· income from continuing operations increased $ 44.1 million , or 88.6 % , primarily as the result of higher sales volumes and gross margin as described above combined with the additional sales and margin related to the december 2014 bti acquisition , net of the corresponding increase in bti operating expenses , including acquisition related amortization . in addition , operating expenses were higher in fiscal 2016 because of increased profit sharing and management incentive partially offset by lower professional and acquisition related expenses . interest expense was higher in fiscal 2016 as a result of the costs associated with retiring our 5.875 % senior notes in exchange for a lower cost term loan , as described below . 31 · on june 15 , 2015 , we entered into a new credit agreement , or the credit agreement , which provides for a $ 175.0 million revolving line and a $ 105.0 million term loan , which both mature on june 15 , 2020. we used the proceeds from the term loan to redeem the entire $ 100.0 million outstanding principal balance of our 5.875 % senior notes , plus accrued and unpaid interest at the redemption date . on june 18 , 2015 , we entered into an interest rate swap agreement , which expires on june 15 , 2020 , covering $ 105.0 million of floating rate debt under the term loan . on july 6 , 2015 , we executed an interest rate swap pursuant to such agreement , which requires us to pay int erest at a defined rate of 1.56 % while receiving interest at a defined variable rate of one-month libor ( 0.188 % at july 31 , 2015 ) . the notional amount of the interest rate swap was $ 105.0 million and had an aggregate fair value of $ 1.3 million as of april 30 , 2016. this swap , when combined with the applicable margin based on our consolidated leverage ratio as of january 31 , 2016 , effectively fixed our interest rate on the term loan , subject to change based on changes in our consolidated leverage ratio . as o f april 30 , 2016 , our interest rate on the term loan was 3.06 % . our business we are one of the world 's leading manufacturers of firearms and a provider of quality accessory products for the shooting , hunting , and rugged outdoor enthusiast . we manufacture a wide array of handguns ( including revolvers and pistols ) , long guns ( including modern sporting rifles , bolt action rifles , and single shot rifles ) , handcuffs , and firearm-related products and accessories for sale to a wide variety of customers , including gun enthusiasts , collectors , hunters , sportsmen , competitive shooters , individuals desiring home and personal protection , law enforcement and security agencies and officers , and military agencies in the united states and throughout the world . we are one of the largest manufacturers of handguns , modern sporting rifles , and handcuffs in the united states and an active participant in the hunting rifle market . we are also a leading provider of shooting , hunting , and outdoor accessories , including reloading , gunsmithing , gun cleaning supplies , tree saws , and vault accessories . we sell our products under the smith & wesson , m & p , thompson/center arms , caldwell shooting supplies , wheeler engineering , tipton gun cleaning supplies , frankford arsenal reloading tools , lockdown vault accessories , hooyman premium tree saws , bog-pod , and golden rod moisture control brands . we manufacture our firearm products at our facilities in springfield , massachusetts ; houlton , maine ; and deep river , connecticut ; and we develop and market our accessories products at our facility in columbia , missouri . we plan to continue to capitalize on the goodwill developed through our historic 164 year old “ smith & wesson ” brand as well as our other well-known brands by expanding consumer awareness of the products we produce . key performance indicators we evaluate the performance of our business based upon operating profit , which includes net sales , cost of sales , selling and administrative expenses , and certain components of other income and expense . we also track our return on invested capital , and we use adjusted ebitdas ( earnings before interest , taxes , depreciation , amortization , and stock-based compensation expense , excluding certain non-operational items ) , which is a non-gaap financial metric , as a supplemental measure of our performance in order to provide investors with an improved understanding of underlying performance trends . we evaluate our various firearm products by such measurements as gross margin per unit produced , units produced per day , revenue by trade channel , and incoming orders per day . we evaluate our various accessories products by such measurements as incoming orders per day , sales by customer , and gross margin by product line . key industry data firearms have been subject to legislative actions in the past , and the market has reacted to these actions . there was a substantial increase in sales in the early 1990s during the period leading up to and shortly after the enactment of the brady bill . in the period from 1992 through 1994 , u.s. handgun sales