Smith & Wesson Announces First-Ever Virtual Event

From Smith & Wesson

Smith & Wesson is excited to announce that it will be hosting a direct-to-consumer virtual event on March 15, 2021 at 8:00PM EST. Smith & Wesson’s first-ever virtual event will give viewers a behind-the-scenes look at the 169-year old company, a new branding unveil, and new product announcements that will be sure to excite attendees. Smith & Wesson fans are invited to tune in to hear directly from Smith & Wesson President and CEO Mark Smith, brand ambassadors, and other members of the Smith & Wesson team.

Kyle Tengwall, Vice President of Marketing, said, “With the cancelation of many regularly attended trade shows and events in 2020 and early 2021, we wanted to find ways to connect with our consumers in this new virtual world. We’re excited to be able to share the latest company news with viewers and connect with customers in ways we’ve never done in the past.”

The 2021 Smith & Wesson Virtual Event is open for pre-registration and will stream on March 15, 2021 at 8:00PM EST.

To pre-register for the 2021 Smith & Wesson Virtual Event, click here.

Smith & Wesson Reports Record-Setting Third Quarter 2021

From Smith & Wesson

Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the third quarter of fiscal 2021 ended January 31, 2021. On August 24, 2020, the company completed the previously announced spin-off of its outdoor products and accessories business. Therefore, as of the second quarter, all historical financial information for that business is reported as discontinued operations. Unless otherwise indicated, any reference to income statement items refers to results from continuing operations.

Third Quarter Fiscal 2021 Consolidated Financial Highlights

  • Quarterly net sales were $257.6 million compared with $127.4 million for the comparable quarter last year, an increase of 102.2%.
  • Gross margin for the quarter was 42.6% compared with 28% for the comparable quarter last year.
  • Quarterly GAAP net income was a record $62.3 million, or $1.12 per diluted share, compared with $4.2 million, or $0.08 per diluted share, for the comparable quarter last year.
  • Quarterly non-GAAP net income was $62.4 million, or $1.12 per diluted share, compared with $7.8 million, or $0.14 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to the spin-off of the outdoor products and accessories business, COVID-19 related expenses, and other costs. For a detailed reconciliation, see the schedules that follow in this release.
  • Quarterly non-GAAP Adjusted EBITDAS was $89.8 million, or 34.9% of net sales, compared with $15.0 million, or 11.8% of net sales, for the comparable quarter last year.

Mark Smith, President and Chief Executive Officer, commented, “I could not be more proud of our dedicated American workforce as, for the third time in a row, they delivered a record-breaking quarter for our great historic company. Over the past year, millions of our fellow Americans from all walks of life have chosen to empower themselves by exercising their 2nd Amendment rights for the first time, and our loyal employees have risen to the challenge – delivering over 1.8 million units in the first three quarters of our fiscal year alone, ensuring that these new members of the shooting sports community were able to choose the highest quality, innovative firearms that Smith & Wesson has been known for since 1852. All of this was accomplished while implementing and maintaining aggressive safety measures and process changes to keep safe in the midst of the COVID pandemic.”

Deana McPherson, Executive Vice President and Chief Financial Officer, commented, “Smith & Wesson’s record-breaking financial performance enabled us to generate $60 million of cash from operations during the quarter. This allowed us to complete a $50 million dollar share-repurchase program, pay our second quarter dividend, and continue to invest in capital, all while growing our cash on hand by $4.1 million during the quarter. I am pleased to announce that our Board has authorized a new $100 million dollar share repurchase program and a $0.05 per share dividend to stockholders of record as of March 17, 2021, with payment to be made on March 31, 2021.”

The amount and timing of any repurchases will depend on a number of factors, including price, trading volume, general market conditions, legal requirements, and other factors. The repurchases may be made on the open market, in block trades, or in privately negotiated transactions. Any shares of common stock repurchased under the program will be considered issued but not outstanding shares of the company’s common stock.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

In this press release, certain non-GAAP financial measures, including “non-GAAP net income,” “Adjusted EBITDAS,” and “free cash flow” are presented. From time-to-time, the company considers and uses these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends. The company believes it is useful for itself and the reader to review, as applicable, both (1) GAAP measures that include (i) amortization of acquired intangible assets, (ii) transition costs, (iii) change in contingent consideration, (iv) CEO separation, (v) the tax effect of non-GAAP adjustments, (vi) COVID-19 expenses, (vii) net cash used in investing activities, (viii) interest expense, (ix) income tax expense, (x) depreciation and amortization, and (xi) stock-based compensation expenses; and (2) the non-GAAP measures that exclude such information. The company presents these non-GAAP measures because it considers them an important supplemental measure of its performance. The company’s definition of these adjusted financial measures may differ from similarly named measures used by others. The company believes these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the company’s GAAP measures. The principal limitations of these measures are that they do not reflect the company’s actual expenses and may thus have the effect of inflating its financial measures on a GAAP basis.

