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BUSINESS
October 20, 2000 | Associated Press
Smith & Wesson said it's cutting about 15% of its work force, blaming slumping sales and a boycott by buyers angry about its gun-safety deal with the government. The company, which is owned by Tomkins of Britain, said it would lay off about 125 employees, including some managers, at its plant in Springfield, Mass., within a week.
ARTICLES BY DATE
CALIFORNIA | LOCAL
January 23, 2014 | By Phil Willon
SACRAMENTO - Gun maker Smith & Wesson announced Thursday that it would stop selling newly designed semiautomatic pistols in California because of a state law requiring those firearms to imprint a unique, identifying "microstamp" on bullet casings. The law, signed by Gov. Arnold Schwarzenegger in 2007 but not implemented until May 2013, is intended to help police investigators link shell casings found at crime scenes to a specific gun. Smith & Wesson joins gun maker Sturm, Ruger & Co. in halting the sales.
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BUSINESS
December 7, 2012 | By Tiffany Hsu
Gun maker Smith & Wesson had a strong second quarter as the consumer firearms market continues to grow, the company said this week. The Springfield, Mass., manufacturer said Thursday afternoon that it earned $21.2 million in profit, or 31 cents a share during the quarter ended Oct. 31. In the same period a year earlier, the company reported a loss of $1.6 million, or 2 cents a share. Revenue soared 48% to $136.6 million, from $92.3 million. The company's stock fluctuated in morning trading, swinging up to $11.25 a share -- a 3.7% surge -- before slumping down 7.7% to $10.01 a share.
BUSINESS
June 14, 2013 | By Shan Li
Firearm maker Smith & Wesson Holding Corp. said its fiscal fourth-quarter results may exceed Wall Street expectations as Americans continued to buy weapons amid a countrywide debate over gun control. Preliminary data for the three months ended April 30 showed that sales jumped 38% to $179 million compared with the same period last year, the Springfield, Mass., company said. Earnings from continuing operations are expected to be 44 cents a share, up from 27 cents in the previous year.
BUSINESS
December 17, 2012 | By Tiffany Hsu
Stock prices of gun makers have tumbled on Wall Street amid a surge in discussion about gun control in the aftermath of the devastating shooting at a Connecticut elementary school last week. Shares of Smith & Wesson Holding Corp. fell as much as 5% on Monday after sinking more than 4% on Friday - the day that Adam Lanza opened fire at Sandy Hook Elementary School, in Newtown, Conn., killing 26 people, including 20 children. Sturm Ruger & Co., another firearm maker, saw its stock price fall nearly 3% on Monday after dropping more than 4% on Friday.
CALIFORNIA | LOCAL
March 22, 2000
Re "Smith & Wesson to Settle Suits With Safety Changes," March 18: The admirable steps taken by Smith & Wesson to help make guns safer give the lie to the NRA and others who say that enforcement of present gun laws and not new gun laws is all that is needed to reduce gun violence and accidents. None of the safety and distribution reforms being implemented by Smith & Wesson are laws, and all are needed industrywide to prevent the kinds of tragedies we have been witnessing with children.
BUSINESS
March 6, 2013 | By Shan Li
Gun maker Smith & Wesson Holdings Corp. said its fiscal third-quarter earnings more than tripled from the previous year as Americans hurried to purchase firearms amid wrangling by lawmakers around the country over stricter weapons laws. Covering the three months ended Jan. 31, the results span a period in which a mass shooting at a Connecticut elementary school that left 20 children dead elevated the national conversation on firearm restrictions. In response, some gun advocates have rushed to buy firearms in anticipation of tighter laws controlling the sale of guns and ammunition.
BUSINESS
November 7, 2012 | By Tiffany Hsu
While investors moping over President Barack Obama 's reelection sent the Dow spiraling down more than 300 points Wednesday morning, one sector is seeing a surge: gun manufacturing. Firearms maker Smith & Wesson Holding Corp. surged 10.8% to $10.48 a share in morning trading, more than double its price at the beginning of the year. Sturm , Ruger & Co. Inc. got a 6.4% boost to $47.48 a share, a 39% increase from early January The impetus? Gun sales are expected to boom now that Obama , who said during one presidential debate that he's open to reintroducing an expired ban on civilian purchases of assault weapons, is returning to office.
BUSINESS
May 15, 2001 | MYRON LEVIN, TIMES STAFF WRITER
Smith & Wesson, a slumping icon of the American firearms industry, has been sold by its British owner for $15 million to a start-up developer of gun safety devices, Saf-T-Hammer Corp. of Scottsdale, Ariz. The nearly 150-year-old company is being jettisoned by Tomkins, which purchased the legendary gun maker in 1987 for more than $100 million. The low sale price reflects Smith & Wesson's continuing exposure to litigation over gun violence in U.S.
BUSINESS
November 27, 2003 | From Bloomberg News
Smith & Wesson Holding Corp., the oldest U.S. handgun maker, said the Securities and Exchange Commission was investigating the company's fiscal 2002 financial statements and restatement of earnings. Smith & Wesson said it intended to cooperate fully with the investigation. Company spokeswoman Amy Armstrong said she didn't have any other details on the investigation.
