Segment Reporting (Tables)

12 Months Ended

Apr. 30, 2017

Assets by business segment are presented in the following table as of April 30, 2017 and 2016 (in thousands):

	As of April 30, 2017						As of April 30, 2016
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	393,341	$	394,695	$	788,036	$	458,053	$	161,450	$	619,503
Property, plant, and equipment, net		135,985		13,700		149,685		132,274		3,131		135,405
Intangibles, net		2,792		138,525		141,317		2,903		60,021		62,924
Goodwill		13,770		155,247		169,017		13,770		62,587		76,357

Schedule of Results by Business Segment

Results by business segment are presented in the following table for the years ended April 30, 2017, 2016, and 2015 (in thousands):

	For the Year Ended April 30, 2017 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	772,997	$	130,191			$	—		$	—		$	903,188
Intersegment revenue		3,643		10,530				—			(14,173	)		—
Total net sales		776,640		140,721				—			(14,173	)		903,188
Cost of sales		464,019		75,737		(c)		—			(11,840	)		527,916
Gross margin		312,619		64,985				—			(2,332	)		375,272
Operating income/(loss)		201,442		(3,949	)	(d)		(47,787	)		50,233			199,939
Income tax expense/(benefit)		77,585		(2,300	)			(11,833	)		—			63,452

	For the Year Ended April 30, 2016 (a)
	Firearms			Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	652,065	(b)	$	70,843	(b)	$	—		$	—		$	722,908
Intersegment revenue		1,821			743			—			(2,564	)		—
Total net sales		653,886			71,586			—			(2,564	)		722,908
Cost of sales		394,118	(b)		37,536	(b)		—			(2,558	)		429,096
Gross margin		259,767			34,051			—			(6	)		293,812
Operating income/(loss)		153,728			3,511			(17,201	)		18,605			158,643
Income tax expense/(benefit)		58,103			1,006			(7,974	)		—			51,135

	For the Year Ended April 30, 2015 (a)
	Firearms		Outdoor Products & Accessories				Corporate				Intersegment Eliminations		Total
Revenue from external customers	$	531,222	$	20,640			$ —				$ —		$	551,862
Intersegment revenue		—		—				—				—		—
Total net sales		531,222		20,640				—				—		551,862
Cost of sales		342,663		14,273		(e)		—				—		356,936
Gross margin		188,559		6,367				—				—		194,926
Operating income/(loss)		91,788		(3,505	)	(f)		(13,695	)	(a)		15,040		89,628
Income tax expense/(benefit)		35,427		(1,133	)			(5,389	)			—		28,905

(a)

For the years ended April 30, 2017 and 2016, we allocated 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. For the year ended April 30, 2015, segment information herein has been restated from that previously presented to allocate corporate overhead expenses on the same basis. Corporate overhead expenses were not previously allocated for the year ended April 30, 2015 due to the timing of the BTI Acquisition.

(b)

Effective October 1, 2015, our Thompson/Center accessories business was transitioned from our Firearms segment to our Outdoor Products & Accessories segment. As a result of the transition, we have reclassified $5.6 million and $4.6 million of revenue and cost of sales, respectively, from the Firearms segment to the Outdoor Products & Accessories segment for the year ended April 30, 2016.

(c)	Amount includes $4.7 million of additional cost of goods sold from the fair value inventory step-up and backlog expense related to the 2017 Acquisitions.

(d)	Amount includes $18.4 million of amortization of intangible assets identified as a result of our acquisitions.

(e)	Amount includes $4.2 million of additional cost of goods sold from the fair value inventory step-up related to the BTI Acquisition.

(f)	Amount includes $3.6 million of amortization of intangible assets identified as a result of the BTI Acquisition.