Business
American Outdoor Brands, Inc. Reports Third Quarter Fiscal 2021 Financial Results
- Net Sales $82.6 Million (+90.7%) - E-commerce Channel Sales +129.0% -- Traditional Channel Sales +68.5% - Gross Margin 45.2% (+110 Basis Points) - GAAP EPS
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"- Net Sales $82.6 Million (+90.7%)\n - E-commerce Channel Sales +129.0% -- Traditional Channel Sales +68.5%\n - Gross Margin 45.2% (+110 Basis Points)\n - GAAP EPS $0.56 / Non-GAAP EPS $0.82\n - Company Increases FY2021 Guidance\n\n\nCOLUMBIA, Mo., March 17, 2021 /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 third quarter fiscal 2021 ended January 31, 2021.\nThird Quarter Fiscal 2021 Financial Highlights\nQuarterly net sales were $82.6 million, an increase of $39.3 million, or 90.7%, over net sales of $43.3 million for the comparable quarter last year, reflecting increases in both e-commerce and traditional sales channels. Quarterly gross margin was 45.2%, an increase of 110 basis points, over gross margin of 44.1% for the comparable quarter last year. Quarterly net income was $8.0 million, or $0.56 per diluted share, compared with a net loss $147,000, or ($0.01) per diluted share, for the comparable quarter last year. Quarterly non-GAAP net income was $11.8 million, or $0.82 per diluted share, compared with a non-GAAP net income of $1.8 million, or $0.13 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for net income exclude costs related to acquired intangible amortization, stock compensation, transition costs, COVID-19 expenses, and other costs. Quarterly Adjusted EBITDAS was $15.8 million, or 19.1% of net sales, compared with $3.4 million, or 7.9% of net sales, for the comparable quarter last year. Brian Murphy, President and CEO, said, \"Net sales across our portfolio of authentic outdoor brands grew by 91%, exceeding our expectations for quarterly net sales and net income. In addition, gross margins expanded by 110 basis points to over 45%. Growth occurred in nearly all of our 20 brands, and our top selling products in the quarter came from each of our four brand lanes - the Marksman, Defender, Harvester, and Adventurer - reflecting the alignment of our brands with strong consumer participation trends in personal protection and the outdoor lifestyle activities we serve. We believe that our 'Dock & Unlock™' strategy, designed to provide entry into new and larger addressable markets, continues to produce results as our brands prog...