Vista Outdoor Inc. (NYSE:VSTO) Q3 2019 Earnings Conference Call Transcript

Feb 07, 2019 • 09:00 am ET

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Vista Outdoor Inc. (NYSE:VSTO) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Vista Outdoor Q3 FY2019 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

At this time, I would like to turn the conference over to Rocky Krivijanski.

Executive
Rocky Krivijanski

Thank you. Good morning, and thank you for joining us for our third quarter fiscal year 2019 earnings call. With me this morning are Chris Metz, Vista Outdoor's Chief Executive Officer; and Mick Lopez, our Senior Vice President and Chief Financial Officer.

Before we begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements, and we make these statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements reflect our best estimates and assumptions based on our understanding of information known to us today. These forward-looking statements are subject to the risks and uncertainties that face Vista Outdoor and the industries in which we operate. We encourage you to review today's press release and Vista Outdoor's SEC filings for more information on these risk factors and uncertainties.

Please also note that we have posted presentation materials on our website at vistaoutdoor.com, which supplement our comments this morning and include a reconciliation of non-GAAP financial measures.

With that said, I'll turn the call over to you, Chris.

Executive
Christopher T. Metz

Thank you, Rocky, and good morning, everyone. We're sorry, we do not have Kelly Reisdorf, our Vice President of Investor Relations on the call with us this morning. Unfortunately, Kelly slipped on the ice this past weekend near her home in Minnesota and broke her ankle. However, she's well on her way to recovery and you'll be hearing from her soon and, of course, she'll be with us on our next quarterly call.

I appreciate you all joining us today for our third quarter call. We are now three quarters into our portfolio reshaping and we continue to see tremendous progress. We continue to deliver on our commitments quarter-over-quarter and we remain focused on our transformation plan. There's a lot to report today including continued headwinds within our business and the industry at large, but I want to start my remarks this morning by summarizing our progress in the quarter, primarily related to our transformation plan and then offer more detail.

At the end of the day, our transformation is the most important aspect of our business and I'm confident it will provide the ongoing results we expect. Our primary focus for the entire year is to reset our foundation, getting stronger as a Company and crystallizing our long-term strategic plan for future success. To that end, we again made great strides in reshaping the Company in the third quarter, including the following highlights.

First, after successfully closing the divestiture of our Eyewear brands and refinancing our existing credit facilities, we quickly launched into the sale process of our Savage brands. This has been a major focus for all of us this quarter. The process has been very competitive and we are pleased with the current status of