<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
--------------- ---------------
Commission file number 0-4776
STURM, RUGER & COMPANY, INC.
(Exact name of registrant as specified in its charter)
Delaware 06-0633559
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
Lacey Place, Southport, Connecticut 06490
(Address of principal executive offices) (Zip code)
(203) 259-7843
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
The number of shares outstanding of the issuer's common stock as of July 29,
1995: Common Stock, $1 par value - 13,452,400.
Page 1 of 14
<PAGE> 2
INDEX
STURM, RUGER & COMPANY, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION PAGE NO.
<S> <C>
Item 1. Financial Statements (Unaudited)
Condensed consolidated balance sheets--June 30, 1995 and
December 31, 1994 3
Condensed consolidated statements of income--Three months
ended June 30, 1995 and 1994; Six months ended June 30,
1995 and 1994 4
Condensed consolidated statements of cash flows--Six months
ended June 30, 1995 and 1994 5
Notes to condensed consolidated financial statements--June
30, 1995 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 4. Submission of matters to a vote of Security-Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES 14
</TABLE>
- 2 -
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
STURM, RUGER & COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per-share data)
<TABLE>
<CAPTION>
June 30 December 31
1995 1994
-----------------------
(unaudited) (Note)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 4,884 $ 7,719
Short-term investments 47,427 58,650
Trade receivables, less allowances
for doubtful accounts ($900) and
discounts ($173 and $650) 17,000 17,889
Inventories:
Finished products 5,415 1,672
Materials and products in process 35,267 25,432
-------- --------
40,682 27,104
Deferred income taxes 6,921 6,077
Prepaid expenses and other assets 178 1,123
-------- --------
TOTAL CURRENT ASSETS 117,092 118,562
PROPERTY, PLANT AND EQUIPMENT 104,390 95,158
Less allowances for depreciation 63,320 59,866
-------- --------
41,070 35,292
DEFERRED INCOME TAXES 4,688 4,532
OTHER ASSETS 12,031 11,106
-------- --------
$174,881 $169,492
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 3,380 $ 4,825
Accrued expenses 797 1,254
Product safety modifications 1,505 1,548
Product liability 3,000 3,000
Employee compensation 7,990 7,024
Workers' compensation 6,573 6,318
Income taxes 1,268 741
-------- --------
TOTAL CURRENT LIABILITIES 24,513 24,710
PRODUCT LIABILITY ACCRUAL 18,451 18,487
CONTINGENT LIABILITIES--Note 5 -- --
STOCKHOLDERS' EQUITY
Common Stock, non-voting, par value $1:
Authorized shares 50,000; none issued
Common Stock, par value $1: Authorized shares -
20,000,000; issued and outstanding 13,452,400 13,452 13,452
Additional paid-in capital 2,283 2,283
Retained earnings 116,182 110,560
-------- --------
131,917 126,295
-------- --------
$174,881 $169,492
======== ========
</TABLE>
Note:
The balance sheet at December 31, 1994 has been derived from the audited
financial statements at that date but does not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
See notes to condensed consolidated financial statements.
- 3 -
<PAGE> 4
STURM, RUGER & COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per-share data)
<TABLE>
<CAPTION>
Three Months Ended Six Month Ended
June 30 June 30
1995 1994 1995 1994
------------------ ------------------
<S> <C> <C> <C> <C>
Firearm Sales $37,979 $44,334 $81,484 $91,408
Casting Sales 7,217 4,220 14,015 8,199
------- ------- ------- -------
Net sales 45,196 48,554 95,499 99,607
Cost of products sold 31,090 30,531 63,766 61,597
------- ------- ------- -------
14,106 18,023 31,733 38,010
Expenses:
Selling 2,915 3,038 5,924 5,883
General and administrative 1,104 1,100 2,193 2,191
------- ------- ------- -------
4,019 4,138 8,117 8,074
------- ------- ------- -------
10,087 13,885 23,616 29,936
Other income--net, principally interest 767 504 1,575 1,071
------- ------- ------- -------
INCOME BEFORE INCOME TAXES 10,854 14,389 25,191 31,007
Income taxes 4,374 5,856 10,152 12,620
------- ------- ------- -------
NET INCOME $ 6,480 $ 8,533 $15,039 $18,387
======= ======= ======= =======
Net income per share $0.48 $0.64 $1.12 $1.37
===== ===== ===== =====
Cash dividends per share $0.35 $0.30 $0.70 $0.60
===== ===== ===== =====
</TABLE>
See notes to condensed consolidated financial statements.
