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Sturm Ruger & Company Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: February 22, 2012 05:05PM
Sturm Ruger & Company Inc. (RGR) filed Annual Report for the period ended 2011-12-31. Sturm Ruger&co has a market cap of $833.9 million; its shares were traded at around $42.96 with a P/E ratio of 23.8 and P/S ratio of 3.3. The dividend yield of Sturm Ruger&co stocks is 1.3%. Sturm Ruger&co had an annual average earning growth of 14.3% over the past 10 years.
Highlight of Business Operations:Cost of products sold, before LIFO, overhead and labor rate adjustments to inventory, product liability, and product recall- In 2011, cost of products sold, before LIFO, overhead and labor rate adjustments to inventory, product liability, and product recall decreased as a percentage of sales by 2.6% compared to 2010. The main contributors to this decrease include the increased overall volume which favorably leveraged manufacturing overhead and improved productivity from continued emphasis on lean manufacturing techniques, partially offset by a modest increase in input costs.
The gross margin for the fourth quarter of 2011 and 2010 was 32.4% and 32.0%, respectively. Details of the gross profit are illustrated below:
Firearms segment net sales were $251.7 million in 2010. This represents a decrease of $14.9 million or 5.9% from 2009 firearm net sales of $266.6 million. Firearms unit shipments decreased 2.5% in 2010. A shift in product mix toward firearms with lower unit sales prices resulted in the relatively lower percentage decrease in unit shipments compared to the percentage decrease in sales.
Cash provided by operating activities was $57.4 million, $32.5 million, and $46.7 million in 2011, 2010, and 2009, respectively. The increase in cash provided in 2011 compared to 2010 is attributable to increased profitability in 2011 and increased accounts payable and accrued liabilities in 2011, due in part to greater accruals for sales promotions and excise tax payments. The decrease in cash provided in 2010 compared to 2009 was attributable to a greater reduction in inventory in 2009, an increase in employee benefits and compensation in 2009, and an increase in accounts receivable in 2010.
Stocks Discussed: RGR,