Smith continued, "Late last quarter, we announced our intention to relocate our headquarters and certain of our operations to Maryville, Tennessee in 2023 and work on this project has begun in earnest. Our sales, marketing, and new product teams continued our steady cadence of new product introductions, with the most recent being our brand new M&P 10MM introduced last month and we have great confidence going forward to continue being the brand of choice at retail by connecting with both the millions of new firearms owners and our loyal long time enthusiasts in new and innovative ways, continuing to introduce exciting new products, and leveraging our unique ability to adjust rapidly to market dynamics through our flexible manufacturing model." Despite a year over year revenue decline, our operations team actually delivered higher gross profit, more than offsetting the decrease in the top line. During our second quarter, as demand levels eased from historical highs experienced during the height of the pandemic, the results of those efforts and our flexible model were evident. Mark Smith, President and Chief Executive Officer, commented, "Throughout the past 18 months of unprecedented demand levels for our industry, our focus has continued to be on the long term – and our team has been hard at work positioning Smith & Wesson for continued impressive operating results and maintaining our market leadership regardless of market conditions.
Quarterly non-GAAP Adjusted EBITDAS was $80.4 million, or 34.9% of net sales, compared with $78.9 million, or 31.7% of net sales, for the comparable quarter last year. For a detailed reconciliation, see the schedules that follow in this release. GAAP to non-GAAP adjustments for income exclude costs related to the planned relocation of our headquarters and certain manufacturing and distribution operations to Tennessee, the spin-off of the outdoor products and accessories business in fiscal 2021, COVID-19 related expenses, and other costs. Quarterly non-GAAP net income was $55.3 million, or $1.13 per diluted share, compared with $52.8 million, or $0.93 per diluted share, for the comparable quarter last year.
Quarterly GAAP net income was $50.9 million, or $1.05 per diluted share, compared with $49.1 million, or $0.87 per diluted share, for the comparable quarter last year. Gross margin was 44.3%, compared with 40.6% for the comparable quarter last year. Net sales were $230.5 million, a decrease of $18.3 million, or 7.3%, from the comparable quarter last year. Second Quarter Fiscal 2022 Financial Highlights This firearm is suitable for home self defense.Įven though this revolver has a relatively small frame, this example does have large grips and also may be a little heavy for every-day carry, unless for a large-framed person.Īfter all this revolver has serious combat pedigree.Smith & Wesson Logo (PRNewsFoto/Smith & Wesson) It has large, wooden Smith & Grips which seem to come from a Smith & Wesson Model 19, which are fairly scratched. The blued finish has some holster wear around the muzzle as well as a few light scratches on the frame and cylinder. The Smith & Wesson Model 10 is essentially a medium-frame combat revolver, with heavy bull barrel, fixed rear sights and milled ramp front sight, compact grip (square or round butt) and later models capable of handling any modern +P+. In 1957 the M&P model was renamed to the Model 10, and since then has undergone many modifications over the years with variants ranging from the Model 10 (1957) to the Model 10-14 (2014). The original Police & Military model has been in production since 1899, and over the years and through its many iterations, over 6,000,000 of these revolvers have been produced, making it the most popular handgun of the 21st Century. The Smith & Wesson Model 10 is the modern version of the famous Smith & Wesson Military and Police (M&P) or the Victory Model.