- 4 -
<PAGE> 5
STURM, RUGER & COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
<TABLE>
<CAPTION>
Six Months Ended June 30
1995 1994
-------------------------
<S> <C> <C>
CASH PROVIDED BY OPERATING ACTIVITIES $ 4,591 $ 14,542
INVESTING ACTIVITIES
Property, plant and equipment additions (9,232) (3,989)
Purchases of short-term investments (83,357) (72,952)
Proceeds from sales or maturities of
short-term investments 94,580 64,655
-------- --------
Cash provided (used) by investing activities 1,991 (12,286)
FINANCING ACTIVITIES
Dividends paid (9,417) (8,071)
-------- --------
Cash used by financing activities (9,417) (8,071)
-------- --------
DECREASE IN CASH AND CASH EQUIVALENTS (2,835) (5,815)
Cash and cash equivalents at beginning of period 7,719 7,670
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,884 $ 1,855
======== ========
</TABLE>
See notes to condensed consolidated financial statements.
- 5 -
<PAGE> 6
STURM, RUGER & COMPANY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 1995
NOTE 1--BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and the instructions to Form 10-Q and Article 10
of Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
In the opinion of management, the accompanying unaudited condensed
consolidated financial statements include all adjustments, consisting of normal
recurring accruals, considered necessary for a fair presentation of the results
of the interim periods. Operating results for the six months ended June 30, 1995
are not necessarily indicative of the results to be expected for the full year
ending December 31, 1995. For further information refer to the consolidated
financial statements and footnotes thereto included in the Sturm, Ruger &
Company, Inc. Annual Report on Form 10-K for the year ended December 31, 1994.
NOTE 2--INVENTORIES
An actual valuation of inventory under the LIFO method can be made only at
the end of each year based on the inventory levels and costs at that time.
Accordingly, interim LIFO calculations must necessarily be based on management's
estimates of expected year-end inventory levels and costs. Because these are
subject to many forces beyond management's control, interim results are subject
to the final year-end LIFO inventory valuation. At June 30, 1995, inventory
quantities used in the LIFO calculation were greater than quantities on hand at
the end of 1994.
NOTE 3--INCOME TAXES
The Company's effective tax rate differs from the statutory tax rate
principally as a result of state income taxes. Total income tax payments during
the six months ended June 30, 1995 and 1994 were $10.6 million and $18.4
million, respectively.
NOTE 4--NET INCOME PER COMMON SHARE
Net income per common share is based upon the weighted average number of
common shares and common stock equivalents outstanding during the period. Common
stock equivalents represent shares awarded pursuant to the Company's Stock Bonus
Plan. Common stock equivalents outstanding in 1995 and 1994 were immaterial.
- 6 -
<PAGE> 7
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
NOTE 5--CONTINGENT LIABILITIES
The Company is a defendant in approximately 21 lawsuits involving product
liability claims and is aware of other product liability claims which allege
defective product design. These lawsuits and claims are based principally on the
theory of "strict liability" but also may be based on negligence, breach of
warranty and other legal theories. In many of the lawsuits, punitive damages, as
well as compensatory damages, are demanded. Aggregate claimed amounts presently
exceed product liability accruals and, if applicable, insurance coverage.
