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262 N. University Dr.
Farmington, UT 84025
For Immediate Release
Sales were $654 million, up 10 percent from the prior-year quarter, including $92 million from the recent acquisitions. Sales were down 5 percent on an organic basis.
Gross profit was $169 million, relatively flat to the prior-year quarter. This includes $24 million of gross profit from the recent acquisitions, offset by a 14 percent decrease in organic gross profit.
Operating expenses were $553 million, compared to $92 million in the prior-year quarter. The increase primarily reflects a pre-tax, non-cash goodwill and intangible impairment charge of $449 million. The increase in operating expenses also reflects additional expenses generated by the acquired businesses. These increases were partially offset by reductions due to lower incentive accruals as a result of current-year performance, and cost cutting initiatives.
The tax rate for the quarter was 4.4 percent compared to 36.0 percent in the prior-year quarter. The difference in the current-year rate was primarily caused by the non-deductible treatment of the goodwill impairment charge noted above. The adjusted tax rates were 33.6 percent in the third quarter and 36.0 percent in the prior-year quarter.
Fully diluted earnings per share (EPS) was $(6.44), compared to $0.70 in the prior-year quarter. Adjusted EPS was $0.62, compared to $0.70 in the prior-year quarter.
Cash flow provided by operating activities was $58 million compared to $71 million in the prior-year period. Year-to-date free cash flow use was $18 million, compared to free cash flow generation of $51 million in the prior-year period.
The company repurchased approximately 1,560,000 shares for $60 million. On January 23, 2017, Vista Outdoor completed its $100 million share repurchase program. The total number of shares repurchased under this plan was approximately 2,737,000.
The following information was filed by Vista Outdoor Inc. (VSTO) on Thursday, February 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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