<SEC-DOCUMENT>0001171843-16-013291.txt : 20161117
<SEC-HEADER>0001171843-16-013291.hdr.sgml : 20161117
<ACCEPTANCE-DATETIME>20161117160514
ACCESSION NUMBER:		0001171843-16-013291
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161117
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161117
DATE AS OF CHANGE:		20161117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001132105
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		IRS NUMBER:				391795614
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36401
		FILM NUMBER:		162004993

	BUSINESS ADDRESS:	
		STREET 1:		7035 HIGH TECH DRIVE
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047-3706
		BUSINESS PHONE:		801-556-6681

	MAIL ADDRESS:	
		STREET 1:		7035 HIGH TECH DRIVE
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047-3706

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPORTSMAN'S WAREHOUSE HOLDINGS, INC
		DATE OF NAME CHANGE:	20131211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPORTSMANS WAREHOUSE HOLDINGS INC
		DATE OF NAME CHANGE:	20010109
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_111716.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html><head></head><body><table style="font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0"><tr><td style="border-bottom: black 5pt double;" width="100%"><font style="font-size: 10pt;">&#160;</font></td></tr></table><p align="center"><font style="font-size: 12pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong></font></p><p align="center"><font style="font-size: 12pt;"><strong>Form 8-K</strong></font></p><p align="center"><font style="font-size: 10pt;"><strong>CURRENT REPORT</strong><br><strong>Pursuant to Section 13 or 15(d) of</strong><br><strong>The Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event reported):&#160;<!--November 17, 2016--><strong>November 17, 2016 </strong></font></p><table border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td><td style="border-bottom: black 1.1pt solid;" align="center" width="34%"><font style="font-size: 12pt;"><strong>SPORTSMAN'S WAREHOUSE HOLDINGS, INC.</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Its Charter)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td><td align="center" width="34%"><font style="font-size: 10pt;">&#160;</font></td><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td><td style="border-bottom: black 1.1pt solid;" align="center" width="34%"><font style="font-size: 10pt;"><strong>DELAWARE</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">&#160;</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td style="border-bottom: black 1.1pt solid;" align="center" width="40%"><font style="font-size: 10pt;"><strong>001-36401</strong></font></td><td align="center" valign="bottom" width="20%"><font style="font-size: 10pt;">&#160;</font></td><td style="border-bottom: black 1.1pt solid;" align="center" valign="bottom" width="40%"><font style="font-size: 10pt;"><strong>39-1975614</strong></font></td></tr><tr valign="top"><td align="center" width="40%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" valign="bottom" width="20%"><font style="font-size: 10pt;">&#160;</font></td><td align="center" valign="bottom" width="40%"><font style="font-size: 10pt;">(I.R.S. 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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Sportsman's Warehouse Holdings, Inc. Announces Third Quarter 2016 Financial Results</strong></p><p style="text-align: center;"><p> <p align="justify">MIDVALE, Utah, Nov.  17, 2016  (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's" or the &#8220;Company&#8221;) (Nasdaq:SPWH) today announced financial results for the thirteen weeks and thirty-nine weeks ended October 29, 2016.<br></p>  <p align="justify"><strong>For the thirteen weeks ended October 29, 2016:</strong></p>  <ul type="disc"><li>Net sales increased by 13.0% to $217.2 million from $192.1 million in the third quarter of fiscal year 2015. Same store sales increased by 2.1% over the same period.&#160; <br>&#160;</li><li>Income from operations increased 7.2% to $20.5 million from $19.2 million in the third quarter of fiscal year 2015. Adjusted income from operations, which excludes expenses related to the Company&#8217;s secondary offering in the third quarter of fiscal 2015 (see "GAAP and Non-GAAP Measures"), increased 3.3% to $20.5 million from $19.9 million in the prior year period. <br>&#160;</li><li>The Company opened five new stores in the third quarter of fiscal year 2016 and ended the quarter with 75 stores in 20 states, a unit increase of 17.2% from the end of the third quarter of fiscal year 2015.<br>&#160;</li><li>Interest expense decreased to $3.4 million from $3.7 million in the third quarter of fiscal year 2015.&#160; <br>&#160;</li><li>Net income increased 10.2% to $10.5 million from $9.5 million in the third quarter of fiscal year 2015. Adjusted net income increased 5.3% to $10.5 million from $10.0 million in the third quarter of fiscal year 2015. Adjusted net income excludes offering costs related to the Company&#8217;s secondary offering incurred during the third quarter 2015. <br>&#160;</li><li>Diluted earnings per share increased 8.7% to $0.25 from $0.23 in the third quarter of fiscal year 2015. 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We believe our unique localization strategy, efficient business model and disciplined execution allowed us to continue to take share in our hard goods as well as apparel and footwear categories in the third quarter, as we further strengthen our position as the high growth retailer in the outdoor sporting goods segment of the retail marketplace.&#8221;</p>  <p align="justify">Mr. Schaefer continued, &#8220;We continue to make progress on our strategic priorities that enhance both our in store experience and e-commerce platform, which are resonating with our customer. As we look toward the fourth quarter and beyond, we remain focused on building on our track record of consistently delivering against our operational and financial goals.