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American Outdoor Brands Corporation Reports Third Quarter Fiscal 2017 Financial Results
- Third Quarter Net Sales of $233.5 Million, up 10.8% Year-Over-Year
- Third Quarter GAAP Net Income per Diluted Share of $0.57
- Third Quarter Non-GAAP Net Income per Diluted Share of $0.66

SPRINGFIELD, Mass., March 2, 2017 /PRNewswire/ -- American Outdoor Brands Corporation (NASDAQ Global Select: AOBC), one of the world's leading providers of firearms and quality products for the shooting, hunting, and rugged outdoor enthusiast, today announced financial results for the third quarter of fiscal 2017, ended January 31, 2017.

Third Quarter Fiscal 2017 Financial Highlights

  • Quarterly net sales were $233.5 million compared with $210.8 million for the third quarter last year, an increase of 10.8%.
  • Gross margin for the quarter was 42.5% compared with 41.1% for the third quarter last year.
  • Quarterly GAAP net income was $32.5 million, or $0.57 per diluted share, compared with $31.4 million, or $0.56 per diluted share, for the comparable quarter last year.
  • Quarterly non-GAAP net income was $37.6 million, or $0.66 per diluted share, compared with $33.2 million, or $0.59 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments in net income exclude a number of acquisition-related costs, including amortization, one-time transaction costs, inventory valuation adjustments, and a one-time holding company rebranding expense.  For a detailed reconciliation, see the schedules that follow in this release.
  • Quarterly non-GAAP Adjusted EBITDAS was $67.6 million, or 28.9% of net sales, compared with $61.5 million, or 29.2% of net sales, for the comparable quarter last year.
  • The company completed the acquisition of substantially all of the assets of Ultimate Survival Technologies, Inc. ("UST"), a provider of high-quality survival and camping products, for $33.0 million in cash and up to $2.0 million, due over two years, contingent upon the financial performance of the acquired business.  UST is included in the company's Outdoor Products & Accessories segment.

James Debney, American Outdoor Brands Corporation President and Chief Executive Officer, said, "Today we are pleased to report our third quarter results, which include a strategic acquisition in the rugged outdoor space, several new product introductions, revenue growth that was on target, and profitability that exceeded the high-end of our guidance range.  Toward the end of the quarter, consumer firearm purchasing began to cool – a trend that underscores the importance of remaining focused on our strategy to continue growing and balancing our business across the shooting, hunting, and rugged outdoor enthusiast markets.  In our Firearms segment, we attended the SHOT Show in January where we launched our next generation, full size M&P M2.0 pistol, significantly strengthening our growing family of innovative polymer pistols.  Higher year-over-year revenue in the Outdoor Products & Accessories segment was driven largely by our acquisitions of Taylor Brands, LLC, Crimson Trace Corporation, and UST, all of which occurred in the current fiscal year, combined with organic segment revenue growth of 4.8%.  During the quarter, we hired Brian Murphy, an industry veteran, who will focus on increasing our presence in the rugged outdoor recreation market, in areas such as camping, hiking and fishing - all of which resonate strongly with many of our core firearms consumers and retailers."

"Lastly, during the quarter, we successfully rebranded our holding company as American Outdoor Brands Corporation, a name that better represents our strategic direction as we explore markets outside of our core firearms business. Overall, we remain committed to creating long-term shareholder value by innovating, preserving and selectively acquiring strong brands that best meet the needs and lifestyles of our valued customers," concluded Debney. 

Jeffrey D. Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer, said, "During our third quarter, strong November results more than offset late-quarter declines in both NICS background checks and firearm product shipments.  That late quarter shift in consumer demand patterns has since carried forward into our fiscal fourth quarter.  Accordingly, we have updated our full year guidance."

"Operating cash flow during the quarter was $48.2 million and we invested $33.0 million in acquisitions and paid off the $25 million outstanding on our line of credit.  We ended the quarter with cash of $54.3 million, outstanding long-term debt of $170.6 million, and no borrowings on our $350 million banking line of credit, which is expandable to $500 million. Our strong balance sheet provides us with opportunities to activate our unused $50 million stock buyback authorization, and to further diversify our company by investing in our future – both organically and through highly selective, strategic acquisitions," concluded Buchanan.

