Smith & Wesson Brands (SWBI) 10-Q 7 Dec 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2017	Dec. 05, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	AOBC
Entity Registrant Name	AMERICAN OUTDOOR BRANDS CORP
Entity Central Index Key	1,092,796
Current Fiscal Year End Date	--04-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,114,191

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Current assets:
Cash and cash equivalents	$ 68,171	$ 61,549
Accounts receivable, net of allowance for doubtful accounts of $1,301 on October 31, 2017 and $598 on April 30, 2017	81,771	108,444
Inventories	178,946	131,682
Prepaid expenses and other current assets	7,630	6,123
Income tax receivable	11,280	10,643
Total current assets	347,798	318,441
Property, plant, and equipment, net	143,774	149,685
Intangibles, net	123,419	141,317
Goodwill	191,098	169,017
Other assets	10,174	9,576
Assets, Total	816,263	788,036
Current liabilities:
Accounts payable	45,522	53,447
Accrued expenses	37,312	51,686
Accrued payroll and incentives	9,629	21,174
Accrued income taxes	230	726
Accrued profit sharing	2,605	13,004
Accrued warranty	5,170	4,908
Current portion of notes and loans payable	81,300	6,300
Total current liabilities	181,768	151,245
Deferred income taxes	21,334	25,620
Notes and loans payable, net of current portion	207,992	210,657
Other non-current liabilities	7,738	7,352
Total liabilities	418,832	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, 72,280,952 shares issued and 54,114,090 shares outstanding on October 31, 2017 and 72,017,288 shares issued and 53,850,426 shares outstanding on April 30, 2017	72	72
Additional paid-in capital	248,918	245,865
Retained earnings	370,231	369,164
Accumulated other comprehensive income	585	436
Treasury stock, at cost (18,166,862 shares on October 31, 2017 and April 30, 2017)	(222,375)	(222,375)
Total stockholders’ equity	397,431	393,162
Liabilities and Equity, Total	$ 816,263	$ 788,036

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1,301	$ 598
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	72,280,952	72,017,288
Common stock, shares outstanding	54,114,090	53,850,426
Treasury stock, shares	18,166,862	18,166,862

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Income Statement [Abstract]
Net sales	[1]	$ 148,427	$ 233,528	$ 277,448	$ 440,479
Cost of sales	[1]	97,628	135,923	186,017	255,305
Gross profit	[1]	50,799	97,605	91,431	185,174
Operating expenses:
Research and development		2,746	2,698	5,532	4,851
Selling and marketing		15,351	12,527	27,069	21,721
General and administrative		24,713	30,229	54,041	53,926
Total operating expenses		42,810	45,454	86,642	80,498
Operating income	[1]	7,989	52,151	4,789	104,676
Other (expense)/income, net:
Other (expense)/income, net		(3)	(30)	1,295	(30)
Interest expense, net		(2,963)	(2,175)	(5,354)	(4,188)
Total other (expense)/income, net		(2,966)	(2,205)	(4,059)	(4,218)
Income from operations before income taxes		5,023	49,946	730	100,458
Income tax expense/(benefit)	[1]	1,789	17,463	(337)	32,752
Net income		3,234	32,483	1,067	67,706
Comprehensive income:
Change in unrealized income on interest rate swap		356	814	236	406
Other comprehensive income, before income taxes		356	814	236	406
Income tax expense on other comprehensive income		(128)	(285)	(87)	(134)
Other comprehensive income, net of tax		228	529	149	272
Comprehensive income		$ 3,462	$ 33,012	$ 1,216	$ 67,978
Net income per share:
Basic		$ 0.06	$ 0.58	$ 0.02	$ 1.21
Diluted		$ 0.06	$ 0.57	$ 0.02	$ 1.18
Weighted average number of common shares outstanding:
Basic		54,044	56,231	53,975	56,140
Diluted		54,656	57,136	54,800	57,145
[1]	We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Oct. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Balance at Apr. 30, 2017	$ 393,162	$ 72	$ 245,865	$ 369,164	$ 436	$ (222,375)
Balance (in shares) at Apr. 30, 2017	53,850,426	72,017,000
Treasury stock, shares at Apr. 30, 2017	18,166,862					18,167,000
Stock-based compensation	$ 4,179		4,179
Shares issued under employee stock purchase plan	1,058		1,058
Shares issued under employee stock purchase plan (in shares)		82,000
Change in unrealized income on interest rate swap, net of tax effect	149				149
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(2,184)		(2,184)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		182,000
Net income	1,067			1,067
Balance at Oct. 31, 2017	$ 397,431	$ 72	$ 248,918	$ 370,231	$ 585	$ (222,375)
Balance (in shares) at Oct. 31, 2017	54,114,090	72,281,000
Treasury stock, shares at Oct. 31, 2017	18,166,862					18,167,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Cash flows from operating activities:
Net income	$ 1,067	$ 67,706
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,317	23,772
Loss on sale/disposition of assets	34	104
Provision for losses on accounts receivable	354	308
Change in contingent consideration	(1,300)
Stock-based compensation expense	4,179	3,918
Changes in operating assets and liabilities (net effect of acquisitions):
Accounts receivable	27,112	(3,538)
Inventories	(42,581)	(14,349)
Prepaid expenses and other current assets	(1,362)	(2,775)
Income taxes	(1,133)	(9,676)
Accounts payable	(8,725)	1,111
Accrued payroll and incentives	(11,640)	(4,728)
Accrued profit sharing	(10,399)	(4,699)
Accrued expenses	(13,084)	4,235
Accrued warranty	262	116
Other assets	(362)	(183)
Other non-current liabilities	609	52
Net cash (used in)/provided by operating activities	(30,652)	61,374
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(23,016)	(178,059)
Refunds on machinery and equipment		5,083
Receipts from note receivable		43
Payments to acquire patents and software	(254)	(425)
Proceeds from sale of property and equipment	6
Payments to acquire property and equipment	(9,863)	(23,312)
Net cash used in investing activities	(33,127)	(196,670)
Cash flows from financing activities:
Proceeds from loans and notes payable	75,000	50,000
Cash paid for debt issuance costs		(525)
Payments on capital lease obligation	(323)	(298)
Payments on notes and loans payable	(3,150)	(28,150)
Proceeds from Economic Development Incentive Program		101
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	1,058	948
Payment of employee withholding tax related to restricted stock units	(2,184)	(4,163)
Net cash provided by financing activities	70,401	17,913
Net increase/(decrease) in cash and cash equivalents	6,622	(117,383)
Cash and cash equivalents, beginning of period	61,549	191,279
Cash and cash equivalents, end of period	68,171	73,896
Supplemental disclosure of cash flow information Cash paid for:
Interest	4,844	3,802
Income taxes	1,257	42,609
Supplemental Disclosure of Non-cash Investing Activities:
Purchases of property and equipment included in accounts payable	$ 2,013	$ 3,082

Organization

Organization	6 Months Ended
	Oct. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	(1) Organization: We are a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle market. We are also a leading provider of shooting, hunting, and rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear. In our Firearms segment, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, and firearm-related products for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our firearm products under the Smith & Wesson, M&P, Performance Center, Thompson/Center Arms, and Gemtech brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; Eagle, Idaho; and Deep River, Connecticut. We also sell our manufacturing services to other businesses under our Smith & Wesson and Deep River Plastics brands. In our Outdoor Products & Accessories segment, we design, source, distribute, and manufacture reloading, gunsmithing, and gun cleaning supplies, high-quality stainless steel cutting tools and accessories, flashlights, tree saws and related trimming accessories, shooting supplies, rests, and other related accessories, apparel, vault accessories, laser grips and laser sights, and a full range of products for survival and emergency preparedness. We sell our outdoor products and accessories under the following brands: Caldwell, Wheeler, Tipton, Frankford Arsenal, Smith & Wesson, M&P, Thompson/Center, Lockdown, Hooyman, BOG-POD, Golden Rod, Non-Typical, Crimson Trace, Imperial, Schrade, Old Timer, Bubba Blade, UST, and KeyGear. We develop and market our outdoor products and accessories at our facilities in Columbia, Missouri; Wilsonville, Oregon; and Jacksonville, Florida. On August 1, 2016, we acquired substantially all of the net assets of Taylor Brands, LLC; on August 26, 2016, we acquired all of the issued and outstanding stock of Crimson Trace Corporation; and on November 18, 2016, we acquired substantially all of the net assets of Ultimate Survival Technologies, Inc., in three separate transactions, which we refer to collectively as the 2017 Acquisitions. On August 7, 2017, we acquired substantially all of the net assets of Gemini Technologies, Incorporated, or Gemtech, and on August 11, 2017, we acquired Bubba Blade branded products and other assets from Fish Tales LLC, in two separate transactions, which we refer to collectively as the 2018 Acquisitions. See Note 3 – Acquisitions

