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Segment Reporting | 9 Months Ended
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Jan. 31, 2020
Segment Reporting [Abstract] |
Segment Reporting | (12) Segment Reporting: We report our results of operations in two segments: (1) Firearms (which includes Firearms and Manufacturing Services divisions) and (2) Outdoor Products & Accessories. Our two segments are defined based on the reporting and review process used by the chief operating decision maker, our co-Chief Executive Officers. The Firearms segment has been determined to be a single operating segment and reporting segment based on our reliance on production metrics, such as gross margin per unit produced, units produced per day, incoming orders per day, and revenue produced by trade channel, all of which are particular to the Firearms segment. The Outdoor Products & Accessories segment is evaluated by a measurement of incoming orders per day and sales and gross margin by customer and brand. The Firearms segment includes our firearms, services, and other components, which we manufacture or provide at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut, and our firearm products, which we develop, assemble, and market in our Springfield, Massachusetts facility. The Outdoor Products & Accessories segment includes our accessories products, which we develop, source, market, and distribute at our facilities in Columbia, Missouri, and our electro-optics products, which we develop, market, and assemble in our Wilsonville, Oregon facility. We report operating costs based on the activities performed within each segment. 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 January 31, 2020 and April 30, 2019 (in thousands):
|  | As of January 31, 2020 |  |  | As of April 30, 2019 |
|  | Firearms |  |  | Outdoor Products & Accessories |  |  | Total |  |  | Firearms |  |  | Outdoor Products & Accessories |  |  | Total |
Total assets |  | $ | 463,825 |  |  | $ | 344,322 |  |  | $ | 808,147 |  |  | $ | 389,719 |  |  | $ | 377,070 |  |  | $ | 766,789 |
Property, plant, and equipment, net |  |  | 153,532 |  |  |  | 10,809 |  |  |  | 164,341 |  |  |  | 170,549 |  |  |  | 12,719 |  |  |  | 183,268 |
Intangibles, net |  |  | 5,039 |  |  |  | 73,307 |  |  |  | 78,346 |  |  |  | 4,661 |  |  |  | 87,179 |  |  |  | 91,840 |
Goodwill |  |  | 19,024 |  |  |  | 163,243 |  |  |  | 182,267 |  |  |  | 19,024 |  |  |  | 163,245 |  |  |  | 182,269 |
Results by business segment are presented in the following tables for the three months ended January 31, 2020 and 2019 (in thousands):
|  | For the Three Months Ended January 31, 2020 (a) |
|  | Firearms |  |  | Outdoor Products & Accessories |  |  | Corporate |  |  | Intersegment Eliminations |  |  | Total |
Revenue from external customers |  | $ | 126,509 |  |  | $ | 40,186 |  |  | $ | — |  |  | $ | — |  |  | $ | 166,695 |
Intersegment revenue |  |  | 907 |  |  |  | 3,084 |  |  |  | — |  |  |  | (3,991 | ) |  |  | — |
Total gross revenue |  |  | 127,416 |  |  |  | 43,270 |  |  |  | — |  |  |  | (3,991 | ) |  |  | 166,695 |
Cost of sales |  |  | 91,854 |  |  |  | 24,751 |  |  |  | — |  |  |  | (5,113 | ) |  |  | 111,492 |
Gross margin |  |  | 35,562 |  |  |  | 18,519 |  |  |  | — |  |  |  | 1,122 |  |  |  | 55,203 |
