\nSturm, Ruger & Company, Inc. (NYSE-RGR) announced today that for the second quarter of 2021 the Company reported net sales of $200.1 million and diluted earnings of $2.50 per share, compared with net sales of $130.3 million and diluted earnings of $1.05 per share in the second quarter of 2020.\n<\/p>\n
\nFor the six months ended July 3, 2021, net sales were $384.4 million and diluted earnings were $4.66 per share. For the corresponding period in 2020, net sales were $253.9 million and diluted earnings were $1.91 per share.\n<\/p>\n
\nThe Company also announced today that its Board of Directors declared a dividend of $1.00 per share for the second quarter for stockholders of record as of August 16, 2021, payable on August 27, 2021. This dividend varies every quarter because the Company pays a percentage of earnings rather than a fixed amount per share. This dividend is approximately 40% of net income.\n<\/p>\n
\nChief Executive Officer Christopher J. Killoy commented on the financial results for the second quarter of 2021, \u201cThe continued strengthening of our workforce, our increased productivity, and strong demand allowed us to achieve outstanding financial results. The dedication and commitment of our over 1,900 hardworking employees resulted in our seventh consecutive quarterly increase in production, and the continued reduced level of Ruger inventory at the independent distributors and in our warehouses is indicative of strong consumer demand for our firearms.\u201d\n<\/p>\n
\nMr. Killoy continued, \u201cNew product development remains among our highest priorities. On the heels of the successful MAX-9 pistol launch earlier this year, we introduced the Ruger LCP MAX, a 380 Auto pistol, in June. This is the latest offering from the Ruger LCP family, which has set the standard for personal protection pistols for over a decade. We are hard at work on additional exciting new products, including the return of Marlin lever action rifles, which we plan to begin shipping in the fourth quarter.\u201d\n<\/p>\n
\nMr. Killoy made the following observations related to the Company\u2019s second quarter 2021 performance:\n<\/p>\n
- \n
- \nThe estimated unit sell-through of the Company\u2019s products from the independent distributors to retailers increased 13% in the first half of 2021 compared to the prior year period. For the same period, the National Instant Criminal Background Check System (\u201cNICS\u201d) background checks (as adjusted by the National Shooting Sports Foundation) decreased 5%. The increase in the sell-through of the Company\u2019s products compared favorably to the decrease in adjusted NICS background checks and may be attributable to the following:<\/p>\n
- \n
- \nStrong consumer demand for the Company\u2019s products,\n<\/li>\n
- \nIncreases in production for each of the past seven quarters, and\n<\/li>\n
- \nIntroduction of new products that have been met with strong demand.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
- \n
- \nSales of new products, including the Wrangler, the Ruger-57, the LCP II in .22 LR, the PC Charger, the MAX-9 pistol, and the LCP MAX represented $77.9 million or 22% of firearm sales in the first half of 2021. New product sales include only major new products that were introduced in the past two years.\n<\/li>\n<\/ul>\n
- \n
- \nDuring the second quarter of 2021, the Company\u2019s finished goods inventory and distributor inventories of the Company\u2019s products decreased 7,800 units and remain significantly below pre-COVID-19 pandemic levels.\n<\/li>\n<\/ul>\n
- \n
- \nCash provided by operations during the first half of 2021 was $76.2 million. At July 3, 2021, our cash and short-term investments totaled $173.6 million. Our current ratio is 3.7 to 1 and we have no debt.\n<\/li>\n<\/ul>\n
- \n
- \nIn the first half of 2021, capital expenditures totaled $11.5 million. We expect our 2021 capital expenditures to total approximately $20 million, most of which relate to new product introductions.\n<\/li>\n<\/ul>\n
- \n
- \nIn the first half of 2021, the Company returned $27.6 million to its shareholders through the payment of dividends.\n<\/li>\n<\/ul>\n
- \n
