A Letter To the Shareholders of Sturm, Ruger & Co., Inc.,
October 24, 2007
The third quarter of 2007 was a major disappointment, especially following the strong first and second quarters in 2007. My goal in writing this letter is to put the third quarter results into context, explaining the breadth of the ongoing transformation of Ruger, and to give you the information you need to better estimate Ruger's intrinsic value.

I am optimistic that Ruger can grow and prosper, but the transformation will take time and progress will not always be smooth. Sometimes it will follow the old adage, "two steps forward and one step back." More - View Shareholder Letter PDF

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