Smith & Wesson Holding marks anniversary with record demand - Industry News

Shooting Industry, June, 2003

Smith & Wesson Holding Corp., the parent company of Smith & Wesson, celebrated its second anniversary in May with a record demand for firearms, according to corporation officials.

"The company heads into FY2004 with strong sales and a record-breaking 120percent increase in backlog over the comparable period last year," a media release states.

According to officials, positive second half FY2003 results were supported by a 60-percent increase in orders year-over-year at four recent trade shows. New orders continue to be strong from distributors. The backlog as of April 30, 2003, was $29.6 million compared to $13.4 million at the same time last year. The company expects to ship approximately 50 percent of the backlog, along with additional new orders, over the next 90 days.

"We are extremely pleased with our customer's very strong interest in Smith & Wesson products," said Roy Cuny, president of Smith & Wesson Corp. "New orders represent robust interest in our total product line, with an exceptional response for the 500 Smith & Wesson Magnum since its introduction in February."

Officials says the improved cash-flow during the fourth quarter of FY2003 has positioned Smith & Wesson to make a $2 million early repayment of principal on its outstanding note to Tompkins P.L.C., the gun company's previous owner. Smith & Wesson remains focused on paying down debt and investing in the growth of the company, according to officials.

Now celebrating its two-year anniversary as a publicly traded company, Smith & Wesson was acquired by Saf-T-Hammer in May 2001, which became Smith & Wesson Holding Corp.

According to corporation officials, Smith & Wesson strategies continue to focus on:

* Streamlining manufacturing facilities to maximize efficiency and reduce cost.

* Emphasizing production of higher margin, competitive products.

* Expanding new handgun offerings to provide customers with high-quality products.

* Participating in industry associations to further contribute and provide leadership to the industry.

* Expanding marketing efforts to better reach targeted customers.

* Licensing the Smith & Wesson name for quality products that will bear the Smith & Wesson brand.

* Developing technologies/equipment for the law enforcement and Homeland Security forces.

For more information, sign onto www.smithandwesson.com.