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	(2) Basis of Presentation: Interim Financial Information – The condensed consolidated balance sheet as of October 31, 2017, the condensed consolidated statements of income and comprehensive income for the three and six months ended October 31, 2017 and 2016, the condensed consolidated statement of changes in stockholders’ equity for the six months ended October 31, 2017, and the condensed consolidated statements of cash flows for the six months ended October 31, 2017 and 2016 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at October 31, 2017 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2017 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2017. The results of operations for the three and six months ended Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, (Topic 606), or ASU 2014-09. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for interim reporting periods beginning December 15, 2017, and early adoption is permitted. In March 2016, the FASB issued ASU 2016-08, , which clarifies the guidance relating to principal versus agent considerations. Additionally, in April 2016, the FASB issued ASU 2016-10, , which clarifies the identification of performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, (Topic 606), which provides clarifying guidance in certain narrow areas and adds some practical expedients. We plan to adopt the new standard on May 1, 2018 utilizing one of two acceptable methods: full retrospective adoption for all periods presented or modified retrospective adoption that presents a cumulative effect as of the adoption date. We have established an internal project team and have engaged third party specialists to assist us in evaluating the impact these ASUs will have on our condensed consolidated financial statements. We have substantially completed the diagnostic review of a sample of existing baseline contracts to identify potential differences that would result from applying the requirements under the new standard. As of October 31, 2017, we are in the process of evaluating the application of the new standard and cannot at this time estimate the impact the new standard will have on our condensed consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory - Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842),

Acquisitions

Acquisitions	6 Months Ended
	Oct. 31, 2017
Business Combinations [Abstract]
Acquisitions	(3) Acquisitions: 2018 Acquisitions In August 2017, in two separate transactions, we acquired substantially all of the net assets of Gemtech and we acquired Bubba Blade branded products and other assets from Fish Tales, LLC for an aggregate purchase price of $23.0 million, subject to certain adjustments, utilizing a combination of cash on hand and borrowings under our revolving line of credit. In connection with the Gemtech acquisition, additional consideration of up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of Gemtech products. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations We are in the process of finalizing the valuations of the assets acquired and liabilities assumed in the 2018 Acquisitions. Therefore, the fair values for these acquisitions are subject to further adjustments as we obtain additional information during the respective measurement periods, which will not exceed 12 months from the date of each acquisition. The 2018 Acquisitions will necessitate the use of this measurement period to adequately analyze and assess a number of factors used in establishing the asset and liability fair values as of each acquisition date, including the significant contractual and operational factors underlying the trade name, developed technology, and customer relationship intangible assets. The following table summarizes the estimated preliminary allocation of the purchase price for the 2018 Acquisitions (in thousands): During the Three Months Ended October 31, 2017 Accounts receivable $ 846 Inventories 4,683 Other current assets 145 Property, plant, and equipment 506 Intangibles 6,400 Goodwill 11,846 Total assets acquired 24,426 Accounts payable 1,261 Accrued payroll 49 Other long term liabilities 100 Total liabilities assumed 1,410 $ 23,016 Included in general and administrative costs are $259,000 and $676,000 of acquisition-related costs incurred during the three and six months ended October 31, 2017, respectively, related to the 2018 Acquisitions. We amortize intangible assets in proportion to expected annual revenue generated from the intangibles that we acquire. The following are the identifiable intangible assets acquired (in thousands) in the 2018 Acquisitions and their respective weighted average lives: Weighted Average Amount Life (In years) Developed technology $ 1,700 5.9 Customer relationships 1,600 5.2 Trade names 3,100 5.6 $ 6,400 Pro forma results of operations assuming that the 2018 Acquisitions had occurred May 1, 2016 are not required because of the immaterial impact on our consolidated financial statements for all periods presented. 2017 Acquisitions In fiscal 2017, in three separate transactions, we acquired substantially all of the net assets of Taylor Brands, LLC (now referred to as BTI Tools, LLC) and Ultimate Survival Technologies, Inc. (now referred to as Ultimate Survival Technologies, LLC, or UST,) as well as all of the issued and outstanding stock of Crimson Trace Corporation for an aggregate purchase price of $211.1 million, net of cash acquired, subject to certain adjustments, utilizing cash on hand. In connection with the purchase of UST, up to an additional $2.0 million may be paid over a period of two years, contingent upon the financial performance of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations We have substantially completed the valuation of the assets acquired and liabilities assumed related to the 2017 Acquisitions. During the six months ended October 31, 2017, we increased goodwill by $10.2 million, primarily as a result of changes to the valuation of customer relationship intangible assets and the impact to the value of the related deferred tax liabilities relating to the 2017 Acquisitions. As a result, we reduced amortization expense by $776,000, net of tax, during the three months ended October 31, 2017 relating to these changes. The following table summarizes the allocation of the purchase price for the 2017 Acquisitions (in thousands): 2017 Acquisitions Measurement (As Initially Period 2017 Acquisitions Reported) Adjustments (As Adjusted) Accounts receivable $ 11,635 $ (200 ) $ 11,435 Inventories 31,269 453 31,722 Income tax receivable — 68 68 Other current assets 430 (132 ) 298 Property, plant, and equipment 8,232 — 8,232 Intangibles 97,850 (14,500 ) 83,350 Goodwill 92,801 10,096 102,897 Total assets acquired 242,217 (4,215 ) 238,002 Accounts payable 6,214 18 6,232 Accrued expenses 973 158 1,131 Accrued payroll 1,500 (72 ) 1,428 Accrued income taxes 6 (6 ) — Accrued warranty 98 96 194 Deferred income taxes 20,658 (4,409 ) 16,249 Total liabilities assumed 29,449 (4,215 ) 25,234 $ 212,768 $ — $ 212,768 Included in general and administrative costs are $1.8 million and $3.2 million of acquisition-related costs for the 2017 Acquisitions incurred during the three and six months ended October 31, 2016, respectively. The 2017 Acquisitions generated revenue of $27.1 million and $42.6 million for the three and six months ended October 31, 2017, respectively. We amortize intangible assets in proportion to expected yearly revenue generated from the intangibles that we acquire. We amortize order backlog over the estimated life during which the backlog is fulfilled. The following are the identifiable intangible assets acquired (in thousands) in the 2017 Acquisitions and their respective weighted average lives: Weighted Average Amount Life (In years) Developed technology $ 3,000 4.1 Customer relationships 62,100 5.0 Trade names 17,000 4.8 Order backlog 1,150 0.3 Non-competition agreement 100 3.4 $ 83,350 The following table reflects the unaudited pro forma results of operations assuming that the 2017 Acquisitions had occurred on May 1, 2015 (in thousands, except per share data): For the Three For the Six Months Ended Months Ended October 31, 2016 October 31, 2016 Net sales $ 241,021 $ 470,114 Income from operations 55,045 106,533 Net income per share - diluted 0.63 1.26 The unaudited pro forma income from operations for the three and six months ended October 31, 2016 has been adjusted to reflect increased cost of goods sold from the fair value step-up in inventory, which is expensed over the first inventory cycle, and the amortization of intangibles and order backlog recorded as if the 2017 Acquisitions had occurred on May 1, 2015. The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of the actual results that would have been achieved had the 2017 Acquisitions occurred as of May 1, 2015 or the results that may be achieved in future periods.

Goodwill

Goodwill	6 Months Ended
	Oct. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	( 4) Goodwill: The changes in the carrying amount of goodwill for the three and six months ended October 31, 2017 by reporting segment are as follows: Firearms Outdoor Products & Total Segment Accessories Segment Goodwill Balance as of April 30, 2017 $ 13,770 $ 155,247 $ 169,017 Adjustments — 83 83 Balance as of July 31, 2017 13,770 155,330 169,100 Adjustments — 10,152 10,152 Acquisitions 4,619 7,227 11,846 Balance as of October 31, 2017 $ 18,389 $ 172,709 $ 191,098 Refer to Note 11 — Segment Information

