SPRINGFIELD, Mass. — Smith & Wesson Holding Corporation (Nasdaq: SWHC) has announced its financial results for the second fiscal quarter ended October 31, 2008.
Net product sales for the three months ended October 31, 2008 were $72.7 million, a $2.0 million, or 2.8%, increase over net product sales for the three months ended October 31, 2007. Net loss for the second fiscal quarter was $76.2 million.
Total firearms sales were $67.5 million, an increase of $1.7 million, or 2.6%, over the second quarter of last year. Pistol sales increased 40% to $18.5 million, mainly due to the M&P polymer pistol line and by strong consumer sales of the Sigma pistol line.
Sales of M&P pistols increased 45% in the second quarter. M&P tactical rifle sales increased by 308% in the second quarter.
Total revolver sales declined slightly in the second quarter versus the comparable quarter one year ago, based upon a large international order included in last year’s results. Domestic revolver sales increased by 13% versus the second quarter of last year.
Sales of non-firearms accessories, including handcuffs, totaled $5.2 million, a 4.5% increase over non-firearms accessories sales of $5.0 million in the second quarter last year. Hunting rifle sales of $11.5 million represented a decline of $7.9 million, or 41%, from the comparable quarter in the last fiscal year.
Gross profit of $20.0 million was $3.1 million, or 13.5%, lower than gross profit for the comparable quarter last year. Gross margins decreased to 27.3% from 32.3% for the comparable quarter last year.