increased by over 50 % , as consumers purchased handguns because of the fear of prohibition of handgun ownership . sales levels then returned to pre-1992 levels and grew at normal industry growth rates until late in calendar 2008 , when sales increased in what appears to be fears surrounding crime and terrorism , an economic downturn , and a change in the white house administration . story_separator_special_tag rate swap agreement . the additional expense for the call premium and debt issuance write off costs was offset by lower interest rate debt subsequent to the credit facility restructure . interest expense decreased for fiscal 2015 compared with the prior fiscal year primarily as a result of $ 4.3 million of bond premium and $ 795,000 of debt issuance write off costs incurred to retire the then-outstanding 9.5 % senior notes due 2016 , or the 9.5 % senior notes , during fiscal 2014. interest expense for fiscal 2015 also included the additional interest expense to service our $ 75.0 million of 5.000 % senior notes that were not outstanding during fiscal 2014 as well as amortization of debt issuance costs . income tax expense the following table sets forth certain information regarding income tax expense for the fiscal years ended april 30 , 2016 , 2015 , and 2014 ( dollars in thousands ) : 2016 2015 $ change % change 2014 income tax expense $ 51,135 $ 28,905 $ 22,230 76.9 % $ 48,095 our income tax expense for fiscal 2016 increased $ 22.2 million over the prior fiscal year because of higher operating profit partially offset by a decrease in effective tax rate . our effective tax rate for the fiscal year ended april 30 , 2016 was 35.24 % , which was a decrease of 1.47 % from the effective tax rate of 36.71 % for the fiscal year ended april 30 , 2015 due to a proportionately larger increase in permanent book versus tax differences as well as a reduction in state taxes . income from continuing operations the following table sets forth certain information regarding income from continuing operations and the related per share data for the fiscal years ended april 30 , 2016 , 2015 , and 2014 ( dollars in thousands , except per share data ) : replace_table_token_11_th fiscal 2016 income from continuing operations compared with fiscal 2015 income from continuing operations of $ 94.0 million for fiscal 2016 was $ 44.1 million higher than the $ 49.8 million for the prior fiscal year , primarily because of higher revenue and gross margin as described above combined with a full year of operating results for bti . in addition , operating expenses were higher in the current fiscal year because of increased profit sharing and management incentive , partially offset by lower professional and acquisition related expenses . interest expense was higher in the current fiscal year as a result of retiring our 5.875 % senior notes in exchange for a lower cost term loan . the increased call premium and debt issuance write off costs as a result of retiring our 5.875 % senior notes as well as additional intangible amortization expense recorded as a result of the bti acquisition negatively impacted net income per diluted share by $ 0.17 per share , when combined . fiscal 2015 income from continuing operations compared with fiscal 2014 income from continuing operations of $ 49.8 million for fiscal 2015 was $ 38.8 million lower than the $ 88.6 million for the prior fiscal year , primarily because of lower sales volumes , a corresponding decrease in gross profit , unfavorable manufacturing spending , additional advertising and promotional expense , additional depreciation expense from increased capital expenditures , and acquisition-related costs . income per share from continuing operations for fiscal 2015 was favorably impacted by $ 0.02 from our open market purchases of our common stock that occurred during fiscal 2015 under our stock repurchase program . there was also a favorable impact to income per share from continuing operations of $ 0.04 per share as a result of the drp acquisition . income per share from continuing operations for fiscal 2015 was negatively impacted by $ 0.12 per share as a result of increased cost of goods sold from the fair value inventory step-up , acquisition-related costs , and additional intangible amortization expense as a result of the drp and bti acquisitions completed during fiscal 2015. excluding the expenses for inventory step-up and amortization of intangible assets , the fiscal 2015 acquisitions had a favorable impact on income per share from continuing operations . 