CPSC Approves New Federal Standard for Infant Bouncers

WASHINGTON, Sept. 7, 2017 /PRNewswire-USNewswire/ -- https://cpsc.gov/Newsroom/News-Releases/2017/CPSC-Approves-New-Federal-Standard-for-Infant-Bouncers

The U.S. Consumer Product Safety Commission (CPSC) approved a new federal mandatory standard to improve the safety of infant bouncer seats and prevent deaths and injuries to babies.

Infant bouncer seats support babies in a reclined position and allow them to bounce. This durable infant product is intended for infants up to 6 months old who have not developed the ability to sit up unassisted.

The new federal standard is based on the existing voluntary standard, ASTM F2167-17. The ASTM standard improved the requirements for stability to address tip-over incidents and for the battery compartment to address incidents involving battery leakage, corrosion, and overheating.

The Commission's more stringent requirements are intended to further reduce the risk of serious head injuries associated with falls from elevated surfaces, such as tables and counter tops. The mandatory standard will make fall hazard warnings more visible to caregivers, by requiring the label to be placed on the front of the bouncer seat near the baby's head and shoulders. Caregivers are also instructed to use restraints even if a baby falls asleep in the bouncer, which is a likely occurrence.  More on the new mandatory standard can be found here.

Between January 1, 2006 and July 6, 2016, there were 347 incidents involving bouncer seats reported to CPSC, including 12 fatalities and 54 injuries. The major cause of reported fatalities was suffocation resulting from unrestrained babies turning over in a bouncer or bouncers tipping over on soft surfaces (e.g., mattresses and comforters) when bouncer is placed on adult beds and cribs. Additionally, the National Electronic Injury Surveillance System demonstrates 874 incidents involving bouncer seats from January 1, 2006 to December 31, 2015. The hazard patterns related to these incidents (485 of the 874) were mainly due to infants falling while in bouncers or from a bouncer placed in hazardous locations, such as kitchen countertops, tables and other elevated surfaces. Falls resulted in concussions and skull fracture to babies. These types of injuries can lead to brain damage and long-lasting health effects.

CPSC recommends the following tips to parents and caregivers when using an infant bouncer seat:

  • Always use the bouncer on the floor, never on a countertop, table or other elevated surface.
  • Never place the bouncer on a bed, sofa, or other soft surface because babies have suffocated when bouncers tipped over onto soft surfaces.
  • Always use restraints and adjust restraints to fit snugly, even if baby falls asleep.
  • Stay near and watch the baby during use.
  • Stop using the bouncer when a child is able to sit up on his/her own or the baby reaches 20 lbs. or the manufacturer's recommended maximum weight.     

The Commission is required by The Danny Keysar Child Product Safety Notification Act, Section 104(b) of the Consumer Product Safety Improvement Act of 2008 (CPSIA), to issue consumer product safety standards for durable infant and toddler products. In the past seven years, the Commission has approved new federal safety standards for durable infant or toddler products, including full-size cribs, non-full-size cribs, play yards, baby walkers, baby bath seats, children's portable bed rails, strollers, toddler beds, infant swings, handheld infant carriers, soft infant carriers, framed infant carriers, bassinets, cradles, portable hook-on chairs and infant slings.

The Commission voted 3-2 in favor of the new standard on September 1, 2017.   Acting Chairman Buerkle and Commissioner Mohorovic voted to incorporate ASTM F2167-17 by reference.

The CPSC has proposed that the rule become effective 6 months after the publication of a final rule in the Federal Register.

About U.S. CPSC:
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products under the agency's jurisdiction. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $1 trillion annually. CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical or mechanical hazard. CPSC's work to help ensure the safety of consumer products - such as toys, cribs, power tools, cigarette lighters and household chemicals -– contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years.

Federal law bars any person from selling products subject to a publicly announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission.

To report a dangerous product or a product-related injury go online to www.SaferProducts.gov or call CPSC's Hotline at 800-638-2772 or teletypewriter at 301-595-7054 for the hearing impaired. Consumers can obtain news release and recall information at www.cpsc.gov, on Twitter @USCPSC or by subscribing to CPSC's free e-mail newsletters.

CPSC Consumer Information Hotline
Contact us at this toll-free number if you have questions about a recall:
800-638-2772 (TTY 301-595-7054)
Times: 8 a.m.5:30 p.m. ET; Messages can be left anytime
Call to get product safety and other agency information and to report unsafe products.

Media Contact
Please use the phone numbers below for all media requests.
Phone: 301-504-7908
Spanish: 301-504-7800

 

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SOURCE U.S. Consumer Product Safety Commission

Potts Law Firm Files Class Action for San Jacinto River Flooding Victims

Potts Law Firm Files Inverse Condemnation Case for All Residences and Businesses Impacted

HOUSTON, Sept. 7, 2017 /PRNewswire/ -- Potts Law Firm, a Houston-based law firm, filed a class action on September 6, 2017, in the Harris County District Court seeking to represent all individuals and businesses recently affected by the San Jacinto River Authority's handling of "controlled release" of water from Lake Conroe on August 27, 2017. As a result of the release, it is estimated that thousands of homeowners and business owners' properties were flooded who had previously escaped flooding from Hurricane Harvey itself.

The lawsuit styled Thomas E. and Beth F. Ross, et.al. v. San Jacinto River Authority, et al., consists of two subclasses for (1) All Texas residential property owners who experienced flood waters at their property on or after Monday, August 28, 2017, in the area downstream of Lake Conroe affected by the rising waters of the San Jacinto River as a result of San Jacinto River Authority's decision to release water from Lake Conroe; and (2) All Texas commercial property owners who experienced flood waters at their property on or after Monday, August 28, 2017, in the area downstream of Lake Conroe affected by the rising waters of the San Jacinto River as a result of San Jacinto River Authority's decision to release water from Lake Conroe.

Plaintiffs owned property that was not flooding after Hurricane Harvey sat over Harris and Montgomery Counties on Saturday, August 26, 2017 and Sunday, August 27, 2017, but only began flooding on Tuesday, August 29, 2017 when the San Jacinto River Authority released water from Lake Conroe. After the release, Plaintiffs' property took on several feet of flood water. The suit seeks damages for the government's intentional taking of properties by flooding and seeks recovery for the repair costs to such properties, diminution in value of the properties, lost income or business income to the properties' owners, and any consequential loss of the flooding. Inverse condemnation occurs when the government takes private property but fails to pay the compensation required by Section 17, Article 1 of the Texas Constitution. Similar lawsuits were filed in the aftermath of Hurricane Katrina and a class action was certified by the U.S. Court of Federal Claims.

"In the devastating aftermath of the flooding, Potts Law Firm stands ready to support our clients, our employees, and our community at this most challenging time", said Derek H. Potts, National Managing Partner in Houston. "This case is particularly important to us since it directly impacted so many friends, neighbors, and family members."

Widely recognized for their expertise in complex litigation and trials, Potts Law Firm has obtained record-setting verdicts and settlements on behalf of clients in state and federal courts across the country. The attorneys with Potts Law Firm are dedicated to fighting for the rights of victims of flood and wind catastrophes.

About Potts Law Firm

Potts Law Firm diligently pursues a variety of complex litigation and mass tort matters, from complex pharmaceutical cases to challenging eminent domain claims. The firm's team of highly competent attorneys have experience in many different areas complex litigation. Believing that every detail of a case matters, firm attorneys work tirelessly to pursue just compensation, regardless of the obstacles faced. For more information, visit www.potts-law.com

For more information contact:
Steve Stasny
832-838-4553
175486@email4pr.com

 

View original content with multimedia:http://www.prnewswire.com/news-releases/potts-law-firm-files-class-action-for-san-jacinto-river-flooding-victims-300515962.html

SOURCE Potts Law Firm

American Outdoor Brands Corporation Reports First Quarter Fiscal 2018 Financial Results

SPRINGFIELD, Mass., Sept. 7, 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 first quarter fiscal 2018, ended July 31, 2017.