Notes and Loans Payable

Notes and Loans Payable	6 Months Ended
	Oct. 31, 2017
Debt Disclosure [Abstract]
Notes and Loans Payable	(5) Notes and Loans Payable: Credit Facilities – On June 15, 2015, we and certain of our domestic subsidiaries entered into an unsecured credit facility, or the Credit Agreement, with TD Bank, N.A. and other lenders, or the Lenders, which included a $175.0 million revolving line of credit, or the Revolving Line, and a $105.0 million term loan, or the Term Loan, of which $90.8 million was outstanding as of October 31, 2017. The Revolving Line provides for availability until October 27, 2021 for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election. We incurred $1.0 million of debt issuance costs related to the Credit Agreement, which are included in notes and loans payable in the accompanying condensed consolidated balance sheet. On October 27, 2016, we entered into a second amendment to the Credit Agreement, or the Second Amendment, with the Lenders. Among other things, the Second Amendment increased the Revolving Line to $350.0 million, increased the option to expand the credit commitment to an additional $150.0 million, and extended the maturity of the Revolving Line from June 15, 2020 to October 27, 2021. Other than the changes described in the Second Amendment, we otherwise remain subject to the terms of the Credit Agreement, as described below. We incurred $525,000 of debt issuance costs related to this amendment and have recorded these costs in notes and loans payable in the condensed consolidated balance sheet. As of October 31, 2017, we had $125.0 million of borrowings outstanding on the Revolving Line, which bore interest at 2.99%, equal to the LIBOR rate plus an applicable margin. The Term Loan, which bears interest at a variable rate, requires principal payments of $6.3 million per annum plus interest, payable quarterly. Any remaining outstanding amount on the maturity date of June 15, 2020 for the Term Loan will be due in full. We were required to obtain fixed interest rate protection on the Term Loan covering not less than 75% of the aggregate outstanding principal balance of the Term Loan. Accordingly, on June 18, 2015, we entered into an interest rate swap agreement, which expires on June 15, 2020, that covered 100% of the $105.0 million of floating rate debt. On July 6, 2015, we executed an interest rate swap pursuant to such agreement, which requires us to pay interest at a defined rate of 1.56% while receiving interest at a defined variable rate of one-month LIBOR (0.188%). This swap, when combined with the applicable margin based on our consolidated leverage ratio, effectively fixed our interest rate on the Term Loan, which is subject to change based on changes in our consolidated leverage ratio. As of October 31, 2017, our interest rate on the Term Loan was 3.31%. As of October 31, 2017, the interest rate swap was considered effective and had no effect on earnings. The fair value of the interest rate swap on October 31, 2017 was an asset of $808,000 and was included in other assets on our condensed consolidated balance sheet. We do not expect the interest rate swap to have any material effect on earnings within the next 12 months. 5.000% Senior Notes – During fiscal 2015, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2018, or the 5.000% Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture, or the 5.000% Senior Notes Indenture, and purchase agreements. The 5.000% Senior Notes bear interest at a rate of 5.000% per annum payable on January 15 and July 15 of each year, beginning on January 15, 2015. We incurred $2.3 million of debt issuance costs related to the issuance of the 5.000% Senior Notes. On and after July 15, 2017, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.000% Senior Notes at a redemption price of 100% of the principal amount of the 5.000% Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 5.000% Senior Notes from the holders of the 5.000% Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 5.000% Senior Notes mature on July 15, 2018. The 5.000% Senior Notes are general, unsecured obligations of our company. The 5.000% Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments (such as share repurchases, dividends, and early payment of indebtedness), limitations on indebtedness, limitations on the sale of assets, and limitations on liens. Payments that would otherwise be characterized as restricted payments are permitted under the 5.000% Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 5.000% Senior Notes Indenture, or the 5.000% Senior Notes Lifetime Aggregate Limit. In addition, the 5.000% Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 5.000% Senior Notes Lifetime Aggregate Limit. Among such exceptions are (i) the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (A) $50.0 million in any fiscal year or (B) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income, and (ii) share repurchases over the life of the 5.000% Senior Notes in an aggregate amount not to exceed $75.0 million. The limitation on indebtedness in the 5.000% Senior Notes Indenture is only applicable at such time that the consolidated coverage ratio (as set forth in the 5.000% Senior Notes Indenture) for us and our restricted subsidiaries is less than 3.00 to 1.00. In general, as set forth in the 5.000% Senior Notes Indenture, the consolidated coverage ratio is determined by comparing our prior four quarters’ consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) to our consolidated interest expense. The Credit Agreement for our credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The 5.000% Senior Notes Indenture contains a financial covenant relating to times interest earned. Letters of Credit – At October 31, 2017, we had outstanding letters of credit under our credit facility aggregating $1.0 million.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Oct. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement	(6) Fair Value Measurement: We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic Financial assets and liabilities recorded on the accompanying condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (examples include active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities). Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $68.2 million and $61.5 million as of October 31, 2017 and April 30, 2017, respectively. We utilized Level 1 of the value hierarchy to determine the fair values of these assets. Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following: • quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds that trade infrequently); • inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and • inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives). The carrying value of our Term Loan approximated the fair value as of October 31, 2017, in considering Level 2 inputs within the hierarchy. The fair value of our 5.000% Senior Notes as of October 31, 2017 approximated the carrying value in considering Level 2 inputs within the hierarchy as the Senior Notes are not frequently traded. The fair value of the interest rate swap was estimated by a third party using inputs that are observable or that can be corroborated by observable market data, such as interest rate yield curves, and, therefore, is classified within Level 2 of the valuation hierarchy. For more information regarding the interest rate swap, refer to Note 5 — Notes and Loans Payable Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our assumptions about the assumptions a market participant would use in pricing the asset or liability. The acquisition-related contingent consideration liability represents the estimated fair value of additional future earn-outs payable for acquisitions of businesses that included earn-out clauses. The valuation of the contingent consideration will be evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions which are considered Level 3 inputs. In connection with the purchase of UST, up to an additional $2.0 million may be paid over a period of two years, contingent upon the financial performance of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations In connection with the Gemtech acquisition, up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations .

Inventories

Inventories	6 Months Ended
	Oct. 31, 2017
Inventory Disclosure [Abstract]
Inventories	(7) Inventories: The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of October 31, 2017 and April 30, 2017 (in thousands): October 31, 2017 April 30, 2017 Finished goods (a) $ 111,428 $ 61,080 Finished parts 46,371 51,177 Work in process 8,057 9,379 Raw material 13,090 10,046 Total inventories $ 178,946 $ 131,682 (a) The increase in finished goods inventory was primarily related to our Firearms segment.

