Sturm, Ruger & Company, Inc. (NYSE-RGR), today announced that during the
third quarter of 2008 it repurchased 1.1 million shares of its common
stock, representing 5.5% of the total shares outstanding at the start of
the repurchase program, for $7.4 million in the open market. The average
price per share repurchased was $6.50. These repurchases were funded
with cash on hand. At the end of the quarter, 19.5 million shares
remained outstanding and the Company had approximately $22 million of
cash and no debt.
In April 2008, the Company announced that its Board of Directors had
authorized the Company to repurchase up to $10 million of its common
stock. $2.6 million remains available for share repurchases under this
repurchase program.
About Sturm, Ruger
Sturm, Ruger was founded in 1949 and is one of the nation’s
leading manufacturers of high-quality firearms for the commercial
sporting market. Sturm, Ruger is headquartered in Southport, CT, with
manufacturing facilities located in Newport, NH and Prescott, AZ.
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 including lawsuits filed by mayors,
attorneys general and other governmental entities and membership
organizations, 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.
Sturm, Ruger & Company, Inc.
One Lacey Place
Southport, CT
06890
www.ruger.com
203-259-7843