First Quarter Fiscal 2018 Financial Highlights

  • Quarterly net sales were $129.0 million compared with $207.0 million for the first quarter last year, a decrease of 37.7%.
  • Gross margin for the quarter was 31.5% compared with 42.3% for the first quarter last year.
  • Quarterly GAAP net loss was $2.2 million, or $(0.04) per diluted share, compared with net income of $35.2 million, or $0.62 per diluted share, for the comparable quarter last year. First quarter 2018 and 2017 GAAP net (loss)/income per diluted share include expenses of $3.8 million and $1.7 million, respectively, for amortization, net of tax, related to acquisitions.
  • Quarterly Non-GAAP net income was $1.2 million, or $0.02 per diluted share, compared with $37.7 million, or $0.66 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments to net income exclude a number of acquisition-related costs, including amortization, one-time transaction costs, and a change in contingent consideration liability, as well as discontinued operations. For a detailed reconciliation, see the schedules that follow in this release.
  • Quarterly non-GAAP Adjusted EBITDAS was $12.9 million, or 10.0% of net sales, compared with $65.8 million, or 31.8% of net sales, for the comparable quarter last year.
  • During the first quarter, the company announced the purchase of substantially all of the assets of Gemini Technologies, Incorporated ("Gemtech"), a provider of high quality suppressors and accessories for the consumer, law enforcement, and military markets, for $10.0 million.  The company also announced the purchase of Bubba Blade™, a premium brand of knives and tools for fishing and hunting, for approximately $12.0 million. Both transactions closed early in the second quarter of fiscal 2018.

James Debney, American Outdoor Brands Corporation President and Chief Executive Officer, commented, "Our financial results for the first quarter reflected lower than anticipated shipments in our Firearms business, consistent with a softening in wholesaler and retailer orders, partially offset by increased revenue from our Outdoor Products & Accessories business, which grew organically at 11.4% and which more than doubled inorganically. Total revenue for the quarter also faced a challenging comparison to last year's heightened level of firearms demand, which we believe was driven by concerns for personal safety and the potential for increased firearm legislation.

"In Firearms, we believe units shipped in the first quarter were impacted by an extremely successful promotion on our M&P Shield pistols that we initiated in our prior fourth quarter.  That promotion exceeded our expectations and we believe it pulled forward our shipments into the fourth quarter as wholesalers and retailers stocked up in preparation for the strong consumer demand for those products that they believed would occur – and that did in fact occur – over the ensuing 90 days. In addition, we believe that heightened channel inventory from multiple manufacturers at retail locations contributed to lower orders in the quarter.  Despite those heightened channel inventories, we were pleased that our inventory at distributors actually declined during the quarter. For the remainder of the year, our focus in Firearms will be on bringing Gemtech suppressors into our product line and on introducing several significant new firearms in the second half of this fiscal year.  We plan to further increase our internal inventory in preparation for new product launches, the upcoming fall hunting and holiday seasons, and the industry ordering shows that occur in January and February. In Outdoor Products & Accessories, we will focus on new product introductions, including offerings from our acquisition of Bubba Blade, a premium knife brand that is widely recognized among outdoor enthusiasts for some of the finest knives for fishing and hunting.  Bubba Blade products deliver features and benefits that are very popular with consumers, and are protected by strong intellectual property.  This acquisition also serves as our first step into the sizeable fishing market.  Overall, we remain focused on the execution of our long-term strategic growth initiatives, which support our vision of being the leading provider of quality products for the shooting, hunting, and rugged outdoor enthusiast," concluded Debney.

Jeff Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer, commented, "We ended the quarter with cash of $43.4 million and net debt of approximately $199 million. Although operating cash flow for our first quarter was negative, and we are forecasting neutral operating cash flow for our second quarter, we expect the current fiscal year to deliver positive operating cash flow of $70 million to $90 million. In addition, based on our guidance and current cash flow forecast, we do not expect our Net Debt-to-Adjusted EBITDAS trailing twelve month ratio to rise above 1.6, and we expect that ratio to be below 1.2 by the end of our current fiscal year."

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 October 31, 2017


Range for the Year Ending April 30, 2018


Net sales (in thousands)

$                    140,000


$ 150,000


$         700,000


$         740,000











GAAP income per share - diluted

$                               —


$        0.05


$                0.77


$                0.97


Amortization of acquired intangible assets

0.11


0.11


0.43


0.43


Acquisition-related costs



0.01


0.01


Transition costs



0.01


0.01


Change in contingent consideration



(0.02)


(0.02)


Tax effect of non-GAAP adjustments

(0.04)


(0.04)


(0.16)


(0.16)


Non-GAAP income per share - diluted

$                           0.07


$        0.12


$                1.04


$                1.24


Conference Call and Webcast

The company will host a conference call and webcast today, September 7, 2017, to discuss its first quarter fiscal 2018 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 73063180.  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, we consider and use these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends.  We believe it is useful for our company and the reader to review, as applicable, both (1) GAAP measures that include (i) amortization of acquired intangible assets, (ii) transition costs, (iii) discontinued operations, (iv) changes in contingent consideration liabilities, (v) acquisition-related costs, (vi) tax effect of non-GAAP adjustments, (vii) net cash (used in)/provided by operating activities, (viii) net cash used in investing activities, (ix) receipts from note receivable, (x) interest expense (xi) income tax (benefit)/expense, (xii) depreciation and amortization, and (xiii) stock-based compensation expense; and (2) the non-GAAP measures that exclude such information. We present these non-GAAP measures because we consider them an important supplemental measure of our performance. Our definition of these adjusted financial measures may differ from similarly named measures used by others. We believe 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 our GAAP measures.  The principal limitations of these measures are that they do not reflect our actual expenses and may thus have the effect of inflating our 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®, Thompson/Center Arms™, and Gemtech® 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™,  Imperial™, and Bubba Blade™.  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, among others, our strategy to continue growing and balancing our business across the shooting, hunting, and rugged outdoor enthusiast market; our belief that total revenue for the quarter faced a challenging comparison to last year's heightened levels of firearms demand which we believe was driven by concerns for personal safety and the potential for increased firearm legislation; our belief that operating results in the quarter  were impacted by successful promotions in the fourth fiscal quarter of 2017 on our M&P Shield pistols, which we believe pulled forward shipments into the fourth quarter as wholesalers and retailers stocked up in preparation for strong consumer demand over the ensuing 90 days; our belief that heightened channel inventory from multiple manufacturers at retail locations contributed to lower orders in the quarter; our belief that we are focused on executing our long-term strategic initiatives, which support our vision of being the leading provider of quality products for the shooting, hunting and rugged outdoor enthusiast; our expectation that the current fiscal year will deliver positive operating cash flow of $70 million to $90 million; our belief that we do not expect our Net-Debt-to-Adjusted EBITDAS trailing twelve month ratio to rise above 1.6 and that the ratio will be below 1.2 by the end of our current fiscal year; and our expectations for net sales, GAAP income per diluted share, amortization of acquired intangible assets, acquisition-related costs, transition costs, change in contingent consideration, tax effect of non-GAAP adjustments, and non-GAAP income per diluted share for the second quarter of fiscal 2018 and for fiscal 2018.  We caution that these statements are qualified by important risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements.  Such factors include, among others, the demand for our products; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; our competitive environment; the supply, availability and costs of raw materials and components; the potential for increased regulation of firearms and firearm-related products; speculation surrounding fears of terrorism and crime; our anticipated growth and growth opportunities; our ability to increase demand for our products in various markets, including consumer, law enforcement, and military channels, domestically and internationally; our penetration rates in new and existing markets; our strategies; our ability to maintain and enhance brand recognition and reputation; risks associated with the establishment of our new 500,000 square foot national distribution center; 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, 2017.

