| To: RSkarsten who started this subject | 3/8/2002 12:10:36 AM | | From: RSkarsten | | | | ManageSource Initiates Coverage on Saf-T-Hammer Parent Company of Smith &
Wesson
ManageSource Initiates Coverage on Saf-T-Hammer Parent Company of Smith
& Wesson
SCOTTSDALE, Ariz., Feb 12, 2002 /PRNewswire-FirstCall via COMTEX/ --
Saf-T-Hammer Corporation (OTC Bulletin Board: SAFH), the parent company of Smith
& Wesson, today announced that ManageSource Research had initiated coverage with
a 'Strong-Buy' rating and a 12-month target price of $3.25-$5.00. The stock was
trading at $0.77 when the report was issued.
The report contains a company overview that describes its general business, a
detailed corporate strategy outlook describing its operations, an investment
thesis, an evaluation of revenues and P&L, in-depth coverage of the Company's
most recent quarter, a review on sector performance and an analysis of industry
competition for investment consideration.
The report noted that since Smith & Wesson's return to American ownership, it
has made an impressive financial turn-around and was capitalizing on its
150-year-old brand name. The report also pointed out that the stock was
undervalued due to a lack of prior market exposure. To review the ManageSource
full coverage research, visit: managesource.com .
"Our EBITDA for the second quarter ended October 31, 2001 was $529,000 and in
comparison, the Company estimates EBITDA for the third quarter that just ended
January 31, 2002 is approximately $2.9 million, an increase of over 500 percent.
The Company reported a $97,000 operating loss for its second quarter compared to
an estimated operating profit of $2.6 million for the third quarter," said
Mitchell Saltz, president and CEO of Saf-T-Hammer. "This indicates that we are
executing our business plan and increasing our operating efficiencies."
Saf-T-Hammer also reported that Smith & Wesson president, Bob Scott, has been
appointed to the Rand Corporation's Criminal Justice Advisory Board. "It will be
an honor to serve on the board and tackle an array of important issues that
affect our society," said Scott. Recently, the National Shooting Sports
Association also named Mr. Scott one of four nominees for 'Man of the Year'.
About Saf-T-Hammer
Saf-T-Hammer Corporation is a firearm safety company focused on preventing
unauthorized gun use and unintentional firearm accidents. Saf-T-Hammer customers
include sporting goods distributors, law enforcement distributors, law
enforcement retailers, law enforcement agencies and gunsmiths. Saf-T-Hammer
acquired Smith & Wesson, one of the world's leading producers of quality
handguns and law enforcement products, in May of last year. Law enforcement
personnel, military personnel, target shooters, hunters, collectors and firearms
enthusiasts throughout the world have used the company's products with
confidence for nearly 150 years. Saf-T-Hammer and Saf-T-Trigger are trademarks
of Saf-T-Hammer Corporation.
For more information, visit the company's Web sites at:
saf-t-hammer.com and smith-wesson.com .
Safe Harbor Statement
Statements about the company's future expectations, including synergies between
the two companies, and all other statements in this release, other than
historical facts, are "forward-looking statements" within the meaning of section
27A of the Securities Act of 1933, section 21E of the Securities Act of 1934, as
that term is defined in the Private Securities Reform Act of 1995. The company
intends that such "forward-looking statements" be subject to the safe harbors
created thereby. |
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| To: RSkarsten who started this subject | 3/8/2002 12:14:38 AM | | From: RSkarsten | | | | Saf-T-Hammer Changes Name to Smith & Wesson Holding Corporation
Saf-T-Hammer Changes Name to Smith & Wesson Holding Corporation
SCOTTSDALE, Ariz., Feb 15, 2002 /PRNewswire-FirstCall via COMTEX/ --
Saf-T-Hammer Corporation (OTC Bulletin Board: SAFH), today announced that its
shareholders have approved a corporate name change to Smith & Wesson Holding
Corporation. Shares of the company will continue trading under its current
ticker symbol (OTC Bulletin Board: SAFH), until a new symbol is issued.
At the company's special meeting of stockholders held Thursday, February 14,
2002, in Scottsdale, Arizona, shareholders also approved the company's Stock
Option Plan and the company's Employee Stock Purchase Plan.
"In order to provide maximum brand equity benefit for our shareholders,
management recommended the name change to our shareholders and we are pleased
that they overwhelmingly approved the change," said Mitchell Saltz, president
and CEO of Saf-T-Hammer speaking at the meeting. "The Smith & Wesson name is
legendary and one of the most recognizable brand names in the world. It truly is
a centerpiece of Americana. The new name will properly reflect the history of
the company and better communicate its position as a global leader in the
manufacturing and marketing of handguns, law enforcement products and safety and
security products. Additionally the company provides metal-processing services
to many other manufacturing companies."
