American Outdoor Brands, Inc. reported that fiscal fourth-quarter net sales decreased 8.0 percent to $42.2 million for the three-month period ended April 30, compared with net sales of $45.9 million for the comparable quarter last year. Compared with pre-COVID levels in fiscal 2020, quarterly net sales declined 2.0 percent, while e-commerce sales grew 0.7 percent and traditional channel net sales declined by 4.3 percent.

Fiscal fourth-quarter gross margin was 45.2 percent of sales, an increase of 140 basis points from the 43.8 percent level for the comparable quarter last year.

The quarterly GAAP net loss was $3.8 million, or 29 cents per diluted share, compared with a GAAP net loss of $76.7 million, or a loss of $5.71 per diluted share, for the comparable quarter last year. The quarterly net loss last year included a $67.8 million non-cash goodwill impairment charge.

Quarterly non-GAAP net income was $793,000, or 6 cents per diluted share, compared with non-GAAP net income of $1.9 million, or 14 cents per diluted share, for the prior-year quarter. GAAP to non-GAAP adjustments for net income excludes a non-cash impairment of goodwill, acquired intangible amortization, stock compensation, and other costs.

Quarterly Adjusted EBITDAS was $1.8 million, or 4.3 percent of net sales, compared with $3.2 million, or 7.0 percent of net sales, for the comparable quarter last year.

Full-Year Fiscal 2023 Financial Highlights include;

  • Full-year net sales were $191.2 million, a decrease of 22.8 percent, compared with the prior year;
  • Compared with pre-COVID levels in fiscal 2020, total net sales grew 14.2 percent, while e-commerce sales grew 60.6 percent and traditional channel net sales declined by 8.0 percent;
  • Full-year gross margin was 46.1 percent, a decrease of 10 basis points from the prior year;
  • The full-year GAAP net loss was $12.0 million, or 90 cents per diluted share, compared with a GAAP net loss of $64.9 million, or $4.66 per diluted share, in the prior year. The net loss last year included a $67.8 million non-cash goodwill impairment charge;
  • Full-year non-GAAP net income was $6.6 million, or 48 cents per diluted share, compared with non-GAAP net income of $24.7 million, or $1.77 per diluted share, for the prior year. GAAP to non-GAAP adjustments for net income excludes a non-cash impairment of goodwill, acquired intangible amortization, stock compensation, and other costs; and
  • Full-year Adjusted EBITDAS was $12.8 million, or 6.7 percent of net sales, compared with Adjusted EBITDAS of $35.0 million, or 14.2 percent of net sales, for the prior year.