Smith & Wesson has announced record sales for its most recent quarter.

SPRINGFIELD MASACHUSETTES — Smith & Wesson has announced record sales for its most recent quarter.

Net sales from continuing operations for the second quarter were a record $136.6 million, up 48 percent from the second quarter last year, according to a news release issued this week.

It was the second consecutive quarter of record sales.

The company employs more than 1,200 workers at its factory and headquarters on Roosevelt Avenue.
Federal background checks for gun purchasers were up over Black Friday. Many observers say that's because gun buyers fear that a re-elected President Barack Obama will impose more gun restrictions. But Smith & Wesson has pointed to a long-term upward trend in gun ownership driven by people wanting to get into shooting as a sport and a hobby.

Smith & Wesson said the increase was led by continued strong sales across all of the company's firearm product lines, including M&P-branded products, such as pistols, modern sporting rifles and the recently launched Shield pistol designed for concealed carry and personal protection.

Gross profit for the second quarter was $48.5 million, or 35 percent of net sales, compared with gross profit of $24.6 million, or 26.7 percent of net sales, for the comparable quarter last year.

Operating expenses for the second quarter were $21.9 million, or 16 percent of net sales, compared with operating expense of $21.2 million, or 22.9 percent of net sales, for the second quarter last year.

The company also announced a program to repurchase up to $20 million of the company's outstanding shares of common stock from time to time until June 30. Smith & Wesson stock was trading at midday Friday at $10.05 per share, a drop of 80 cents a share. For the year, the stock is up from $4.36.

Smith & Wesson expects net sales from continuing operations for the third quarter of fiscal 2013 to be between $126 million and $131 million, which would represent year-over-year growth from continuing operations in excess of 30 percent.