Intangible Assets

Intangible Assets	6 Months Ended
	Oct. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	(8) Intangible Assets: The following table presents a summary of intangible assets as of October 31, 2017 and April 30, 2017 (in thousands): October 31, 2017 April 30, 2017 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 92,360 $ (21,843 ) $ 70,517 $ 105,260 $ (16,463 ) $ 88,797 Developed technology 21,130 (6,696 ) 14,434 19,430 (5,436 ) 13,994 Patents, trademarks, and trade names 56,640 (19,031 ) 37,609 53,308 (15,619 ) 37,689 Backlog 1,150 (1,150 ) — 1,150 (1,150 ) — 171,280 (48,720 ) 122,560 179,148 (38,668 ) 140,480 Patents in progress 633 — 633 611 — 611 Total definite-lived intangible assets 171,913 (48,720 ) 123,193 179,759 (38,668 ) 141,091 Indefinite-lived intangible assets 226 — 226 226 — 226 Total intangible assets $ 172,139 $ (48,720 ) $ 123,419 $ 179,985 $ (38,668 ) $ 141,317 We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, six years for developed technology, and five years for patents, trademarks, and trade names. Amortization expense, excluding amortization of deferred financing costs, amounted to $4.3 million and $5.6 million for the three months ended October 31, 2017 and 2016, respectively. Amortization expense, excluding amortization of deferred financing costs, amounted to $10.1 million and $8.3 million for the six months ended October 31, 2017 and 2016, respectively. Estimated amortization expense of intangible assets for the remainder of fiscal 2018 and succeeding fiscal years is as follows: Fiscal Amount 2018 $ 10,955 2019 21,967 2020 19,092 2021 16,484 2022 14,104 Thereafter 39,958 Total $ 122,560 On an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired, we evaluate the fair value of the definite and indefinite-lived intangible assets to determine if an impairment charge is required. We performed our most recent annual impairment review as of February 1, 2017. Other than the reduction in the fair value of the contingent consideration liability discussed above, there were no events or changes in circumstances that would indicate the fair value of intangible assets was reduced to below its carrying value during the six months ended October 31, 2017, and therefore intangible assets were not tested for impairment.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Oct. 31, 2017
Equity [Abstract]
Stockholders' Equity	(9) Stockholders’ Equity: Treasury Stock During fiscal 2017, our board of directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions until March 28, 2019. This share repurchase authorization is similar to the $50.0 million authorization from June 2015 under which we repurchased 2.6 million shares of common stock for $50.0 million in fiscal 2017. As of October 31, 2017, there were no share repurchases under this stock repurchase program. Earnings per Share The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and six months ended October 31, 2017 and 2016 (in thousands, except per share data): For the Three Months Ended October 31, 2017 2016 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 3,234 54,044 $ 0.06 $ 32,483 56,231 $ 0.58 Effect of dilutive stock awards — 612 — — 905 (0.01 ) Diluted earnings $ 3,234 54,656 $ 0.06 $ 32,483 57,136 $ 0.57 For the Six Months Ended October 31, 2017 2016 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 1,067 53,975 $ 0.02 $ 67,706 56,140 $ 1.21 Effect of dilutive stock awards — 825 — — 1,005 (0.03 ) Diluted earnings $ 1,067 54,800 $ 0.02 $ 67,706 57,145 $ 1.18 All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the three and six months ended October 31, 2017 and 2016. For the three and six months ended October 31, 2017, there were 24,359 and 14,023 shares, respectively, of common stock issuable upon the exercise of stock options and under our 2011 Employee Stock Purchase Plan, or ESPP, that were excluded from the computation of diluted earnings per share because the effect would be antidilutive. Incentive Stock and Employee Stock Purchase Plans We have two incentive stock plans: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan. Except in specific circumstances, grants vest over a period of three or four years and stock options are exercisable for a period of 10 years from the date of grant. The plan also permits the grant of awards to non-employees, which our board of directors has authorized in the past. The number of shares and weighted average exercise prices of stock options for the six months ended October 31, 2017 and 2016 were as follows: For the Six Months Ended October 31, 2017 2016 Weighted Weighted Average Average Shares Exercise Price Shares Exercise Price Options outstanding, beginning of year 335,160 $ 6.58 389,360 $ 6.16 Exercised during the period — — — — Options outstanding, end of period 335,160 $ 6.58 389,360 $ 6.16 Weighted average remaining contractual life 3.51 years 4.53 years Options exercisable, end of period 335,160 $ 6.58 389,360 $ 6.16 Weighted average remaining contractual life 3.51 years 4.53 years The aggregate intrinsic value of outstanding and exercisable stock options as of October 31, 2017 and 2016 was $2.6 million and $7.9 million, respectively. There were no stock options exercised for the six months ended October 31, 2017 and 2016. At October 31, 2017, there were no unrecognized compensation costs of outstanding stock options. On September 26, 2011, our stockholders approved our ESPP. Under the ESPP, each participant is granted an option to purchase our common stock on each subsequent exercise date during the offering period (as such terms are defined in the ESPP) in accordance with the terms of the ESPP. The option to purchase shares is exercised automatically unless the participant withdraws from the plan in accordance with the terms of the ESPP or the participant’s employment is terminated. Neither plan contributions credited to a participant’s account nor any rights to exercise any option or receive shares of common stock may be assigned, transferred, pledged, or otherwise disposed of other than by will or the laws of descent and distribution. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We calculate the fair value of our stock options issued to employees using the Black-Scholes model at the time the options are granted. That amount is then amortized over the vesting period of the option. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period. During the six months ended October 31, 2017 and 2016, 81,643 and 66,812 shares were purchased under our ESPP, respectively. We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables). The total stock-based compensation expense, including stock options, purchases under our ESPP, RSUs, and performance-based RSUs, or PSUs, was $4.2 million and $3.9 million for the six months ended October 31, 2017 and 2016, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses. We grant service-based RSUs to employees, consultants, and directors. The awards are made at no cost to the recipient. An RSU represents the right to acquire one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three or four years with one-third or one-fourth of the units vesting, respectively, on each anniversary of the grant date. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period. We grant PSUs to our executive officers and our employees who are not executive officers. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation, using the risk-free interest rate, expected volatility, the correlation coefficient utilizing the same historical price data used to develop the volatility assumptions and dividend yield variables. The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our PSUs have a maximum aggregate award potential equal to 200% of the target amount granted. Generally, the number of PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or RUT, over the three-year performance period. For PSUs, our stock must outperform the RUT by 5% in order for the target award to vest. In addition, there is a cap on the number of shares that can be earned under our PSUs, which is equal to six times the grant-date value of each award. In certain circumstances the vested awards will be delivered on the first anniversary of the applicable vesting date. We have applied a discount to the grant date fair value when determining the amount of compensation expense to be recorded for these RSUs and PSUs. During the six months ended October 31, 2017, we granted an aggregate of 220,872 service-based RSUs, including 177,560 to non-executive officer employees and 43,312 to our directors. In addition, in connection with a 2014 grant of 105,500 PSUs (i.e., the target amount granted), which achieved 115.2% of the targeted award, we vested and delivered awards totaling 121,504 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $3.8 million for the six months ended October 31, 2017. We delivered common stock to our employees, including our executive officers during the six months ended October 31, 2017 under vested RSUs and PSUs with a total market value of $5.9 million. During the six months ended October 31, 2016, we granted an aggregate of 225,634 service-based RSUs, including 170,738 RSUs to non-executive officer employees; 24,896 RSUs to our directors; and 30,000 RSU’s to a newly hired executive officer. In addition, in connection with a 2013 grant of 118,500 PSUs (i.e. the target amount granted), which achieved 200.0% of the targeted award, or the maximum award possible, we vested and delivered awards totaling 237,000 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $3.6 million for the six months ended October 31, 2016. During the six months ended October 31, 2016, we cancelled 15,006 service-based RSUs as a result of the service condition not being met. We delivered common stock to our employees, including our executive officers, during the six months ended October 31, 2016 under vested RSUs and PSUs with a total market value of $10.2 million. A summary of activity in unvested RSUs and PSUs for the six months ended October 31, 2017 and 2016 is as follows: For the Six Months Ended October 31, 2017 2016 Weighted Weighted Total # of Average Total # of Average Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value RSUs and PSUs outstanding, beginning of period 1,428,848 $ 18.46 1,215,753 $ 15.38 Awarded 236,876 20.84 344,134 16.94 Vested (281,263 ) 16.91 (363,702 ) 11.53 Forfeited (122,473 ) 14.53 (15,006 ) 15.99 RSUs and PSUs outstanding, end of period 1,261,988 $ 19.33 1,181,179 $ 17.02 As of October 31, 2017, there was $11.4 million of unrecognized compensation cost related to unvested RSUs and PSUs. This cost is expected to be recognized over a weighted average remaining contractual term of 1.6 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) Commitments and Contingencies: Litigation We are a defendant in five product liability cases and are aware of seven other product liability claims, which primarily allege defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed on August 27, 1999 by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover monetary damages, as well as injunctive relief, allegedly arising out of the misuse of firearms by third parties. We believe that the various allegations as described above are unfounded, and, in addition, that any accident and any results from them were due to negligence or misuse of the firearm by the claimant or a third party. In addition, from time to time, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, and employment matters, which arise in the ordinary course of business. The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to approximately $900,000. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. We believe that our accruals for product liability cases and claims, as described below, are a reasonable quantitative measure of the cost to us of product liability cases and claims. We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive and time consuming and diverts the time and attention of our management. We monitor the status of known claims and the related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and a review of the merit of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore, we have not accrued for any such judgments. To the extent that circumstances change and we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided for adequate reserves for defense costs. We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amounts due as reimbursement under existing policies from the insurance carriers as a receivable shown in other current assets and other assets. At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made. Rental Leases On October 26, 2017, our wholly owned subsidiary, Smith & Wesson Corp., or Smith & Wesson, entered into a lease agreement, or the Lease, with Ryan Boone County, LLC, an affiliate of Ryan Companies US, Inc., for the design, construction, and lease of an approximately 632,000 square foot national distribution center in the Columbia area of Boone County, Missouri. The initial term of the lease is 20 years commencing on the rent commencement date, which is expected to begin in the second half of fiscal 2019. The Lease contains six, five-year options to extend the lease term. The base rent is calculated as a percentage multiplied by the project costs. The annual lease expense, including base rent, is estimated to be between $3.3 million and $3.5 million. We expect to receive various tax and other incentives from federal, state, and local governmental authorities. Under the Lease, we have a one-time right to purchase the distribution center and, under certain circumstances, may share with the landlord any gain on the sale of the property to a third party. We have guaranteed the Lease and expect it will be classified as a capital lease.

