Full Description

Smith & Wesson Holding Corporation (Smith & Wesson) is a manufacturer of firearms. The Company manufactures a range of pistols, revolvers, tactical rifles, hunting rifles, black powder firearms, handcuffs, and firearm-related products and accessories for sale to a variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, protection focused individuals, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. Smith & Wesson is a manufacturer of handguns and handcuffs in the United States, the largest United States exporter of handguns, and a participant in the tactical and hunting rifle markets that it has entered. It manufactures these products at its facilities in Springfield, Massachusetts; Houlton, Maine, and Rochester, New Hampshire. It is also a supplier of original equipment manufacturer (OEM) firearm components. In July 2009, the Company completed the acquisition of Universal Safety Response, Inc. (USR), a privately held, full-service security systems solutions provider.

Firearms

Smith & Wesson introduced 13 new revolver models, 11 new pistol models, and one new Walther pistol model during the fiscal year ended April 30, 2009 (fiscal 2009), and nine new revolver models, five new pistol models, and two new Walther pistol models. It offers 117 different standard models of handguns with a variety of calibers, finishes, sizes, compositions, ammunition capacities, barrel lengths, grips, sights, actions, and other features. The sale of firearms accounted for approximately approximately 93.4% of its net sales during fiscal 2009. With the exception of Walther firearms, all of its firearms are sold under its Smith & Wesson and Thompson/Center Arms brands, several with associated sub-brands.

Pistols

The Company manufactures 43 different models of pistols. Its M&P Series of pistols is designed to offer performance, safety, and durability features that meet the standards of global law enforcement and military personnel, as well as consumers desiring personal protection. The M&P comes in 9 millimeter, .45, .40, and .357 Sig calibers and is available in both compact and full-sized models and with an optional frame-mounted ambidextrous thumb safety. Its Sigma Series consists of double-action pistols constructed with a durable polymer frame and a through-hardened stainless steel slide and barrel. The Sigma Series comes in 9 millimeter and .40 caliber models. Smith & Wesson pistol sales accounted for approximately 27.8% of its net sales during fiscal 2009. Smith & Wesson is the exclusive United States importer and North American marketer of Walther firearms and hold the production rights for the Walther PPK pistol in the United States, which it manufactures at its Houlton, Maine facility.

Revolvers

Smith & Wesson manufacture 74 different models of revolvers. There are two general types of revolvers: single-action and double-action. It offers its revolvers in a variety of frame sizes. It also manufactures many mid- and large-sized revolvers in a variety of models and calibers, including .38 caliber, .357 magnum, and the .44 magnum. These mid- and large-sized revolvers have applications in virtually all professional and personal markets. The revolvers include the Model 10. Other models include the Model 686 .357 magnum and the Model 629 .44 magnum, which also are available in several barrel lengths. The sale of revolvers accounted for approximately 23% of the Company’s net sales during fiscal 2009.

Tactical Rifles

The Company’s M&P15, M&P15A, and M&P15T are tactical rifles, commonly known as black rifles, designed for the functionality and needs of global military and law enforcement personnel. These rifles are also used as sporting target rifles and are sold through sporting good distributors, retailers, and dealers. During fiscal 2009, it introduced a fully automatic version for military and law enforcement agencies. The sale of tactical rifles accounted for approximately 11.9% of its net sales during fiscal 2009.

Hunting Firearms

Smith & Wesson’s ICON bolt-action, center fire rifle is a premium hunting rifle. The ICON features a 24-inch polished blue metal barrel with several features designed to enhance accuracy, including a flat bottom receiver with an interlock bedding system, 5R rifling, a match grade crown, and an integrated scope base. The ICON rifle also features a Sims recoil pad, a detachable box magazine, a specially designed and located bolt release, and a two-position safety. Its T/C Venture is a bolt action rifle that features a match grade barrel and 5R rifling. Its Omega, Black Diamond, Fire Storm, Hawken, and Triumph models are fixed-barrel black powder, or muzzle loader, firearms.

Its interchangeable firearm systems include the Encore, Pro Hunter, Contender, and Endeavor product lines. These products offer over 360 different gun, barrel, caliber configurations, and finishes and can be configured as a center fire rifle, rim fire rifle, shotgun, black powder firearm, or single-shot handgun for use across the entire range of big- and small-game hunting. The sale of hunting firearms accounted for approximately 11.5% of its net sales during fiscal 2009.

Other Products

The Company’s premium and limited edition handguns and classics and engraving services generated approximately 4.8% of its net sales in fiscal 2009. It sells parts and accessories, including black powder accessories for black powder rifles. The sale of these products accounted for approximately 4.2% of its net sales for fiscal 2009. It is also a manufacturer of handcuffs and restraints in the United States. The sale of handcuffs accounted for approximately 2.1% of its net sales during fiscal 2009.

The Company competes with Ruger, Taurus, Beretta, Glock, Heckler & Koch, Ruger, Sig Sauer, Springfield Armory, Bushmaster, Rock River, Stag, DPMS, Browning, Marlin, Remington, Ruger, Savage, Weatherby, Winchester, CVA and Traditions.