Sturm, Ruger & Company, Inc. Reports First Quarter Results
May 03, 2006
Sturm, Ruger & Company, Inc. (NYSE-RGR), today reported first quarter 2006 net sales of $47.4 million compared to $44.3 million in the first quarter of 2005, and net income of $1.4 million or $0.05 per share compared to $3.7 million or $0.14 per share in the first quarter of 2005.

Interim Chief Executive Officer Stephen L. Sanetti commented on the firearms results, "Firearm unit shipments increased 1% from the prior year as increased revolver and rifle shipments were offset by a reduction in pistol shipments. The reduction in pistol shipments is attributable to the shipment of 5,000 KP95D 9mm pistols to the U.S. Army Tank-automotive and Armaments Command in January 2005. Modest price increases and the modification of our sales discount programs resulted in the further increase in sales to 4%."

Mr. Sanetti elaborated on the castings results, "Our castings sales increased by 28% from the first quarter of 2005, but unfortunately, this segment of our business continues to operate at a loss. We will continue to evaluate the role that the castings business will play in our future."

The first quarter was a quiet one on the product liability front. The number of "conventional" product liability cases remains near a record low and industry safety and accident statistics continue to reaffirm the success of the many voluntary firearms safety programs.

Mr. Sanetti concluded his remarks, "During the past several months, the Company has begun to undergo significant changes, the results of which will culminate in the emergence of a leaner, more efficient and more profitable enterprise. There is still plenty of work to be done, and I am confident we are assembling the right team and heading in the right direction. I want to thank our shareholders for their patience and look forward to reporting our progress to you throughout 2006."

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