Smith & Wesson Holding Corp (SWHC, Financial) filed Quarterly Report for the period ended 2009-10-31.
Smith & Wesson Holding Corporation is one of the world's leading producers of quality handguns, law enforcement products and firearm safety and security products. Law enforcement personnel, military personnel, target shooters, hunters, collectors and firearms enthusiasts throughout the world have used the company's products with confidence for 150 years. Smith & Wesson Corp. also manufactures and markets Smith & Wesson branded handcuffs and other products utilizing its metal working expertise and providing products and services to many external customers. Smith & Wesson Holding Corp has a market cap of $240.3 million; its shares were traded at around $4.04 with a P/E ratio of 5.7 and P/S ratio of 0.7. Smith & Wesson Holding Corp had an annual average earning growth of 31.8% over the past 5 years.
Net income for the three months ended October 31, 2009 was $13,305,000, or $0.21 per fully diluted share, compared with a loss of $76,230,000, or ($1.62) per fully diluted share, for the three months ended October 31, 2008.
Net product sales for the six months ended October 31, 2009 were $211,045,000, a $59,339,000, or 39.1%, increase over net product sales of $151,706,000 for the six months ended October 31, 2008. Firearm sales increased for the six months by $43,236,000, or 30.7%, over the six months ended October 31, 2008. Within the firearm category, pistol sales grew by 21.5%, driven by continued consumer demand for the Sigma and 1911 product lines, as well as continued strong law enforcement and international growth in our M&P pistol product lines. Walther product sales grew 40.2% based on the new PK380 product introduction as well as increased production and availability of German manufactured products. Tactical rifle sales continued to be strong, increasing by 177.8% in the period accelerated by our increased capacity to fulfill consumer orders. Hunting products declined from the prior year period on lower starting backlog for bolt-action rifles and continued economic weakness impacting the black powder market.
Net income for the six months ended October 31, 2009 was $25,878,000, or $0.42 per fully diluted share, compared with a loss of $73,978,000, or ($1.60) per fully diluted share, for the six months ended October 31, 2008.
Sales into our sporting goods distribution channel were approximately $75,368,000 for the three months ended October 31, 2009, an increase of 30.9% over the comparable quarter last year. Excluding $190,000 of USR sales, law enforcement sales of $7,951,000 were 29.0% higher than in the comparable quarter last year. Excluding $12,527,000 of USR sales, federal government sales of $1,132,000 decreased $305,000, or 21.2%, from the three months ended October 31, 2008. International sales for the three months ended October 31, 2009 of $8,529,000 increased 13.0% over the comparable quarter last year and included firearm shipments to law enforcement agencies in Puerto Rico, Japan, Mexico, and Thailand.
Sales into our sporting goods distribution channel were approximately $158,710,000 for the six months ended October 31, 2009, an increase of 29.7% over the comparable period last year. Excluding $190,000 of USR sales, law enforcement sales of $15,097,000 were 30.5% higher than in the comparable period last year. Excluding $14,836,000 of USR sales, federal government sales of $2,184,000 decreased $270,000, or 11.0%, from the six months ended October 31, 2008. International sales for the six months ended October 31, 2009 of $16,184,000 increased 12.6% over the comparable period last year and included firearm shipments to law enforcement agencies in Puerto Rico, Japan, Thailand, Mumbai, India, Korea, and Mexico.
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Smith & Wesson Holding Corporation is one of the world's leading producers of quality handguns, law enforcement products and firearm safety and security products. Law enforcement personnel, military personnel, target shooters, hunters, collectors and firearms enthusiasts throughout the world have used the company's products with confidence for 150 years. Smith & Wesson Corp. also manufactures and markets Smith & Wesson branded handcuffs and other products utilizing its metal working expertise and providing products and services to many external customers. Smith & Wesson Holding Corp has a market cap of $240.3 million; its shares were traded at around $4.04 with a P/E ratio of 5.7 and P/S ratio of 0.7. Smith & Wesson Holding Corp had an annual average earning growth of 31.8% over the past 5 years.
Highlight of Business Operations:
Net sales for the three months ended October 31, 2009 were $108,808,000, a $35,581,000, or 48.6%, increase over net sales of $73,227,000 for the three months ended October 31, 2008. Firearm sales increased for the three months by $21,563,000, or 31.9%, over the three months ended October 31, 2008. Within the firearm category, pistol sales grew by 29.2% on strong domestic consumer and law enforcement demand, particularly for our M&P product line. Walther product sales grew 36.1% based on strong demand for the PK380 as well as increased production and availability of German manufactured products. Tactical rifle sales continued to be strong, increasing by 80.9% in the quarter. Hunting products were flat to the prior year quarter, reflecting a stabilization of black powder sales and continued positive results in the newer Thompson/Center Arms branded bolt action product lines. Perimeter security revenues reached $15,425,000.Net income for the three months ended October 31, 2009 was $13,305,000, or $0.21 per fully diluted share, compared with a loss of $76,230,000, or ($1.62) per fully diluted share, for the three months ended October 31, 2008.
Net product sales for the six months ended October 31, 2009 were $211,045,000, a $59,339,000, or 39.1%, increase over net product sales of $151,706,000 for the six months ended October 31, 2008. Firearm sales increased for the six months by $43,236,000, or 30.7%, over the six months ended October 31, 2008. Within the firearm category, pistol sales grew by 21.5%, driven by continued consumer demand for the Sigma and 1911 product lines, as well as continued strong law enforcement and international growth in our M&P pistol product lines. Walther product sales grew 40.2% based on the new PK380 product introduction as well as increased production and availability of German manufactured products. Tactical rifle sales continued to be strong, increasing by 177.8% in the period accelerated by our increased capacity to fulfill consumer orders. Hunting products declined from the prior year period on lower starting backlog for bolt-action rifles and continued economic weakness impacting the black powder market.
Net income for the six months ended October 31, 2009 was $25,878,000, or $0.42 per fully diluted share, compared with a loss of $73,978,000, or ($1.60) per fully diluted share, for the six months ended October 31, 2008.
Sales into our sporting goods distribution channel were approximately $75,368,000 for the three months ended October 31, 2009, an increase of 30.9% over the comparable quarter last year. Excluding $190,000 of USR sales, law enforcement sales of $7,951,000 were 29.0% higher than in the comparable quarter last year. Excluding $12,527,000 of USR sales, federal government sales of $1,132,000 decreased $305,000, or 21.2%, from the three months ended October 31, 2008. International sales for the three months ended October 31, 2009 of $8,529,000 increased 13.0% over the comparable quarter last year and included firearm shipments to law enforcement agencies in Puerto Rico, Japan, Mexico, and Thailand.
Sales into our sporting goods distribution channel were approximately $158,710,000 for the six months ended October 31, 2009, an increase of 29.7% over the comparable period last year. Excluding $190,000 of USR sales, law enforcement sales of $15,097,000 were 30.5% higher than in the comparable period last year. Excluding $14,836,000 of USR sales, federal government sales of $2,184,000 decreased $270,000, or 11.0%, from the six months ended October 31, 2008. International sales for the six months ended October 31, 2009 of $16,184,000 increased 12.6% over the comparable period last year and included firearm shipments to law enforcement agencies in Puerto Rico, Japan, Thailand, Mumbai, India, Korea, and Mexico.
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