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Smith & Wesson Has Strong 1Q
SEPTEMBER 15, 2005 --
At Smith & Wesson Holdings, net product sales and services for 1Q increased 14.7%. Firearms sales increased 15.9. Net income was $2.7 million, or 7¢ per diluted share. This was $1.2 million, or 3¢ per diluted share, higher than for 1Q05.
"The $2.7 million in net income for the quarter ended July 31, '05 includes a $1.9 million after-tax benefit from the reduction in our environmental reserves relating to property sold by the company in '03," said CFO John Kelly. "The first quarter of fiscal '06 also includes a $250,000 one-time charge for audit fees relative to the adoption of FAS 123 and stock option expense of $275,500. The $1.5 million net income for the quarter ended July 31, '04 included a $506,000 reduction in product and municipal liability reserves as well as a $450,000 gain from the sale of the Identi-Kit business."
SWB continues to expect net product sales for FY06 to grow 10%-12%, excluding potential additional revenue from any new business ventures. This increase is expected to come from ongoing sales penetration of the existing sporting goods channel; new sales to domestic law enforcement agencies, the federal government and international trade channels; new product introductions, including the Military & Police pistol series; and ramping shipments of the Model 460 XVR revolver. Law enforcement, a business that S&W once owned, is getting much more attention. The results has been new orders.
The company is looking at the long-gun market, as well as expanding its licensing program. S&W ammunition is a possibility.
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John Kelly
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