The company will keep the familiar Smith & Wesson corporate logos and will
maintain its Web sites at: smith-wesson.com / and
saf-t-hammer.com /
About Smith & Wesson Holding Corporation
Smith & Wesson Holding Corporation is the parent company of Smith & Wesson
Corp., one of the world's leading producers of quality handguns, law enforcement
products and firearm safety and security products. Law enforcement personnel,
military personnel, target shooters, hunters, collectors and firearms
enthusiasts throughout the world have used the company's handguns with
confidence for 150 years. The Special Services division manufactures custom
machine parts and services for many industrial clients. Smith & Wesson Corp.
also manufactures handcuffs, and markets Smith & Wesson branded bicycles,
apparel and other products. |
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| To: RSkarsten who started this subject | 3/13/2002 9:06:54 PM | | From: RSkarsten | | | | Smith & Wesson Holding Corporation Announces Trading Symbol Change to
SMWS
Smith & Wesson Holding Corporation Announces Trading Symbol Change to
SMWS
SCOTTSDALE, Ariz., Mar 13, 2002 /PRNewswire-FirstCall via COMTEX/ -- Smith &
Wesson Holding Corporation (formerly Saf-T-Hammer Corp.) (OTC Bulletin Board:
SAFH), today announced that in conjunction with its recent corporate name
change, its trading symbol will change from SAFH to SMWS effective March 13,
2002. The company has received all necessary regulatory approvals and will
continue to trade on the Over The Counter Bulletin Board.
Pursuant to a resolution approved at a special meeting of shareholders on
February 14, 2002, the corporate name was changed from Saf-T-Hammer Corporation
to Smith & Wesson Holding Corporation. The legendary firearms manufacturer,
Smith & Wesson Corp., was acquired from UK-based Tomkins PLC last year and is
now a wholly owned subsidiary of Smith & Wesson Holding Corporation.
"This name change should provide the public with a greater awareness of its
ability to buy shares of Smith & Wesson, celebrating its 150th year in
business," said Mitchell Saltz, chairman of Smith & Wesson Holding Corporation.
"The new corporate name and trading symbol signals the independence of Smith &
Wesson and its return to American ownership.
"The Smith & Wesson name, an American icon, is a globally recognized brand
representing 150 years of innovation and quality manufacturing. The name change
and trading symbol change will further define our corporate image for investors
and the financial community."
There is no mandatory call for certificates and current shareholders are not
required to take any action to exchange certificates. The certificate exchange
rate will be on a one-for-one basis and the transfer agent will issue new
certificates to facilitate attrition of the old certificates. For more
information, shareholders should contact their stockbroker or financial advisor
or the company's transfer agent, Interwest Stock Transfer (801-272-9294).
About Smith & Wesson Holding Corporation
Smith & Wesson Holding Corporation is the parent company of Smith & Wesson
Corp., one of the world's leading producers of quality handguns, law enforcement
products and firearm safety and security products. Law enforcement personnel,
military personnel, target shooters, hunters, collectors and firearms
enthusiasts throughout the world have used the company's products with
confidence for 150 years. Backed by a highly experienced engineering staff, the
Specialty Services division offers high quality custom manufacturing
capabilities to many industrial clients. Smith & Wesson Corp. also manufactures
handcuffs, and markets Smith & Wesson branded bicycles, apparel and other
products.
For more information, please visit the company's Web sites at:
smith-wesson.com and saf-t-hammer.com .
For further information, please contact: Media & Investor Relations, Shannon T.
Squyres, President of Market Pathways, +1-949-955-1860, for Smith & Wesson
Holding Corporation |
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| To: RSkarsten who started this subject | 4/3/2002 8:57:28 PM | | From: Jim Fitzgerald | | | | From Dow Jones Business News
Smith & Wesson Ahead Of Plans For Reaching Profitability
Tue Apr 2, 8:03 PM ET
By: Anne Brady, Of DOW JONES NEWSWIRES
SCOTTSDALE, Ariz. -(Dow Jones)- When the company formerly known as Saf-T- Hammer Corp. bought the Smith & Wesson gun business from Tomkins (NYSE: TKS - news) PLC last May, executives expected it to take two years to return the gun maker to operating profitability.
However, after reporting a profitable third quarter ended Jan. 31 , Smith & Wesson Holding Corp. (SMWS) executives now say they are a year ahead of schedule and expect to achieve operating profitability in fiscal 2002 ending this month. Their new goal for 2003 is 20% revenue growth, with total sales approaching $100 million.
"That's our target, to get the company back where it was," said Chief Executive Mitchell Saltz in an interview at his company's headquarters Monday. The company was profitable for 148 years before its money-losing year in fiscal 2001, he noted.
Taking the company back under a U.S. umbrella allowed Smith & Wesson to once again market itself as "American-owned," something particularly popular with U.S. consumers as patriotic fervor swept the country after Sept. 11 .