Segment Information

Segment Information	6 Months Ended
	Oct. 31, 2017
Segment Reporting [Abstract]
Segment Information	(11) Segment Information: We report our results of operations in two segments: (1) Firearms and (2) Outdoor Products & Accessories & Accessories segment represents two operating segments that have been aggregated into a single reportable segment, which are evaluated b The Firearms segment includes our firearms and other components, which we manufacture at our facilities in Springfield, Massachusetts; Houlton, Maine; Eagle, Idaho; and Deep River, Connecticut and our firearm products, which we develop, assemble, and market in our Springfield, Massachusetts facility. The Outdoor Products & Accessories Segment assets are those directly used in or clearly allocable to a reportable segment’s operations. Assets by business segment are presented in the following table as of October 31, 2017 and April 30, 2017 (in thousands As of October 31, 2017 As of April 30, 2017 Firearms Outdoor Products & Accessories Total Firearms Outdoor Products & Accessories Total Total assets $ 411,922 $ 404,341 $ 816,263 $ 393,341 $ 394,695 $ 788,036 Property, plant, and equipment, net 130,074 13,700 143,774 135,985 13,700 149,685 Intangibles, net 5,020 118,399 123,419 2,792 138,525 141,317 Goodwill 18,389 172,709 191,098 13,770 155,247 169,017 Results by business segment are presented in the following tables for the three months ended October 31, 2017 and 2016 (in thousands): For the Three Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 100,305 $ 48,122 $ — $ — $ 148,427 Intersegment revenue 1,112 2,670 — (3,782 ) — Total net sales 101,417 50,792 — (3,782 ) 148,427 Cost of sales 72,164 28,383 — (2,919 ) 97,628 Gross margin 29,253 22,409 — (863 ) 50,799 Operating income/(loss) 2,264 2,584 (10,744 ) 13,885 7,989 Income tax expense/(benefit) 3,666 1,069 (2,946 ) — 1,789 For the Three Months Ended October 31, 2016 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 194,475 $ 39,053 $ — $ — $ 233,528 Intersegment revenue 932 3,301 — (4,233 ) — Total net sales 195,407 42,354 — (4,233 ) 233,528 Cost of sales 113,981 25,163 (b) — (3,221 ) 135,923 Gross margin 81,426 17,191 — (1,012 ) 97,605 Operating income/(loss) 52,255 (391 ) (11,858 ) 12,145 52,151 Income tax expense/(benefit) 20,797 673 (4,007 ) — 17,463 Results by business segment are presented in the following tables for the six months ended October 31, 2017 and 2016 (in thousands): For the Six Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 198,662 $ 78,786 $ — $ — $ 277,448 Intersegment revenue 2,193 4,541 — (6,734 ) — Total net sales 200,855 83,327 — (6,734 ) 277,448 Cost of sales 144,922 46,815 — (5,720 ) 186,017 Gross margin 55,933 36,512 — (1,014 ) 91,431 Operating income/(loss) 2,932 (2,309 ) (22,513 ) 26,679 4,789 Income tax expense/(benefit) 6,063 (567 ) (5,833 ) — (337 ) For the Six Months Ended October 31, 2016 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 386,875 $ 53,604 $ — $ — $ 440,479 Intersegment revenue 1,726 3,363 — (5,089 ) — Total net sales 388,601 56,967 — (5,089 ) 440,479 Cost of sales 226,351 33,037 (b) — (4,083 ) 255,305 Gross margin 162,250 23,930 — (1,006 ) 185,174 Operating income/(loss) 106,672 (3,275 ) (22,781 ) 24,060 104,676 Income tax expense/(benefit) 40,763 (384 ) (7,627 ) — 32,752 (a) We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments. (b) Amount includes $3.8 million of additional cost of goods sold from the fair value step-up in inventory and backlog expense related to the acquisition of Crimson Trace Corporation.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Oct. 31, 2017
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information – The condensed consolidated balance sheet as of October 31, 2017, the condensed consolidated statements of income and comprehensive income for the three and six months ended October 31, 2017 and 2016, the condensed consolidated statement of changes in stockholders’ equity for the six months ended October 31, 2017, and the condensed consolidated statements of cash flows for the six months ended October 31, 2017 and 2016 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at October 31, 2017 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2017 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2017. The results of operations for the three and six months ended
Recently Issued Accounting Standards	Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, (Topic 606), or ASU 2014-09. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for interim reporting periods beginning December 15, 2017, and early adoption is permitted. In March 2016, the FASB issued ASU 2016-08, , which clarifies the guidance relating to principal versus agent considerations. Additionally, in April 2016, the FASB issued ASU 2016-10, , which clarifies the identification of performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, (Topic 606), which provides clarifying guidance in certain narrow areas and adds some practical expedients. We plan to adopt the new standard on May 1, 2018 utilizing one of two acceptable methods: full retrospective adoption for all periods presented or modified retrospective adoption that presents a cumulative effect as of the adoption date. We have established an internal project team and have engaged third party specialists to assist us in evaluating the impact these ASUs will have on our condensed consolidated financial statements. We have substantially completed the diagnostic review of a sample of existing baseline contracts to identify potential differences that would result from applying the requirements under the new standard. As of October 31, 2017, we are in the process of evaluating the application of the new standard and cannot at this time estimate the impact the new standard will have on our condensed consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory - Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842),

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Oct. 31, 2017
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the estimated preliminary allocation of the purchase price for the 2018 Acquisitions (in thousands): During the Three Months Ended October 31, 2017 Accounts receivable $ 846 Inventories 4,683 Other current assets 145 Property, plant, and equipment 506 Intangibles 6,400 Goodwill 11,846 Total assets acquired 24,426 Accounts payable 1,261 Accrued payroll 49 Other long term liabilities 100 Total liabilities assumed 1,410 $ 23,016
Identifiable Intangible Assets Acquired and Respective Weighted Average Lives	The following are the identifiable intangible assets acquired (in thousands) in the 2018 Acquisitions and their respective weighted average lives: Weighted Average Amount Life (In years) Developed technology $ 1,700 5.9 Customer relationships 1,600 5.2 Trade names 3,100 5.6 $ 6,400
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the purchase price for the 2017 Acquisitions (in thousands): 2017 Acquisitions Measurement (As Initially Period 2017 Acquisitions Reported) Adjustments (As Adjusted) Accounts receivable $ 11,635 $ (200 ) $ 11,435 Inventories 31,269 453 31,722 Income tax receivable — 68 68 Other current assets 430 (132 ) 298 Property, plant, and equipment 8,232 — 8,232 Intangibles 97,850 (14,500 ) 83,350 Goodwill 92,801 10,096 102,897 Total assets acquired 242,217 (4,215 ) 238,002 Accounts payable 6,214 18 6,232 Accrued expenses 973 158 1,131 Accrued payroll 1,500 (72 ) 1,428 Accrued income taxes 6 (6 ) — Accrued warranty 98 96 194 Deferred income taxes 20,658 (4,409 ) 16,249 Total liabilities assumed 29,449 (4,215 ) 25,234 $ 212,768 $ — $ 212,768
Identifiable Intangible Assets Acquired and Respective Weighted Average Lives	The following are the identifiable intangible assets acquired (in thousands) in the 2017 Acquisitions and their respective weighted average lives: Weighted Average Amount Life (In years) Developed technology $ 3,000 4.1 Customer relationships 62,100 5.0 Trade names 17,000 4.8 Order backlog 1,150 0.3 Non-competition agreement 100 3.4 $ 83,350
Unaudited Pro Forma Results of Operations	The following table reflects the unaudited pro forma results of operations assuming that the 2017 Acquisitions had occurred on May 1, 2015 (in thousands, except per share data): For the Three For the Six Months Ended Months Ended October 31, 2016 October 31, 2016 Net sales $ 241,021 $ 470,114 Income from operations 55,045 106,533 Net income per share - diluted 0.63 1.26

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Oct. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the three and six months ended October 31, 2017 by reporting segment are as follows: Firearms Outdoor Products & Total Segment Accessories Segment Goodwill Balance as of April 30, 2017 $ 13,770 $ 155,247 $ 169,017 Adjustments — 83 83 Balance as of July 31, 2017 13,770 155,330 169,100 Adjustments — 10,152 10,152 Acquisitions 4,619 7,227 11,846 Balance as of October 31, 2017 $ 18,389 $ 172,709 $ 191,098

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 31, 2017
Inventory Disclosure [Abstract]
Summary of Inventories	The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of October 31, 2017 and April 30, 2017 (in thousands): October 31, 2017 April 30, 2017 Finished goods (a) $ 111,428 $ 61,080 Finished parts 46,371 51,177 Work in process 8,057 9,379 Raw material 13,090 10,046 Total inventories $ 178,946 $ 131,682 (a) The increase in finished goods inventory was primarily related to our Firearms segment.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Oct. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following table presents a summary of intangible assets as of October 31, 2017 and April 30, 2017 (in thousands): October 31, 2017 April 30, 2017 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 92,360 $ (21,843 ) $ 70,517 $ 105,260 $ (16,463 ) $ 88,797 Developed technology 21,130 (6,696 ) 14,434 19,430 (5,436 ) 13,994 Patents, trademarks, and trade names 56,640 (19,031 ) 37,609 53,308 (15,619 ) 37,689 Backlog 1,150 (1,150 ) — 1,150 (1,150 ) — 171,280 (48,720 ) 122,560 179,148 (38,668 ) 140,480 Patents in progress 633 — 633 611 — 611 Total definite-lived intangible assets 171,913 (48,720 ) 123,193 179,759 (38,668 ) 141,091 Indefinite-lived intangible assets 226 — 226 226 — 226 Total intangible assets $ 172,139 $ (48,720 ) $ 123,419 $ 179,985 $ (38,668 ) $ 141,317
Schedule of Future Expected Amortization Expense	Estimated amortization expense of intangible assets for the remainder of fiscal 2018 and succeeding fiscal years is as follows: Fiscal Amount 2018 $ 10,955 2019 21,967 2020 19,092 2021 16,484 2022 14,104 Thereafter 39,958 Total $ 122,560

