As we reflect on Fiscal 2022, our team has again proved they can meet
any challenge head on and deliver impressive results. As the firearms
demand returned to a more normal level from the historic pandemicrelated surge, our flexible manufacturing model was once again put
to the test, and once again we proved that no matter what – Smith &
Wesson delivers profitability in any environment. Even with the reduced
demand, our sales and marketing teams pushed to maintain market
share gains, and we were able to end our year with the second highest
revenue in company history at $864.1 million. But even more impressive
was the 43.3% margins we were able to achieve, which was nearly a full
point above the historic levels we achieved in the prior year. Strong cost
control and a commitment to quality and innovation contributed to net
income of nearly $200 million and Adjusted EBITDAS of nearly $300M.
As impressive as our financial results are, we are equally proud of the
innovation our research and development team displayed. During fiscal
2022, we launched the CSX, an all-metal, hammer-fired, single-action
platform featuring a 12-round capacity and ambidextrous controls in
a micro compact size with a 3.1” barrel. We added the 10mm caliber
to our M&P M2.0 line of polymer pistols and introduced our Shield EZ
and Shield Plus pistols in a new caliber, the 30 Super Carry, which was
a co-launch partnership with Federal Premium Ammunition. Finally,
we refreshed our modern sporting rifle line with the introduction
of the Volunteer rifle series, which includes a number of custom
enhancements, including handguards, adjustable stocks, hand grips,
and muzzle brakes, and the first Smith & Wesson shotgun in 20 years,
the M&P 12. And the team is far from done. Stay tuned in fiscal 2023 for
additional exciting new products to be added to our product offerings.
And of course, we also made the very difficult decision that, for the
continued success and health of our iconic company, we will be
relocating our headquarters and significant portions of our operations
to Maryville, Tennessee. Massachusetts has been our home for over
170 years; however, with the changing climate for firearm manufacturing
in the state, preserving the future of our business required a move to a
state that does not propose burdensome restrictions on our company.
Construction of our new state-of-the-art facility is well underway and
will continue throughout this year – and we expect to begin operations
in the new building in the summer of 2023.
In closing, and as always, we appreciate the ongoing support of our
employees, our customers, and our investors. Smith & Wesson is the
strongest it has ever been and we have you to thank.