Financial Outlook

AMERICAN OUTDOOR BRANDS CORPORATION

NET SALES AND EARNINGS PER SHARE GUIDANCE, INCLUDING GAAP TO NON-GAAP RECONCILIATION
(Unaudited)










Range for the Three Months Ending April 30, 2017


Range for the Year Ending April 30, 2017

Net sales (in thousands)

$ 200,000


$ 220,000


$ 874,000


$ 894,000









GAAP income per share - diluted

$        0.26


$        0.36


$        2.01


$        2.11

Acquisition-related costs



0.07


0.07

Amortization of acquired intangible assets

0.09


0.09


0.31


0.31

Corporate rebranding expense



0.01


0.01

Fair value inventory step-up and backlog expense



0.08


0.08

Transition costs

0.01


0.01


0.01


0.01

Tax effect of non-GAAP adjustments

(0.04)


(0.04)


(0.16)


(0.16)

Non-GAAP income per share - diluted

$        0.32


$        0.42


$        2.33


$        2.43

 

Conference Call and Webcast

The company will host a conference call and webcast today, March 2, 2017, to discuss its third quarter fiscal 2017 financial and operational results. Speakers on the conference call will include James Debney, President and Chief Executive Officer, and Jeffrey D. Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer. The conference call may include forward-looking statements. The conference call and webcast will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Those interested in listening to the conference call via telephone may call directly at (844) 309-6568 and reference conference code 73634765.  No RSVP is necessary.  The conference call audio webcast can also be accessed live and for replay on the company's website at www.aob.com, under the Investor Relations section. The company will maintain an audio replay of this conference call on its website for a period of time after the call. No other audio replay will be available.

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) accessories transition costs, (iii) discontinued operations, (iv) DOJ and SEC costs including insurance recovery costs, (v) acquisition-related costs, (vi) fair value inventory step-up and backlog expense, (vii) bond premium paid, (viii) debt extinguishment costs, (ix) the tax effect of non-GAAP adjustments, (x) net cash provided by operating activities, (xi) net cash used in investing activities, (xii) acquisition of businesses, net of cash acquired, (xiii) receipts from note receivable, (xiv) interest expense (xv) income tax expense, (xvi) depreciation and amortization, (xvii) corporate rebranding expenses, and (xviii) stock-based compensation expense; 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 American Outdoor Brands Corporation

American Outdoor Brands Corporation (NASDAQ Global Select: AOBC) is a provider of quality products for shooting, hunting, and rugged outdoor enthusiasts in the global consumer and professional markets. The Company reports two segments: Firearms and Outdoor Products & Accessories. Firearms manufactures handgun and long gun products sold under the Smith & Wesson®, M&P®, and Thompson/Center Arms™ brands as well as provides forging, machining, and precision plastic injection molding services. Outdoor Products & Accessories provides shooting, hunting, and outdoor accessories, including reloading, gunsmithing, and gun cleaning supplies, tree saws, vault accessories, knives, laser sighting systems, tactical lighting products, and survival and camping equipment. Brands in Outdoor Products & Accessories include Smith & Wesson®, M&P®, Thompson/Center Arms™, Crimson Trace®, Caldwell® Shooting Supplies, Wheeler® Engineering, Tipton® Gun Cleaning Supplies, Frankford Arsenal® Reloading Tools, Lockdown® Vault Accessories, Hooyman® Premium Tree Saws, BOG POD®, Golden Rod® Moisture Control, Schrade®, Old Timer®, Uncle Henry®, UST®, and Imperial™. For more information on American Outdoor Brands Corporation, call (844) 363-5386 or log on to www.aob.com.