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Oct. 31, 2017
Equity [Abstract]
Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share	The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and six months ended October 31, 2017 and 2016 (in thousands, except per share data): For the Three Months Ended October 31, 2017 2016 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 3,234 54,044 $ 0.06 $ 32,483 56,231 $ 0.58 Effect of dilutive stock awards — 612 — — 905 (0.01 ) Diluted earnings $ 3,234 54,656 $ 0.06 $ 32,483 57,136 $ 0.57 For the Six Months Ended October 31, 2017 2016 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 1,067 53,975 $ 0.02 $ 67,706 56,140 $ 1.21 Effect of dilutive stock awards — 825 — — 1,005 (0.03 ) Diluted earnings $ 1,067 54,800 $ 0.02 $ 67,706 57,145 $ 1.18
Share Based Compensation Stock Options Activity	The number of shares and weighted average exercise prices of stock options for the six months ended October 31, 2017 and 2016 were as follows: For the Six Months Ended October 31, 2017 2016 Weighted Weighted Average Average Shares Exercise Price Shares Exercise Price Options outstanding, beginning of year 335,160 $ 6.58 389,360 $ 6.16 Exercised during the period — — — — Options outstanding, end of period 335,160 $ 6.58 389,360 $ 6.16 Weighted average remaining contractual life 3.51 years 4.53 years Options exercisable, end of period 335,160 $ 6.58 389,360 $ 6.16 Weighted average remaining contractual life 3.51 years 4.53 years
Summary of Activity in Unvested RSUs and PSUs	A summary of activity in unvested RSUs and PSUs for the six months ended October 31, 2017 and 2016 is as follows: For the Six Months Ended October 31, 2017 2016 Weighted Weighted Total # of Average Total # of Average Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value RSUs and PSUs outstanding, beginning of period 1,428,848 $ 18.46 1,215,753 $ 15.38 Awarded 236,876 20.84 344,134 16.94 Vested (281,263 ) 16.91 (363,702 ) 11.53 Forfeited (122,473 ) 14.53 (15,006 ) 15.99 RSUs and PSUs outstanding, end of period 1,261,988 $ 19.33 1,181,179 $ 17.02

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Oct. 31, 2017
Segment Reporting [Abstract]
Schedule of Assets by Business Segment	Assets by business segment are presented in the following table as of October 31, 2017 and April 30, 2017 (in thousands As of October 31, 2017 As of April 30, 2017 Firearms Outdoor Products & Accessories Total Firearms Outdoor Products & Accessories Total Total assets $ 411,922 $ 404,341 $ 816,263 $ 393,341 $ 394,695 $ 788,036 Property, plant, and equipment, net 130,074 13,700 143,774 135,985 13,700 149,685 Intangibles, net 5,020 118,399 123,419 2,792 138,525 141,317 Goodwill 18,389 172,709 191,098 13,770 155,247 169,017
Schedule of Results by Business Segment	Results by business segment are presented in the following tables for the three months ended October 31, 2017 and 2016 (in thousands): For the Three Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 100,305 $ 48,122 $ — $ — $ 148,427 Intersegment revenue 1,112 2,670 — (3,782 ) — Total net sales 101,417 50,792 — (3,782 ) 148,427 Cost of sales 72,164 28,383 — (2,919 ) 97,628 Gross margin 29,253 22,409 — (863 ) 50,799 Operating income/(loss) 2,264 2,584 (10,744 ) 13,885 7,989 Income tax expense/(benefit) 3,666 1,069 (2,946 ) — 1,789 For the Three Months Ended October 31, 2016 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 194,475 $ 39,053 $ — $ — $ 233,528 Intersegment revenue 932 3,301 — (4,233 ) — Total net sales 195,407 42,354 — (4,233 ) 233,528 Cost of sales 113,981 25,163 (b) — (3,221 ) 135,923 Gross margin 81,426 17,191 — (1,012 ) 97,605 Operating income/(loss) 52,255 (391 ) (11,858 ) 12,145 52,151 Income tax expense/(benefit) 20,797 673 (4,007 ) — 17,463 Results by business segment are presented in the following tables for the six months ended October 31, 2017 and 2016 (in thousands): For the Six Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 198,662 $ 78,786 $ — $ — $ 277,448 Intersegment revenue 2,193 4,541 — (6,734 ) — Total net sales 200,855 83,327 — (6,734 ) 277,448 Cost of sales 144,922 46,815 — (5,720 ) 186,017 Gross margin 55,933 36,512 — (1,014 ) 91,431 Operating income/(loss) 2,932 (2,309 ) (22,513 ) 26,679 4,789 Income tax expense/(benefit) 6,063 (567 ) (5,833 ) — (337 ) For the Six Months Ended October 31, 2016 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 386,875 $ 53,604 $ — $ — $ 440,479 Intersegment revenue 1,726 3,363 — (5,089 ) — Total net sales 388,601 56,967 — (5,089 ) 440,479 Cost of sales 226,351 33,037 (b) — (4,083 ) 255,305 Gross margin 162,250 23,930 — (1,006 ) 185,174 Operating income/(loss) 106,672 (3,275 ) (22,781 ) 24,060 104,676 Income tax expense/(benefit) 40,763 (384 ) (7,627 ) — 32,752 (a) We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments. (b) Amount includes $3.8 million of additional cost of goods sold from the fair value step-up in inventory and backlog expense related to the acquisition of Crimson Trace Corporation.

Organization - Additional Infor

Organization - Additional Information (Detail) - Transaction	1 Months Ended	6 Months Ended
	Aug. 31, 2017	Oct. 31, 2017
Taylor Brands, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date		Aug. 1, 2016
Crimson Trace Corporation
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date		Aug. 26, 2016
Ultimate Survival Technologies, Inc.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date		Nov. 18, 2016
Gemini Technologies, Incorporated
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date		Aug. 7, 2017
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of transactions for acquisition	2
Bubba Blade Branded Products From Fish Tales LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition agreement date		Aug. 11, 2017

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
		Aug. 31, 2017USD ($)Transaction	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Apr. 30, 2017USD ($)
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired					$ 23,016,000	$ 178,059,000
Reduction in fair value of contingent consideration liability					1,300,000
Net sales	[1]		$ 148,427,000	$ 233,528,000	277,448,000	440,479,000
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Business Acquisition [Line Items]
Number of transactions for acquisition | Transaction		2
Payments to acquire business, net of cash acquired		$ 23,000,000
Business combination, acquisition-related costs			259,000		676,000
Gemini Technologies, Incorporated
Business Acquisition [Line Items]
Business combination, contingent consideration payable performance period		3 years
Business combination contingent consideration liability non-current			100,000		100,000
Gemini Technologies, Incorporated | Maximum
Business Acquisition [Line Items]
Contingent consideration payable upon financial performance of acquired business		$ 17,100,000
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired							$ 211,100,000
Business combination, acquisition-related costs				$ 1,800,000		$ 3,200,000
Business combination increase in goodwill					10,200,000
Business combination reduction in amortization expense, net of tax			776,000
Net sales			27,100,000		42,600,000
Ultimate Survival Technologies, Inc.
Business Acquisition [Line Items]
Contingent consideration payable upon financial performance of acquired business							$ 1,700,000
Business combination, contingent consideration payable performance period							2 years
Business combination contingent consideration liability non-current			$ 400,000		400,000
Reduction in fair value of contingent consideration liability					$ 1,300,000
Ultimate Survival Technologies, Inc. | Maximum
Business Acquisition [Line Items]
Contingent consideration payable upon financial performance of acquired business							$ 2,000,000
[1]	We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

Acquisitions - Estimated Fair V

Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017
Business Acquisition [Line Items]
Goodwill	$ 191,098	$ 169,100	$ 169,017
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Business Acquisition [Line Items]
Accounts receivable	846
Inventories	4,683
Other current assets	145
Property, plant, and equipment	506
Intangibles	6,400
Goodwill	11,846
Total assets acquired	24,426
Accounts payable	1,261
Accrued payroll	49
Other long term liabilities	100
Total liabilities assumed	1,410
Net assets acquired	23,016
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Business Acquisition [Line Items]
Accounts receivable	11,435
Inventories	31,722
Income tax receivable	68
Other current assets	298
Property, plant, and equipment	8,232
Intangibles	83,350
Goodwill	102,897
Total assets acquired	238,002
Accounts payable	6,232
Accrued expenses	1,131
Accrued payroll	1,428
Accrued warranty	194
Deferred income taxes	16,249
Total liabilities assumed	25,234
Net assets acquired	212,768
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. | As Initially Reported
Business Acquisition [Line Items]
Accounts receivable	11,635
Inventories	31,269
Other current assets	430
Property, plant, and equipment	8,232
Intangibles	97,850
Goodwill	92,801
Total assets acquired	242,217
Accounts payable	6,214
Accrued expenses	973
Accrued payroll	1,500
Accrued income taxes	6
Accrued warranty	98
Deferred income taxes	20,658
Total liabilities assumed	29,449
Net assets acquired	212,768
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. | Measurement Period Adjustments
Business Acquisition [Line Items]
Accounts receivable	(200)
Inventories	453
Income tax receivable	68
Other current assets	(132)
Intangibles	(14,500)
Goodwill	10,096
Total assets acquired	(4,215)
Accounts payable	18
Accrued expenses	158
Accrued payroll	(72)
Accrued income taxes	(6)
Accrued warranty	96
Deferred income taxes	(4,409)
Total liabilities assumed	$ (4,215)