- \nAt July 3, 2021, stockholders\u2019 equity was $319.1 million, which equates to a book value of $18.14 per share, of which $9.86 per share was cash and short-term investments.\n<\/li>\n<\/ul>\n
\nToday, the Company filed its Quarterly Report on Form 10-Q for the second quarter of 2021. The financial statements included in this Quarterly Report on Form 10-Q are attached to this press release.\n<\/p>\n
\nTomorrow, August 5, 2021, Sturm, Ruger will host a webcast at 10:00 a.m. ET to discuss the second quarter operating results. Interested parties can access the webcast at <\/span>Ruger.com\/corporate<\/a>or by dialing <\/span>855-871-7398<\/span>, participant code <\/span>7094764<\/span>.<\/span><\/p>\n
\nThe Quarterly Report on Form 10-Q for the second quarter of 2021 is available on the SEC website at SEC.gov<\/a> and the Ruger website at Ruger.com\/corporate<\/a>. Investors are urged to read the complete Quarterly Report on Form 10-Q for the second quarter of 2021 to ensure that they have adequate information to make informed investment judgments.\n<\/p>\n
About Sturm, Ruger & Co., Inc.<\/span><\/p>\n
\nSturm, 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, \u201cArms Makers for Responsible Citizens\u00ae<\/sup>,\u201d echoes our commitment to these principles as we work hard to deliver quality and innovative firearms.\n<\/p>\n
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.<\/i><\/p>\n
\n
\n \n \nSTURM, RUGER & COMPANY, INC.\n<\/p>\n
\n\u00a0\n<\/p>\n
\nCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)\n<\/p>\n
(Dollars in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nJuly 3, 2021\n<\/p>\n<\/td>\n
\n \nDecember 31, 2020\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent Assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash\n<\/p>\n<\/td>\n
\n \n$ 23,561\n<\/p>\n<\/td>\n
\n \n$ 20,147\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShort-term investments\n<\/p>\n<\/td>\n
\n \n149,994\n<\/p>\n<\/td>\n
\n \n121,007\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables, net\n<\/p>\n<\/td>\n
\n \n76,059\n<\/p>\n<\/td>\n
\n \n57,876\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross inventories\n<\/p>\n<\/td>\n
\n \n84,254\n<\/p>\n<\/td>\n
\n \n80,487\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess LIFO reserve\n<\/p>\n<\/td>\n
\n \n(48,969)\n<\/p>\n<\/td>\n
\n \n(48,016)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess excess and obsolescence reserve\n<\/p>\n<\/td>\n
\n \n(3,298)\n<\/p>\n<\/td>\n
\n \n(3,394)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet inventories\n<\/p>\n<\/td>\n
\n \n31,987\n<\/p>\n<\/td>\n
\n \n29,077\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n
\n \n4,042\n<\/p>\n<\/td>\n
\n \n6,266\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Current Assets\n<\/p>\n<\/td>\n
\n \n285,643\n<\/p>\n<\/td>\n
\n \n234,373\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty, plant and equipment\n<\/p>\n<\/td>\n
\n \n404,917\n<\/p>\n<\/td>\n
\n \n393,843\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess allowances for depreciation\n<\/p>\n<\/td>\n
\n \n(337,342)\n<\/p>\n<\/td>\n
\n \n(323,110)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet property, plant and equipment\n<\/p>\n<\/td>\n
\n \n67,575\n<\/p>\n<\/td>\n
\n \n70,733\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n1,530\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets\n<\/p>\n<\/td>\n
\n \n45,658\n<\/p>\n<\/td>\n
\n \n41,622\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Assets\n<\/p>\n<\/td>\n
\n \n$ 398,876\n<\/p>\n<\/td>\n
\n \n$ 348,258\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nSTURM, RUGER & COMPANY, INC.\n<\/p>\n
\n\u00a0\n<\/p>\n
\nCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued)\n<\/p>\n
(Dollars in thousands, except per share data<\/i>)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nJuly 3, 2021\n<\/p>\n<\/td>\n
\n \nDecember 31, 2020\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent Liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade accounts payable and accrued expenses\n<\/p>\n<\/td>\n
\n \n$ 38,256\n<\/p>\n<\/td>\n
\n \n$ 37,078\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liabilities with customers\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n84\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProduct liability\n<\/p>\n<\/td>\n