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 (LOSS)/INCOME

(Unaudited)




For the Three Months Ended



July 31, 2017


July 31, 2016



(In thousands, except per share data)

Net sales


$ 129,021


$ 206,951

Cost of sales


88,389


119,382

Gross profit


40,632


87,569

Operating expenses:





Research and development


2,786


2,152

Selling and marketing


11,718


9,195

General and administrative


29,328


23,698

Total operating expenses


43,832


35,045

Operating (loss)/income


(3,200)


52,524

Other (expense)/income, net:





Other income, net 


1,298


Interest expense, net


(2,391)


(2,012)

Total other (expense)/income, net


(1,093)


(2,012)

(Loss)/income from operations before income taxes


(4,293)


50,512

Income tax (benefit)/expense


(2,128)


15,290

Net (loss)/ income


(2,165)


35,222

Net (loss)/income per share:





Basic


$       (0.04)


$        0.63

Diluted


$       (0.04)


$        0.62

Weighted average number of common shares outstanding:





Basic


53,905


56,049

Diluted


53,905


56,883

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS





As of


July 31, 2017
(unaudited)


April 30, 2017



(In thousands, except par value and share data)


 ASSETS


 Current assets:





Cash and cash equivalents

$    43,372


$     61,549


Accounts receivable, net of allowance for doubtful accounts of $914 on July 31, 2017 and $598 on April 30, 2017

92,720


108,444


Inventories

161,067


131,682


Prepaid expenses and other current assets

8,356


6,123


Income tax receivable

12,233


10,643


Total current assets

317,748


318,441


 Property, plant, and equipment, net

145,922


149,685


 Intangibles, net

135,678


141,317


 Goodwill

169,100


169,017


 Other assets

9,674


9,576



$ 778,122


$   788,036


 LIABILITIES AND STOCKHOLDERS' EQUITY


 Current liabilities:





Accounts payable

$    40,037


$     53,447


Accrued expenses

44,876


51,686


Accrued payroll and incentives

9,169


21,174


Accrued income taxes

209


726


Accrued profit sharing

14,615


13,004


Accrued warranty

4,866


4,908


Current portion of notes payable

81,300


6,300


Total current liabilities

195,072


151,245


 Deferred income taxes

25,579


25,620


 Notes and loans payable, net of current portion

159,324


210,657


 Other non-current liabilities

7,502


7,352


Total liabilities

387,477


394,874


 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, 72,166,898 shares issued and 54,000,036 shares outstanding on July 31, 2017 and 72,017,288 shares issued and 53,850,426 shares outstanding on April 30, 2017

72


72


Additional paid-in capital

245,592


245,865


Retained earnings

366,999


369,164


Accumulated other comprehensive income

357


436


Treasury stock, at cost (18,166,862 shares on July 31, 2017 and April 30, 2017)

(222,375)


(222,375)


Total stockholders' equity

390,645


393,162



$ 778,122


$   788,036


 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






For the Three Months Ended


July 31, 2017


July 31, 2016


(In thousands)

Cash flows from operating activities:




Net (loss)/income

$       (2,165)


$       35,222

Adjustments to reconcile net (loss)/income to net cash provided by operating activities:




Depreciation and amortization 

13,769


10,320

Loss on sale/disposition of assets

5


14

Provision for losses on accounts receivable

227


37

Change in contingent consideration

(1,300)


Stock-based compensation expense

1,888


1,792

Changes in operating assets and liabilities:




Accounts receivable

15,470


2,044

Inventories

(29,385)


(9,860)

Prepaid expenses and other current assets

(2,233)


(1,913)

Income taxes

(2,107)


7,728

Accounts payable

(12,752)


(240)

Accrued payroll and incentives

(12,051)


(9,604)

Accrued profit sharing

1,611


3,559

Accrued expenses

(5,520)


1,805

Accrued warranty

(42)


(161)

Other assets

(217)


(145)

Other non-current liabilities

310


12

Net cash (used in)/provided by operating activities

(34,492)


40,610

Cash flows from investing activities:




Refunds on machinery and equipment


4,773

Receipts from note receivable


21

Payments to acquire patents and software

(97)


(133)

Payments to acquire property and equipment

(4,691)


(15,776)

Net cash used in investing activities

(4,788)


(11,115)

Cash flows from financing activities:




Proceeds from loans and notes payable

25,000


Payments on capital lease obligation

(161)


(149)

Payments on notes payable

(1,575)


(1,575)

Proceeds from Economic Development Incentive Program


101

Payment of employee withholding tax related to restricted stock units

(2,161)


(4,139)

Net cash provided by/(used in) financing activities

21,103


(5,762)

Net (decrease)/increase in cash and cash equivalents

(18,177)


23,733

Cash and cash equivalents, beginning of period

61,549


191,279

Cash and cash equivalents, end of period

$       43,372


$     215,012

Supplemental disclosure of cash flow information




Cash paid for:




Interest

$         3,199


$         2,755

Income taxes

417


7,685

 

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










For the Three Months Ended 


July 31, 2017


July 31, 2016


$


% of Sales


$


% of Sales

GAAP gross profit

$ 40,632


31.5%


$ 87,569


42.3%









GAAP operating expenses

$ 43,832


34.0%


$ 35,045


16.9%

Amortization of acquired intangible assets

(5,685)


-4.4%


(2,544)


-1.2%

Transition costs

(312)


-0.2%



Discontinued operations



(21)


0.0%

Acquisition-related costs

(417)


-0.3%


(1,333)


-0.6%

Non-GAAP operating expenses

$ 37,418


29.0%


$ 31,147


15.1%









GAAP operating (loss)/income

$  (3,200)


-2.5%


$ 52,524


25.4%

Amortization of acquired intangible assets

5,685


4.4%


2,544


1.2%

Transition costs

312


0.2%



Discontinued operations



21


0.0%

Acquisition-related costs

417


0.3%


1,333


0.6%

Non-GAAP operating income

$   3,214


2.5%


$ 56,422


27.3%









GAAP net (loss)/income

$  (2,165)


-1.7%


$ 35,222


17.0%

Amortization of acquired intangible assets

5,685


4.4%


2,544


1.2%

Transition costs

312


0.2%



Discontinued operations



21


0.0%

Acquisition-related costs

417


0.3%


1,333


0.6%

Change in contingent consideration

(1,300)


-1.0%



Tax effect of non-GAAP adjustments

(1,790)


-1.4%


(1,380)


-0.7%

Non-GAAP net income

$   1,159


0.9%


$ 37,740


18.2%









GAAP net (loss)/income per share - diluted

$    (0.04)




$      0.62



Amortization of acquired intangible assets

0.10




0.04



Transition costs

0.01






Discontinued operations






Acquisition-related costs

0.01




0.02



Change in contingent consideration

(0.02)






Tax effect of non-GAAP adjustments

(0.03)




(0.02)



Non-GAAP net income per share - diluted (a)

$      0.02




$      0.66











(a) Non-GAAP net income per share does not foot due to rounding. 

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

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







For the Three Months Ended



July 31, 2017


July 31, 2016


Net cash (used in)/provided by operating activities

$  (34,492)


$    40,610


Net cash used in investing activities

(4,788)


(11,115)


Receipts from note receivable


(21)


Free cash flow

$  (39,280)


$    29,474


 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

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








For the Three Months Ended



July 31, 2017



July 31, 2016







GAAP net (loss)/income


$      (2,165)



$     35,222

Interest expense


2,391



2,054

Income tax (benefit)/expense


(2,128)



15,290

Depreciation and amortization


13,527



10,104

Stock-based compensation expense


1,888



1,792

Acquisition-related costs


417



1,333

Discontinued operations




21

Transition costs


312



Change in contingent consideration


(1,300)



Non-GAAP Adjusted EBITDAS


$     12,942



$     65,816

 

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SOURCE American Outdoor Brands Corporation

American Outdoor Brands Corporation Reports First Quarter Fiscal 2018 Financial Results

SPRINGFIELD, Mass., Sept. 7, 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 first quarter fiscal 2018, ended July 31, 2017.