Management believes that, in every case, the allegations of defective product
design are unfounded, and that the accident and any results therefrom were due
to negligence or misuse of the firearm by the claimant or a third party and that
there should be no recovery against the Company.
The Company's management monitors the status of known claims and the
product liability accrual, which includes amounts for asserted and unasserted
claims. While it is difficult to forecast the outcome of these claims, in the
opinion of management, after consultation with special and corporate counsel,
the outcome of these claims will not have a material adverse effect on the
results of operations or financial condition of the Company.
The Company has reported all lawsuits instituted against it through March
31, 1995 and the results of those lawsuits, where terminated, to the S.E.C. on
its Form 10-K and Form 10-Q reports, to which reference is hereby made.
- 7 -
<PAGE> 8
ITEM 2. MANAGEMENTS'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
Consolidated net sales for the three and six months ended June 30, 1995
were $45.2 million and $95.5 million which represented decreases of 6.9% and
4.1% from the respective 1994 consolidated net sales amounts of $48.6 million
and $99.6 million.
Firearm segment sales decreased by 14.3% and 10.9%, respectively, to $38
million and $81.5 million in the second quarter and six months ended June 30,
1995 compared to $44.3 million and $91.4 million in the corresponding 1994
periods. Decreases in firearm unit shipments of 14.6% and 14.1% for the three
and six months ended June 30, 1995 were attributable to weakening consumer
demand for pistols which are manufactured in the Company's Prescott, Arizona
facility. Sales of firearms in the other industry product categories of
revolvers, rifles, and shotguns remain strong with consumer demand for these
products being substantially in excess of the current production capacity of the
Company's Newport, New Hampshire facility. The Company anticipates that these
marketing demand factors will continue for the balance of 1995. The Company
recently completed a 65,000 square foot addition to the Newport facility which
will increase production capacity of firearm units through rearrangement of
production lines and reallocation of floor space. Currently, machinery is being
placed in this new facility and it is anticipated that incremental production
increases will be realized in the fourth quarter of 1995.
Casting segment sales increased by 71.0% and 70.9%, respectively, to $7.2
million and $14.0 million in the second quarter and six months ended June 30,
1995 from $4.2 million and $8.2 million in the corresponding 1994 periods,
partially offsetting the decrease in firearm segment sales. This increase was
achieved primarily by Ruger Investment Casting commencing the shipment of Great
Big Bertha titanium golf club heads to Callaway Golf Company in the first
quarter of 1995. The Company has invested considerable resources in late 1994
and in 1995 to significantly increase the capacity of Ruger Investment Casting
to produce Great Big Bertha titanium golf club heads and, as a result, expects
to realize increases in production quantities in the third and fourth quarters
of 1995. The Company has also entered into a Joint Venture agreement with
Callaway Golf Company to collaborate in the construction of a new investment
casting foundry for the production of titanium golf club heads. Under the terms
of this agreement, the Company has committed to produce and Callaway Golf
Company has committed to purchase a quantity of titanium golf club heads with
sales prices totalling a minimum of approximately $150 million in the years 1996
through 1998. The new investment casting facility is expected to be operational
in the second quarter of 1996.
Consolidated cost of products sold for the three and six months ended June
30, 1995 were $31.1 million and $63.8 million which represented increases of
1.8% and 3.5%, respectively, from the corresponding periods of 1994 of $30.5
million and $61.6 million. These increases are primarily from an unfavorable
firearm product sales mix, inefficiencies from decreased firearms unit
production at the Company's Prescott, Arizona facility, increases in LIFO
inventory costs and casting segment sales, which have a lower gross profit
percentage than firearm sales, increasing as a percentage of consolidated net
- 8 -
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS--CONTINUED
sales. The Company has commenced implementing certain steps to more efficiently
use its manufacturing resources and reduce costs which include transferring
skilled manufacturing workers from pistol production to Great Big Bertha golf
club head production and reevaluating the Company's required inventory
quantities.