\n \n919\n<\/p>\n<\/td>\n
\n \n1,052\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmployee compensation and benefits\n<\/p>\n<\/td>\n
\n \n28,615\n<\/p>\n<\/td>\n
\n \n37,275\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWorkers\u2019 compensation\n<\/p>\n<\/td>\n
\n \n6,820\n<\/p>\n<\/td>\n
\n \n6,272\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes payable\n<\/p>\n<\/td>\n
\n \n3,119\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Current Liabilities\n<\/p>\n<\/td>\n
\n \n77,729\n<\/p>\n<\/td>\n
\n \n81,761\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProduct liability accrual\n<\/p>\n<\/td>\n
\n \n91\n<\/p>\n<\/td>\n
\n \n74\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease liability\n<\/p>\n<\/td>\n
\n \n1,590\n<\/p>\n<\/td>\n
\n \n1,724\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes\n<\/p>\n<\/td>\n
\n \n324\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContingent liabilities\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStockholders\u2019 Equity\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon Stock, non-voting, par value $1:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAuthorized shares 50,000; none issued\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon Stock, par value $1:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAuthorized shares \u2013 40,000,000\n<\/p>\n
\n2021 \u2013 24,306,486 issued,\n<\/p>\n
\n17,596,588 outstanding\n<\/p>\n
\n2020 \u2013 24,205,749 issued,\n<\/p>\n
\n17,495,851 outstanding\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n24,306\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n24,206\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditional paid-in capital\n<\/p>\n<\/td>\n
\n \n43,610\n<\/p>\n<\/td>\n
\n \n43,468\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRetained earnings\n<\/p>\n<\/td>\n
\n \n396,816\n<\/p>\n<\/td>\n
\n \n342,615\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess: Treasury stock \u2013 at cost
\n
2021 \u2013 6,709,898 shares
\n
2020 \u2013 6,709,898 shares\n<\/p>\n<\/td>\n\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(145,590)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(145,590)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Stockholders\u2019 Equity\n<\/p>\n<\/td>\n
\n \n319,142\n<\/p>\n<\/td>\n
\n \n264,699\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Liabilities and Stockholders\u2019 Equity\n<\/p>\n<\/td>\n
\n \n$ 398,876\n<\/p>\n<\/td>\n
\n \n$ 348,258\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nSTURM, RUGER & COMPANY, INC.\n<\/p>\n
\n\u00a0\n<\/p>\n
\nCONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
\n
(UNAUDITED)\n<\/p>\n(Dollars in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nThree Months Ended\n<\/p>\n<\/td>\n
\n \nSix Months Ended\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nJuly 3, 2021\n<\/p>\n<\/td>\n
\n \nJune 27, 2020\n<\/p>\n<\/td>\n
\n \nJuly 3, 2021\n<\/p>\n<\/td>\n
\n \nJune 27, 2020\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet firearms sales\n<\/p>\n<\/td>\n
\n \n$199,447\n<\/p>\n<\/td>\n
\n \n$129,413\n<\/p>\n<\/td>\n
\n \n$383,049\n<\/p>\n<\/td>\n
\n \n$252,178\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet castings sales\n<\/p>\n<\/td>\n
\n \n625\n<\/p>\n<\/td>\n
\n \n851\n<\/p>\n<\/td>\n
\n \n1,400\n<\/p>\n<\/td>\n
\n \n1,725\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal net sales\n<\/p>\n<\/td>\n
\n \n200,072\n<\/p>\n<\/td>\n
\n \n130,264\n<\/p>\n<\/td>\n
\n \n384,449\n<\/p>\n<\/td>\n
\n \n253,903\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of products sold\n<\/p>\n<\/td>\n
\n \n121,315\n<\/p>\n<\/td>\n
\n \n90,179\n<\/p>\n<\/td>\n
\n \n233,126\n<\/p>\n<\/td>\n
\n \n177,809\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross profit\n<\/p>\n<\/td>\n
\n \n78,757\n<\/p>\n<\/td>\n
\n \n40,085\n<\/p>\n<\/td>\n
\n \n151,323\n<\/p>\n<\/td>\n
\n \n76,094\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating expenses:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling\n<\/p>\n<\/td>\n
\n \n8,449\n<\/p>\n<\/td>\n
\n \n7,286\n<\/p>\n<\/td>\n