First Quarter Fiscal 2018 Financial Highlights

  • Quarterly net sales were $129.0 million compared with $207.0 million for the first quarter last year, a decrease of 37.7%.
  • Gross margin for the quarter was 31.5% compared with 42.3% for the first quarter last year.
  • Quarterly GAAP net loss was $2.2 million, or $(0.04) per diluted share, compared with net income of $35.2 million, or $0.62 per diluted share, for the comparable quarter last year. First quarter 2018 and 2017 GAAP net (loss)/income per diluted share include expenses of $3.8 million and $1.7 million, respectively, for amortization, net of tax, related to acquisitions.
  • Quarterly Non-GAAP net income was $1.2 million, or $0.02 per diluted share, compared with $37.7 million, or $0.66 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments to net income exclude a number of acquisition-related costs, including amortization, one-time transaction costs, and a change in contingent consideration liability, as well as discontinued operations. For a detailed reconciliation, see the schedules that follow in this release.
  • Quarterly non-GAAP Adjusted EBITDAS was $12.9 million, or 10.0% of net sales, compared with $65.8 million, or 31.8% of net sales, for the comparable quarter last year.
  • During the first quarter, the company announced the purchase of substantially all of the assets of Gemini Technologies, Incorporated ("Gemtech"), a provider of high quality suppressors and accessories for the consumer, law enforcement, and military markets, for $10.0 million.  The company also announced the purchase of Bubba Blade™, a premium brand of knives and tools for fishing and hunting, for approximately $12.0 million. Both transactions closed early in the second quarter of fiscal 2018.

James Debney, American Outdoor Brands Corporation President and Chief Executive Officer, commented, "Our financial results for the first quarter reflected lower than anticipated shipments in our Firearms business, consistent with a softening in wholesaler and retailer orders, partially offset by increased revenue from our Outdoor Products & Accessories business, which grew organically at 11.4% and which more than doubled inorganically. Total revenue for the quarter also faced a challenging comparison to last year's heightened level of firearms demand, which we believe was driven by concerns for personal safety and the potential for increased firearm legislation.

"In Firearms, we believe units shipped in the first quarter were impacted by an extremely successful promotion on our M&P Shield pistols that we initiated in our prior fourth quarter.  That promotion exceeded our expectations and we believe it pulled forward our shipments into the fourth quarter as wholesalers and retailers stocked up in preparation for the strong consumer demand for those products that they believed would occur – and that did in fact occur – over the ensuing 90 days. In addition, we believe that heightened channel inventory from multiple manufacturers at retail locations contributed to lower orders in the quarter.  Despite those heightened channel inventories, we were pleased that our inventory at distributors actually declined during the quarter. For the remainder of the year, our focus in Firearms will be on bringing Gemtech suppressors into our product line and on introducing several significant new firearms in the second half of this fiscal year.  We plan to further increase our internal inventory in preparation for new product launches, the upcoming fall hunting and holiday seasons, and the industry ordering shows that occur in January and February. In Outdoor Products & Accessories, we will focus on new product introductions, including offerings from our acquisition of Bubba Blade, a premium knife brand that is widely recognized among outdoor enthusiasts for some of the finest knives for fishing and hunting.  Bubba Blade products deliver features and benefits that are very popular with consumers, and are protected by strong intellectual property.  This acquisition also serves as our first step into the sizeable fishing market.  Overall, we remain focused on the execution of our long-term strategic growth initiatives, which support our vision of being the leading provider of quality products for the shooting, hunting, and rugged outdoor enthusiast," concluded Debney.

Jeff Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer, commented, "We ended the quarter with cash of $43.4 million and net debt of approximately $199 million. Although operating cash flow for our first quarter was negative, and we are forecasting neutral operating cash flow for our second quarter, we expect the current fiscal year to deliver positive operating cash flow of $70 million to $90 million. In addition, based on our guidance and current cash flow forecast, we do not expect our Net Debt-to-Adjusted EBITDAS trailing twelve month ratio to rise above 1.6, and we expect that ratio to be below 1.2 by the end of our current fiscal year."

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 October 31, 2017


Range for the Year Ending April 30, 2018


Net sales (in thousands)

$                    140,000


$ 150,000


$         700,000


$         740,000











GAAP income per share - diluted

$                               —


$        0.05


$                0.77


$                0.97


Amortization of acquired intangible assets

0.11


0.11


0.43


0.43


Acquisition-related costs



0.01


0.01


Transition costs



0.01


0.01


Change in contingent consideration



(0.02)


(0.02)


Tax effect of non-GAAP adjustments

(0.04)


(0.04)


(0.16)


(0.16)


Non-GAAP income per share - diluted

$                           0.07


$        0.12


$                1.04


$                1.24


Conference Call and Webcast

The company will host a conference call and webcast today, September 7, 2017, to discuss its first quarter fiscal 2018 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 73063180.  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, we consider and use these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends.  We believe it is useful for our company and the reader to review, as applicable, both (1) GAAP measures that include (i) amortization of acquired intangible assets, (ii) transition costs, (iii) discontinued operations, (iv) changes in contingent consideration liabilities, (v) acquisition-related costs, (vi) tax effect of non-GAAP adjustments, (vii) net cash (used in)/provided by operating activities, (viii) net cash used in investing activities, (ix) receipts from note receivable, (x) interest expense (xi) income tax (benefit)/expense, (xii) depreciation and amortization, and (xiii) stock-based compensation expense; and (2) the non-GAAP measures that exclude such information. We present these non-GAAP measures because we consider them an important supplemental measure of our performance. Our definition of these adjusted financial measures may differ from similarly named measures used by others. We believe 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 our GAAP measures.  The principal limitations of these measures are that they do not reflect our actual expenses and may thus have the effect of inflating our 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®, Thompson/Center Arms™, and Gemtech® 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™,  Imperial™, and Bubba Blade™.  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, among others, our strategy to continue growing and balancing our business across the shooting, hunting, and rugged outdoor enthusiast market; our belief that total revenue for the quarter faced a challenging comparison to last year's heightened levels of firearms demand which we believe was driven by concerns for personal safety and the potential for increased firearm legislation; our belief that operating results in the quarter  were impacted by successful promotions in the fourth fiscal quarter of 2017 on our M&P Shield pistols, which we believe pulled forward shipments into the fourth quarter as wholesalers and retailers stocked up in preparation for strong consumer demand over the ensuing 90 days; our belief that heightened channel inventory from multiple manufacturers at retail locations contributed to lower orders in the quarter; our belief that we are focused on executing our long-term strategic initiatives, which support our vision of being the leading provider of quality products for the shooting, hunting and rugged outdoor enthusiast; our expectation that the current fiscal year will deliver positive operating cash flow of $70 million to $90 million; our belief that we do not expect our Net-Debt-to-Adjusted EBITDAS trailing twelve month ratio to rise above 1.6 and that the ratio will be below 1.2 by the end of our current fiscal year; and our expectations for net sales, GAAP income per diluted share, amortization of acquired intangible assets, acquisition-related costs, transition costs, change in contingent consideration, tax effect of non-GAAP adjustments, and non-GAAP income per diluted share for the second quarter of fiscal 2018 and for fiscal 2018.  We caution that these statements are qualified by important risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements.  Such factors include, among others, the demand for our products; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; our competitive environment; the supply, availability and costs of raw materials and components; the potential for increased regulation of firearms and firearm-related products; speculation surrounding fears of terrorism and crime; our anticipated growth and growth opportunities; our ability to increase demand for our products in various markets, including consumer, law enforcement, and military channels, domestically and internationally; our penetration rates in new and existing markets; our strategies; our ability to maintain and enhance brand recognition and reputation; risks associated with the establishment of our new 500,000 square foot national distribution center; 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, 2017.