Safe Harbor Statement

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe-harbor created thereby.  Such forward-looking statements include our belief that toward the end of the year, consumer firearm purchasing began to cool; our belief that such trend underscores the importance of remaining focused on our strategy to continue growing and balancing our business across the shooting, hunting, and rugged outdoor enthusiast market; our belief that the launch of our next generation, full size M&P M2.0 pistol significantly strengthens our growing family of innovative polymer pistols; our belief that higher year-over-year revenue in the Outdoor Products & Accessories segment was driven largely by our acquisitions of Taylor Brands, LLC, Crimson Trace Corporation, and UST, all of which occurred in the current fiscal year, combined with organic segment revenue growth; our plans to have Brian Murphy focus on increasing our presence in the rugged outdoor recreation markets, in areas such as camping, hiking, and fishing – all of which resonate strongly with many of our core firearms consumers and retailers; our belief that we successfully rebranded our holding company as American Outdoor Brands Corporation, a name that we think better represents our strategic direction as we explore markets outside of our core firearms business; our commitment to creating long-term shareholder value by innovating, preserving, and selectively acquiring strong brands that best meet the needs and lifestyles of our valued customers; our belief that our strong balance sheet provides us with opportunities to activate our unused, $50 million stock buyback authorization, and to further diversify our company by investing in our future – both organically and through highly selective, strategic acquisitions; and our expectations for net sales, GAAP income per diluted share, acquisition-related costs, amortization of acquired intangible assets, fair value inventory step-up and backlog expense, tax effect of non-GAAP adjustments, and non-GAAP income per diluted share for the fourth quarter of fiscal 2017 and for fiscal 2017.  We caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements.  Such factors include the demand for our products; the costs and ultimate conclusion of certain legal matters; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; the potential for increased regulation of firearms and firearm-related products; speculation surrounding fears of terrorism and crime; our growth opportunities; our anticipated growth; our ability to increase demand for our products in various markets, including consumer, law enforcement, and military channels, domestically and internationally; the position of our hunting products in the consumer discretionary marketplace and distribution channel; our penetration rates in new and existing markets; our strategies; our ability to introduce new products; the success of new products; our ability to expand our markets; our ability to integrate acquired businesses in a successful manner; the general growth of our outdoor products and accessories business; the potential for cancellation of orders from our backlog; and other risks detailed from time to time in our reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2016.

Contact: Liz Sharp, VP Investor Relations
American Outdoor Brands Corporation
(413) 747-6284
lsharp@aob.com

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)






For the Three Months Ended


For the Nine Months Ended 


January 31, 2017


January 31, 2016


January 31, 2017


January 31, 2016


(In thousands, except per share data)

Net sales

$       233,523


$       210,786


$       674,002


$       501,791

Cost of sales

134,212


124,128


389,517


300,048

Gross profit

99,311


86,658


284,485


201,743

Operating expenses:








Research and development

2,764


2,521


7,614


7,612

Selling and marketing

15,052


11,505


36,773


33,260

General and administrative

31,286


22,484


85,210


59,124

Total operating expenses

49,102


36,510


129,597


99,996

Operating income

50,209


50,148


154,888


101,747

Other expense, net:








Other expense, net 

(8)


(5)


(37)


(17)

Interest expense, net

(1,939)


(2,079)


(6,128)


(11,575)

Total other expense, net

(1,947)


(2,084)


(6,165)


(11,592)

Income from operations before income taxes

48,262


48,064


148,723


90,155

Income tax expense

15,809


16,630


48,562


31,844

Net income

32,453


31,434


100,161


58,311

Net income per share:








Basic

$              0.58


$              0.57


$              1.78


$              1.07

Diluted

$              0.57


$              0.56


$              1.75


$              1.05

Weighted average number of common shares outstanding:








Basic

56,342


54,857


56,208


54,508

Diluted

57,127


55,981


57,166


55,784

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)



As of


January 31, 2017


April 30, 2016


(In thousands, except par value and share data)

 ASSETS

 Current assets:




Cash and cash equivalents

$         54,253


$   191,279

Accounts receivable, net of allowance for doubtful accounts of $564 on January 31, 2017 and $680 on April 30, 2016

72,919


57,792

Inventories

128,096


77,789

Prepaid expenses and other current assets

6,735


4,307

Income tax receivable 

575


2,064

Total current assets

262,578


333,231

 Property, plant, and equipment, net

151,645


135,405

 Intangibles, net

147,045


62,924

 Goodwill

168,829


76,357

 Other assets

9,623


11,586


$       739,720


$   619,503

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities:




Accounts payable

$         55,578


$     45,513

Accrued expenses

35,412


28,447

Accrued payroll and incentives

19,066


18,784

Accrued income taxes

2,349


5,960

Accrued profit sharing

9,865


11,459

Accrued warranty

5,968


6,129

Current portion of notes payable

6,300


6,300

Total current liabilities

134,538


122,592

 Deferred income taxes 

21,212


12,161

 Notes payable, net of current portion

161,990


166,564

 Other non-current liabilities

9,685


10,370

Total liabilities

327,425


311,687

 Commitments and contingencies 




 Stockholders' equity:




Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding


Common stock, $.001 par value, 100,000,000 shares authorized, 71,918,857 shares issued and 56,356,235 shares outstanding on January 31, 2017 and 71,558,633 shares issued and 55,996,011 shares outstanding on April 30, 2016

72


72

Additional paid-in capital 

242,586


239,505

Retained earnings

341,471


241,310

Accumulated other comprehensive income/(loss)

489


(748)

