Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login
Posted: 9/9/2004 11:39:45 AM EST
For the S&W bashers...

-------------------------------------------------------


"SPRINGFIELD, Mass. -- Handgun maker Smith & Wesson Holding Corp. on Thursday said profit for its latest quarter more than doubled, helped by increased productivity and a drop in spending.

Net income for the fiscal first quarter ended July 31 came to $1.5 million, or 4 cents a share, compared with $585,000, or 2 cents, in the same quarter a year earlier

The Springfield-based company said net product sales for the quarter fell 3.5 percent to $27.8 million from $28.8 million.

The company's core business, firearms sales, rose 2.2 percent to $25.3 million. Non-firearms sales tumbled to $2.5 million from $4.1 million. Besides guns, the company also sells mountain bikes tailored to police and alarm systems. It also licenses its name to makers of clothing and accessories.

Smith & Wesson said demand for its Model 500 revolvers continues to outpace production capability, leading it to buy additional equipment and double production by the end of the second quarter.

Capital spending for the year will rise to $9 million, compared with the $5 million originally planned, the gun maker said.

Smith & Wesson projects a 5 to 10 percent increase in fiscal-year sales above the $117.9 million reported in its last fiscal year.

It expects full-year earnings of $5.4 million to $6.4 million, or between 16 cents and 19 cents a share.

In midday trading, shares of Smith & Wesson edged up 6 cents, or 3.8 percent, to $1.62 on the American Stock Exchange".


Link
Link Posted: 9/9/2004 12:10:53 PM EST
[Last Edit: 9/9/2004 12:11:09 PM EST by JHP]
When are you going to ask if people should boycott Bushmaster for selling out to the Sniper/Brady lawsuit?

Link Posted: 9/9/2004 12:23:45 PM EST
I am 90% sure this is a dupe.

At any rate - it was a different company that got on its knees for Willy. I want a 686 and a 629, if any one is looking for an XMas gift for me.
Link Posted: 9/9/2004 12:27:03 PM EST
When S&W is completely free of any covenants with the Feds, with any department, then I might buy the 629 I've always wanted.

BTW, Bushmaster's deal was a private deal with a private party. It was a cash decision, not an alteration in sales or marketing of their products. Other than a price increase that's driven by lawsuits, nothing has changed for them or me.
Link Posted: 9/9/2004 12:49:29 PM EST

Originally Posted By JHP:
When are you going to ask if people should boycott Bushmaster for selling out to the Sniper/Brady lawsuit?




Bullshit, BM DID NOT sell out. Getting out of that suit for $550,000 was a win. Their insurance company most likely paid. In fact, they probably had the final authority in accepting the deal since they were the ones paying.
Link Posted: 9/9/2004 12:52:15 PM EST
[Last Edit: 9/9/2004 12:54:06 PM EST by fight4yourrights]
I was one of the most outspoken S&W bashers on this board.


I finally did something about it and emailed them. They went out of their way to call me on the phone and discuss the situation.

Long and the short of it, they have done the best they can to get rid of the agreement, but they have 12 other lawsuits they are fighting that are a real and present danger.

I did a long post, and I am now satisfied they are really under new management and doing the best they can to support American shooters.

If you still have a beef, I would highly recommend you talk directly to them, and be frank, they can take it.


Originally Posted By SJSAMPLE:
When S&W is completely free of any covenants with the Feds, with any department, then I might buy the 629 I've always wanted.

.



They tried to get it lifted, but there is no movement in Washington. Since it's not being enforced, they are concentrating on the 12 lawsuits that are hanging over their heads.

The last lawsuit cost them $1,000,000 to win. Think about that.

Basically, they have to practice triage - and the HUD agreement just doesn't rank right now
Link Posted: 9/9/2004 12:54:20 PM EST

Originally Posted By fight4yourrights:
I was one of the most outspoken S&W bashers on this board.


I finally did something about it and emailed them. They went out of their way to call me on the phone and discuss the situation.

Long and the short of it, they have done the best they can to get rid of the agreement, but they have 12 other lawsuits they are fighting that are a real and present danger.

