Smith & Wesson Holding Corporation Reports Record Quarterly Sales of $102 Million
SPRINGFIELD, Mass. -- Smith & Wesson Holding Corporation has announced financial results for the first fiscal quarter ended July 31, 2009.
Net sales for the first fiscal quarter ended July 31, 2009 were $102.2 million, which was $23.8 million, or 30.3%, higher than net sales of $78.5 million for the first fiscal quarter last year.
Gross profit of $35.6 million, or 34.8% of sales, for the first quarter of fiscal 2010 increased by 43.4% compared with gross profit of $24.8 million, or 31.7% of sales, for the first quarter last year.
Net income for the first quarter of fiscal 2010 was $12.6 million.
Smith & Wesson President and CEO Michael F. Golden, said, "Ongoing consumer demand for handguns and tactical rifles fueled our strong growth and allowed us to deliver record financial results in the first quarter. Higher production levels in our Springfield factory allowed us to capture additional revenue in the quarter, and a focus on controlling costs helped translate that revenue into profitability."
Firearm sales increased for the first quarter by $21.7 million, or 29.6%, over the comparable quarter last year.
Sales of S&W pistols increased 14.5%. In addition, Walther product sales grew 44.2%.
Sales of M&P15 tactical rifles in the first quarter grew by 347.4% versus the comparable quarter a year ago.
Revolver sales decreased 4.0% versus the comparable quarter one year ago, a decline related to low finished goods inventory at the start of the quarter, combined with strong demand for smaller-framed revolvers, which carry a lower retail price.
Non-firearm sales totaled $7.5 million, a 38.7% increase from non-firearm sales of $5.4 million for the first quarter last year.
William F. Spengler, Executive Vice President and Chief Financial Officer, said, "Net sales of $102.2 million for the first quarter of fiscal 2010 represent a new record level of quarterly revenue. Sales of $99.6 million in our firearms segment exceeded our expectations."
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