Treasury stock, at cost (15,562,622 shares on January 31, 2017 and April 30, 2016)

(172,323)


(172,323)

Total stockholders' equity

412,295


307,816


$       739,720


$   619,503

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






For the Nine Months Ended


January 31, 2017


January 31, 2016


(In thousands)

Cash flows from operating activities:




Net income

$           100,161


$             58,311

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization 

37,187


30,836

Loss on sale/disposition of assets

98


138

Provision for losses on notes and accounts receivable

179


2

Deferred income taxes

(12,300)


244

Stock-based compensation expense

6,383


4,885

Changes in operating assets and liabilities (net effect of acquisitions):




Accounts receivable

(3,754)


(34,536)

Inventories

(18,451)


1,244

Prepaid expenses and other current assets

(2,178)


325

Income taxes

(2,095)


(2,811)

Accounts payable

2,393


2,931

Accrued payroll and incentives

(1,218)


7,874

Accrued profit sharing

(1,594)


1,710

Accrued expenses

5,004


4,044

Accrued warranty

(262)


(248)

Other assets

1,059


(119)

Other non-current liabilities

(1,088)


(1,087)

Net cash provided by operating activities

109,524


73,743

Cash flows from investing activities:




Acquisition of businesses, net of cash acquired

(211,069)


Refunds on machinery and equipment

2,776


4,222

Receipts from note receivable

58


56

Payments to acquire patents and software

(515)


(248)

Proceeds from sale of property and equipment


61

Payments to acquire property and equipment

(28,952)


(22,933)

Net cash used in investing activities

(237,702)


(18,842)

Cash flows from financing activities:




Proceeds from loans and notes payable

50,000


105,000

Cash paid for debt issuance costs

(525)


(1,024)

Payments on capital lease obligation

(397)


(447)

Payments on notes payable

(54,725)


(103,150)

Proceeds from Economic Development Incentive Program

101


Proceeds from exercise of options to acquire common stock, including employee stock purchase plan

1,141


6,668

Payment of employee withholding tax related to restricted stock units

(4,443)


(2,073)

Excess tax benefit of stock-based compensation

-


3,123

Net cash (used in)/provided by financing activities

(8,848)


8,097

Net increase/(decrease)  in cash and cash equivalents

(137,026)


62,998

Cash and cash equivalents, beginning of period

191,279


42,222

Cash and cash equivalents, end of period

$             54,253


$           105,220

Supplemental disclosure of cash flow information




Cash paid for:




Interest

$               6,683


$             12,118

Income taxes

63,195


31,484

 

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share data)
(Unaudited)


















For the Three Months Ended 


For the Nine Months Ended


January 31, 2017


January 31, 2016


January 31, 2017


January 31, 2016


$


% of Sales


$


% of Sales


$


% of Sales


$


% of Sales

GAAP gross profit

$   99,311


42.5%


$ 86,658


41.1%


$ 284,485


42.2%


$ 201,743


40.2%

Fair value inventory step-up and backlog expense

777


0.3%




4,601


0.7%



Discontinued operations







52


0.0%

Non-GAAP gross profit

$ 100,088


42.9%


$ 86,658


41.1%


$ 289,086


42.9%


$ 201,795


40.2%

















GAAP operating expenses

$   49,102


21.0%


$ 36,510


17.3%


$ 129,597


19.2%


$   99,996


19.9%

Amortization of acquired intangible assets

(5,620)


-2.4%


(2,652)


-1.3%


(12,730)


-1.9%


(7,381)


-1.5%

Accessories transition costs

(63)


0.0%


(10)


0.0%


(63)


0.0%


(161)


0.0%

Discontinued operations

(22)


0.0%


(21)


0.0%


(66)


0.0%


(65)


0.0%

DOJ/SEC costs including insurance recovery costs



(9)





1,781


0.4%

Corporate rebranding expenses

(525)


-0.2%




(525)


-0.1%



Acquisition-related costs

(629)


-0.3%


(27)


0.0%


(3,785)


-0.6%


(27)


0.0%

Non-GAAP operating expenses

$   42,243


18.1%


$ 33,791


16.0%


$ 112,428


16.7%


$   94,143


18.8%

















GAAP operating income

$   50,209


21.5%


$ 50,148


23.8%


$ 154,888


23.0%


$ 101,747


20.3%

Fair value inventory step-up and backlog expense

777


0.3%




4,601


0.7%



Amortization of acquired intangible assets

5,620


2.4%


2,652


1.3%


12,730


1.9%


7,381


1.5%

Accessories transition costs

63


0.0%


10


0.0%


63


0.0%


161


0.0%

Discontinued operations

22


0.0%


21


0.0%


66


0.0%


117


0.0%

DOJ/SEC costs including insurance recovery costs



9





(1,781)


