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REPORT MISSOURI, USA We Commenced Operations at Our New Logistics and Customer Services Facility in Fiscal 2019

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REPORT MISSOURI, USA We Commenced Operations at Our New Logistics and Customer Services Facility in Fiscal 2019 2019 American Outdoor Brands ANNUAL REPORT MISSOURI, USA We commenced operations at our new Logistics and Customer Services facility in Fiscal 2019. This facility will centralize logistics, warehousing and distribution operations for our entire business. Our new ‘Missouri 633,000 SQ. FT. campus’ is an important element in streamlining our approach to the market by simplifying and consolidating our logistics operations into a single STATE-OF-THE-ART location, making it easier for customers to do business with us, while providing efficiencies, and the infrastructure and capacity for our future growth. YEAR IN 2019 REVIEW We report on our business in two segments – Firearms and Outdoor Products & Accessories – In Firearms, fiscal 2019 was a year that presented several challenges for the industry, including changes in the political environment and reduced consumer demand for both firearms and the accessories attached to them, such as lights, lasers, and scopes. Despite that backdrop, we delivered year over year growth in revenue and gross margin, and we believe we gained in market share. In Outdoor Products & Accessories, we saw 6.8% growth in products not attached to firearms and, importantly, updated many of our brands. WE MADE SIGNIFICANT & EXCITING PROGRESS TOWARDS OUR LONG-TERM STRATEGY OF BEING THE LEADING PROVIDER OF QUALITY PRODUCTS FOR THE SHOOTING, HUNTING, & RUGGED OUTDOOR ENTHUSIAST. FIREARMS WE INTRODUCED BY THE END OF FISCAL WE ARE NOW 2019, WE SHIPPED OVER APPROACHING THE 3,000,000 $1 BILLION M&P Shield® pistols. Milestone for total sales of the M&P® Shield® family of handguns. 10NEW SKUs 6 Including 32 completely new products and numerous line extensions. + + THESE INCLUDED PERFORMANCE CENTER® VERSIONS OF OUR During the year, we produced several new bundle promotions, which combine a firearm with items from our Outdoor Products & Accessories business, to provide consumers Smith & Wesson® SW22 Victory® target pistol. a great value with brand names they know and trust. We believe the combined impact of achievements in our Firearms business throughout the year helped us win market share. While consumer demand for firearms remained weak in fiscal 2019, as indicated by a year-over-year decline in adjusted NICS background checks of 8.8%, Performance Center® T/C® Long Range Rifle for precision target shooting. our units shipped into the sporting goods channel increased & Ported M&P Smith & Wesson® Shield® M2.0™ M442 Revolver BOTH DESIGNED FOR . PERSONAL PROTECTION 42% Our M&P® 380 Shield™ EZ® was named the 2019 Women’s Innovation Product of the Year by both the NRA’s American Rifleman and Shooting Illustrated publications. Our M&P® M2.0™ Compact pistol was named 2019 Handgun of the Year by NRA's American Rifleman. Our entire M&P® family of pistols has become a consumer favorite. 2 OUTDOOR PRODUCTS & ACCESSORIES We created an entrepreneurial ‘brand lane’ structure, bringing a dedicated team focus to the positioning and identity of each of our WE RE-BRANDED OUR POPULAR BUBBA BLADE BRAND TO SIMPLY DISTINCT 20 BRANDS This approach supports organic growth by allowing each brand to We extended its signature non-slip respond quickly to changing consumer trends. It also allows us to red grip into a variety of new products leverage inorganic growth opportunities by rapidly integrating newly across fishing gear and accessories. acquired brands without adding significant headcount. This effectively took Bubba Blade from a single OUR BRAND LANE TEAMS LAUNCHED OVER product brand, to a broad and exciting new lifestyle brand NEW PRODUCTS that captures today’s Water to Plate IN FISCAL 2019 lifestyle trend that appeals to so many 300 consumers.This is a great example of our This includes the Caldwell® Hydrosled®, the Frankford Arsenal® ability to leverage our brands to greatly M-Press™, and the BOG® DeathGrip™ Hunting Tripod and many expand our addressable markets. other innovative product introductions. LASTLY, WE COMMENCED OPERATIONS AT A NEW STATE-OF-THE-ART MISSOURI 633,000 SQ. FT. LOGISTICS & CUSTOMER SERVICES FACILITY WE INTRODUCED A NEW LINE OF This is an important element in streamlining our approach to the market by simplifying SIGHTS & SCOPES and consolidating our logistics operations for both segments to a single location, UNDER THE making it easier for customers to do business with us, while providing efficiencies and CRIMSON TRACE® BRAND the infrastructure and capacity for our future growth. Because the property will house multiple functions, we refer to it as our “Missouri campus”. Currently, all customer This significantly orders for our firearms business are now managed entirely at our Missouri campus. This broadened our product simplification of our go-to-market process is allowing the consolidation of a number of offering and greatly expanded our addressable physical locations. When complete, we will have eliminated 570,000 square feet of space market for this brand. across multiple locations and consolidated that functionality into our Missouri campus. 