I did a long post, and I am now satisfied they are really under new management and doing the best they can to support American shooters.

If you still have a beef, I would highly recommend you talk directly to them, and be frank, they can take it.



Well said.
Link Posted: 9/9/2004 1:05:59 PM EST
They sold out like whores...but they are a business and have employees and see the big picture...I support them but I wanted to see if you'd apply the same level of righteous indignation to BM as you did to S&W who was trying to stay in business too.

you are a hypocrit son....no biggie
Link Posted: 9/9/2004 1:15:19 PM EST
I don't like what they did but given the fact that the people that did the deal don't own the company now and the current owners have tried to get out of the agreement and are ignoring it speaks volumes. Yes, some new adminstration could come in and decide to enforce it again, but that won't be S&W's fault.

Once I leave the PRK there are several S&W's that are high on my "must buy" list.
Link Posted: 9/9/2004 1:17:51 PM EST
I would buy a Bushmaster still, they seem on the level, doing what they can; but I want that Barrett M468 instead!
Link Posted: 9/9/2004 1:19:34 PM EST
yeah - this makes me want to buy Barret and support that hardass...

maybe not the 5 OH but some of his ARs look compelling....
Link Posted: 9/9/2004 1:20:24 PM EST
I'll get one of those 500's one of these days... Hopefully the ammo will come down in price a little though.

Different people in charge now, on both sides of the deal. Why not lobby the govt to tear it up instead of condemning S&W?
Link Posted: 9/9/2004 1:28:31 PM EST


S&W's history is history. They were owned by someone else then, but now they're American.

The only thing I hold against them--and not much, really, because I understand how difficult relocation could be--is that they don't move out of Springfield Mass, one of the most anti-gun states in the U.S. They really need to open another plant somewhere in a state that supports gun rights.
No offense to our gun-lovin' Mass brothers and sisters though.

Link Posted: 9/9/2004 1:28:41 PM EST

Originally Posted By Jeepster:

Originally Posted By JHP:
When are you going to ask if people should boycott Bushmaster for selling out to the Sniper/Brady lawsuit?




Bull****, BM DID NOT sell out. Getting out of that suit for $550,000 was a win. Their insurance company most likely paid. In fact, they probably had the final authority in accepting the deal since they were the ones paying.



Are you implying that S&W entered the odious agreement in question because they simply wanted to screw over gun owners (you know, the people upon whom they depend to stay in business)?

Their decision was based upon money, just as Bushmaster's was. They believed it was the only or best way to avoid crippling lawsuits that would drive them completely out of business. They also believed that all gun manufacturers would have to do the very same thing to survive. They were wrong on both counts and, thank God, they are under new ownership & management.

Bottom line: hate 'em both or love 'em both, but at least be consistent.
Link Posted: 9/9/2004 1:29:57 PM EST
S&W gotta make something I want for me to buy it.
Link Posted: 9/9/2004 1:33:15 PM EST

Originally Posted By HardShell:

Originally Posted By Jeepster:

Originally Posted By JHP:
When are you going to ask if people should boycott Bushmaster for selling out to the Sniper/Brady lawsuit?




Bull****, BM DID NOT sell out. Getting out of that suit for $550,000 was a win. Their insurance company most likely paid. In fact, they probably had the final authority in accepting the deal since they were the ones paying.



Are you implying that S&W entered the odious agreement in question because they simply wanted to screw over gun owners (you know, the people upon whom they depend to stay in business)?

Their decision was based upon money, just as Bushmaster's was. They believed it was the only or best way to avoid crippling lawsuits that would drive them completely out of business. They also believed that all gun manufacturers would have to do the very same thing to survive. They were wrong on both counts and, thank God, they are under new ownership & management.

Bottom line: hate 'em both or love 'em both, but at least be consistent.



Can I be consistently inconsistent?
Link Posted: 9/9/2004 1:35:43 PM EST
At the time the HUD agreement was made, S&W was owned by the yellow-bellied Brits..."Oh, I'm sure those Yanks won't be bothered by some good'ol common sense gun control". "After all, our citizens have no problem with it".

