<SEC-DOCUMENT>0001171843-18-004183.txt : 20180524
<SEC-HEADER>0001171843-18-004183.hdr.sgml : 20180524
<ACCEPTANCE-DATETIME>20180524070512
ACCESSION NUMBER:		0001171843-18-004183
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180524
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180524
DATE AS OF CHANGE:		20180524

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:		18856622

	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_052418.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;<!--May 24, 2018--><strong>May 24, 2018 </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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&#160;</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">[ &#160;] &#160;</font></td><td><font style="font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td nowrap="nowrap"><font style="font-size: 10pt;">&#160; &#160;</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">[ &#160;] &#160;</font></td><td><font style="font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td nowrap="nowrap"><font style="font-size: 10pt;">&#160; &#160;</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">[ &#160;] &#160;</font></td><td><font style="font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td nowrap="nowrap"><font style="font-size: 10pt;">&#160; &#160;</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">[ &#160;] &#160;</font></td><td><font style="font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934 (17 CFR&#160;&sect;240.12b-2).&#160;Emerging growth company [ X ]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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 <p><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">On May 24, 2018, Sportsman&#8217;s Warehouse Holdings, Inc. (the &#8220;Company&#8221;) issued a press release reporting its results of operations for the financial results for the thirteen weeks ended May 5, 2018. The press release is furnished herewith as Exhibit 99.1 and is specifically incorporated by reference herein.</font></p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p><font style="font-size:10pt; font-family:&quot;times new roman&quot;;"><a href="exh_991.htm" rel="nofollow">Exhibit 99.1</a>. Press release dated May 24, 2018</font></p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><font style="font-size: 10pt;"><strong><u>SIGNATURE</u></strong></font></p><p><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table width="100%" cellspacing="0" cellpadding="0" bgcolor="white"><tr><td width="10%"><font style="font-size: 10pt;">&#160;</font></td><td width="40%"><font style="font-size: 10pt;">&#160;</font></td><td width="5%"><font style="font-size: 10pt;">&#160;</font></td><td width="45%"><font style="font-size: 10pt;"><strong>SPORTSMAN'S WAREHOUSE HOLDINGS, INC.</strong></font></td></tr><tr><td width="10%"><font style="font-size: 10pt;">&#160;</font></td><td width="40%"><font style="font-size: 10pt;">&#160;</font></td><td width="5%"><font style="font-size: 10pt;">&#160;</font></td><td width="45%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td width="10%"><font style="font-size: 10pt;">&#160;</font></td><td width="40%"><font style="font-size: 10pt;">&#160;</font></td><td width="5%"><font style="font-size: 10pt;">&#160;</font></td><td width="45%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td width="10%"><font style="font-size: 10pt;">&#160;</font></td><td width="40%"><font style="font-size: 10pt;">&#160;</font></td><td width="5%"><font style="font-size: 10pt;">By:</font></td><td style="border-bottom: black 1.1pt solid;" width="45%"><font style="font-size: 10pt;">/s/ Kevan P. Talbot</font></td></tr><tr><td width="10%"><font style="font-size: 10pt;">&#160;</font></td><td width="40%"><font style="font-size: 10pt;">Date: May 24, 2018</font></td><td width="5%"><font style="font-size: 10pt;">&#160;</font></td><td width="45%"><font style="font-size: 10pt;">Kevan P. Talbot</font></td></tr><tr><td width="10%"><font style="font-size: 10pt;">&#160;</font></td><td width="40%"><font style="font-size: 10pt;">&#160;</font></td><td width="5%"><font style="font-size: 10pt;">&#160;</font></td><td width="45%"><font style="font-size: 10pt;">Chief Financial Officer and Secretary</font></td></tr><tr><td width="10%"><font style="font-size: 10pt;">&#160;</font></td><td width="40%"><font style="font-size: 10pt;">&#160;</font></td><td width="5%"><font style="font-size: 10pt;">&#160;</font></td><td width="45%"><font style="font-size: 10pt;">&#160;&#160;</font></td></tr></table><p><font style="font-size: 10pt;"></font></p></body></html>
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<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 First Quarter 2018 Financial Results</strong></p><p style="text-align: center;" ></p><p>
 <p align="justify">MIDVALE, Utah, May  24, 2018  (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's" or the &#8220;Company&#8221;) (Nasdaq:SPWH) today announced financial results for the thirteen weeks ended May 5, 2018.</p>  <p align="justify">Jon Barker, Chief Executive Officer, stated, &#8220;We are excited with the start to the fiscal year as our top and bottom line results for the first quarter came in at the high end of our expectations. Our topline was driven by strong new store performance and comp growth of 3.4%, which, when combined with consistent gross margins and disciplined cost control, resulted in bottom line performance at the high end of our outlook. We continued to make progress against each of our strategic initiatives including our comprehensive omni-channel strategy, which includes growth of brick and mortar as well as ecommerce, customer acquisition &amp; engagement and merchandising assortment. We look forward to building on this progress throughout fiscal 2018 and strengthening our competitive positioning.