3 FISCAL 2019 NET SALES OF FIREARMS SEGMENT OUTDOOR PRODUCTS & GROSS SALES OF ACCESSORIES SEGMENT GROSS SALES $638.3 $481.3 $177.3 MILLION MILLION MILLION Represented an increase of 5.2% Gross sales increased by 6.3% Gross sales rose 3.3% from fiscal 2018 net sales. from the prior fiscal year. over fiscal 2018. GROSS MARGIN FOR FISCAL 2019 35.4% 31.9% 45.9% TOTAL COMPANY FIREARMS OUTDOOR PRODUCTS & ACCESSORIES FULL YEAR 2019 GAAP NET THE STRENGTH OF OUR BALANCE SHEET INCOME TOTALED IN FISCAL 2019 SUPPORTED A NUMBER OF INITIATIVES THROUGHOUT THE YEAR. $ We ended the year with approximately $41.0 million of 18.4 cash and $115.4 million of total net borrowings. We paid down $25 MILLION million on our line of credit in fiscal 2019, resulting in no borrowings on the line of credit at the end of the year. We have reduced our net borrowings by nearly $100 million in less than two years, while still investing heavily in our business, including small acquisitions and our NON-GAAP ADJUSTED new Logistics & Customer Services facility. Currently our long-term EBITDAS* TOTALED borrowings consist of $75 million in Senior Notes due in 2020, and $ $81.4 million on our Bank Term Loan A, also due in 2020. 111.3 In fiscal 2020, we expect to continue employing MILLION the strength of our balance sheet to fuel additional growth opportunities, both organic and inorganic. 4 FISCAL 2020 Our growing portfolio of brands for the shooting, hunting, and rugged outdoor enthusiast, combined with our strong balance sheet, position us well for fiscal 2020. Creative teams in both our Firearms and our Outdoor Products & Accessories businesses will remain focused on innovation, tapping into their passion for the shooting sports, fishing, camping, and the rugged outdoors to deliver products that truly excite consumers. At the same time, we will remain alert to inorganic opportunities in Outdoor Products & Accessories that allow us to grow our consumer base and expand our overall addressable market. We will also continue ramping operations at our Missouri campus. Our investment in our infrastructure is significant, and will continue throughout 2020, so it is important to underscore that these actions are a critical part of creating an adaptable and scalable framework that truly differentiates us from our competition and adds value for our customers. Most importantly, these investments will enable our future organic and inorganic growth, ultimately creating value for our shareholders. Our vision for our company is one that truly sets us apart from our peers. Our focus remains on the consumer, and our investments reflect that focus. From innovation in new product development to the creation of a leverageable infrastructure that allows us to rapidly integrate acquisitions and streamline our go-to-market process – all of our objectives are designed to expand WE THANK OUR CUSTOMERS our addressable markets and to take an increasing share AND OUR EMPLOYEES of those markets by addressing the needs, wants, and desires of our consumers. for their dedication and loyalty. We look forward to fiscal 2020 as we continue to position our company for long-term success. P. JAMES DEBNEY BARRY M. MONHEIT President,Chief Executive Chairman of the Board Officer, & Director *Please refer to the “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures” disclosure and associated tables appearing on page A-1 immediately after our Annual Report on Form 10-K, which accompanies this 2019 Annual Report. 5 COMPANY Growth Strategy WE FOCUS ON HARVESTING THE GROWTH POTENTIAL OF OUR 20 DISTINCT BRANDS. We do this by leveraging our deep understanding of the consumer’s needs, wants and desires, and using that information as a leading light for our new product development pipeline. This approach allows us to further expand our overall addressable market, and to establish ourselves in new product categories where, we believe, our brands have ‘permission to play’. WE ARE NOW APPROACHING We made significant progress on this $ objective across our entire company 1 BILLION in fiscal 2019. in total sales of the M&P Shield® family of handguns PERFORMANCE CENTER® PERFORMANCE CENTER® T/C® SMITH & WESSON® M442 REVOLVER LONG RANGE RIFLE 6 Firearms PERFORMANCE CENTER® We introduced Performance Center® versions of our Smith & Wesson® SW22 Victory® (a competition ready target pistol), as well as our Smith & Wesson® M442 revolver, our M&P Shield® M2.0™ (The Performance Center® version) pistols, and our M&P® 380 Shield™ EZ® pistols, all of which were designed for personal protection. We developed and released the Performance Center® T/C® Long Range Rifle, which is a perfect match for the consumer’s desire to participate in precision target shooting. We reintroduced our historic and popular Model 19 revolver after a decades-long hiatus. BUNDLE PROMOTIONS We produced several new Bundle promotions, which combine a firearm with items from our Outdoor Products & Accessories business, to provide consumers a great value with brand names they know and trust.
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