Adjusted EBITDAS was $35.0 million, or 14.2% of net sales, compared with $47.3 million, or 17.1% of net sales, for the prior year. For a detailed reconciliation, see the schedules that follow in this release.Fourth Quarter Fiscal 2022 Fina...