-0.4%

Corporate rebranding expenses

525


0.2%




525


0.1%



Acquisition-related costs

629


0.3%


27



3,785


0.6%


27


0.0%

Non-GAAP operating income

$   57,845


24.8%


$ 52,867


25.1%


$ 176,658


26.2%


$ 107,652


21.5%

















GAAP net income

$   32,453


13.9%


$ 31,434


14.9%


$ 100,162


14.9%


$   58,311


11.6%

Bond premium paid







2,938


0.6%

Fair value inventory step-up and backlog expense

777


0.3%




4,601


0.7%



Amortization of acquired intangible assets

5,620


2.4%


2,652


1.3%


12,730


1.9%


7,381


1.5%

Debt extinguishment costs







1,723


0.3%

Accessories transition costs

63


0.0%


10


0.0%


63


0.0%


161


0.0%

Discontinued operations

22


0.0%


21


0.0%


66


0.0%


117


0.0%

DOJ/SEC costs including insurance recovery costs



9


0.0%




(1,781)


-0.4%

Corporate rebranding expenses

525


0.2%




525


0.1%



Acquisition-related costs

629


0.3%


27


0.0%


3,785


0.6%


27


0.0%

Tax effect of non-GAAP adjustments

(2,497)


-1.1%


(941)


-0.4%


(7,119)


-1.1%


(3,889)


-0.8%

Non-GAAP net income

$   37,592


16.1%


$ 33,212


15.8%


$ 114,813


17.0%


$   64,988


13.0%

















GAAP net income per share - diluted

$        0.57




$      0.56




$        1.75




$        1.05



Bond premium paid










0.05



Fair value inventory step-up and backlog expense

0.01







0.08






Amortization of acquired intangible assets

0.10




0.05




0.22




0.13



Debt extinguishment costs










0.03



Accessories transition costs












Discontinued operations












DOJ/SEC costs including insurance recovery costs










(0.03)



Corporate rebranding expenses

0.01







0.01






Acquisition-related costs

0.01







0.07






Tax effect of non-GAAP adjustments

(0.04)




(0.02)




(0.12)




(0.07)



Non-GAAP net income per share - diluted

$        0.66




$      0.59




$        2.01




$        1.16



 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET OPERATING CASH FLOW TO FREE CASH FLOW
(In thousands)
(Unaudited)










For the Three Months Ended


For the  Nine Months Ended


January 31, 2017


January 31, 2016


January 31, 2017


January 31, 2016

Net cash provided by operating activities

$         48,150


$         50,982


$       109,524


$         73,743

Net cash used in investing activities

(41,032)


(4,678)


(237,702)


(18,842)

Acquisition of businesses, net of cash acquired

33,010



211,069


Receipts from note receivable

(15)


(15)


(58)


(56)

Free cash flow

$         40,113


$         46,289


$         82,833


$         54,845

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDAS
(In thousands)
(Unaudited)








For the Three Months Ended



January 31, 2017



January 31, 2016







GAAP net income


$         32,453



$         31,434

Interest expense


1,854



2,140

Income tax expense


15,809



16,630

Depreciation and amortization


12,974



9,555

Stock-based compensation expense


2,465



1,639

Fair value inventory step-up and backlog expense


777



Acquisition-related costs


629



27

Corporate rebranding expenses


525



Discontinued operations


22



21

Accessories transition costs


63



10

DOJ/SEC costs




9

Non-GAAP Adjusted EBITDAS


$         67,571



$         61,465













AMERICAN OUTDOORS BRANDS CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDAS
(In thousands)
(Unaudited)








For Nine Months Ended



January 31, 2017



January 31, 2016







GAAP net income


$       100,161



$         58,311

Interest expense


6,222



11,714

Income tax expense


48,562



31,844

Depreciation and amortization


35,462



28,372

Stock-based compensation expense


6,383



4,885

Fair value inventory step-up and backlog expense


4,601



Acquisition-related costs


3,785



27

Corporate rebranding expenses


525



Discontinued operations


66



117

Accessories transition costs


63



161

DOJ/SEC costs, including insurance recovery costs




(1,781)

Non-GAAP Adjusted EBITDAS


$       205,830



$       133,650

 

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SOURCE American Outdoor Brands Corporation

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