June 18, 2020
A $98.7 million goodwill impairment charge for its outdoor brands ruined what was otherwise a very good quarter, resulting in a loss of $66,144,000 against income of $9,825,000 on 33% higher sales at $233,638,000 up from $175,734,000 on strong demand for firearms.
Heavy markdowns, impairment charges and closed stores for much of the first quarter ended May. 2 contributed to a $215,858,000 loss against a $31,194,000 profit as sales declined 45% to $482,783,000 from $873,289,000 with store comps down 42.3%, partially offset by a digital sales gain of 25%.
Industry performance is showing some improvement as 56% of companies reported a sequential sales increase for May compared to the prior month, according to survey update conducted by SFIA of 228 vendors, retailers and others.
The bicycle and motorized vehicle suspension specialist is selling the shares in a public offering for $76.00 per share, which will generate gross proceeds of $182,400,000, or more if the underwriter’s option to purchase up to an additional 360,000 shares is exercised.
Hyper Ice filed a complaint with the International Trade Commission seeking to block the importation of massagers that it says infringe on its products.