\n \n16,537\n<\/p>\n<\/td>\n
\n \n14,923\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and administrative\n<\/p>\n<\/td>\n
\n \n10,639\n<\/p>\n<\/td>\n
\n \n8,773\n<\/p>\n<\/td>\n
\n \n23,161\n<\/p>\n<\/td>\n
\n \n16,982\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating expenses\n<\/p>\n<\/td>\n
\n \n19,088\n<\/p>\n<\/td>\n
\n \n16,059\n<\/p>\n<\/td>\n
\n \n39,698\n<\/p>\n<\/td>\n
\n \n31,905\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating income\n<\/p>\n<\/td>\n
\n \n59,669\n<\/p>\n<\/td>\n
\n \n24,026\n<\/p>\n<\/td>\n
\n \n111,625\n<\/p>\n<\/td>\n
\n \n44,189\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther income:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest income\n<\/p>\n<\/td>\n
\n \n12\n<\/p>\n<\/td>\n
\n \n394\n<\/p>\n<\/td>\n
\n \n20\n<\/p>\n<\/td>\n
\n \n960\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense\n<\/p>\n<\/td>\n
\n \n(25)\n<\/p>\n<\/td>\n
\n \n(27)\n<\/p>\n<\/td>\n
\n \n(50)\n<\/p>\n<\/td>\n
\n \n(52)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther income, net\n<\/p>\n<\/td>\n
\n \n610\n<\/p>\n<\/td>\n
\n \n306\n<\/p>\n<\/td>\n
\n \n1,061\n<\/p>\n<\/td>\n
\n \n413\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal other income, net\n<\/p>\n<\/td>\n
\n \n597\n<\/p>\n<\/td>\n
\n \n673\n<\/p>\n<\/td>\n
\n \n1,031\n<\/p>\n<\/td>\n
\n \n1,321\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before income taxes\n<\/p>\n<\/td>\n
\n \n60,266\n<\/p>\n<\/td>\n
\n \n24,699\n<\/p>\n<\/td>\n
\n \n112,656\n<\/p>\n<\/td>\n
\n \n45,510\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes\n<\/p>\n<\/td>\n
\n \n15,882\n<\/p>\n<\/td>\n
\n \n6,105\n<\/p>\n<\/td>\n
\n \n30,080\n<\/p>\n<\/td>\n
\n \n11,578\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income and comprehensive income\n<\/p>\n<\/td>\n
\n \n$ 44,384\n<\/p>\n<\/td>\n
\n \n$ 18,594\n<\/p>\n<\/td>\n
\n \n$ 82,576\n<\/p>\n<\/td>\n
\n \n$ 33,932\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic earnings per share\n<\/p>\n<\/td>\n
\n \n$2.52\n<\/p>\n<\/td>\n
\n \n$1.06\n<\/p>\n<\/td>\n
\n \n$4.70\n<\/p>\n<\/td>\n
\n \n$1.94\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted earnings per share\n<\/p>\n<\/td>\n
\n \n$2.50\n<\/p>\n<\/td>\n
\n \n$1.05\n<\/p>\n<\/td>\n
\n \n$4.66\n<\/p>\n<\/td>\n
\n \n$1.91\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n
\nWeighted average number of common shares outstanding – Basic\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,590,305\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,489,642\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,574,798\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,475,819\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n
\nWeighted average number of common shares outstanding – Diluted\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,766,868\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,763,277\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,735,910\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,735,474\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash dividends per share\n<\/p>\n<\/td>\n
\n \n$0.86\n<\/p>\n<\/td>\n
\n \n$0.35\n<\/p>\n<\/td>\n
\n \n$1.57\n<\/p>\n<\/td>\n
\n \n$0.53\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nSTURM, RUGER & COMPANY, INC.\n<\/p>\n
\n\u00a0\n<\/p>\n
\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)\n<\/p>\n
\n(Dollars in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nSix Months Ended\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nJuly 3, 2021\n<\/p>\n<\/td>\n
\n \nJune 27, 2020\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Activities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income\n<\/p>\n<\/td>\n
\n \n$ 82,576\n<\/p>\n<\/td>\n
\n \n$ 33,932\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net income to cash provided by operating activities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization\n<\/p>\n<\/td>\n
\n \n14,751\n<\/p>\n<\/td>\n
\n \n14,429\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStock-based compensation\n<\/p>\n<\/td>\n
\n \n5,043\n<\/p>\n<\/td>\n
\n \n2,732\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGain on sale of assets\n<\/p>\n<\/td>\n