About Smith & Wesson Brands, Inc.

Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality handgun, long gun, and suppressor products to the global consumer and professional markets under the iconic Smith & Wesson®, M&P®, Thompson/Center Arms™, and Gemtech® brands. The company also provides manufacturing services including forging, machining, and precision plastic injection molding services. For more information call (844) 363-5386 or visit www.smith-wesson.com.

SIG Sauer answers the question: Where did all the ammo go?

I recently caught up with Tom Taylor, SIG Sauer’s chief marketing officer and executive vice president of commercial sales and asked him the question everyone wants answered: Where did all the ammo go?

He said the company’s plant in Arkansas is working overtime to fill orders, putting added emphasis on producing the cartridges in highest demand, 9 mm and .223 Rem./5.56 NATO.

GJS—How much has demand for ammunition increased this year?

TT—Demand has far exceeded our manufacturing capability, but we’ve still been able to double our shipments in all categories.

GJS—Have you hired more employees or increased shifts to address the demand? 

TT—We have greatly expanded our work force and are running three shifts in our factory.

GJS—Have you invested in machinery to increase production? 

TT—We continue to add manufacturing equipment as fast as we can and as much as possible to meet demand.

GJS—Have you shifted workers/machinery to increase production of the most in-demand cartridges?  

TT—While we continue to build all calibers, we have definitely shifted our focus to the most highly demanded areas.

GJS—Any plans in the near future to expand the size of your factory/plant? 

TT—We do have expansion plans in the near future. SIG Sauer has added capacity, equipment, people, shifts and every resource we can to find ways to expand production to meet as much market demand as we can.

GJS—Is there anything you’d like to tell enthusiasts during this frustrating when most are asking where did all the ammo go?

TT—This the most demanding market anyone has seen in history, and it’s not close.  Retailers and consumers are frustrated, but trust that SIG, and every other manufacturer, has added as much capacity as possible to meet this demand.

Other experts off insights on where all the ammo went in this story.

Jason Hornady on Where Did All the Ammo Go?

I caught up to Jason Hornady, vice president of Hornady Manufacturing, recently and asked him directly. Where did all the ammo go? Here are a few of his responses.

GJS—What cartridges are you seeing the most demand for right now?

JH—Certainly the world is gravitating toward 9 mm and .223 Rem./5.56 NATO but that said, there is a demand that’s bigger than our ability to produce in everything but dangerous game cartridges.

GJS—Are you having trouble getting enough raw materials/outsourced components to build cartridges?

JH—So far we have been lucky. We have great relationships with all our vendors. We are aware that some people have had issues, that’s not to say that we are not going to have more. We did have the foresight to bring in about six months’ worth of inventory when COVID really hit, which made a huge difference and that’s why we were able to keep running. Had we not done that we probably would be having a hard time.

GJS—What type of increase in demand are you currently experiencing?

JH—We have orders that would be the equivalent to two and a half years of production.

GJS—Have you hired more employees or increased shifts to fill those orders?

JH—We have. The thing is, you can’t build your capacity based around these events. This is the fifth or sixth super event. First one was the Brady Bill and everything sold, then there was a hangover after the Brady Bill. Then there was Y2K, then there was the hangover from Y2K. Then there was Obama one and the hangover from Obama one and then there was Sandy Hook, which is incredibly unfortunate but that sent everything through the roof. Then, unfortunately there were some other events in there. Then you had Obama No. 2.

We have planned for growth regardless of these super demand surges and that’s what we call this, a super demand, not a shortage. It’s very similar to the toilet paper shortage—nobody used more or less toilet paper than they did a year ago, it’s very different because now we have added 7 million new shooters that weren’t there before. But everything we do is for growth that we were planning on, regardless. We are certainly making hay while the sun shines and people are working expanded shifts, but finding people before the virus was a problem and it’s still a problem.

GJS—Any plans in the near future to expand the size of your plant?

JH—Of course. We are always planning for growth. The second you don’t plan for growth you’re not going to grow. We are planning for growth, but we aren’t letting one single year dictate what our plan is.