Acquisitions - Identifiable Int

Acquisitions - Identifiable Intangible Assets Acquired and Respective Weighted Average Lives (Detail) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Apr. 30, 2017
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 171,913	$ 179,759
Weighted Average Life (In years)	5 years
Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 21,130	19,430
Weighted Average Life (In years)	6 years
Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 92,360	105,260
Weighted Average Life (In years)	5 years
Order backlog
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,150	$ 1,150
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	6,400
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,700
Weighted Average Life (In years)	5 years 10 months 24 days
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,600
Weighted Average Life (In years)	5 years 2 months 12 days
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | Trade names
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 3,100
Weighted Average Life (In years)	5 years 7 months 6 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 83,350
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. | Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 3,000
Weighted Average Life (In years)	4 years 1 month 7 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. | Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 62,100
Weighted Average Life (In years)	5 years
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. | Trade names
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 17,000
Weighted Average Life (In years)	4 years 9 months 18 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. | Order backlog
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,150
Weighted Average Life (In years)	3 months 19 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. | Non-competition agreement
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 100
Weighted Average Life (In years)	3 years 4 months 24 days

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma Results of Operations (Detail) - Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2016
Business Acquisition [Line Items]
Net sales	$ 241,021	$ 470,114
Income from operations	$ 55,045	$ 106,533
Net income per share - diluted	$ 0.63	$ 1.26

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Jul. 31, 2017
Goodwill [Line Items]
Beginning Balance	$ 169,100	$ 169,017
Adjustments	10,152	83
Acquisitions	11,846
Ending Balance	191,098	169,100
Firearms Segment
Goodwill [Line Items]
Beginning Balance	13,770	13,770
Acquisitions	4,619
Ending Balance	18,389	13,770
Outdoor Products & Accessories Segment
Goodwill [Line Items]
Beginning Balance	155,330	155,247
Adjustments	10,152	83
Acquisitions	7,227
Ending Balance	$ 172,709	$ 155,330

Notes and Loans Payable - Addit

Notes and Loans Payable - Additional Information (Detail) - USD ($)	6 Months Ended
	Oct. 31, 2017	Apr. 30, 2017	Oct. 27, 2016	Jul. 06, 2015	Jun. 30, 2015	Jun. 18, 2015	Jun. 15, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Interest description of revolving line of credit	The Revolving Line provides for availability until October 27, 2021 for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election.
Credit facility, maturity	Jun. 15, 2020
Percentage of interest rate protection on term loan							75.00%
Fair value of the interest rate swap asset	$ 808,000
Senior notes indenture, number of shares allowed for repurchase					$ 50,000,000
Maximum consolidated coverage ratio	300.00%
Minimum consolidated coverage ratio	100.00%
Maximum
Debt Instrument [Line Items]
Senior notes indenture, number of shares allowed for repurchase		$ 50,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Percentage of floating rate debt covered						100.00%
Derivative, notional amount						$ 105,000,000
Derivative, maturity date	Jun. 15, 2020
Derivative, fixed interest rate				1.56%
Derivative, variable interest rate of one-month LIBOR				0.188%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity							$ 175,000,000
Credit Facilities
Debt Instrument [Line Items]
Debt issuance cost	$ 1,000,000
Borrowings outstanding	125,000,000
Outstanding letters of credit	$ 1,000,000
Credit Facilities | LIBOR Rate
Debt Instrument [Line Items]
Interest rate on borrowings	2.99%
Term Loan
Debt Instrument [Line Items]
Outstanding debt	$ 90,800,000						$ 105,000,000
Principal payments per annum	$ 6,300,000
Debt instrument, interest rate, effective percentage	3.31%
5.000% Senior Notes due 2018
Debt Instrument [Line Items]
Debt issuance cost								$ 2,300,000
Notes issued								$ 75,000,000
Debt instrument, interest rate	5.00%							5.00%
Description of redemption for senior notes	upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.000% Senior Notes at a redemption price of 100% of the principal amount of the 5.000% Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date.
Redemption price of senior notes	100.00%
Debt instrument maturity date	Jul. 15, 2018
Senior notes indenture, maximum number of shares allowed for repurchase as a percentage of consolidated net income for previous four consecutive published fiscal quarters	75.00%
5.000% Senior Notes due 2018 | Minimum
Debt Instrument [Line Items]
Notice period of senior notes	30 days
Senior notes indenture, number of shares allowed for repurchase	$ 50,000,000
5.000% Senior Notes due 2018 | Maximum
Debt Instrument [Line Items]
Notice period of senior notes	60 days
Senior notes indenture, number of shares allowed for repurchase	$ 75,000,000
Second Amendment | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity			$ 350,000,000
Debt issuance cost			525,000
Credit facility additional borrowing capacity option to increase maximum borrowing capacity			$ 150,000,000
Credit facility, maturity	Oct. 27, 2021

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2017	Oct. 31, 2017	Apr. 30, 2017	Apr. 30, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reduction in fair value of contingent consideration liability		$ 1,300,000
Ultimate Survival Technologies, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payable upon financial performance of acquired business			$ 1,700,000
Business combination, contingent consideration payable performance period			2 years
Reduction in fair value of contingent consideration liability		1,300,000
Business combination contingent consideration liability non-current		400,000
Ultimate Survival Technologies, Inc. | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payable upon financial performance of acquired business			$ 2,000,000
Gemini Technologies, Incorporated
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination, contingent consideration payable performance period	3 years
Business combination contingent consideration liability non-current		$ 100,000
Gemini Technologies, Incorporated | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payable upon financial performance of acquired business	$ 17,100,000
5.000% Senior Notes due 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, interest rate		5.00%		5.00%
(Level 1) | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents		$ 68,200,000	$ 61,500,000

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands		Oct. 31, 2017	Apr. 30, 2017
Inventory Disclosure [Abstract]
Finished goods	[1]	$ 111,428	$ 61,080
Finished parts		46,371	51,177
Work in process		8,057	9,379
Raw material		13,090	10,046
Total inventories		$ 178,946	$ 131,682
[1]	The increase in finished goods inventory was primarily related to our Firearms segment.

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 171,913	$ 179,759
Total definite-lived intangible assets, Accumulated Amortization	(48,720)	(38,668)
Total definite-lived intangible assets, Net Carrying Amount	123,193	141,091
Indefinite-lived intangible assets, Net Carrying Amount	226	226
Total Intangible assets, Gross Carrying Amount	172,139	179,985
Total Intangible assets, Net Carrying Amount	123,419	141,317
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	92,360	105,260
Total definite-lived intangible assets, Accumulated Amortization	(21,843)	(16,463)
Total definite-lived intangible assets, Net Carrying Amount	70,517	88,797
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	21,130	19,430
Total definite-lived intangible assets, Accumulated Amortization	(6,696)	(5,436)
Total definite-lived intangible assets, Net Carrying Amount	14,434	13,994
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	56,640	53,308
Total definite-lived intangible assets, Accumulated Amortization	(19,031)	(15,619)
Total definite-lived intangible assets, Net Carrying Amount	37,609	37,689
Backlog
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,150	1,150
Total definite-lived intangible assets, Accumulated Amortization	(1,150)	(1,150)
Definite-lived intangible assets excluding patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	171,280	179,148
Total definite-lived intangible assets, Accumulated Amortization	(48,720)	(38,668)
Total definite-lived intangible assets, Net Carrying Amount	122,560	140,480
Patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	633	611
Total definite-lived intangible assets, Net Carrying Amount	$ 633	$ 611

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 4.3	$ 5.6	$ 10.1	$ 8.3
Weighted-average period for amortization of intangible assets			5 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets			5 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets			6 years
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets			5 years

Intangible Assets - Schedule of

Intangible Assets - Schedule of Future Expected Amortization Expense (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 123,193	$ 141,091
Outdoor Products & Accessories Segment
Finite-Lived Intangible Assets [Line Items]
2,018	10,955
2,019	21,967
2,020	19,092
2,021	16,484
2,022	14,104
Thereafter	39,958
Total definite-lived intangible assets, Net Carrying Amount	$ 122,560