As the result of the foregoing, gross profit as a percent of net sales
decreased to 31.2% and 33.2% in the respective three and six months ended June
30, 1995 from 37.1% and 38.2% in the comparable 1994 periods.
Selling General and Administrative expenses for the three and six months
period ended June 30, 1995 approximated the respective 1994 periods.
Other income--net increased for the three and six months ended June 30,
1995 compared to the respective 1994 periods primarily as a result of higher
interest rates earned on funds invested exceeding the effects of the decrease in
average fund balances available for investment.
Financial Condition
At June 30, 1995, the Company had cash, cash equivalents and short-term
investments of $52.3 million, working capital of $92.6 million and a current
ratio of 4.8 to 1.
Cash provided by operating activities was $4.6 million and $14.5 million
for the six months ended June 30, 1995 and 1994, respectively. This change in
cash flows is principally a result of an increase in inventory of $13.6 million
in 1995 compared to a increase of $4.0 million in 1994. The increase in
inventory levels is primarily from the Company's raw material purchases for the
first six months of 1995 exceeding production requirements and an increase in
pistol firearm units.
The Company follows an industry-wide practice of offering a "dating plan"
to its customers on selected products, which allows the purchasing distributor
to buy the products commencing in December, the start of the Company's dating
plan year, and pay for them on extended terms. Discounts are offered for early
payment. The dating plan provides a revolving payment plan under which payments
for all shipments made during the period December through March have to be made
by April 30. Shipments made in subsequent months have to be paid for within 90
days. Dating plan receivable balances were $5.8 million at June 30, 1995. The
Company has reserved the right to discontinue the dating plan at any time and
has been able to finance this dating plan from internally generated funds
provided by operating activities.
Capital expenditures during the six months ended June 30, 1995 totaled $9.2
million and for the past two years averaged approximately $3.2 million per
quarter. These expenditures have been financed through funds provided from
operations. For 1995, the Company has budgeted to spend approximately $18.6
million on capital expenditures to upgrade, modernize and complete the expansion
of the Newport Firearm Division, significantly increase the capacity and expand
the Ruger Investment Casting Division, and for normal company-wide improvements
- 9 -
<PAGE> 10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS--CONTINUED
to increase efficiency. The Company also anticipates investing up to $7 million
in the next 12 months in the Joint Venture Agreement with Callaway Golf Company
to construct a new investment casting foundry in Prescott, Arizona to produce
titanium golf club heads. The Company intends to continue to finance all of
these activities with funds provided from operations.
For the six months ended June 30, 1995, dividends paid totaled $9.4
million. This amount reflects the regular quarterly dividend of $.35 per share
paid on March 15 and June 15, 1995. On July 18, 1995 the Company declared a
regular quarterly dividend of $.35 per share payable on September 15, 1995.
Future dividends depend on many factors, including internal estimates of future
performance and the Company's need for funds.
Historically, the Company has not required external financing. Based on its
cash flow and unencumbered assets, the Company believes it has the ability to
raise substantial amounts of short-term or long-term debt. The Company does not
anticipate any need for external financing through 1995.
The purchase of firearms is subject to federal, state and local
governmental regulations. The basic federal laws are the National Firearms Act
and the Federal Firearms Act. These laws generally prohibit the private
ownership of fully automatic weapons and place certain restrictions on the
interstate sale of firearms unless certain licenses are obtained. The Company
does not manufacture fully automatic weapons, other than for the law enforcement
market, and holds all necessary licenses under these federal laws. From time to
time, congressional committees review proposed bills relating to the regulation
of firearms. These proposed bills generally seek either to restrict or ban the
sale and, in some cases, the ownership of various types of firearms, or to
impose a mandatory waiting period prior to their purchase. Several states
currently have laws in effect similar to the aforementioned legislation.