Operating income/(loss) |  |  | 10,128 |  |  |  | (1,111 | ) |  |  | (7,727 | ) |  |  | 9,617 |  |  |  | 10,907 |
Income tax expense/(benefit) |  |  | 5,722 |  |  |  | 816 |  |  |  | (4,265 | ) |  |  | — |  |  |  | 2,273 |
|  | For the Three Months Ended January 31, 2019 (a) |
|  | Firearms |  |  | Outdoor Products & Accessories |  |  | Corporate |  |  | Intersegment Eliminations |  |  | Total |
Revenue from external customers |  | $ | 123,045 |  |  | $ | 38,963 |  |  | $ | — |  |  | $ | — |  |  | $ | 162,008 |
Intersegment revenue |  |  | 578 |  |  |  | 2,948 |  |  |  | — |  |  |  | (3,526 | ) |  |  | — |
Total gross revenue |  |  | 123,623 |  |  |  | 41,911 |  |  |  | — |  |  |  | (3,526 | ) |  |  | 162,008 |
Cost of sales |  |  | 89,262 |  |  |  | 22,564 |  |  |  | — |  |  |  | (3,877 | ) |  |  | 107,949 |
Gross margin |  |  | 34,361 |  |  |  | 19,347 |  |  |  | — |  |  |  | 351 |  |  |  | 54,059 |
Operating income/(loss) |  |  | 9,792 |  |  |  | (13,529 | ) |  |  | (11,427 | ) |  |  | 13,131 |  |  |  | (2,033 | )
Income tax expense/(benefit) |  |  | 2,461 |  |  |  | (459 | ) |  |  | (811 | ) |  |  | — |  |  |  | 1,191 |
Results by business segment are presented in the following tables for the nine months ended January 31, 2020 and 2018 (in thousands):
|  | For the Nine Months Ended January 31, 2020 (a) |
|  | Firearms |  |  | Outdoor Products & Accessories |  |  | Corporate |  |  | Intersegment Eliminations |  |  | Total |
Revenue from external customers |  | $ | 333,952 |  |  | $ | 110,801 |  |  | $ | — |  |  | $ | — |  |  | $ | 444,753 |
Intersegment revenue |  |  | 2,623 |  |  |  | 13,495 |  |  |  | — |  |  |  | (16,118 | ) |  |  | — |
Total gross revenue |  |  | 336,575 |  |  |  | 124,296 |  |  |  | — |  |  |  | (16,118 | ) |  |  | 444,753 |
Cost of sales |  |  | 233,494 |  |  |  | 73,119 |  |  |  | — |  |  |  | (15,223 | ) |  |  | 291,390 |
Gross margin |  |  | 103,081 |  |  |  | 51,177 |  |  |  | — |  |  |  | (895 | ) |  |  | 153,363 |
Operating income/(loss) |  |  | 24,538 |  |  |  | (9,535 | ) |  |  | (29,671 | ) |  |  | 31,601 |  |  |  | 16,933 |
Income tax expense/(benefit) |  |  | 13,885 |  |  |  | 947 |  |  |  | (11,293 | ) |  |  | — |  |  |  | 3,539 |
|  | For the Nine Months Ended January 31, 2019 (a) |
|  | Firearms |  |  | Outdoor Products & Accessories |  |  | Corporate |  |  | Intersegment Eliminations |  |  | Total |
Revenue from external customers |  | $ | 338,513 |  |  | $ | 124,031 |  |  | $ | — |  |  | $ | — |  |  | $ | 462,544 |
Intersegment revenue |  |  | 2,125 |  |  |  | 11,087 |  |  |  | — |  |  |  | (13,212 | ) |  |  | — |
Total gross revenue |  |  | 340,638 |  |  |  | 135,118 |  |  |  | — |  |  |  | (13,212 | ) |  |  | 462,544 |
Cost of sales |  |  | 239,639 |  |  |  | 73,474 |  |  |  | — |  |  |  | (13,436 | ) |  |  | 299,677 |
Gross margin |  |  | 100,999 |  |  |  | 61,644 |  |  |  | — |  |  |  | 224 |  |  |  | 162,867 |
Operating income/(loss) |  |  | 34,255 |  |  |  | (15,550 | ) |  |  | (33,168 | ) |  |  | 37,232 |  |  |  | 22,769 |
Income tax expense/(benefit) |  |  | 9,295 |  |  |  | (466 | ) |  |  | (1,430 | ) |  |  | — |  |  |  | 7,399 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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