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Smith & Wesson Holding grows 27.4% in first quarter of 2006

Jun '06
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, today announced financial results for the fiscal year and the fourth fiscal quarter ended April 30, 2006.

Revenues for fiscal 2006 increased 27.4 percent over the previous fiscal year. Firearms sales for the fiscal year grew 29.8 percent over the previous fiscal year, reflecting a 69.0 percent increase in pistol sales and a 13.7 percent increase in revolver sales.

Net income for fiscal 2006 of $8.7 million, or $0.22 per diluted share, was $3.5 million, or $0.08 per diluted share, higher than for the previous fiscal year. The results for fiscal 2006 also included $2.1 million in stock option expense relative to FAS 123(R) compared with $626,000 for the previous fiscal year.

Smith & Wesson Chairman of the Board, Barry M. Monheit, said, "Our results for fiscal 2006 reflect our first full year with the new management team in place. Speaking on behalf of our board of directors, we are pleased and proud of this highly capable team, its success in developing a sound strategy, and its ability to exceed our operational and financial objectives for the year. We look forward to a continuation of this success in the coming year."

Net product sales for the fourth fiscal quarter ended April 30, 2006 were a record $51.9 million, a 44.1 percent increase over fiscal 2005 fourth quarter net product sales of $36.0 million. Net income for the quarter was $4.2 million, or $0.10 per diluted share, compared with $1.8 million or $0.05 per diluted share, in the fourth quarter of fiscal 2005.

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