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 (LOSS)/INCOME

(Unaudited)




For the Three Months Ended



July 31, 2017


July 31, 2016



(In thousands, except per share data)

Net sales


$ 129,021


$ 206,951

Cost of sales


88,389


119,382

Gross profit


40,632


87,569

Operating expenses:





Research and development


2,786


2,152

Selling and marketing


11,718


9,195

General and administrative


29,328


23,698

Total operating expenses


43,832


35,045

Operating (loss)/income


(3,200)


52,524

Other (expense)/income, net:





Other income, net 


1,298


Interest expense, net


(2,391)


(2,012)

Total other (expense)/income, net


(1,093)


(2,012)

(Loss)/income from operations before income taxes


(4,293)


50,512

Income tax (benefit)/expense


(2,128)


15,290

Net (loss)/ income


(2,165)


35,222

Net (loss)/income per share:





Basic


$       (0.04)


$        0.63

Diluted


$       (0.04)


$        0.62

Weighted average number of common shares outstanding:





Basic


53,905


56,049

Diluted


53,905


56,883

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS





As of


July 31, 2017
(unaudited)


April 30, 2017



(In thousands, except par value and share data)


 ASSETS


 Current assets:





Cash and cash equivalents

$    43,372


$     61,549


Accounts receivable, net of allowance for doubtful accounts of $914 on July 31, 2017 and $598 on April 30, 2017

92,720


108,444


Inventories

161,067


131,682


Prepaid expenses and other current assets

8,356


6,123


Income tax receivable

12,233


10,643


Total current assets

317,748


318,441


 Property, plant, and equipment, net

145,922


149,685


 Intangibles, net

135,678


141,317


 Goodwill

169,100


169,017


 Other assets

9,674


9,576



$ 778,122


$   788,036


 LIABILITIES AND STOCKHOLDERS' EQUITY


 Current liabilities:





Accounts payable

$    40,037


$     53,447


Accrued expenses

44,876


51,686


Accrued payroll and incentives

9,169


21,174


Accrued income taxes

209


726


Accrued profit sharing

14,615


13,004


Accrued warranty

4,866


4,908


Current portion of notes payable

81,300


6,300


Total current liabilities

195,072


151,245


 Deferred income taxes

25,579


25,620


 Notes and loans payable, net of current portion

159,324


210,657


 Other non-current liabilities

7,502


7,352


Total liabilities

387,477


394,874


 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, 72,166,898 shares issued and 54,000,036 shares outstanding on July 31, 2017 and 72,017,288 shares issued and 53,850,426 shares outstanding on April 30, 2017

72


72


Additional paid-in capital

245,592


245,865


Retained earnings

366,999


369,164


Accumulated other comprehensive income

357


436


Treasury stock, at cost (18,166,862 shares on July 31, 2017 and April 30, 2017)

(222,375)


(222,375)


Total stockholders' equity

390,645


393,162



$ 778,122


$   788,036


 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






For the Three Months Ended


July 31, 2017


July 31, 2016


(In thousands)

Cash flows from operating activities:




Net (loss)/income

$       (2,165)


$       35,222

Adjustments to reconcile net (loss)/income to net cash provided by operating activities:




Depreciation and amortization 

13,769


10,320

Loss on sale/disposition of assets

5


14

Provision for losses on accounts receivable

227


37

Change in contingent consideration

(1,300)


Stock-based compensation expense

1,888


1,792

Changes in operating assets and liabilities:




Accounts receivable

15,470


2,044

Inventories

(29,385)


(9,860)

Prepaid expenses and other current assets

(2,233)


(1,913)

Income taxes

(2,107)


7,728

Accounts payable

(12,752)


(240)

Accrued payroll and incentives

(12,051)


(9,604)

Accrued profit sharing

1,611


3,559

Accrued expenses

(5,520)


1,805

Accrued warranty

(42)


(161)

Other assets

(217)


(145)

Other non-current liabilities

310


12

Net cash (used in)/provided by operating activities

(34,492)


40,610

Cash flows from investing activities:




Refunds on machinery and equipment


4,773

Receipts from note receivable


21

Payments to acquire patents and software

(97)


(133)

Payments to acquire property and equipment

(4,691)


(15,776)

Net cash used in investing activities

(4,788)


(11,115)

Cash flows from financing activities:




Proceeds from loans and notes payable

25,000


Payments on capital lease obligation

(161)


(149)

Payments on notes payable

(1,575)


(1,575)

Proceeds from Economic Development Incentive Program


101

Payment of employee withholding tax related to restricted stock units

(2,161)


(4,139)

Net cash provided by/(used in) financing activities

21,103


(5,762)

Net (decrease)/increase in cash and cash equivalents

(18,177)


23,733

Cash and cash equivalents, beginning of period

61,549


191,279

Cash and cash equivalents, end of period

$       43,372


$     215,012

Supplemental disclosure of cash flow information




Cash paid for:




Interest

$         3,199


$         2,755

Income taxes

417


7,685

 

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










For the Three Months Ended 


July 31, 2017


July 31, 2016


$


% of Sales


$


% of Sales

GAAP gross profit

$ 40,632


31.5%


$ 87,569


42.3%









GAAP operating expenses

$ 43,832


34.0%


$ 35,045


16.9%

Amortization of acquired intangible assets

(5,685)


-4.4%


(2,544)


-1.2%

Transition costs

(312)


-0.2%



Discontinued operations



(21)


0.0%

Acquisition-related costs

(417)


-0.3%


(1,333)


-0.6%

Non-GAAP operating expenses

$ 37,418


29.0%


$ 31,147


15.1%









GAAP operating (loss)/income

$  (3,200)


-2.5%


$ 52,524


25.4%

Amortization of acquired intangible assets

5,685


4.4%


2,544


1.2%

Transition costs

312


0.2%



Discontinued operations



21


0.0%

Acquisition-related costs

417


0.3%


1,333


0.6%

Non-GAAP operating income

$   3,214


2.5%


$ 56,422


27.3%









GAAP net (loss)/income

$  (2,165)


-1.7%


$ 35,222


17.0%

Amortization of acquired intangible assets

5,685


4.4%


2,544


1.2%

Transition costs

312


0.2%



Discontinued operations



21


0.0%

Acquisition-related costs

417


0.3%


1,333


0.6%

Change in contingent consideration

(1,300)


-1.0%



Tax effect of non-GAAP adjustments

(1,790)


-1.4%


(1,380)


-0.7%

Non-GAAP net income

$   1,159


0.9%


$ 37,740


18.2%









GAAP net (loss)/income per share - diluted

$    (0.04)




$      0.62



Amortization of acquired intangible assets

0.10




0.04



Transition costs

0.01






Discontinued operations






Acquisition-related costs

0.01




0.02



Change in contingent consideration

(0.02)






Tax effect of non-GAAP adjustments

(0.03)




(0.02)



Non-GAAP net income per share - diluted (a)

$      0.02




$      0.66











(a) Non-GAAP net income per share does not foot due to rounding. 

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

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







For the Three Months Ended



July 31, 2017


July 31, 2016


Net cash (used in)/provided by operating activities

$  (34,492)


$    40,610


Net cash used in investing activities

(4,788)


(11,115)


Receipts from note receivable


(21)


Free cash flow

$  (39,280)


$    29,474


 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

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








For the Three Months Ended



July 31, 2017



July 31, 2016







GAAP net (loss)/income


$      (2,165)



$     35,222

Interest expense


2,391



2,054

Income tax (benefit)/expense


(2,128)



15,290

Depreciation and amortization


13,527



10,104

Stock-based compensation expense


1,888



1,792

Acquisition-related costs


417



1,333

Discontinued operations




21

Transition costs


312



Change in contingent consideration


(1,300)



Non-GAAP Adjusted EBITDAS


$     12,942



$     65,816

 

View original content with multimedia:http://www.prnewswire.com/news-releases/american-outdoor-brands-corporation-reports-first-quarter-fiscal-2018-financial-results-300515835.html

SOURCE American Outdoor Brands Corporation

American Outdoor Brands Corporation Reports First Quarter Fiscal 2018 Financial Results

SPRINGFIELD, Mass., Sept. 7, 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 first quarter fiscal 2018, ended July 31, 2017.

First Quarter Fiscal 2018 Financial Highlights

  • Quarterly net sales were $129.0 million compared with $207.0 million for the first quarter last year, a decrease of 37.7%.
  • Gross margin for the quarter was 31.5% compared with 42.3% for the first quarter last year.
  • Quarterly GAAP net loss was $2.2 million, or $(0.04) per diluted share, compared with net income of $35.2 million, or $0.62 per diluted share, for the comparable quarter last year. First quarter 2018 and 2017 GAAP net (loss)/income per diluted share include expenses of $3.8 million and $1.7 million, respectively, for amortization, net of tax, related to acquisitions.
  • Quarterly Non-GAAP net income was $1.2 million, or $0.02 per diluted share, compared with $37.7 million, or $0.66 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments to net income exclude a number of acquisition-related costs, including amortization, one-time transaction costs, and a change in contingent consideration liability, as well as discontinued operations. For a detailed reconciliation, see the schedules that follow in this release.
  • Quarterly non-GAAP Adjusted EBITDAS was $12.9 million, or 10.0% of net sales, compared with $65.8 million, or 31.8% of net sales, for the comparable quarter last year.
  • During the first quarter, the company announced the purchase of substantially all of the assets of Gemini Technologies, Incorporated ("Gemtech"), a provider of high quality suppressors and accessories for the consumer, law enforcement, and military markets, for $10.0 million.  The company also announced the purchase of Bubba Blade™, a premium brand of knives and tools for fishing and hunting, for approximately $12.0 million. Both transactions closed early in the second quarter of fiscal 2018.