38 story_separator_special_tag for a $ 175.0 million revolving line and a $ 105.0 million term loan , which both mature on june 15 , 2020. we had no borrowings on our revolving line and $ 100.3 million outstanding on our term loan as of april 30 , 2016. we used the proceeds from the term loan to redeem the entire $ 100.0 million outstanding principal balance of our then outstanding 5.875 % senior notes , plus accrued and unpaid interest to the redemption date , in june 2015. see note 6 – notes payable and financing arrangements in the notes to the consolidated financial statements for additional information regarding our credit facility . additional proceeds under the credit facility are expected to be used for general corporate purposes . on june 18 , 2015 , we entered into an interest rate swap agreement , which expires on june 15 , 2020 , covering $ 105.0 million of floating rate debt under the term loan . on july 6 , 2015 , we executed an interest rate swap pursuant to such agreement , which requires us to pay interest at a defined rate of 1.56 % while receiving interest at a defined variable rate of one-month libor ( 0.188 % at july 31 , 2015 ) . the notional amount of the interest rate swap was $ 105.0 million and had an aggregate fair value of $ 1.3 million as of april 30 , 2016. this swap , when combined with the applicable margin based on our consolidated leverage ratio as of january 31 , 2016 , effectively fixed our interest rate on the term loan , subject to change based on changes in our consolidated leverage ratio . as of april 30 , 2016 , our interest

liquidity and capital resources our principal cash requirements are to finance the growth of our operations , including capital expenditures and any potential acquisitions , and to service our existing debt . capital expenditures for enhancements to manufacturing flexibility , tooling for new product offerings , and various information technology projects represent important cash needs . the following table sets forth certain cash flow information for the fiscal years ended april 30 , 2016 , 2015 , and 2014 ( dollars in thousands ) : replace_table_token_12_th operating activities operating activities represent the principal source of our cash flow . cash flows from operating activities in fiscal 2016 were $ 168.6 million , or $ 53.8 million higher than for the prior fiscal year . cash generated by operating activities for fiscal 2016 was favorably impacted by increased net income of $ 54.7 million before depreciation and amortization , $ 13.0 million of increased accounts payable resulting from an effort by procurement to negotiate longer terms with suppliers as well as timing of inventory purchases , $ 11.2 million of higher payroll accruals because of increased management incentive accruals , and $ 5.3 million of higher profit sharing accruals because of higher operating profit , partially offset by $ 2.3 million of increased accounts receivable related to the timing of firearms sales . cash flows from operating activities in fiscal 2015 were $ 114.8 million , or $ 24.6 million higher than for the prior fiscal year , primarily as a result of the following : a $ 25.7 million decrease in inventory levels as a result of an initiative to reduce finished parts inventory as well as reduced manufacturing volumes ; a decrease in accounts receivable of $ 11.0 million due to the timing of customer payments and lower sales volumes ; a $ 9.2 million increase in amortization and depreciation expense from increased capital spending and as a result of our acquisitions ; and lower income tax payments from lower taxable income .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our principal cash requirements are to finance the growth of our operations , including capital expenditures and any potential acquisitions , and to service our existing debt . capital expenditures for enhancements to manufacturing flexibility , tooling for new product offerings , and various information technology projects represent important cash needs . the following table sets forth certain cash flow information for the fiscal years ended april 30 , 2016 , 2015 , and 2014 ( dollars in thousands ) : replace_table_token_12_th operating activities operating activities represent the principal source of our cash flow . cash flows from operating activities in fiscal 2016 were $ 168.6 million , or $ 53.8 million higher than for the prior fiscal year . cash generated by operating activities for fiscal 2016 was favorably impacted by increased net income of $ 54.7 million before depreciation and amortization , $ 13.0 million of increased accounts payable resulting from an effort by procurement to negotiate longer terms with suppliers as well as timing of inventory purchases , $ 11.2 million of higher payroll accruals because of increased management incentive accruals , and $ 5.3 million of higher profit sharing accruals because of higher operating profit , partially offset by $ 2.3 million of increased accounts receivable related to the timing of firearms sales . cash flows from operating activities in fiscal 2015 were $ 114.8 million , or $ 24.6 million higher than for the prior fiscal year , primarily as a result of the following : a $ 25.7 million decrease in inventory levels as a result of an initiative to reduce finished parts inventory as well as reduced manufacturing volumes ; a decrease in accounts receivable of $ 11.0 million due to the timing of customer payments and lower sales volumes ; a $ 9.2 million increase in amortization and depreciation expense from increased capital spending and as a result of our acquisitions ; and lower income tax payments from lower taxable income .