At the same time sales were rising, Smith & Wesson cut management positions and administrative expenses, which Saltz said also contributed to the company's accelerated movement toward profitability.
For the fourth quarter ending this month, Smith & Wesson now expects to report revenue of $24.3 million, up from $21.6 million in the third quarter, for total annual sales of $77 million, Saltz said. He projects fiscal 2003 sales of $96.6 million.
In the third quarter, the company reported net income of $1.28 million, or 7 cents a share, but Saltz said the profit would have been a lot higher if not for the high interest expense the company was paying on debt. He expects some of that debt expense to be reduced.
The company announced Monday that it executed a 12-year $15 million loan agreement with BankNorth at 5.85% for the first two years, allowing Smith & Wesson to pay off a $10 million note owed to Tomkins PLC at 9% and a $5 million note to Colton Melby, a board member, at 12%. (When Saf-T-Hammer bought Smith & Wesson last year for $15 million and the assumption of $30 million in debt, it borrowed $5 million from Melby for a down payment and still owed Tomkins $10 million.)
Smith & Wesson was founded in 1852 in Norwich, Conn ., by Horace Smith and D.B. Wesson. The Wesson family sold the company in 1965, beginning a series of ownership changes, including the 1987 sale to London -based Tomkins for $112.5 million.
'The Ant Eating The Elephant'
Saf-T-Hammer was a small, start-up trigger-lock company with virtually no revenue when it was approached by Tomkins about buying Smith & Wesson. The gun maker was concerned about mounting litigation and had fallen out of favor with some gun owners after agreeing to adopt wide-reaching safety measures.
In February, Saf-T-Hammer changed its name to Smith & Wesson Holding Corp. and the ticker symbol was changed from SAFH to SMWS. Just recently, the company has started incorporating technology and devices developed by Saf-T-Hammer into Smith & Wesson products, Saltz said.
"It was sort of the ant eating the elephant to some degree," he said of the acquisition.
Even so, the ant still appears to be hungry.
The company is looking for more acquisitions and joint ventures to further expand its product line and increase revenue.
"We anticipate that due to possible acquisitions and licensing deals, revenues could ramp up pretty quickly," said President Robert Scott.
Later this week, Smith & Wesson likely will announce a worldwide distribution agreement with a medical products company that has developed a surveillance tool for use by law enforcement personnel, Scott said. Smith & Wesson, with its many law enforcement customers, will market and sell the tool.
"We provide instant credibility," Scott said.
The company hopes to grow its catalog sales of branded accessories, apparel, gifts and collectibles, as well its sales of sporting goods and high-tech solutions for law enforcement.
Another goal of Smith & Wesson for the coming year is moving from the Over- the-Counter Bulletin Board to the American Stock Exchange or Nasdaq. The company meets all the requirements for moving off the bulletin board except for stock price, Saltz said. He added that he had considered a reverse stock split, but now believes that if the company continues to post quarterly profits, the stock price will rise enough within one year to allow the company to move to a larger exchange.
The stock price has more than doubled since mid-February, rising from $1 a share to a 52-week high of $2.96 last month. It rose 30% Monday on news of the loan agreement. It closed Tuesday at $2.25, down 5 cents, or 2%, for the day.
The potential threat of legal settlements or awards remains, but Saltz and Scott indicated they are growing increasingly confident that the gun industry will not be held responsible in court for the costs of gun-related violence. Scott pointed to the city of Boston 's recent decision to voluntarily drop its lawsuit against the gun industry.
Seventeen similar suits are pending involving 26 other cities. Several others have been dismissed by various courts.
"The gun industry has more rules and regulation on the sale of our products than any other industry I know of," said Saltz. Scott added that Smith & Wesson has been putting locks on guns for five years.
"We feel very confident," he said.
Smith & Wesson was one of the gun makers named last week in a lawsuit filed by Jersey City, N.J. , alleging that gun makers sell weapons in states with lax gun laws, knowing the guns will be used to commit crimes in states with more rigorous regulations. |
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| To: Jim Fitzgerald who wrote (4) | 4/9/2002 10:57:44 AM | | From: RSkarsten | | | | You know, I think this lawsuit is about the silliest thing I have yet to hear. It would be just the same thing to sue a hardware store for selling a saw to an idiot, knowing that he'd be likely to hurt himself.
The problem isn't with a filling of a demand but with law enforcement. This lawsuit is a classic case of "Oops, wrong target".
RS |
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| To: RSkarsten who wrote (5) | 4/9/2002 6:27:46 PM | | From: Jim Fitzgerald | | | | | Actually, a plaintiff would probably have a much better chance with your saw analogy. After all, the Constitution doesn't guarantee the right to bear saws. These suits have no legal basis. The City of Boston finally realized this and backed down. The others will fall like dominoes, but not until the lawyers are through milking the taxpayers. |
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