Smith & Wesson (SWHC) blew away the Street, with a record 75% increase in earnings per share, 20% increase in net sales and a 125% increase in net income for the fourth quarter over the fourth fiscal quarter a year ago.
Net income for the fourth quarter of fiscal 2009 was $7.4 million, or $0.14 per diluted share, compared with $3.3 million, or $0.08 per diluted share, for the fourth quarter of fiscal 2008.
Net sales for the fourth fiscal quarter ended April 30, 2009 were $99.5 million, or 19.8%, higher than net sales of $83.1 million for the fourth fiscal quarter last year.
Consumer and police demand for pistols and tactical rifles helped fuel the strong gains, according to Smith & Wesson President and CEO, Michael F. Golden. Golden said, “Our fourth quarter results reflect a number of records for Smith & Wesson, including record quarterly revenue, record net income, record earnings per share, and record levels in both our cash balances and our firearms backlog.”
The strong gains come on the heels of SWHC announcement last week that it intends to acquire Universal Safety Response, Inc. (USR). USR is in the perimeter security system business. The move will help Smith & Wesson expand into new non-firearms businesses acquire commercial customers as well as all branches of the U.S. military.