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 Suspicious Activity Report : · income from continuing operations increased $ 44.1 million , or 88.6 % , primarily as the result of higher sales volumes and gross margin as described above combined with the additional sales and margin related to the december 2014 bti acquisition , net of the corresponding increase in bti operating expenses , including acquisition related amortization . in addition , operating expenses were higher in fiscal 2016 because of increased profit sharing and management incentive partially offset by lower professional and acquisition related expenses . interest expense was higher in fiscal 2016 as a result of the costs associated with retiring our 5.875 % senior notes in exchange for a lower cost term loan , as described below . 31 · on june 15 , 2015 , we entered into a new credit agreement , or the credit agreement , which provides for a $ 175.0 million revolving line and a $ 105.0 million term loan , which both mature on june 15 , 2020. we used the proceeds from the term loan to redeem the entire $ 100.0 million outstanding principal balance of our 5.875 % senior notes , plus accrued and unpaid interest at the redemption date . on june 18 , 2015 , we entered into an interest rate swap agreement , which expires on june 15 , 2020 , covering $ 105.0 million of floating rate debt under the term loan . on july 6 , 2015 , we executed an interest rate swap pursuant to such agreement , which requires us to pay int erest at a defined rate of 1.56 % while receiving interest at a defined variable rate of one-month libor ( 0.188 % at july 31 , 2015 ) . the notional amount of the interest rate swap was $ 105.0 million and had an aggregate fair value of $ 1.3 million as of april 30 , 2016. this swap , when combined with the applicable margin based on our consolidated leverage ratio as of january 31 , 2016 , effectively fixed our interest rate on the term loan , subject to change based on changes in our consolidated leverage ratio . as o f april 30 , 2016 , our interest rate on the term loan was 3.06 % . our business we are one of the world 's leading manufacturers of firearms and a provider of quality accessory products for the shooting , hunting , and rugged outdoor enthusiast . we manufacture a wide array of handguns ( including revolvers and pistols ) , long guns ( including modern sporting rifles , bolt action rifles , and single shot rifles ) , handcuffs , and firearm-related products and accessories for sale to a wide variety of customers , including gun enthusiasts , collectors , hunters , sportsmen , competitive shooters , individuals desiring home and personal protection , law enforcement and security agencies and officers , and military agencies in the united states and throughout the world . we are one of the largest manufacturers of handguns , modern sporting rifles , and handcuffs in the united states and an active participant in the hunting rifle market . we are also a leading provider of shooting , hunting , and outdoor accessories , including reloading , gunsmithing , gun cleaning supplies , tree saws , and vault accessories . we sell our products under the smith & wesson , m & p , thompson/center arms , caldwell shooting supplies , wheeler engineering , tipton gun cleaning supplies , frankford arsenal reloading tools , lockdown vault accessories , hooyman premium tree saws , bog-pod , and golden rod moisture control brands . we manufacture our firearm products at our facilities in springfield , massachusetts ; houlton , maine ; and deep river , connecticut ; and we develop and market our accessories products at our facility in columbia , missouri . we plan to continue to capitalize on the goodwill developed through our historic 164 year old “ smith & wesson ” brand as well as our other well-known brands by expanding consumer awareness of the products we produce . key performance indicators we evaluate the performance of our business based upon operating profit , which includes net sales , cost of sales , selling and administrative expenses , and certain components of other income and expense . we also track our return on invested capital , and we use adjusted ebitdas ( earnings before interest , taxes , depreciation , amortization , and stock-based compensation expense , excluding certain non-operational items ) , which is a non-gaap financial metric , as a supplemental measure of our performance in order to provide investors with an improved understanding of underlying performance trends . we evaluate our various firearm products by such measurements as gross margin per unit produced , units produced per day , revenue by trade channel , and incoming orders per day . we evaluate our various accessories products by such measurements as incoming orders per day , sales by customer , and gross margin by product line . key industry data firearms have been subject to legislative actions in the past , and the market has reacted to these actions . there was a substantial increase in sales in the early 1990s during the period leading up to and shortly after the enactment of the brady bill . in the period from 1992 through 1994 , u.s. handgun sales increased by over 50 % , as consumers purchased handguns because of the fear of prohibition of handgun ownership . sales levels then returned to pre-1992 levels and grew at normal industry growth rates until late in calendar 2008 , when sales increased in what appears to be fears surrounding crime and terrorism , an economic downturn , and a change in the white house administration . story_separator_special_tag rate swap agreement . the additional expense for the