BUSINESS
March 6, 2013 | By Shan Li
Gun maker Smith & Wesson Holdings Corp. said its fiscal third-quarter earnings more than tripled from the previous year as Americans hurried to purchase firearms amid wrangling by lawmakers around the country over stricter weapons laws. Covering the three months ended Jan. 31, the results span a period in which a mass shooting at a Connecticut elementary school that left 20 children dead elevated the national conversation on firearm restrictions. In response, some gun advocates have rushed to buy firearms in anticipation of tighter laws controlling the sale of guns and ammunition.
BUSINESS
December 27, 2012 | By Tiffany Hsu
Firearms maker Smith & Wesson Holding Corp. said it will buy back an additional $15 million of its stock as gun control talk swirls in the aftermath of the massacre at a Connecticut elementary school. The company said it has already completed a $20-million stock buyback announced Dec. 6, before Adam Lanza rampaged through the Newtown school, leaving six adults and 20 children dead. Lanza also killed himself and his mother. Now, the company said its board has authorized an extra $15 million in repurchases through June 30. The tragedy has had a mixed impact on the gun industry.
BUSINESS
December 18, 2012 | By Alana Semuels
Just when you thought the world was ending, things are looking up on Wall Street. Traders pushed stocks higher Tuesday, buoyed by optimism about a deal to resolve the "fiscal cliff" and an upgrade to Greece's credit rating, putting the S&P on track for its strongest two-day run in weeks. At 11:45 a.m. PST, the Dow Jones industrial average rose 0.69%, to 13,326.58, while the Nasdaq composite inched up 1.17% to 3,045.77. The S&P 500 rose 0.86% to 1,442.75, the highest it has been in a month.
BUSINESS
December 18, 2012 | By Tiffany Hsu
Several major firearms retailers are rethinking sales strategies for the rifle said to be used in Friday's massacre in Connecticut. Cabela's, an outdoor products retailer, was still offering Bushmaster AR-15 rifles for between $730 and $1,040 each on its website. But the sale page notes that the firearm is not available for sale at the company's Connecticut store. Dick's Sporting Goods said in a statement that it removed all guns from its store near Newtown “out of respect for the victims and their families” and suspended sales of modern sporting rifles in all its stores nationwide.
BUSINESS
December 17, 2012 | By Tiffany Hsu
Stock prices of gun makers have tumbled on Wall Street amid a surge in discussion about gun control in the aftermath of the devastating shooting at a Connecticut elementary school last week. Shares of Smith & Wesson Holding Corp. fell as much as 5% on Monday after sinking more than 4% on Friday - the day that Adam Lanza opened fire at Sandy Hook Elementary School, in Newtown, Conn., killing 26 people, including 20 children. Sturm Ruger & Co., another firearm maker, saw its stock price fall nearly 3% on Monday after dropping more than 4% on Friday.
BUSINESS
December 7, 2012 | By Tiffany Hsu
Gun maker Smith & Wesson had a strong second quarter as the consumer firearms market continues to grow, the company said this week. The Springfield, Mass., manufacturer said Thursday afternoon that it earned $21.2 million in profit, or 31 cents a share during the quarter ended Oct. 31. In the same period a year earlier, the company reported a loss of $1.6 million, or 2 cents a share. Revenue soared 48% to $136.6 million, from $92.3 million. The company's stock fluctuated in morning trading, swinging up to $11.25 a share -- a 3.7% surge -- before slumping down 7.7% to $10.01 a share.
BUSINESS
January 3, 2000 | Reuters
British-based "guns-to-buns" conglomerate Tomkins has decided to sell its U.S. handgun maker Smith & Wesson, the Financial Mail on Sunday newspaper reported. Smith & Wesson, one of the oldest and most well-known small-arms makers in the world, is the "guns" part of a conglomerate that includes a car parts manufacturer and a bread maker. The newspaper, citing sources close to the company, said the sale could raise as much as $161.6 million. A Tomkins spokesman said the company had no comment.
NEWS
August 15, 1986 | From the Washington Post
In a raucous shoot-out before the House Appropriations Committee, two Massachusetts congressmen touting the Bay State-made Smith & Wesson on Thursday blew away the Army's $75-million handgun contract with the Italian Beretta company. Despite vigorous protests from the Pentagon, the panel voted 24 to 12 to order the Army to reopen the competition in which Beretta's 9-millimeter pistol was picked last year as the standard firearm for all U.S. armed services.
BUSINESS
November 7, 2012 | By Tiffany Hsu
While investors moping over President Barack Obama 's reelection sent the Dow spiraling down more than 300 points Wednesday morning, one sector is seeing a surge: gun manufacturing. Firearms maker Smith & Wesson Holding Corp. surged 10.8% to $10.48 a share in morning trading, more than double its price at the beginning of the year. Sturm , Ruger & Co. Inc. got a 6.4% boost to $47.48 a share, a 39% increase from early January The impetus? Gun sales are expected to boom now that Obama , who said during one presidential debate that he's open to reintroducing an expired ban on civilian purchases of assault weapons, is returning to office.
OPINION
July 25, 2010 | By Sonia Wolff
I wasn't happy about the errand, but my husband was. He had awakened me that morning like a kid getting ready for a fishing trip. "Are you excited?" he asked. "No." Early in the day, I'm a person of few words. When I'm upset, words dwindle away altogether. "Look at it as an adventure!" he proposed. I looked him in the eye: "I'm going to buy a gun. I said I would, and I will. But that doesn't mean I'll enjoy it." It would be my first trip to the gun store, but not my husband's.
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