James Debney, American Outdoor Brands Corporation President and Chief Executive Officer, commented, "Our financial results for the first quarter reflected lower than anticipated shipments in our Firearms business, consistent with a softening in wholesaler and retailer orders, partially offset by increased revenue from our Outdoor Products & Accessories business, which grew organically at 11.4% and which more than doubled inorganically. Total revenue for the quarter also faced a challenging comparison to last year's heightened level of firearms demand, which we believe was driven by concerns for personal safety and the potential for increased firearm legislation.

"In Firearms, we believe units shipped in the first quarter were impacted by an extremely successful promotion on our M&P Shield pistols that we initiated in our prior fourth quarter.  That promotion exceeded our expectations and we believe it pulled forward our shipments into the fourth quarter as wholesalers and retailers stocked up in preparation for the strong consumer demand for those products that they believed would occur – and that did in fact occur – over the ensuing 90 days. In addition, we believe that heightened channel inventory from multiple manufacturers at retail locations contributed to lower orders in the quarter.  Despite those heightened channel inventories, we were pleased that our inventory at distributors actually declined during the quarter. For the remainder of the year, our focus in Firearms will be on bringing Gemtech suppressors into our product line and on introducing several significant new firearms in the second half of this fiscal year.  We plan to further increase our internal inventory in preparation for new product launches, the upcoming fall hunting and holiday seasons, and the industry ordering shows that occur in January and February. In Outdoor Products & Accessories, we will focus on new product introductions, including offerings from our acquisition of Bubba Blade, a premium knife brand that is widely recognized among outdoor enthusiasts for some of the finest knives for fishing and hunting.  Bubba Blade products deliver features and benefits that are very popular with consumers, and are protected by strong intellectual property.  This acquisition also serves as our first step into the sizeable fishing market.  Overall, we remain focused on the execution of our long-term strategic growth initiatives, which support our vision of being the leading provider of quality products for the shooting, hunting, and rugged outdoor enthusiast," concluded Debney.

Jeff Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer, commented, "We ended the quarter with cash of $43.4 million and net debt of approximately $199 million. Although operating cash flow for our first quarter was negative, and we are forecasting neutral operating cash flow for our second quarter, we expect the current fiscal year to deliver positive operating cash flow of $70 million to $90 million. In addition, based on our guidance and current cash flow forecast, we do not expect our Net Debt-to-Adjusted EBITDAS trailing twelve month ratio to rise above 1.6, and we expect that ratio to be below 1.2 by the end of our current fiscal year."

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 October 31, 2017


Range for the Year Ending April 30, 2018


Net sales (in thousands)

$                    140,000


$ 150,000


$         700,000


$         740,000











GAAP income per share - diluted

$                               —


$        0.05


$                0.77


$                0.97


Amortization of acquired intangible assets

0.11


0.11


0.43


0.43


Acquisition-related costs



0.01


0.01


Transition costs



0.01


0.01


Change in contingent consideration



(0.02)


(0.02)


Tax effect of non-GAAP adjustments

(0.04)


(0.04)


(0.16)


(0.16)


Non-GAAP income per share - diluted

$                           0.07


$        0.12


$                1.04


$                1.24


Conference Call and Webcast

The company will host a conference call and webcast today, September 7, 2017, to discuss its first quarter fiscal 2018 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 73063180.  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, we consider and use these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends.  We believe it is useful for our company and the reader to review, as applicable, both (1) GAAP measures that include (i) amortization of acquired intangible assets, (ii) transition costs, (iii) discontinued operations, (iv) changes in contingent consideration liabilities, (v) acquisition-related costs, (vi) tax effect of non-GAAP adjustments, (vii) net cash (used in)/provided by operating activities, (viii) net cash used in investing activities, (ix) receipts from note receivable, (x) interest expense (xi) income tax (benefit)/expense, (xii) depreciation and amortization, and (xiii) stock-based compensation expense; and (2) the non-GAAP measures that exclude such information. We present these non-GAAP measures because we consider them an important supplemental measure of our performance. Our definition of these adjusted financial measures may differ from similarly named measures used by others. We believe 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 our GAAP measures.  The principal limitations of these measures are that they do not reflect our actual expenses and may thus have the effect of inflating our 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®, Thompson/Center Arms™, and Gemtech® 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™,  Imperial™, and Bubba Blade™.  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, among others, our strategy to continue growing and balancing our business across the shooting, hunting, and rugged outdoor enthusiast market; our belief that total revenue for the quarter faced a challenging comparison to last year's heightened levels of firearms demand which we believe was driven by concerns for personal safety and the potential for increased firearm legislation; our belief that operating results in the quarter  were impacted by successful promotions in the fourth fiscal quarter of 2017 on our M&P Shield pistols, which we believe pulled forward shipments into the fourth quarter as wholesalers and retailers stocked up in preparation for strong consumer demand over the ensuing 90 days; our belief that heightened channel inventory from multiple manufacturers at retail locations contributed to lower orders in the quarter; our belief that we are focused on executing our long-term strategic initiatives, which support our vision of being the leading provider of quality products for the shooting, hunting and rugged outdoor enthusiast; our expectation that the current fiscal year will deliver positive operating cash flow of $70 million to $90 million; our belief that we do not expect our Net-Debt-to-Adjusted EBITDAS trailing twelve month ratio to rise above 1.6 and that the ratio will be below 1.2 by the end of our current fiscal year; and our expectations for net sales, GAAP income per diluted share, amortization of acquired intangible assets, acquisition-related costs, transition costs, change in contingent consideration, tax effect of non-GAAP adjustments, and non-GAAP income per diluted share for the second quarter of fiscal 2018 and for fiscal 2018.  We caution that these statements are qualified by important risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements.  Such factors include, among others, the demand for our products; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; our competitive environment; the supply, availability and costs of raw materials and components; the potential for increased regulation of firearms and firearm-related products; speculation surrounding fears of terrorism and crime; our anticipated growth and growth opportunities; our ability to increase demand for our products in various markets, including consumer, law enforcement, and military channels, domestically and internationally; our penetration rates in new and existing markets; our strategies; our ability to maintain and enhance brand recognition and reputation; risks associated with the establishment of our new 500,000 square foot national distribution center; 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, 2017.

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 (LOSS)/INCOME

(Unaudited)




For the Three Months Ended



July 31, 2017


July 31, 2016



(In thousands, except per share data)

Net sales


$ 129,021


$ 206,951

Cost of sales


88,389


119,382

Gross profit


40,632


87,569

Operating expenses:





Research and development


2,786


2,152

Selling and marketing


11,718


9,195

General and administrative


29,328


23,698

Total operating expenses


43,832


35,045

Operating (loss)/income


(3,200)


52,524

Other (expense)/income, net:





Other income, net 


1,298


Interest expense, net


(2,391)


(2,012)

Total other (expense)/income, net


(1,093)


(2,012)

(Loss)/income from operations before income taxes


(4,293)


50,512

Income tax (benefit)/expense


(2,128)


15,290

Net (loss)/ income


(2,165)


35,222

Net (loss)/income per share:





Basic


$       (0.04)


$        0.63

Diluted


$       (0.04)


$        0.62

Weighted average number of common shares outstanding:





Basic


53,905


56,049

Diluted


53,905


56,883

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS





As of


July 31, 2017
(unaudited)


April 30, 2017



(In thousands, except par value and share data)


 ASSETS


 Current assets:





Cash and cash equivalents

$    43,372


$     61,549


Accounts receivable, net of allowance for doubtful accounts of $914 on July 31, 2017 and $598 on April 30, 2017