The "Brady Law", mandating a nationwide 5-day waiting period prior to the
purchase of a handgun, was signed into law in November, 1993 and became
effective February 28, 1994. The Company believes that, because its customers
are sportsmen, hunters, gun collectors and law enforcement agencies and since 26
states had previously enacted some form of a waiting period prior to purchase,
the "Brady Law" has not had a significant effect on the Company's sales of
firearms. The Crime Bill took effect on September 13, 1994, but none of the
Company's products were banned as so-called "assault weapons." To the contrary,
all the Company's currently manufactured long guns have been exempted by name as
"legitimate sporting firearms." A separate provision of the Crime Bill
prohibited production or sale of detachable magazines of over 10-round capacity
manufactured after September 13, 1994, other than to law enforcement. Only two
such magazines (9mm and .40 caliber) were commercially sold by the Company, and
production of substitute 10-round magazines in these calibers (approved by the
BATF) has begun. No significant delays in shipments resulted from these magazine
changes. Nevertheless, the Company remains strongly opposed to laws which
would unduly restrict the rights of law-abiding citizens to acquire firearms for
legitimate purposes. The Company believes that the private ownership of firearms
is guaranteed by the Second Amendment to the United States Constitution and that
the widespread private ownership of firearms in the United
- 10 -
<PAGE> 11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS--CONTINUED
States will continue. However, there can be no assurance that the regulation of
firearms will not become more restrictive in the future and that any such
restriction would not have a material adverse effect on the business of the
Company.
The Company has expended significant amounts of financial resources and
management time in connection with product liability litigation. While it is
difficult to forecast the outcome of litigation or the timing of costs,
management believes, after consultation with counsel, that this litigation will
not have a material adverse effect on the financial condition of the Company.
The Company is not aware of any adverse trends in its litigation as a whole.
In the normal course of its manufacturing operations, the Company is
subject to occasional governmental proceedings and orders pertaining to waste
disposal, air emissions and water discharges into the environment. The Company
believes that it is generally in compliance with applicable environmental
regulations and the outcome of such proceedings and orders will not have a
material adverse effect on its business.
The Company expects to realize its deferred tax assets through tax
deductions against future taxable income or carry-back against taxes previously
paid.
Inflation's effect on the Company's operations is most immediately felt in
cost of products sold because the Company values inventory on the LIFO basis.
Generally under this method, the cost of products sold reported in the financial
statements approximates current costs, and thus, reduces distortion in reported
income which would result from the slower recognition of increased costs when
other methods are used. The use of historical cost depreciation has a beneficial
effect on cost of products sold. The Company has been affected by inflation in
line with the general economy. Thus far in 1995, the rate of inflationary cost
was comparable with the same 1994 period.
- 11 -
<PAGE> 12
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
"Note 5--Contingent Liabilities" presented in Part I is incorporated herein by
reference.
Three lawsuits were instituted against the Company during the three months
ended June 30, 1995, which involved significant demands for compensatory and/or
punitive damages:
Hook SuperX, Inc. vs. Sturm, Ruger & Company, Inc., Spring Hill Bait 'N
Tackle, Inc., Spring Hill Rod & Gun, Inc. and Jennifer Offutt, in the Circuit
Court of the State of West Virginia, Kanawha County. The complaint alleges that
on or about August 17, 1990, Jennifer Offutt allegedly purchased a pistol from
Spring Hill Bait 'N Tackle and gave it to Randall Stevenson who allegedly
assaulted John Andrew Adkins. Plaintiff is seeking third party general damages
plus other relief.
Danny O. Lowry vs. Sturm, Ruger & Company, Inc. et. al. in the Superior
Court of the State of Alaska, Third Judicial District of Kenai. The complaint
alleges that on or about December 30, 1993, the plaintiff suffered injuries when
his .44 caliber revolver allegedly accidentally discharged. General and punitive
damages in the amount of $500,000 are demanded.