call premium and debt issuance write off costs was offset by lower interest rate debt subsequent to the credit facility restructure . interest expense decreased for fiscal 2015 compared with the prior fiscal year primarily as a result of $ 4.3 million of bond premium and $ 795,000 of debt issuance write off costs incurred to retire the then-outstanding 9.5 % senior notes due 2016 , or the 9.5 % senior notes , during fiscal 2014. interest expense for fiscal 2015 also included the additional interest expense to service our $ 75.0 million of 5.000 % senior notes that were not outstanding during fiscal 2014 as well as amortization of debt issuance costs . income tax expense the following table sets forth certain information regarding income tax expense for the fiscal years ended april 30 , 2016 , 2015 , and 2014 ( dollars in thousands ) : 2016 2015 $ change % change 2014 income tax expense $ 51,135 $ 28,905 $ 22,230 76.9 % $ 48,095 our income tax expense for fiscal 2016 increased $ 22.2 million over the prior fiscal year because of higher operating profit partially offset by a decrease in effective tax rate . our effective tax rate for the fiscal year ended april 30 , 2016 was 35.24 % , which was a decrease of 1.47 % from the effective tax rate of 36.71 % for the fiscal year ended april 30 , 2015 due to a proportionately larger increase in permanent book versus tax differences as well as a reduction in state taxes . income from continuing operations the following table sets forth certain information regarding income from continuing operations and the related per share data for the fiscal years ended april 30 , 2016 , 2015 , and 2014 ( dollars in thousands , except per share data ) : replace_table_token_11_th fiscal 2016 income from continuing operations compared with fiscal 2015 income from continuing operations of $ 94.0 million for fiscal 2016 was $ 44.1 million higher than the $ 49.8 million for the prior fiscal year , primarily because of higher revenue and gross margin as described above combined with a full year of operating results for bti . in addition , operating expenses were higher in the current fiscal year because of increased profit sharing and management incentive , partially offset by lower professional and acquisition related expenses . interest expense was higher in the current fiscal year as a result of retiring our 5.875 % senior notes in exchange for a lower cost term loan . the increased call premium and debt issuance write off costs as a result of retiring our 5.875 % senior notes as well as additional intangible amortization expense recorded as a result of the bti acquisition negatively impacted net income per diluted share by $ 0.17 per share , when combined . fiscal 2015 income from continuing operations compared with fiscal 2014 income from continuing operations of $ 49.8 million for fiscal 2015 was $ 38.8 million lower than the $ 88.6 million for the prior fiscal year , primarily because of lower sales volumes , a corresponding decrease in gross profit , unfavorable manufacturing spending , additional advertising and promotional expense , additional depreciation expense from increased capital expenditures , and acquisition-related costs . income per share from continuing operations for fiscal 2015 was favorably impacted by $ 0.02 from our open market purchases of our common stock that occurred during fiscal 2015 under our stock repurchase program . there was also a favorable impact to income per share from continuing operations of $ 0.04 per share as a result of the drp acquisition . income per share from continuing operations for fiscal 2015 was negatively impacted by $ 0.12 per share as a result of increased cost of goods sold from the fair value inventory step-up , acquisition-related costs , and additional intangible amortization expense as a result of the drp and bti acquisitions completed during fiscal 2015. excluding the expenses for inventory step-up and amortization of intangible assets , the fiscal 2015 acquisitions had a favorable impact on income per share from continuing operations . 38 story_separator_special_tag for a $ 175.0 million revolving line and a $ 105.0 million term loan , which both mature on june 15 , 2020. we had no borrowings on our revolving line and $ 100.3 million outstanding on our term loan as of april 30 , 2016. we used the proceeds from the term loan to redeem the entire $ 100.0 million outstanding principal balance of our then outstanding 5.875 % senior notes , plus accrued and unpaid interest to the redemption date , in june 2015. see note 6 – notes payable and financing arrangements in the notes to the consolidated financial statements for additional information regarding our credit facility . additional proceeds under the credit facility are expected to be used for general corporate purposes . on june 18 , 2015 , we entered into an interest rate swap agreement , which expires on june 15 , 2020 , covering $ 105.0 million of floating rate debt under the term loan . on july 6 , 2015 , we executed an interest rate swap pursuant to such agreement , which requires us to pay interest at a defined rate of 1.56 % while receiving interest at a defined variable rate of one-month libor ( 0.188 % at july 31 , 2015 ) . the notional amount of the interest rate swap was $ 105.0 million and had an aggregate fair value of $ 1.3 million as of april 30 , 2016. this swap , when combined with the applicable margin based on our consolidated leverage ratio as of january 31 , 2016 , effectively fixed our interest rate on the term loan , subject to change based on changes in our consolidated leverage ratio . as of april 30 , 2016 , our interest

