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Sturm, Ruger & Company, Inc. (NYSE-RGR) today announced that during the third quarter of 2008 it repurchased 1.1 million shares of its common stock, representing 5.5% of the total shares outstanding at the start of the repurchase program, for $7.4 million in the open market. The average price per share repurchased was $6.50. These repurchases were funded with cash on hand. At the end of the quarter, 19.5 million shares remained outstanding and the Company had approximately $22 million of cash and no debt.
In April 2008, the Company announced that its Board of Directors had authorized the Company to repurchase up to $10 million of its common stock. $2.6 million remains available for share repurchases under this repurchase program.
About Sturm, Ruger & Co., Inc.
Sturm, Ruger & Co., Inc. is one of the nation's leading manufacturers of rugged, reliable firearms for the commercial sporting market. With products made in America, Ruger offers consumers almost 800 variations of more than 40 product lines. For more than 70 years, Ruger has been a model of corporate and community responsibility. Our motto, "Arms Makers for Responsible Citizens®," echoes our commitment to these principles as we work hard to deliver quality and innovative firearms.
The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.
Sturm, Ruger & Co., Inc. “Arms Makers for Responsible Citizens®”