There is not a supply problem, it’s a demand problem….on March 14th our inventory was completely sucked out of the building [due to pandemic concerns]. Then riots, which scared a lot of people. Then, an election, which got people lathered up and then the party that the gun base didn’t want to win, won. So you have five things all occurring in one compacted year whereas, normally it would be any one of those things that would send people into a little bit of a frenzy.

GJS—Is there anything you’d like to add?

JH—We’re having a great year! We must remind ourselves that this is way better than it was 18 months ago when business was really ho-hum. It’s just, selling this much more should be a lot more fun. Nobody believes that we are doing everything we can and we promise we are doing EVERYTHING we possibly can. We’ve all worked in shipping and now, I’m just trying to stay out of everybody’s way!

Here are more details from the experts who answered the question: Where did all the ammo go?

Where did all the ammo go?

When ammo supplies evaporated late last year it spawned a variety of conspiracy theories from the same award-winning websites that brought us other classic hits, like “Which shovel buries your AR-15 fastest when the police are on the way to confiscate it.” I was a reporter before clickbait was a thing, so I asked the experts. Where did all the ammo go?

“There are a lot of rumors right now about ammunition and components not making their way to retail that are just not true,” Jason Vanderbrink, Vista Outdoor president cautioned. “We are running our CCI/Speer and Federal factories 24/7 and shipping products for commercial distribution every day.”

Jason Hornady, vice president at Hornady Manufacturing, concurred, adding perspective to the current demand. “We have orders that would be the equivalent of two and a half years of production,” he said. [Complete interview is here.]

SIG Sauer Chief Marketing Officer and Executive Vice President of Commercial Sales Tom Taylor agrees sales are simply outpacing production capacity. “Demand has far exceeded our manufacturing capability, but we’ve still be able to double our shipments in all categories.” He added, “We have greatly expanded our work force and are running three shifts in our factory.” [Complete interview is here.]

Measured Expansion

Without dissent, every company I contacted indicated their respective workforces have been increased, shifts added and expansion plans are in the works. The latter requires meticulous planning, however, as well as painful months or years waiting for permit approved and often time-consuming rezoning before construction begins. Powder, cartridge and primer manufacturing, after all, are not everyone’s concept of an ideal neighbor. Even well-established factories encounter regulatory hurdles when expanding operations. 

There’s also the fact that ammunition demand tends to be cyclic, which means there’s fiscal risk in making unplanned and rushed investment in new machinery and facilities. Hornady explained, “We have planned for growth regardless of these super demand surges and that’s what we call this, a super demand, not a shortage. It’s very similar to the toilet paper shortage—nobody used more or less toilet paper than they did a year ago…” He noted, though, sales today are, “… very different because we have added 7 million new shooters that weren’t there before, but everything we do is for growth that we were planning on regardless…the thing is, you can’t build your capacity based around these events.” He cited the Brady Bill, Y2K, 9/11and Obama’s election and re-election as other times ammunition demand soared, each followed quickly by stalling sales and staling inventory.

Taylor said his company also has plans to grow in the works, but in the meantime, “SIG Sauer has added capacity, equipment, people, shifts and every resource we can find to expand production to meet as much market demand as we can.”

Raw Material

Availability of raw material during the pandemic was also a concern. “We did have the foresight to bring in about six months’ worth of inventory when COVID really hit, which made a huge difference and that’s why we were able to keep running,” according to Hornady. “Had we not done that we probably would be having a hard time.”

Taylor did not note any struggle with cartridge component supply, but did admit, “Primers are our most constrained material.” He noted that 9 mm and .223 Rem./5.56 NATO are the cartridges currently being produced in highest volume at the factory. Over at Hornady it’s the same.

End of the Tunnel Light

Expansion of factories and purchasing the specialized machinery may seem painfully slow to ammo-starved enthusiasts, but there is a light at the end of this shortage tunnel. One of the nation’s largest cartridge producers ground slowly to a halt during Remington Outdoors’ bankruptcy proceedings last year, and some of its workers are already back at work. “We’re also proud to now own and operate the Remington ammunition factory in Lonoke, Arkansas and are excited to get that great facility back up to full capacity in the coming months,” Vanderbrink said.

Taylor says gun owners should keep in mind that, “This is the most demanding market anyone has seen in history, and it’s not close. Retailers and consumers are frustrated, but trust that SIG and every other manufacturer has added as much capacity as possible to meet this demand.”