\n \n(58)\n<\/p>\n<\/td>\n
\n \n(48)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes\n<\/p>\n<\/td>\n
\n \n1,854\n<\/p>\n<\/td>\n
\n \n3,133\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChanges in operating assets and liabilities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables\n<\/p>\n<\/td>\n
\n \n(18,183)\n<\/p>\n<\/td>\n
\n \n(1,013)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories\n<\/p>\n<\/td>\n
\n \n(2,910)\n<\/p>\n<\/td>\n
\n \n16,235\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade accounts payable and accrued expenses\n<\/p>\n<\/td>\n
\n \n1,686\n<\/p>\n<\/td>\n
\n \n10,465\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liability to customers\n<\/p>\n<\/td>\n
\n \n(84)\n<\/p>\n<\/td>\n
\n \n(5,977)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmployee compensation and benefits\n<\/p>\n<\/td>\n
\n \n(9,429)\n<\/p>\n<\/td>\n
\n \n6,123\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProduct liability\n<\/p>\n<\/td>\n
\n \n(116)\n<\/p>\n<\/td>\n
\n \n(42)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses, other assets and other liabilities\n<\/p>\n<\/td>\n
\n \n(2,050)\n<\/p>\n<\/td>\n
\n \n(6,327)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes payable\n<\/p>\n<\/td>\n
\n \n3,119\n<\/p>\n<\/td>\n
\n \n4,466\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash provided by operating activities\n<\/p>\n<\/td>\n
\n \n76,199\n<\/p>\n<\/td>\n
\n \n78,108\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvesting Activities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty, plant and equipment additions\n<\/p>\n<\/td>\n
\n \n(11,464)\n<\/p>\n<\/td>\n
\n \n(5,921)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from sale of assets\n<\/p>\n<\/td>\n
\n \n73\n<\/p>\n<\/td>\n
\n \n54\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchases of short-term investments\n<\/p>\n<\/td>\n
\n \n(271,984)\n<\/p>\n<\/td>\n
\n \n(233,466)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from maturities of short-term investments\n<\/p>\n<\/td>\n
\n \n242,997\n<\/p>\n<\/td>\n
\n \n154,072\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash used for investing activities\n<\/p>\n<\/td>\n
\n \n(40,378)\n<\/p>\n<\/td>\n
\n \n(85,261)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinancing Activities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRemittance of taxes withheld from employees related to\n<\/p>\n
\nshare-based compensation\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n(4,801)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n(1,297)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends paid\n<\/p>\n<\/td>\n
\n \n(27,606)\n<\/p>\n<\/td>\n
\n \n(9,269)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash used for financing activities\n<\/p>\n<\/td>\n
\n \n(32,407)\n<\/p>\n<\/td>\n
\n \n(10,566)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncrease (decrease) in cash and cash equivalents\n<\/p>\n<\/td>\n
\n \n3,414\n<\/p>\n<\/td>\n
\n \n(17,719)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period\n<\/p>\n<\/td>\n
\n \n20,147\n<\/p>\n<\/td>\n
\n \n35,420\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at end of period\n<\/p>\n<\/td>\n
\n \n$ 23,561\n<\/p>\n<\/td>\n
\n \n$ 17,701\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Non-GAAP Financial Measure<\/b><\/p>\n
\nIn an effort to provide investors with additional information regarding its financial results, the Company refers to various United States generally accepted accounting principles (\u201cGAAP\u201d) financial measures and one non-GAAP financial measure, EBITDA, which management believes provides useful information to investors. This non-GAAP financial measure may not be comparable to similarly titled financial measures being disclosed by other companies. In addition, the Company believes that the non-GAAP financial measure should be considered in addition to, and not in lieu of, GAAP financial measures. The Company believes that EBITDA is useful to understanding its operating results and the ongoing performance of its underlying business, as EBITDA provides information on the Company\u2019s ability to meet its capital expenditure and working capital requirements, and is also an indicator of profitability. The Company believes that this reporting provides better transparency and comparability to its operating results. The Company uses both GAAP and non-GAAP financial measures to evaluate the Company\u2019s financial performance.\n<\/p>\n
