Smith & Wesson is a U.S.-based, global provider of safety, security, protection, and sport products. They are one of the leading firearm manufacturers in the world. Manufacturing a wide variety of revolvers, black powder firearms, hunting rifles, pistols, tactical rifles, firearm-related products and handcuffs. They sell to a wide customer base, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals seeking home and personal protection, law enforcement, and military agencies in the United States and worldwide. Smith and Wesson is the largest manufacturer of handguns and handcuffs in the U.S., and our largest exporter of handguns. They're also a leading turnkey provider of perimeter security to protect and control access to key military, governmental, and corporate facilities.
 Smith & Wesson Corp was founded in 1852 by Horace Smith and Daniel B. Wesson. Mr. Wesson purchased Mr. Smith's share of the company in 1873. Later in 1965 the Wesson family sold Smith & Wesson Corp. to Bangor Punta Corp. Lear Siegler Corporation then purchased Bangor Punta in 1984, controlling Smith & Wesson Corp. Forstmann Little & Co. purchased Lear Siegler in 1986 and sold the Smith & Wesson Corp. subsidiarity to Tomkins Corporation, an affiliate of U.K.-based Tomkins PLC. The company that currently owns Smith & Wesson purchased it from Tomkins in May 2001 and changed the name to Smith & Wesson Holding Corporation. They strive to build upon Smith & Wesson's legacy as an authentic American brand, known for its innovation and new product designs
On January 3, 2007 the company acquired all outstanding capital stock of Thompson Center Holding Corporation (formerly Bear Lake Acquisition Corp.) and its subsidiaries including Thompson/Center Arms Company, Inc, which is a brand name recognized by hunting enthusiasts and has a real expertise in long-gun barrel manufacturing, which Smith & Wesson thought could enhance their manufacture of long guns. TCA recently entered the bolt-action rifle market by launching internally developed new products.
On July 20, 2009, they also acquired the outstanding capital stock of Universal Safety Response, Inc. USR, based in Franklin, Tennessee, provides turnkey perimeter security solutions to protect and control access to key military, governmental, and corporate facilities. The acquisition was designed to leverage USR's business, product line, and broad customer base to expand into new markets in the security industry. This acquisition was the first step in expansion beyond firearms.
Our objective is to be a global leader in the businesses of safety, security, protection, and sport. They plan on reaching these goals by:
The sale of firearms accounted for approximately $339.3 million in net sales, or approximately 83.5% of Smith & Wesson's net sales. With the exception of Walther firearms, all of SWHC firearms are sold under Smith & Wesson or Thompson/Center Arms brands.
They currently manufacture 61 different models of pistols. The M&P Series of pistols, which was engineered with input from more than a dozen law enforcement agencies, is designed to offer performance, safety, and durability features that meet the standards of global law enforcement and military personnel. This Series is the most ergonomic, feature-rich, and innovative polymer pistol on the market today.
During fiscal 2010, they introduced the BODYGUARD® 380 pistol, which is a lightweight, compact, and ergonomic self-defense pistol. This product is specifically designed to provide penetration into the rapidly growing concealed-carry and personal protection markets. The Sigma Series of pistols consists of double-action pistols constructed with a durable polymer frame and a through-hardened stainless steel slide and barrel. This pistol has been purchased by the U.S. Army Security Assistance Command for use in Afghanistan by National Police and Border Patrol. This pistol must perform in wartime and extreme environmental conditions.
Pistol sales accounted for approximately $85.5 million in net sales, or approximately 21.1% of net sales.
They also are the exclusive U.S. importer and distributor of Walther firearms and hold the production rights for the popular Walther PPK and PPK/S pistols in the United States. They are imported from Germany and distributed in the United States through a strategic alliance with Carl Walther GmbH. The Walther P22 has become one of the top selling .22 caliber pistols in the United States. The Walther PPK, made famous by the movie character James Bond, and PPK/S models are manufactured in the U.S. by SWHC and marketed by them worldwide.
Walther sales accounted for approximately $43.6 million in net sales, or approximately 10.7% of net sales.
They currently manufacture 86 different models of revolvers. A revolver is a handgun with a cylinder that holds the ammunition in a series of rotating chambers that are successively aligned with the barrel of the firearm during each firing cycle. There are two general types of revolvers: single-action and double-action.
They have long been known as an innovator and leader in the revolver market. Carrying a wide range of sizes from small-frame, concealed-carry revolvers used primarily for personal protection, to large-frame revolvers used primarily for long-range hunting applications. In 2004, the Model 500 was introduced, a .500 caliber S&W magnum revolver, which is the world's most powerful production revolver caliber.
Their small-frame revolvers have been carried by law enforcement personnel and personal defense-minded citizens for over 150 years. They hold a number of patents on various firearm applications, including the use of scandium, a material that possesses many of the same attributes as titanium but at a cheaper cost. They sell revolvers in a variety of models and calibers, with applications in virtually all professional and personal markets. The sale of revolvers accounted for approximately $75.4 million in net sales, or approximately 18.6% of net sales.
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SWHC manufactures four models of bolt-action rifles. Their innovative ICON bolt-action, center-fire rifle is a premium hunting rifle designed to be a new breed of bolt-action rifle in terms of ruggedness, reliability, and accuracy. The T/C® Venturetm bolt-action rifle, launched in 2009, delivers top end quality, accuracy, and craftsmanship at an entry level price, positioning TCA in a higher volume price segment than its historical premium products have generally allowed. The .22 caliber HotShottm rifle, designed specifically for youth was designed in 2010. The HotShot has all of the product features that young shooters need and, by design, is always "on safe" until the hammer is cocked.
They also offer a broad and high quality selection of American-made single shot "black powder," or "muzzle loader," firearms. Black powder firearms are weapons in which the ammunition is loaded through the muzzle rather than the breech, as is the case with conventional firearms. Their black powder firearms are highly accurate, dependable rifles configured with muzzle loading barrels for hunting. Black powder firearms are purchased by hunting enthusiasts, primarily for use during exclusive black powder hunting seasons for hunting big game, such as deer and elk. They are also used by participants in Civil War re-enactments and by gun collectors. The sale of hunting firearms accounted for approximately $34.6 million in net sales, or approximately 8.5% our net sales.
They are one of the largest manufacturer of handcuffs and restraints in the United States. Fabricating these products from the highest grade carbon or stainless steel. Double heat-treated internal locks help prevent tampering and smooth ratchets allow for swift cuffing and an extra measure of safety. They customize handcuffs to fit customer specifications. The sale of handcuffs accounted for approximately $5.4 million in net sales, or approximately 1.3% our net sales.
|FINANCIAL STRUCTURE RATIOS|
|Altman's Z-Score Ratio||2.81|
|Financial Leverage Ratio (Assets/Equity)||2.2|
|Total Debt/Equity (Gearing Ratio)||0.50|
|LT Debt/Capital Invested||38.2|
|LT Debt/Total Liabilities||42.4|