Fresh off record breaking profits in the first quarter of fiscal 2013, Smith & Wesson is looking to the future, reducing operating costs and gearing up for increased production of the M&P pistol line.
According to a press release from Smith & Wesson, Q1-2013 (ending August 31, 2012) was quite good for the company with record net sales and profits plus a reduction in operating costs.
Key Points
- net sales of $136 million, up more than 48% from Q1-2012
- gross profit of $51.3 million, or 37.7% of net sales
- gross profit up from $26.5 million in Q1-2012
- operating expenses down by $1 million when compared to Q1-2012
- net income a record $18.9 million, up from $2.3 million in Q1-2012
- cash on hand at end of Q1-2013 was $60.5 million