&#8221;</p>  <p align="justify"><strong>For the thirty nine weeks ended October 29, 2016:</strong></p>  <ul type="disc"><li>Net sales increased by 12.1% to $558.6 million from $498.2 million in the corresponding period of fiscal year 2015. Same store sales increased by 1.1% in the first three quarters of fiscal year 2016 compared to the same period of fiscal year 2015.<br>&#160;</li><li>Income from operations increased 6.4% to $39.6 million from $37.2 million in the first three quarters of fiscal year 2015. Adjusted income from operations, which excludes expenses related to the Company's secondary offerings in April 2016 and September 2015, as well as the reversal of an accrual related to a litigation matter in the second quarter of 2015 (see &#8220;GAAP and Non-GAAP Measures&#8221;), increased 17.1% to $39.7 million as compared to $33.9 million in the first three quarters of fiscal year 2015. <br>&#160;</li><li>The Company opened eleven new stores in the first three quarters of fiscal year 2016. <br>&#160;</li><li>Interest expense decreased to $10.1 million from $10.6 million in the first three quarters of fiscal year 2015.<br>&#160;</li><li>Net income increased 16.8% to $19.1 million from $16.4 million in the first three quarters of fiscal year 2015. Adjusted net income, which excludes expenses related to the Company's secondary offerings in April 2016 and September 2015, as well as the reversal of an accrual related to a litigation matter in the second quarter of 2015, net of taxes, and prior-year tax credits (see &#8220;GAAP and Non-GAAP Measures&#8221;), increased 29.9% to $18.7 million during the first three quarters of fiscal year 2016 compared to adjusted net income of $14.4 million in the corresponding period of fiscal year 2015. <br>&#160;</li><li>Diluted earnings per share increased 15.4% to $0.45 from diluted earnings per share of $0.39 in the first three quarters of fiscal year 2015. Adjusted diluted earnings per share (see &#8220;GAAP and Non-GAAP Measures&#8221;), increased 29.4% to $0.44 from adjusted diluted earnings per share of $0.34 in the first three quarters of fiscal year 2015.<br>&#160;</li><li>Adjusted EBITDA increased 19.2% to $55.9 million from $46.9 million in the first three quarters of fiscal year 2015.</li></ul>  <p align="justify"><strong>Balance sheet highlights as of October 29, 2016:</strong>&#160;&#160;</p>  <ul type="disc"><li>Total debt: $220.3 million consisting of $85.3 million outstanding under the Company&#8217;s revolving credit facility and $135.0 million outstanding under the term loan, net of unamortized discount and debt issuance costs.</li><li>Total liquidity (cash plus $25.4 million of availability on revolving credit facility): $28.1 million</li></ul>  <p align="justify"><strong>Fourth Quarter and Fiscal Year 2016 Outlook:</strong></p>  <p align="justify">For the fourth quarter of fiscal year 2016, net sales are expected to be in the range of $230.0 million to $235.0 million based on same store sales change in the range of (1.0%) to 1.0% compared to the corresponding period of fiscal year 2015. Net income is expected to be in the range of $11.4 million to $12.6 million. Earnings per diluted share is expected to be $0.27 to $0.30 on a weighted average of approximately 42.6 million estimated common shares outstanding.</p>  <p align="justify">For fiscal year 2016, net sales are expected to be in the range of $789.0 million to $794.0 million based on same store sales change in the range of 0.0% to 2.0% compared to fiscal year 2015. Net income is expected to be in the range of $30.5 million to $31.7 million, with diluted earnings per share of $0.72 to $0.75. Adjusted net income is expected to be in the range of $30.0 million to $31.2 million with adjusted earnings per diluted share of $0.71 to $0.74 (see &#8220;GAAP and Non-GAAP Measures&#8221;) on a weighted average of approximately 42.5 million estimated common shares outstanding.</p>  <p align="justify"><strong>Conference Call Information:</strong></p>  <p align="justify">A conference call to discuss third quarter 2016 financial results is scheduled for today, November 17, 2016, at 4:30 PM Eastern Time. The conference call will be webcast and may be accessed via the Investor Relations section of the Company&#8217;s website at www.sportsmanswarehouse.com.</p>  <p align="justify"><strong>Non-GAAP Information</strong></p>  <p align="justify">This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the &#8220;SEC&#8221;): adjusted income from operations, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures under &#8220;GAAP and Non-GAAP Measures&#8221; in this release. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company&#8217;s business and facilitate a more meaningful comparison of its diluted income per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Other companies in the Company&#8217;s industry may calculate these items differently than it does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company&#8217;s results as reported under GAAP.</p>  <p align="justify"><strong>Forward-Looking Statements&#160; </strong></p>  <p align="justify">This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.&#160; Forward-looking statements in this release include, but are not limited to, our outlook for the fourth quarter and full fiscal year 2016.