Smith & Wesson Holding Corporation, parent company of Smith & Wesson Corp, the legendary 154-year old company in the global business of safety, security, protection and sport, announced that its net income of $1.1 million for the third quarter ending January 31, 2006 represents earnings of $0.02 per fully diluted common share rather than $0.03 as previously reported.
The Company incorrectly included certain amounts of net income in its fully diluted earnings per share calculation, when those amounts should have been excluded because they were based on a valuation adjustment of derivative financial instruments, or warrants.
The exclusion of those amounts, which were $183,000 for the three months ending January 31, 2006 and $109,000 for the nine months ending January 31, 2006, impacted the fully diluted earnings per share calculation by less than $0.01, but required that the fully diluted earnings per share for the third quarter of fiscal 2006 be rounded down to $0.02, rather than rounded up to $0.03.
Fully diluted earnings per share for the nine-month period ending January 31, 2006 remain unchanged at $0.11.
Net income of $1.1 million for the third quarter remains unchanged.
The Company's expectation for net income for fiscal 2006 to increase to between $7.5 million and $8.0 million, or $0.19 to $0.20 per diluted share, also remains unchanged.
Smith & Wesson Holding Corporation, through its subsidiary Smith & Wesson Corp, is one of the world's largest manufacturers of quality handguns, law enforcement products and firearm safety/security products.
The Company also licenses shooter protection, knives, apparel, footwear and other accessory lines.
Smith & Wesson Holding Corporation
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