\nEBITDA is defined as earnings before interest, taxes, and depreciation and amortization. The Company calculates its EBITDA by adding the amount of interest expense, income tax expense, and depreciation and amortization expenses that have been deducted from net income back into net income, and subtracting the amount of interest income that was included in net income from net income.\n<\/p>\n
\n
\n \n \nNon-GAAP Reconciliation \u2013 EBITDA\n<\/p>\n
\n\u00a0\n<\/p>\n
EBITDA<\/span><\/p>\n
\n\u00a0\n<\/p>\n
(Unaudited, dollars in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nThree Months Ended\n<\/p>\n<\/td>\n
\n \nSix Months Ended\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nJuly 3, 2021\n<\/p>\n<\/td>\n
\n \nJune 27, 2020\n<\/p>\n<\/td>\n
\n \nJuly 3, 2021\n<\/p>\n<\/td>\n
\n \nJune 27, 2020\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income\n<\/p>\n<\/td>\n
\n \n$44,384\n<\/p>\n<\/td>\n
\n \n$18,594\n<\/p>\n<\/td>\n
\n \n$82,576\n<\/p>\n<\/td>\n
\n \n$33,932\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense\n<\/p>\n<\/td>\n
\n \n15,882\n<\/p>\n<\/td>\n
\n \n6,105\n<\/p>\n<\/td>\n
\n \n30,080\n<\/p>\n<\/td>\n
\n \n11,578\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization expense\n<\/p>\n<\/td>\n
\n \n7,250\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n7,215\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n14,751\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n
\n14,429\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest income\n<\/p>\n<\/td>\n
\n \n(12)\n<\/p>\n<\/td>\n
\n \n(394)\n<\/p>\n<\/td>\n
\n \n(20)\n<\/p>\n<\/td>\n
\n \n(960)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense\n<\/p>\n<\/td>\n
\n \n25\n<\/p>\n<\/td>\n
\n \n27\n<\/p>\n<\/td>\n
\n \n50\n<\/p>\n<\/td>\n
\n \n52\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEBITDA\n<\/p>\n<\/td>\n
\n \n$67,529\n<\/p>\n<\/td>\n
\n \n$31,547\n<\/p>\n<\/td>\n
\n \n$127,437\n<\/p>\n<\/td>\n
\n \n$59,031\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210804005913\/en\/<\/a><\/span><\/p>\n
\nSturm, Ruger & Company, Inc.
\n
One Lacey Place
\n
Southport, CT 06890
\n
www.ruger.com
\n<\/a>
203-259-7843\n<\/p>\nKEYWORDS:<\/b> United States North America Connecticut<\/p>\n
INDUSTRY KEYWORDS:<\/b> Other Manufacturing Other Sports Sports Homeland Security Public Policy\/Government Professional Services Manufacturing Other Professional Services Other Policy Issues<\/p>\n
- \nAt July 3, 2021, stockholders\u2019 equity was $319.1 million, which equates to a book value of $18.14 per share, of which $9.86 per share was cash and short-term investments.\n<\/li>\n<\/ul>\n
- \nIn the first half of 2021, the Company returned $27.6 million to its shareholders through the payment of dividends.\n<\/li>\n<\/ul>\n
- \nIn the first half of 2021, capital expenditures totaled $11.5 million. We expect our 2021 capital expenditures to total approximately $20 million, most of which relate to new product introductions.\n<\/li>\n<\/ul>\n
- \nCash provided by operations during the first half of 2021 was $76.2 million. At July 3, 2021, our cash and short-term investments totaled $173.6 million. Our current ratio is 3.7 to 1 and we have no debt.\n<\/li>\n<\/ul>\n
- \nDuring the second quarter of 2021, the Company\u2019s finished goods inventory and distributor inventories of the Company\u2019s products decreased 7,800 units and remain significantly below pre-COVID-19 pandemic levels.\n<\/li>\n<\/ul>\n
- \nSales of new products, including the Wrangler, the Ruger-57, the LCP II in .22 LR, the PC Charger, the MAX-9 pistol, and the LCP MAX represented $77.9 million or 22% of firearm sales in the first half of 2021. New product sales include only major new products that were introduced in the past two years.\n<\/li>\n<\/ul>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210804005913\/en\/332529\/3\/Business_Wire_JPEG_Ruger_Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n