UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2008
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from_______________ to _______________
Commission file number 1-10435
STURM, RUGER & COMPANY, INC.
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(Exact name of registrant as specified in its charter)
Delaware 06-0633559
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(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
Lacey Place, Southport, Connecticut 06890
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(Address of principal executive offices) (Zip code)
(203) 259-7843
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
requirements for the past 90 days. Yes |X| No |_|
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See definition of "accelerated filer", "large accelerated filer" and
"smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer |_| Accelerated filer |X|
Non-accelerated filer |_| Smaller reporting company |_|
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes |_| No |X|
The number of shares outstanding of the issuer's common stock as of June
28, 2008: Common Stock, $1 par value - 20,582,737.
Page 1 of 5
Explanatory Note
The purpose of this Amendment No. 1 to the Quarterly Report on Form 10-Q
previously filed with the United States Securities and Exchange Commission on
July 23, 2008 (the "Original Filing"), is to amend the Condensed balance sheets
- June 28, 2008 and December 31, 2007 (the "Balance Sheet") which erroneously
overstated "Cash and cash equivalents" for June 28, 2008 by $10 million. The
figure (in thousands) should read "$6,105" not "$16,105."
The Balance Sheet is restated in its entirety below.
Except for the above described amendment, this Form 10-Q/A does not modify other
disclosures in, or exhibits to, the Original Filing, including each of the
applicable notes to the financial statements contained therein.
INDEX
STURM, RUGER & COMPANY, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed balance sheets - June 28, 2008 and December 31, 2007 3
SIGNATURES 5
Page 2 of 5
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
STURM, RUGER & COMPANY, INC.
CONDENSED BALANCE SHEETS
(Dollars in thousands, except share data)
June 28, 2008 December 31, 2007
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(Note)
Assets
Current Assets
Cash and cash equivalents $ 6,105 $ 5,106
Short-term investments 24,647 30,504
Trade receivables, net 13,611 15,636
Gross inventories 67,301 64,330
Less LIFO reserve (46,006) (46,890)
Less excess and obsolescence reserve (3,414) (4,143)
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Net inventories 17,881 13,297
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Deferred income taxes 5,867 5,878
Prepaid expenses and other current assets 4,013 3,091
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Total current assets 72,124 73,512
Property, plant and equipment 123,144 126,496
Less allowances for depreciation (99,610) (104,418)
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Net property, plant and equipment 23,534 22,078
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Deferred income taxes 3,589 3,626
Other assets 2,830 2,666
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Total Assets $102,077 $101,882
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Note:
The balance sheet at December 31, 2007 has been derived from the audited
financial statements at that date but does not include all the information and
footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements.
See notes to condensed financial statements contained the Original Filing.
Page 3 of 5
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
STURM, RUGER & COMPANY, INC.
CONDENSED BALANCE SHEETS
(Dollars in thousands, except share data)
June 28, 2008 December 31, 2007
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(Note)
Liabilities and Stockholders' Equity
Current Liabilities
Trade accounts payable and accrued expenses $ 7,309 $ 8,102
Product liability 1,083 1,208
Employee compensation and benefits 4,439 4,860
Workers' compensation 5,267 5,667
Income taxes payable 1,613 411
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Total current liabilities 19,711 20,248
Accrued pension liability 2,730 4,840
Product liability accrual 627 725
Contingent liabilities - Note 8 -- --
Stockholders' Equity
Common Stock, non-voting, par value $1:
Authorized shares 50,000; none issued -- --
Common Stock, par value $1: Authorized shares
40,000,000; 22,798,732 issued and
20,582,737 outstanding 22,799 22,788
Additional paid-in capital 2,231 1,836
Retained earnings 87,368 84,834
Less: Treasury stock - 2,215,995 shares, at cost (20,000) (20,000)
Accumulated other comprehensive loss (13,389) (13,389)
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Total Stockholders' Equity 79,009 76,069
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Total Liabilities and Stockholders' Equity $102,077 $101,882
=====================================================================================================================
Note:
The balance sheet at December 31, 2007 has been derived from the audited
financial statements at that date but does not include all the information and
footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements.
See notes to condensed financial statements contained the Original Filing.
Page 4 of 5
STURM, RUGER & COMPANY, INC.
FORM 10-Q/A
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
STURM, RUGER & COMPANY, INC.
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Date: July 23, 2008 /S/ THOMAS A. DINEEN
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Thomas A. Dineen
Principal Financial Officer,
Vice President, Treasurer and Chief Financial Officer
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