Ammo Inc., which made an offer to purchase Gunbroker.com in February for $240 million, has also expanded operations. Despite spending millions on new machinery and adding staff, the company continues to struggle to meet demand.

As a result, the odds are good through most of this year retailers will continue to be asked, “Where did all the ammo go?”

Financing a Nighthawk Custom Gun

I recently caught up with Mark Stone, CEO and owner of Nighthawk Custom, a company that—in its 17 years of business—has built an enviable reputation for crafting some of the finest guns made today. “Our passion is creating the ultimate firearm experience,” he explained.

The firm does exactly that, but what about all the new enthusiasts ready to upgrade? We asked him about his company’s financing program, which began in 2018 through Cornerstone Bank.

GJS—What are the advantages of financing a gun?

MS—People want quality in a firearm just like they do in a vehicle, boat, watch or house. Oftentimes they have some expandable monthly funds, but are reluctant to spend a lump sum. You never know, the hot water heater could go out and I just spent my money on a gun. This option also provides a way for a younger person to buy something that will hold its value and it works well for retirees as well. The demographic typically does not want to bother their nest eggs and they can spread it out and avoid digging into savings.

GJS—How popular is your financing plan?

MS—It is very popular. Our account managers love it, and it helps our dealers to broaden out their market. 

GJS—Why did you decide to offer financing?

MS—The main objective was to enable anyone who is looking for a firearm to be able to get it now, rather than later. 

GJS—Is there anything you’d like to mention about financing that I didn’t ask?

MS—We sell heirloom quality pistols. We think that every American should not only own a fine firearm, but that they should also be able to pass it on the their heirs. Some of the greatest stories told are about dad or grandads favorite gun. Knowing that people like fine things (no one buys a Rolex watch because they want to tell time) our goal was to make a Nighthawk’Custom pistol available to anyone that wants one. There is no 1911 like a Nighthawk Custom 1911 and this program will make it affordable to them today.  

Primos Named Best Shooting Stick by Shooting Sports Retailer& Tactical Retailer

From Primos

Primos® Hunting, a pioneer in game calls and hunting accessories, has been awarded two Readers’ Choice 2021 Gold Awards by the readers of Shooting Sports Retailer® and Tactical Retailer® magazines. These awards highlighted Primos in the Shooting Stick category, showing just how disruptive the Primos Trigger Stick line has become throughout the industry.

With nearly 40 years of history, Shooting Sports Retailer (SSR) is considered “The Voice of the Independent Retailer” in the shooting sports market. SSR is trusted by hundreds of shooting sports retailers to stay on top of the latest market trends, including what top products to stock. Likewise, Tactical Retailer serves the growing tactical retail market. The readers of both publications have used these awards to voice what brands they believe belong on the top shelf.

“Shooting Sports Retailer launched its Readers’ Choice Awards for the first time in nearly 40 years of being the B2B shooting sports market leader,” said Derrick Nawrocki, president of Grand View Outdoors, the publisher of Shooting Sports Retailer. “Taking the inaugural Gold Award in the shooting sticks category proves that this product line from Primos, long known as a market leader in calls, has climbed to the top of the hill once again in a completely different product category.”

Voting for this year’s Readers’ Choice Awards was conducted via an online submission system. Thousands of ballots were submitted by readers for various product categories and brands. The votes were then tallied to determine the 2021 Readers’ Choice winners. These awards are used by countless sportsmen and women to get an inside look into the best brands to consider when gearing up for upcoming hunting seasons.

With multiple configurations available, including a model specifically for crossbows, Primos Trigger Sticks have taken the shooting stick market by storm. For more information on Primos shooting sticks, visit www.primos.com/shooting-sticks/.

About Primos Hunting

Primos Hunting, a Vista Outdoor brand, manufactures calls for elk, deer, turkey, predator and waterfowl as well as blinds, shooting accessories, game cameras, attractants and supplements, clothes, and other hunting accessories. Primos also produces the ever-popular video series “The TRUTH” and the television show “Primos’ TRUTH About Hunting.” For news and information, visit www.primos.com or follow us on Instagram at https://www.instagram.com/primos_hunting/ and Facebook at https://www.facebook.com/primoshunting/. Stream the Language on YouTube at www.youtube.com/user/PrimosHuntingVideo.

The Voodoo Behind EOTECH Vudu Rifle Scopes

From EOTECH

While Vudu® is relatively new compared to its parent company, EOTECH®, it has built a rock-solid reputation in the optics world. It has very quickly become the go-to-optic among precision shooters, hunters and operators with good reason!