&#8221;</p>  <p align="justify">Mr. Barker added, &#8220;We are also very pleased to announce today the amendment and restatement of our credit agreement. We increased our borrowing capacity to $250 million under our revolving credit facility and added a new $40 million term loan.&#160; We used proceeds from our revolving credit facility and new term loan to repay our prior term loan, which we expect to reduce our interest expense by approximately $4.5 million on an annualized basis, as we focus on managing our capital structure through continued collaboration with our lenders.&#8221;</p>  <p align="justify"><strong>For the thirteen weeks ended May 5, 2018:</strong></p>  <ul type="disc"><li>Net sales increased by 14.8% to $180.1 million from $156.9 million in the first quarter of fiscal year 2017. Same store sales increased by 3.4% from the comparable prior year period.<br >&#160;</li><li>Loss from operations was $3.7 million compared to $3.8 million in the first quarter of fiscal year 2017. Adjusted loss from operations, which excludes charges incurred in conjunction with the retirement of the Company&#8217;s former CEO, was $1.0 million, compared to adjusted loss from operations, which excludes professional and other fees incurred in connection with evaluation of a strategic acquisition, of $2.0 million for the first quarter of fiscal year 2017 (see &#8220;GAAP and Non-GAAP Measures&#8221;).<br >&#160;</li><li>The Company opened two new stores in the first quarter of fiscal 2018 and ended the quarter with 89 stores in 22 states, or square footage growth of 8.9% from the end of the first quarter of fiscal year 2017.<br >&#160;</li><li>Interest expense increased to $3.6 million from $3.2 million in the first quarter of fiscal year 2017.&#160; <br >&#160;</li><li>Net loss was $5.8 million compared to net loss of $4.5 million in the first quarter of fiscal year 2017. Adjusted net loss, which excludes charges incurred in conjunction with the retirement of the Company&#8217;s former CEO, was $3.6 million compared to adjusted net loss, which excludes professional and other fees incurred in connection with evaluation of a strategic acquisition, of $3.4 million for the first quarter of fiscal year 2017 (see &#8220;GAAP and Non-GAAP Measures&#8221;).<br >&#160;</li><li>Diluted loss per share was $(0.14) compared to $(0.11) in the first quarter of fiscal year 2017. Adjusted diluted loss per share was $(0.08) compared to $(0.08) in the first quarter of fiscal year 2017 (see &#8220;GAAP and Non-GAAP Measures&#8221;).<br >&#160;</li><li>Adjusted EBITDA was $4.8 million compared to $4.2 million in the first quarter of fiscal year 2017 (see "GAAP and Non-GAAP Measures").</li></ul>  <p align="justify"><strong>Second Quarter and Fiscal Year 2018 Outlook:</strong></p>  <p align="justify">For the second quarter of fiscal year 2018, net sales are expected to be in the range of $199.0 million to $206.0 million based on a same store sales increase in the range of (2.0)% to 2.0% compared to the corresponding period of fiscal year 2017. Adjusted net income is expected to be in the range of $5.9 million to $7.1 million with adjusted diluted earnings per share of $0.14 to $0.17 on a weighted average of approximately 43.0 million estimated common shares outstanding.</p>  <p align="justify">For fiscal year 2018, net sales are expected to be in the range of $837.0 million to $860.0 million based on same store sales in the range of (1.0%) to 2.0% compared to fiscal year 2017. Adjusted net income is expected to be in the range of $23.8 million to $27.6 million with adjusted earnings per diluted share of $0.55 to $0.64 on a weighted average of approximately 43.0 million estimated common shares outstanding, when adjusted for the one-time expense incurred in connection with the announcement of the retirement of the Company&#8217;s former Chief Executive Officer, John Schaefer, in the first quarter of fiscal 2018 (see &#8220;GAAP and Non-GAAP Measures&#8221;).</p>  <p align="justify"><strong>Conference Call Information:</strong></p>  <p align="justify">A conference call to discuss first quarter and fiscal 2018 financial results is scheduled for today, May 24, 2018, at 8:30 AM 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. We defined adjusted income from operations and adjusted net income as income from operations and net income, respectively, in each case, plus professional and other fees incurred in connection with the evaluation of a strategic acquisition, charges incurred in conjunction with the retirement of the Company&#8217;s former CEO, and the impact of the Tax Cuts and Jobs Act and prior year tax credits, as applicable.&#160; Adjusted diluted earnings per share is diluted earnings per share excluding the impact of professional and other fees incurred in connection with the evaluation of a strategic acquisition, charges incurred in conjunction with the retirement of the Company&#8217;s former CEO and the impact of the Tax Cuts and Jobs Act prior year tax credits. We define Adjusted EBITDA as net income plus interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, and other gains, losses and expenses that we do not believe are indicative of our ongoing expenses. 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 the Company 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, statements regarding our strategic initiatives and our outlook for the second quarter and full fiscal year 2018.&#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 February 3, 2018 which was filed with the SEC on March 29, 2018 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 > <strong>Investor Contact:</strong><br >ICR, Inc. <br >Rachel Schacter<br >(203) 682-8200<br >investors@sportsmanswarehouse.com</p>  <p align="justify">&#160;</p> <table style="width:100%; border-collapse:collapse !important;" style="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="2" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: bottom; 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