92,720


108,444


Inventories

161,067


131,682


Prepaid expenses and other current assets

8,356


6,123


Income tax receivable

12,233


10,643


Total current assets

317,748


318,441


 Property, plant, and equipment, net

145,922


149,685


 Intangibles, net

135,678


141,317


 Goodwill

169,100


169,017


 Other assets

9,674


9,576



$ 778,122


$   788,036


 LIABILITIES AND STOCKHOLDERS' EQUITY


 Current liabilities:





Accounts payable

$    40,037


$     53,447


Accrued expenses

44,876


51,686


Accrued payroll and incentives

9,169


21,174


Accrued income taxes

209


726


Accrued profit sharing

14,615


13,004


Accrued warranty

4,866


4,908


Current portion of notes payable

81,300


6,300


Total current liabilities

195,072


151,245


 Deferred income taxes

25,579


25,620


 Notes and loans payable, net of current portion

159,324


210,657


 Other non-current liabilities

7,502


7,352


Total liabilities

387,477


394,874


 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, 72,166,898 shares issued and 54,000,036 shares outstanding on July 31, 2017 and 72,017,288 shares issued and 53,850,426 shares outstanding on April 30, 2017

72


72


Additional paid-in capital

245,592


245,865


Retained earnings

366,999


369,164


Accumulated other comprehensive income

357


436


Treasury stock, at cost (18,166,862 shares on July 31, 2017 and April 30, 2017)

(222,375)


(222,375)


Total stockholders' equity

390,645


393,162



$ 778,122


$   788,036


 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






For the Three Months Ended


July 31, 2017


July 31, 2016


(In thousands)

Cash flows from operating activities:




Net (loss)/income

$       (2,165)


$       35,222

Adjustments to reconcile net (loss)/income to net cash provided by operating activities:




Depreciation and amortization 

13,769


10,320

Loss on sale/disposition of assets

5


14

Provision for losses on accounts receivable

227


37

Change in contingent consideration

(1,300)


Stock-based compensation expense

1,888


1,792

Changes in operating assets and liabilities:




Accounts receivable

15,470


2,044

Inventories

(29,385)


(9,860)

Prepaid expenses and other current assets

(2,233)


(1,913)

Income taxes

(2,107)


7,728

Accounts payable

(12,752)


(240)

Accrued payroll and incentives

(12,051)


(9,604)

Accrued profit sharing

1,611


3,559

Accrued expenses

(5,520)


1,805

Accrued warranty

(42)


(161)

Other assets

(217)


(145)

Other non-current liabilities

310


12

Net cash (used in)/provided by operating activities

(34,492)


40,610

Cash flows from investing activities:




Refunds on machinery and equipment


4,773

Receipts from note receivable


21

Payments to acquire patents and software

(97)


(133)

Payments to acquire property and equipment

(4,691)


(15,776)

Net cash used in investing activities

(4,788)


(11,115)

Cash flows from financing activities:




Proceeds from loans and notes payable

25,000


Payments on capital lease obligation

(161)


(149)

Payments on notes payable

(1,575)


(1,575)

Proceeds from Economic Development Incentive Program


101

Payment of employee withholding tax related to restricted stock units

(2,161)


(4,139)

Net cash provided by/(used in) financing activities

21,103


(5,762)

Net (decrease)/increase in cash and cash equivalents

(18,177)


23,733

Cash and cash equivalents, beginning of period

61,549


191,279

Cash and cash equivalents, end of period

$       43,372


$     215,012

Supplemental disclosure of cash flow information




Cash paid for:




Interest

$         3,199


$         2,755

Income taxes

417


7,685

 

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










For the Three Months Ended 


July 31, 2017


July 31, 2016


$


% of Sales


$


% of Sales

GAAP gross profit

$ 40,632


31.5%


$ 87,569


42.3%









GAAP operating expenses

$ 43,832


34.0%


$ 35,045


16.9%

Amortization of acquired intangible assets

(5,685)


-4.4%


(2,544)


-1.2%

Transition costs

(312)


-0.2%



Discontinued operations



(21)


0.0%

Acquisition-related costs

(417)


-0.3%


(1,333)


-0.6%

Non-GAAP operating expenses

$ 37,418


29.0%


$ 31,147


15.1%









GAAP operating (loss)/income

$  (3,200)


-2.5%


$ 52,524


25.4%

Amortization of acquired intangible assets

5,685


4.4%


2,544


1.2%

Transition costs

312


0.2%



Discontinued operations



21


0.0%

Acquisition-related costs

417


0.3%


1,333


0.6%

Non-GAAP operating income

$   3,214


2.5%


$ 56,422


27.3%









GAAP net (loss)/income

$  (2,165)


-1.7%


$ 35,222


17.0%

Amortization of acquired intangible assets

5,685


4.4%


2,544


1.2%

Transition costs

312


0.2%



Discontinued operations



21


0.0%

Acquisition-related costs

417


0.3%


1,333


0.6%

Change in contingent consideration

(1,300)


-1.0%



Tax effect of non-GAAP adjustments

(1,790)


-1.4%


(1,380)


-0.7%

Non-GAAP net income

$   1,159


0.9%


$ 37,740


18.2%









GAAP net (loss)/income per share - diluted

$    (0.04)




$      0.62



Amortization of acquired intangible assets

0.10




0.04



Transition costs

0.01






Discontinued operations






Acquisition-related costs

0.01




0.02



Change in contingent consideration

(0.02)






Tax effect of non-GAAP adjustments

(0.03)




(0.02)



Non-GAAP net income per share - diluted (a)

$      0.02




$      0.66











(a) Non-GAAP net income per share does not foot due to rounding. 

 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

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







For the Three Months Ended



July 31, 2017


July 31, 2016


Net cash (used in)/provided by operating activities

$  (34,492)


$    40,610


Net cash used in investing activities

(4,788)


(11,115)


Receipts from note receivable


(21)


Free cash flow

$  (39,280)


$    29,474


 

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

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








For the Three Months Ended



July 31, 2017



July 31, 2016







GAAP net (loss)/income


$      (2,165)



$     35,222

Interest expense


2,391



2,054

Income tax (benefit)/expense


(2,128)



15,290

Depreciation and amortization


13,527



10,104

Stock-based compensation expense


1,888



1,792

Acquisition-related costs


417



1,333

Discontinued operations




21

Transition costs


312



Change in contingent consideration


(1,300)



Non-GAAP Adjusted EBITDAS


$     12,942



$     65,816

 

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SOURCE American Outdoor Brands Corporation

Herman Miller Schedules First Quarter Fiscal 2018 Conference Call and Webcast

ZEELAND, Mich., Sept. 7, 2017 /PRNewswire/ -- Herman Miller, Inc. (NASDAQ: MLHR) today announced that the company will host its first quarter fiscal 2018 conference call and webcast on Thursday, September 21, 2017 at 9:30 a.m. ET.

The conference call will be webcast live with streaming audio at http://www.hermanmiller.com/about-us/investors.html. An archived copy will be available on Herman Miller's website shortly following the call. The conference call can also be accessed by dialing (877) 363-5046 (conference ID: 74409350).

The financial earnings news release will be issued on Wednesday, September 20, 2017 after the market closes. Additional links to materials supporting the release will also be available at http://www.hermanmiller.com/about-us/investors.html.

About Herman Miller, Inc.
Herman Miller is a globally recognized provider of furnishings and related technologies and services. Headquartered in West Michigan, the global company has relied on innovative design for over 100 years to solve problems for people wherever they work, live, learn, and heal. Herman Miller's designs are part of museum collections worldwide, and the company is a past recipient of the Smithsonian Institution's Cooper Hewitt National Design Award. Known and respected for its leadership in corporate social responsibility, Herman Miller has earned the Human Rights Campaign Foundation's top rating in its Corporate Equality Index ten years in a row, was named a 2016 Top 100 Healthiest Employer, and has earned numerous global sustainability awards. In fiscal 2017, the company generated $2.28 billion in revenue and employed nearly 8,000 people worldwide. Herman Miller trades on the NASDAQ Global Select Market under the symbol MLHR.

 

View original content:http://www.prnewswire.com/news-releases/herman-miller-schedules-first-quarter-fiscal-2018-conference-call-and-webcast-300515832.html

SOURCE Herman Miller, Inc.