Once they realized how big a miscalculation they made, they bailed out and left their dirty laundry for the Americans to clean up.

As far as Bushmaster is concerned, they made the right choice. Why waste several more years and dollars in court costs and appeals (what were they going to do when the insurance payments ran out?).

We're partly to blame for Bushmasters settlement... if black rifle owners hadn't made an effort to get S 1805 withdrawn (rather than let it go to conference with the AWB attached), the lawsuit would have become voided. Besides, it look like Bushmaster got the last laugh.


www.bushmaster.com/


" Bushmaster Responds to Brady Groups False Claim of Victory
Thursday September 9, 2004 9:24AM est

Windham, Maine -- The Washington DC Brady Group would have you believe they won some kind of victory! The Brady Group brought this lawsuit not for the victims, but for their anti-gun agenda. The Brady Group asked for the settlement conference after reviewing all the evidence they knew they could not be successful in court and they wanted to stop paying lawyer fees.

The Brady Group sent a second tier lawyer to the settlement conference with nine demands on Bushmaster regarding business practices and Bushmaster denied them all. We then gave the Brady Group our statement that we support the BATF licensing requirements to be a Federal Firearms Licensed (FFL) holder and our support for the National Shooting Sports Foundation (NSSF) safety programs, and they accepted our statement. We did not agree and would not agree to change the way we do business or make any additional demands of our customers. We were emphatic that Bushmaster did not commit any wrong doings.

The attorney for our insurance company was at the settlement conference and informed us that about half of our policy limits had been spent on trial lawyers. It was the insurance company’s position that all of the limit would be spent on this case, and therefore turned the funds over to Bushmaster to use as we saw fit removing the insurance company from the case. Our choice was to continue spending it on trial lawyers or turn it over directly to the victims’ families with no funds going to the Brady Group for their legal fees.

We felt the compassionate thing to do was give it to the victims’ families, not because we had to but because we wanted to. The Washington DC Brady Group should learn what compassion is really all about!

Bushmaster strongly believes and vigorously supports the rights of citizens to own and use firearms, and the settlement of this case in no way compromises that stand. The Brady Group’s attempt at claiming a victory over firearms manufacturers is a hollow one with no substance. Their attempt to eliminate gun rights of citizens has failed legislatively and will continue to fail with these frivolous lawsuits against gun manufacturers.

Bushmaster Firearms, Inc."
Link Posted: 9/9/2004 1:43:12 PM EST
[Last Edit: 9/9/2004 1:43:33 PM EST by HardShell]

Originally Posted By JHP:
Can I be consistently inconsistent?



I was speaking generally & didn't mean to pick on you. I was just using your post as a starting point for my comments - nothing personal meant at all!
Link Posted: 9/9/2004 3:21:14 PM EST

Originally Posted By JHP:

Originally Posted By HardShell:

Originally Posted By Jeepster:

Originally Posted By JHP:
When are you going to ask if people should boycott Bushmaster for selling out to the Sniper/Brady lawsuit?




Bull****, BM DID NOT sell out. Getting out of that suit for $550,000 was a win. Their insurance company most likely paid. In fact, they probably had the final authority in accepting the deal since they were the ones paying.



Are you implying that S&W entered the odious agreement in question because they simply wanted to screw over gun owners (you know, the people upon whom they depend to stay in business)?

Their decision was based upon money, just as Bushmaster's was. They believed it was the only or best way to avoid crippling lawsuits that would drive them completely out of business. They also believed that all gun manufacturers would have to do the very same thing to survive. They were wrong on both counts and, thank God, they are under new ownership & management.

Bottom line: hate 'em both or love 'em both, but at least be consistent.



Can I be consistently inconsistent?


Depends . Are you John Kerry?
Link Posted: 9/9/2004 3:54:15 PM EST
Just got a .38 Airweight last week for a pocket / backpacking gun. No problem.
Link Posted: 9/9/2004 4:06:45 PM EST


THIS makes liberals wet their beds at night in abject terror. Therefore S&W has, in my opinion, gotten the attitude adjustment they so desperately needed during the 90s. I'd like to support them by buying a Scandium 1911 one of these days.

Top Top