September 14, 2009

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.

Smith & Wesson Holding Corporation

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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Comments (2)

Especially after this recent surge of gun purchases, I've been wondering about the possibility of investing in the gun and gun-related business sector. We hear about S&W, like in this item, and sometimes Ruger, but not much on other firms. I suppose a lot are privately owned and we couldn't buy stock in those. Are there any mutual funds that cover just the gun industry, or have that as a substantial fraction of their holdings? How have they performed over the past couple years?

Posted by: WILLIAM M | September 23, 2009 10:35 AM    Report this comment

why is smith and wesson arming the law enforcement community of mexico? they surely have to know these clowns down there are all corrupt. just some more of the same ol b.s. that smith did when slick willie was in office. money talks b.s. walks i guess. another reason to buy anything but a smith.

Posted by: pa-cman | September 17, 2009 11:27 AM    Report this comment

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