Ruger reports drop in second quarter sales.

Position:Industry news
 
FREE EXCERPT

Sturm Ruger & Co.. has reported second quarter net sales of $31.8 million, compared to $39.8 million in the second quarter of 2002. Net income for the quarter ending June 30, 2003 totaled $1 million or $0.04 per share, versus $2.9 million or $0.11 per share during the same quarter in 2002.

For the six months ending June 30, 2003, Ruger had net sales of $72.9 million and a net income of $5.6 million or $0.21 per share. For the same period in 2002, Ruger's net sales were $88.2 million with a net income of $7.4 million or $0.28 per share.

"Current economic and firearm market conditions and the delaying introduction of certain of our new firearm models resulted in a 17-percent decrease in unit shipments for the quarter," said Chairman William B. Ruger Jr. "We believe thai shipment of several new firearm product offerings in the latter half of 2003, including the eagerly-anticipated Ruger Gold Label Side-by-Side Shotgun, the Ruger New Model Single-Six revolver in the extremely popular new .17 HMR caliber, and the Ruger stainless steel New Bearcat, will help reinvigorate the Ruger product line."

Ruger also commented on the special...

To continue reading

FREE SIGN UP