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	3 Months Ended	6 Months Ended		12 Months Ended
	Oct. 31, 2017USD ($)shares	Oct. 31, 2017USD ($)OptionPlanshares	Oct. 31, 2016USD ($)shares	Apr. 30, 2017USD ($)shares	Jun. 30, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization | $					$ 50,000,000
Repurchase of common stock		0		2,600,000
Number of incentive stock option plans | OptionPlan		2
Intrinsic value of stock outstanding | $	$ 2,600,000	$ 2,600,000	$ 7,900,000
Intrinsic value of stock exercisable | $	2,600,000	$ 2,600,000	$ 7,900,000
Stock options exercised		0	0
Unrecognized compensation cost of outstanding stock options | $	0	$ 0
Stock-based compensation expense | $		$ 4,200,000	$ 3,900,000
Performance period		3 years
Percentage of maximum potential aggregate award granted		200.00%
Percentage of stock outperform in order for target award to vest		5.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		220,872	225,634
Stock units, forfeited			15,006
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		105,500	118,500
Share based payment award percentage of award achieved		115.20%	200.00%
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $		$ 3,800,000	$ 3,600,000
Stock units, awarded		236,876	344,134
Stock units, vested		281,263	363,702
Grant date fair value of vested RSUs and PSUs | $		$ 5,900,000	$ 10,200,000
Stock units, forfeited		122,473	15,006
Unrecognized compensation cost related to unvested RSUs and PSUs | $	$ 11,400,000	$ 11,400,000
Weighted average remaining contractual term		1 year 7 months 7 days
Non-Executive Employees | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		177,560	170,738
Directors | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		43,312	24,896
Executive Officer | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded			30,000
Executive Officer | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, vested		121,504	237,000
2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of award vested exercisable		10 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares excluded from computation of diluted earnings per share	24,359	14,023
Shares issued under employee stock purchase plan		81,643	66,812
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization | $				$ 50,000,000
Maximum | 2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period to award vested and calculate volatility rate		4 years
Minimum | 2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period to award vested and calculate volatility rate		3 years

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 3,234	$ 32,483	$ 1,067	$ 67,706
Basic earnings, Shares	54,044	56,231	53,975	56,140
Effect of dilutive stock awards, Shares	612	905	825	1,005
Diluted earnings, Shares	54,656	57,136	54,800	57,145
Basic earnings, Per Share Amount	$ 0.06	$ 0.58	$ 0.02	$ 1.21
Effect of dilutive stock awards, Per Share Amount		(0.01)		(0.03)
Diluted earnings, Per Share Amount	$ 0.06	$ 0.57	$ 0.02	$ 1.18

Stockholders' Equity - Share Ba

Stockholders' Equity - Share Based Compensation Stock Options Activity (Detail) - $ / shares	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Shares
Options outstanding, beginning of year, Shares	335,160	389,360
Exercised during the period, Shares	0	0
Options outstanding, end of period, Shares	335,160	389,360
Weighted average remaining contractual life	3 years 6 months 4 days	4 years 6 months 11 days
Options exercisable, end of period, Shares	335,160	389,360
Weighted average remaining contractual life	3 years 6 months 4 days	4 years 6 months 11 days
Weighted-Average Exercise Price
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 6.58	$ 6.16
Options outstanding, end of period, Weighted-Average Exercise Price	6.58	6.16
Options exercisable, end of period, Weighted-Average Exercise Price	$ 6.58	$ 6.16

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity in Unvested RSUs and PSUs (Detail) - RSUs and PSUs - shares	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	1,428,848	1,215,753
Restricted Stock Units, Awarded	236,876	344,134
Restricted Stock Units, Vested	(281,263)	(363,702)
Restricted Stock Units, Forfeited	(122,473)	(15,006)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	1,261,988	1,181,179

Stockholders' Equity - Summar41

Stockholders' Equity - Summary of Activity in RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of period	$ 18.46	$ 15.38
Weighted Average Grant Date Fair Value, Awarded	20.84	16.94
Weighted Average Grant Date Fair Value, Vested	16.91	11.53
Weighted Average Grant Date Fair Value, Forfeited	14.53	15.99
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 19.33	$ 17.02

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Oct. 26, 2017USD ($)ft²Option	Oct. 31, 2017USD ($)CaseClaim
Schedule Of Commitments And Contingencies [Line Items]
Number of Product liability cases | Case		5
Number of Other product liability claims | Claim		7
Ryan Boone County, LLC | Distribution Center in Columbia | Missouri
Schedule Of Commitments And Contingencies [Line Items]
Area of leased property | ft²	632,000
Capital lease term of contract	20 years
Lease extension option term	5 years
Number of options to extend lease term | Option	6
Expect to spend expenses in the term of period	2 years
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 75,000
Minimum | Ryan Boone County, LLC | Distribution Center in Columbia | Missouri
Schedule Of Commitments And Contingencies [Line Items]
Estimated annual lease expense including base rent	$ 3,300,000
Estimated total cost of the building	45,000,000
Estimated project cost to be recorded as right of use asset	30,000,000
Estimated expenses related to material handling equipment, information technology systems and other capital projects	25,000,000
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 900,000
Maximum | Ryan Boone County, LLC | Distribution Center in Columbia | Missouri
Schedule Of Commitments And Contingencies [Line Items]
Estimated annual lease expense including base rent	3,500,000
Estimated total cost of the building	50,000,000
Estimated project cost to be recorded as right of use asset	35,000,000
Estimated expenses related to material handling equipment, information technology systems and other capital projects	$ 30,000,000

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Oct. 31, 2017Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Firearms Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Information - Schedule

Segment Information - Schedule of Assets by Business Segment (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017
Segment Reporting Information [Line Items]
Total assets	$ 816,263		$ 788,036
Property, plant, and equipment, net	143,774		149,685
Intangibles, net	123,419		141,317
Goodwill	191,098	$ 169,100	169,017
Firearms Segment
Segment Reporting Information [Line Items]
Total assets	411,922		393,341
Property, plant, and equipment, net	130,074		135,985
Intangibles, net	5,020		2,792
Goodwill	18,389	13,770	13,770
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Total assets	404,341		394,695
Property, plant, and equipment, net	13,700		13,700
Intangibles, net	118,399		138,525
Goodwill	$ 172,709	$ 155,330	$ 155,247

Segment Information - Schedul45

Segment Information - Schedule of Results by Business Segment (Detail) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Oct. 31, 2017	Oct. 31, 2016		Oct. 31, 2017	Oct. 31, 2016
Segment Reporting Information [Line Items]
Total net sales	[1]	$ 148,427	$ 233,528		$ 277,448	$ 440,479
Cost of sales	[1]	97,628	135,923		186,017	255,305
Gross margin	[1]	50,799	97,605		91,431	185,174
Operating income/(loss)	[1]	7,989	52,151		4,789	104,676
Income tax expense/(benefit)	[1]	1,789	17,463		(337)	32,752
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net sales	[1]	(3,782)	(4,233)		(6,734)	(5,089)
Cost of sales	[1]	(2,919)	(3,221)		(5,720)	(4,083)
Gross margin	[1]	(863)	(1,012)		(1,014)	(1,006)
Operating income/(loss)	[1]	13,885	12,145		26,679	24,060
Operating Segments
Segment Reporting Information [Line Items]
Total net sales	[1]	148,427	233,528		277,448	440,479
Corporate
Segment Reporting Information [Line Items]
Operating income/(loss)	[1]	(10,744)	(11,858)		(22,513)	(22,781)
Income tax expense/(benefit)	[1]	(2,946)	(4,007)		(5,833)	(7,627)
Firearms Segment
Segment Reporting Information [Line Items]
Total net sales	[1]	100,305	194,475		198,662	386,875
Firearms Segment | Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net sales	[1]	1,112	932		2,193	1,726
Firearms Segment | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	[1]	101,417	195,407		200,855	388,601
Cost of sales	[1]	72,164	113,981		144,922	226,351
Gross margin	[1]	29,253	81,426		55,933	162,250
Operating income/(loss)	[1]	2,264	52,255		2,932	106,672
Income tax expense/(benefit)	[1]	3,666	20,797		6,063	40,763
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Total net sales	[1]	48,122	39,053		78,786	53,604
Outdoor Products & Accessories Segment | Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net sales	[1]	2,670	3,301		4,541	3,363
Outdoor Products & Accessories Segment | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	[1]	50,792	42,354		83,327	56,967
Cost of sales	[1]	28,383	25,163	[2]	46,815	33,037	[2]
Gross margin	[1]	22,409	17,191		36,512	23,930
Operating income/(loss)	[1]	2,584	(391)		(2,309)	(3,275)
Income tax expense/(benefit)	[1]	$ 1,069	$ 673		$ (567)	$ (384)
[1]	We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.
[2]	Amount includes $3.8 million of additional cost of goods sold from the fair value step-up in inventory and backlog expense related to the acquisition of Crimson Trace Corporation.

Segment Information - Schedul46

Segment Information - Schedule of Results by Business Segment (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2016
Crimson Trace Corporation
Segment Reporting Information [Line Items]
Additional cost of goods sold	$ 3.8	$ 3.8