&#160; Investors can identify these statements by the fact that they use words such as "continue", "expect", "may", &#8220;opportunity&#8221;, "plan", "future", &#8220;ahead&#8221; and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks relating to the Company&#8217;s retail-based business model, general economic conditions and consumer spending, the Company&#8217;s concentration of stores in the Western United States, competition in the outdoor activities and sporting goods market, changes in consumer demands, the Company&#8217;s expansion into new markets and planned growth, current and future government regulations,&#160; risks related to the Company&#8217;s continued retention of its key management, the Company&#8217;s distribution center, quality or safety concerns about the Company&#8217;s merchandise, events that may affect the Company&#8217;s vendors, trade restrictions, and other factors that are set forth in the Company's filings with the SEC, including under the caption &#8220;Risk Factors&#8221; in the Company&#8217;s Form 10-K for the fiscal year ended January 30, 2016 which was filed with the SEC on March 24, 2016 and the Company&#8217;s other public filings made with the SEC and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company&#8217;s assumptions prove incorrect, the Company&#8217;s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company&#8217;s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.</p>  <p align="justify"><strong>About Sportsman's Warehouse Holdings, Inc.</strong></p>  <p align="justify">Sportsman's Warehouse is a high-growth outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and every enthusiast in between. Our mission is to provide a one-stop shopping experience that equips our customers with the right quality, brand name hunting, shooting, fishing and camping gear to maximize their enjoyment of the outdoors.</p>  <p align="justify">For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmanswarehouse.com. <br><br></p> <table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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vertical-align: bottom ; "><em>26.1 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: top ; ">Income from operations</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">20,546</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>9.5 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">19,169</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>10.0 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">39,574</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>7.1 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">37,203</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>7.6 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Interest expense</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(3,402</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>(1.6</em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%)</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(3,659</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>(1.9</em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%)</em></td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(10,132</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>(1.8</em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%)</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(10,567</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>(2.1</em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%)</em></td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Income before income tax expense</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">17,144</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>7.9 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">15,510</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>8.1 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">29,442</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>5.3 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">26,636</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>5.5 </em></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td></tr><tr><td style="vertical-align: bottom; 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vertical-align: bottom ; "><em>%)</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(5,969</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>(3.1</em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%)</em></td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(10,313</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>(1.8</em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%)</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(10,255</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>(2.1</em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%)</em></td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: top ; ">Net income</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">$</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">10,514</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; 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vertical-align: bottom ; "><em>5.0 </em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">$</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">19,129</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><em>3.5 </em></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><em>%</em></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">$</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">16,381</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; 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text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(61,109</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">(80,236</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: top ; ">Total stockholders&#8217; equity (deficit)</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; 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">(1) Expenses paid by us in connection with a secondary offering of our common stock by affiliates of Seidler Equity Partners III, L.P.<br></td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="17" style="vertical-align: bottom ; ">(2) Tax credits recognized in the current year that were not previously taken in prior years.</td></tr></table> <p><br></p></p><p>Investor Contact:<br>ICR, Inc. <br>Farah Soi/Rachel Schacter<br>(203) 682-8200<br>investors@sportsmanswarehouse.com</p></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