Herman Miller Schedules First Quarter Fiscal 2018 Conference Call and Webcast

ZEELAND, Mich., Sept. 7, 2017 /PRNewswire/ -- Herman Miller, Inc. (NASDAQ: MLHR) today announced that the company will host its first quarter fiscal 2018 conference call and webcast on Thursday, September 21, 2017 at 9:30 a.m. ET.

The conference call will be webcast live with streaming audio at http://www.hermanmiller.com/about-us/investors.html. An archived copy will be available on Herman Miller's website shortly following the call. The conference call can also be accessed by dialing (877) 363-5046 (conference ID: 74409350).

The financial earnings news release will be issued on Wednesday, September 20, 2017 after the market closes. Additional links to materials supporting the release will also be available at http://www.hermanmiller.com/about-us/investors.html.

About Herman Miller, Inc.
Herman Miller is a globally recognized provider of furnishings and related technologies and services. Headquartered in West Michigan, the global company has relied on innovative design for over 100 years to solve problems for people wherever they work, live, learn, and heal. Herman Miller's designs are part of museum collections worldwide, and the company is a past recipient of the Smithsonian Institution's Cooper Hewitt National Design Award. Known and respected for its leadership in corporate social responsibility, Herman Miller has earned the Human Rights Campaign Foundation's top rating in its Corporate Equality Index ten years in a row, was named a 2016 Top 100 Healthiest Employer, and has earned numerous global sustainability awards. In fiscal 2017, the company generated $2.28 billion in revenue and employed nearly 8,000 people worldwide. Herman Miller trades on the NASDAQ Global Select Market under the symbol MLHR.

 

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SOURCE Herman Miller, Inc.

Jane’s Vanity Launches E-Commerce Platform for Luxury Intimate Apparel

Highly curated collection embraces the beauty and femininity of all women

SAN FRANCISCO, Sept. 7, 2017 /PRNewswire/ -- Jane's Vanity, a high-end lingerie retailer offering limited production luxury pieces for those with a discerning eye, is expanding nationally through e-commerce. After 27 years in business in Portland, Oregon, the brand's extensive collection of elegant and exclusive European brands is now available online, with the same personal touch current customers already know - each shopper has access to a complimentary personal shopping service to assist with any inquiries.

"We work closely with customers and offer a personalized shopping experience," says founder Jane Adams. "Our best customer service is our collection; clients know that as Jane's Vanity works with them to build their intimate wardrobe, everything we offer will be beautiful and of the highest quality available."

The richness in the pieces selected by Jane comes from her 27-year-dedication to travelling the world to curate the most luxurious items in lingerie and loungewear for men and women. Jane works with a range of brands from storied fashion houses to up-and-coming designers to offer only the most beautiful designs available each season. No piece is brought into Jane's Vanity until Jane has felt and fallen in love with it in person. Every piece is a limited edition for that season and can never be ordered again.

"Every piece in the Jane's Vanity collection carries a unique beauty that will last years of wearing," Adams continues. "We hope that clients will find themselves with a collection of pieces that reflect their moods, their mind-sets and their sense of themselves on any given day."

With a focus on the female body, Jane believes that every one of her customers should be gorgeous from the inside out, starting with a personal trousseau that matches each woman's beauty within. Showcasing the diverse beauty of all women, Jane's Vanity believes that something feminine is the ultimate armor in an ever-changing world.

About Jane's Vanity
For over twenty years, Jane's Vanity has been carefully curating the finest collections of luxury lingerie, loungewear and intimate accessories. Inspired by her first visit to the Paris International Lingerie Show, Jane became captivated by the artistry and style of European lingerie. She has since devoted her life to creating one of the world's most desirable curated collections of these unique handmade pieces. For more information, please visit https://www.janesvanity.com/

 

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SOURCE Jane’s Vanity

Jane’s Vanity Launches E-Commerce Platform for Luxury Intimate Apparel

Highly curated collection embraces the beauty and femininity of all women

SAN FRANCISCO, Sept. 7, 2017 /PRNewswire/ -- Jane's Vanity, a high-end lingerie retailer offering limited production luxury pieces for those with a discerning eye, is expanding nationally through e-commerce. After 27 years in business in Portland, Oregon, the brand's extensive collection of elegant and exclusive European brands is now available online, with the same personal touch current customers already know - each shopper has access to a complimentary personal shopping service to assist with any inquiries.

"We work closely with customers and offer a personalized shopping experience," says founder Jane Adams. "Our best customer service is our collection; clients know that as Jane's Vanity works with them to build their intimate wardrobe, everything we offer will be beautiful and of the highest quality available."

The richness in the pieces selected by Jane comes from her 27-year-dedication to travelling the world to curate the most luxurious items in lingerie and loungewear for men and women. Jane works with a range of brands from storied fashion houses to up-and-coming designers to offer only the most beautiful designs available each season. No piece is brought into Jane's Vanity until Jane has felt and fallen in love with it in person. Every piece is a limited edition for that season and can never be ordered again.

"Every piece in the Jane's Vanity collection carries a unique beauty that will last years of wearing," Adams continues. "We hope that clients will find themselves with a collection of pieces that reflect their moods, their mind-sets and their sense of themselves on any given day."

With a focus on the female body, Jane believes that every one of her customers should be gorgeous from the inside out, starting with a personal trousseau that matches each woman's beauty within. Showcasing the diverse beauty of all women, Jane's Vanity believes that something feminine is the ultimate armor in an ever-changing world.

About Jane's Vanity
For over twenty years, Jane's Vanity has been carefully curating the finest collections of luxury lingerie, loungewear and intimate accessories. Inspired by her first visit to the Paris International Lingerie Show, Jane became captivated by the artistry and style of European lingerie. She has since devoted her life to creating one of the world's most desirable curated collections of these unique handmade pieces. For more information, please visit https://www.janesvanity.com/

 

View original content:http://www.prnewswire.com/news-releases/janes-vanity-launches-e-commerce-platform-for-luxury-intimate-apparel-300515908.html

SOURCE Jane’s Vanity

Jane’s Vanity Launches E-Commerce Platform for Luxury Intimate Apparel

Highly curated collection embraces the beauty and femininity of all women

SAN FRANCISCO, Sept. 7, 2017 /PRNewswire/ -- Jane's Vanity, a high-end lingerie retailer offering limited production luxury pieces for those with a discerning eye, is expanding nationally through e-commerce. After 27 years in business in Portland, Oregon, the brand's extensive collection of elegant and exclusive European brands is now available online, with the same personal touch current customers already know - each shopper has access to a complimentary personal shopping service to assist with any inquiries.

"We work closely with customers and offer a personalized shopping experience," says founder Jane Adams. "Our best customer service is our collection; clients know that as Jane's Vanity works with them to build their intimate wardrobe, everything we offer will be beautiful and of the highest quality available."

The richness in the pieces selected by Jane comes from her 27-year-dedication to travelling the world to curate the most luxurious items in lingerie and loungewear for men and women. Jane works with a range of brands from storied fashion houses to up-and-coming designers to offer only the most beautiful designs available each season. No piece is brought into Jane's Vanity until Jane has felt and fallen in love with it in person. Every piece is a limited edition for that season and can never be ordered again.

"Every piece in the Jane's Vanity collection carries a unique beauty that will last years of wearing," Adams continues. "We hope that clients will find themselves with a collection of pieces that reflect their moods, their mind-sets and their sense of themselves on any given day."

With a focus on the female body, Jane believes that every one of her customers should be gorgeous from the inside out, starting with a personal trousseau that matches each woman's beauty within. Showcasing the diverse beauty of all women, Jane's Vanity believes that something feminine is the ultimate armor in an ever-changing world.

About Jane's Vanity
For over twenty years, Jane's Vanity has been carefully curating the finest collections of luxury lingerie, loungewear and intimate accessories. Inspired by her first visit to the Paris International Lingerie Show, Jane became captivated by the artistry and style of European lingerie. She has since devoted her life to creating one of the world's most desirable curated collections of these unique handmade pieces. For more information, please visit https://www.janesvanity.com/

 

View original content:http://www.prnewswire.com/news-releases/janes-vanity-launches-e-commerce-platform-for-luxury-intimate-apparel-300515908.html

SOURCE Jane’s Vanity