There’s a kind of magic at work in a Vudu rifle scope. A long list of drool-inducing features and tough-as-nails construction somehow come together to create a precision amalgamation that is surprisingly affordable for a top-notch rifle optic. The recipe behind EOTECH’s line of Vudu rifle scopes creates a heady brew of durability, precision and versatility. Every scope is engineered and built to withstand the most rugged use and toughest conditions while also meeting the precision and performance demands of today’s serious precision shooters.

The body of every Vudu scope is cut from a solid piece of aircraft-grade aluminum and has a hard-anodized, durable finish. This combination provides clear advantages in the field, protecting the internal glass from water, fog dust and grime. All Vudu scopes are shock-resistant and can take a serious beating.

Vudu riflescopes offer both first-focal-plane and second-focal-plane models to suit all shooting applications. From low power variable optics (LPVO’s) designed for quick and accurate target acquisition, to medium and high powered rifle scopes that include bullet drop and wind hold solutions, the Vudu scope line has it covered.

Vudu lenses set the standard in scope design with superior optical clarity and shooter-friendly features. All scopes feature the highest-quality multi-coated, super-clear XC High-Density glass that provides incredible light transmission and color reproduction. This allows for exceptional edge-to-edge clarity and resolution.

With Vudu’s illuminated scope reticles that include either glass-etched or fiber-optic illumination solutions, shooters will find target acquisition in any lighting condition fast and absolute. With simple push-button operation and ten brightness levels, it can adapt to any situation, and a 2-hour auto-shutoff feature ensures the batteries won’t be drained when stored. Plus, etched reticles mean the scope can be used during daylight hours, without the illumination feature.

Vudu’s one-piece eyepiece makes transitioning from low to high magnification easy and fluid. The included, removable throw lever is easy to locate and allows shooters quick magnification changes. Vudu’s surgically precise turret systems allow shooters to re-index to zero after sighting in their optic, allowing for confident windage and elevation adjustments in the field to ensure critical shots hit their mark when it matters most.

With the variety of models currently available with a host of reticles to choose from, there’s a special brew that’s perfect for every shooter. For more information, visit www.eotechinc.com.

And if you’ve ever wondered which reticle is best, wire or etched, here’s what the experts had to say.

German Precision Optics RANGETRACKER 1800 Rangefinder

From German Precision Optics

In response to customer requests, German Precision Optics (GPO) USA’s popular compact, lightweight, one-handed RANGETRACKER 1800 Rangefinder is now available in black. Introduced last year in green, this handheld rangefinder allows the hunter to accurately range its target out to 1800 yards with one of the fastest laser rangefinding systems on the market.

The GPO RANGETRACKER™ features state-of-the-art optical and electronic technology for both long-range rifle hunting and close archery usage (6 yards.) Designed with a high transmission optical system coated with GPO’s proprietary GPObright™ lens coatings, both line of sight and/or True-range™ adjusted angle distance readings, a Hyperscan™ feature that provides three readings per second, and Targetseeker™ technology that offers “best” and “last” laser hits. The display is an HLDC system that allows up to 25 percent more light to get through the optical system, making it usable in very low-light situations.

“We do our best to answer the needs of our customers,” said Mike Jensen, GPO owner and CEO. “They requested this product in black. We not only are bringing it out in black, but we have also lowered the price.”

The RANGETRACKER now available in both green and black has a new suggested retail selling price of $349.99 and is currently available at retailers nationwide. For more information on this product line CLICK HERE, call 1-844-MY-BINOS (692-4667) or visit www.gpo-usa.com.

Night Fision Giving Away Fully Customized SIX Sauer P320 X-Carry

From Night Fision

Night Fision, a leader in advanced tritium insertion solutions, is giving away a fully customized SIG Sauer P320 X-Carry.

Night Fision partnered with their friends at D&D Gunsmiths, Sig Sauer and some of their favorite companies to bring you a completely tricked out P320. Check out these specs and try not to get too excited:

  • Night Fision – Optics Ready Stealth Sights
  • Norsso – Reptile C Custom Slide
  • Swampfox – Liberty 1×22 Red Dot Optic
  • NDZ – 3D Rear Slide Cover Plate; Magazine Base Plate
  • Faxon Firearms – Flame Fluted Threaded Barrel

To enter, just follow the directions in this link: https://woobox.com/qnytzu. All entries must be submitted by 11:59 PM Eastern Standard Time on February 24th, 2021.

To purchase Night Fision products, please visit www.nightfision.com.

Exit mobile version