Carolyn McCarthy, Individually and as Executrix of Estate of Dennis
McCarthy, Kevin McCarthy, Maryanne Phillips, and Robert C. Phillips vs. Sturm,
Ruger & Company, Inc., Olin Corporation and Ram-Line, Inc., in the Supreme Court
of the State of New York, New York County. The complaint alleges that on or
about December 7, 1993, Colin Ferguson criminally assaulted plaintiffs and/or
plaintiff's decedents while riding the Long Island Railroad, using products
manufactured by the defendants. Compensatory and punitive damages in the amount
of $664 million are demanded.
During the three months ending June 30, 1995 the following previously
reported lawsuits were settled:
Name Jurisdiction
---- ------------
Worley California
Brown South Carolina
Baxter Connecticut
Easland California
Herrera Pennsylvania
Whitman Massachusetts
These lawsuits were settled for amounts within the insurance limits and/or
self-insured retention of the Company.
The case of Van Laak vs. Sturm, Ruger & Company, Inc. (California) was
dismissed due to lack of prosecution by plaintiff.
- 12 -
<PAGE> 13
PART II. OTHER INFORMATION--CONTINUED
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The 1995 Annual Meeting of the Stockholders of the Company was held on
April 25, 1995. The table below sets forth the results of the votes
taken at the 1995 Annual Meeting:
<TABLE>
<CAPTION>
1. Election of Votes Votes
Directors Votes For Against Withheld
--------- --------- ------- --------
<S> <C> <C> <C>
William B. Ruger 12,411,734 -- 7,895
William B. Ruger, Jr. 12,411,602 -- 8,027
John M. Kingsley, Jr. 12,411,602 -- 8,027
Nils Anderson, Jr. 12,388,834 -- 30,795
Richard T. Cunniff 12,407,534 -- 12,095
Townsend Hornor 12,409,902 -- 9,727
Stanley B. Terhune 12,409,002 -- 10,627
Paul X. Kelley 12,409,654 -- 9,975
James P. Service 12,399,502 -- 20,127
</TABLE>
2. Ratification of Ernst & Young as Auditors for 1995
<TABLE>
<CAPTION>
Votes For Votes Against Votes Withheld
--------- ------------- --------------
<S> <C> <C>
12,400,112 6,848 12,669
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - None.
(b) On June 19, 1995, Sturm, Ruger & Company, Inc. filed on Form 8-K with
the Securities & Exchange Commission a press release and Formation
Agreement which announced that the Company was entering into a joint
venture agreement with Callaway Golf Company to construct a new
investment casting foundry to produce titanium golf club heads.
- 13 -
<PAGE> 14
STURM, RUGER & COMPANY, INC.
FORM 10-Q FOR THE THREE MONTHS ENDED JUNE 30, 1995
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
STURM, RUGER & COMPANY, INC.
Date August 14, 1995 /s/JOHN M. KINGSLEY, JR.
--------------- ----------------------------
John M. Kingsley, Jr.
Principal Financial and
Accounting Officer,
Executive Vice President
- 14 -
<PAGE> 15
EXHIBIT INDEX
-------------
Exhibit
No. Description
------- -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 4,884
<SECURITIES> 47,427
<RECEIVABLES> 18,073
<ALLOWANCES> 1,073
<INVENTORY> 40,682
<CURRENT-ASSETS> 117,092
<PP&E> 104,390
<DEPRECIATION> 63,320
<TOTAL-ASSETS> 174,881
<CURRENT-LIABILITIES> 24,513
<BONDS> 0
<COMMON> 13,452
0
0
<OTHER-SE> 118,465
<TOTAL-LIABILITY-AND-EQUITY> 174,881
<SALES> 95,499
<TOTAL-REVENUES> 95,499
<CGS> 63,766
<TOTAL-COSTS> 63,766
<OTHER-EXPENSES> 8,117
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 25,191
<INCOME-TAX> 10,152
<INCOME-CONTINUING> 15,039
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,039
<EPS-PRIMARY> 1.12
<EPS-DILUTED> 1.12
</TABLE>
