0001174947-16-003336.txt : 20161101 0001174947-16-003336.hdr.sgml : 20161101 20161101170134 ACCESSION NUMBER: 0001174947-16-003336 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20161001 FILED AS OF DATE: 20161101 DATE AS OF CHANGE: 20161101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STURM RUGER & CO INC CENTRAL INDEX KEY: 0000095029 STANDARD INDUSTRIAL CLASSIFICATION: ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480] IRS NUMBER: 060633559 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10435 FILM NUMBER: 161965468 BUSINESS ADDRESS: STREET 1: 1 LACEY PLACE CITY: SOUTHPORT STATE: CT ZIP: 06490 BUSINESS PHONE: 2032597843 MAIL ADDRESS: STREET 2: 1 LACEY PLACE CITY: SOUTHPORT STATE: CT ZIP: 06490 10-Q 1 form10q-16659_rgr.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

 

FORM 10-Q

(Mark One)

 

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended October 1, 2016

 

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.
(Exact name of registrant as specified in its charter)

 

Delaware   06-0633559
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)
     
Lacey Place, Southport, Connecticut   06890
(Address of principal executive offices)   (Zip code)

 

(203) 259-7843

(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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 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 “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer [ X ]      Accelerated filer [   ]      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 October 31, 2016: Common Stock, $1 par value –18,971,854.

Page 1 of 30

 

 

 

 

INDEX

 

STURM, RUGER & COMPANY, INC.

 

 

PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements (Unaudited)  
     
  Condensed consolidated balance sheets – October 1, 2016 and December 31, 2015 3
     
  Condensed consolidated statements of income and comprehensive income – Three and nine months ended October 1, 2016 and September 26, 2015 5
     
  Condensed consolidated statement of stockholders’ equity – Nine months ended October 1, 2016 6
     
  Condensed consolidated statements of cash flows –Nine months ended October 1, 2016 and September 26, 2015 7
     
  Notes to condensed consolidated financial statements – October 1, 2016 8
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 26
     
Item 4. Controls and Procedures 26
     
     
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 28
     
Item 1A. Risk Factors 28
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28
     
Item 3. Defaults Upon Senior Securities 28
     
Item 4. Mining Safety Disclosures 28
     
Item 5. Other Information 28
     
Item 6. Exhibits 29
     
SIGNATURES 30

 

 

2 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

 

STURM, RUGER & COMPANY, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

   October 1, 2016   December 31, 2015 
         (Note) 
           
Assets          
           
Current Assets          
Cash  $101,363   $69,225 
Trade receivables, net   70,323    71,721 
           
Gross inventories   89,858    81,278 
Less LIFO reserve   (43,836)   (42,061)
Less excess and obsolescence reserve   (2,448)   (2,118)
Net inventories   43,574    37,099 
           
Deferred income taxes   9,085    8,219 
Prepaid expenses and other current assets   6,773    3,008 
Total Current Assets   231,118    189,272 
           
Property, plant and equipment   320,465    308,597 
Less allowances for depreciation   (218,401)   (204,777)
Net property, plant and equipment   102,064    103,820 
           
           
Other assets   27,670    22,791 
Total Assets  $360,852   $315,883 

 

Note:

 

The consolidated balance sheet at December 31, 2015 has been derived from the audited consolidated 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 consolidated financial statements.

3 

 

STURM, RUGER & COMPANY, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in thousands, except per share data)

 

   October 1, 2016   December 31, 2015 
       (Note) 
         
Liabilities and Stockholders’ Equity          
           
Current Liabilities          
Trade accounts payable and accrued expenses  $53,432   $42,991 
Product liability   1,455    642 
Employee compensation and benefits   25,897    28,298 
Workers’ compensation   4,421    5,100 
Income taxes payable   —    4,962 
Total Current Liabilities   85,205    81,993 
           
Product liability   95    102 
Deferred income taxes   9,436    6,050 
           
Contingent liabilities – Note 10   —    — 
           
           
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
            2016 – 24,034,201 issued,
                        18,971,854 outstanding
            2015 – 23,775,766 issued,
                        18,713,419 outstanding		   24,034    23,776 
Additional paid-in capital   26,371    29,591 
Retained earnings   280,438    239,098 
Less: Treasury stock – at cost
            2016 – 5,062,347 shares
            2015 – 5,062,347 shares		   (64,727)   (64,727)
Total Stockholders’ Equity   266,116    227,738 
Total Liabilities and Stockholders’ Equity  $360,852   $315,883 

 

Note:

 

The consolidated balance sheet at December 31, 2015 has been derived from the audited consolidated 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 consolidated financial statements.

 

4 

 

STURM, RUGER & COMPANY, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands, except per share data)

 

   Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26,
2015		   October 1,
2016		   September 26,
2015		 
                 
Net firearms sales  $160,058   $119,281   $497,889   $394,084 
Net castings sales   1,369    1,590    4,591    4,614 
Total net sales   161,427    120,871    502,480    398,698 
                     
Cost of products sold   111,176    86,860    336,422    274,781 
                     
Gross profit   50,251    34,011    166,058    123,917 
                     
Operating expenses:                    
Selling   13,378    9,170    41,261    34,255 
General and administrative   6,805    6,880    22,045    21,214 
Total operating expenses   20,183    16,050    63,306    55,469 
                     
Operating income   30,068    17,961    102,752    68,448 
                     
Other income:                    
Interest expense, net   (32)   (36)   (102)   (113)
Other income, net   418    247    917    1,333 
Total other income, net   386    211    815    1,220 
                     
Income before income taxes   30,454    18,172    103,567    69,668 
                     
Income taxes   10,604    6,209    36,925    24,642 
                     
Net income and comprehensive income  $19,850   $11,963   $66,642   $45,026 
                     
Basic earnings per share  $1.05   $0.64   $3.51   $2.41 
                     
Diluted earnings per share  $1.03   $0.62   $3.48   $2.33 
                     
Cash dividends per share  $0.49   $0.36   $1.32   $0.85 

 

 

See notes to condensed consolidated financial statements.

 

5 

STURM, RUGER & COMPANY, INC.

 

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)

 

 

   Common
Stock		   Additional
Paid-in
Capital		   Retained
Earnings		   Treasury
Stock		   Total 
                     
Balance at December 31, 2015   $23,776   $29,591   $239,098   $(64,727)  $227,738 
                          
Net income and comprehensive income              66,642         66,642 
                          
Dividends paid              (25,036)        (25,036)
                          
Unpaid dividends accrued              (266)        (266)
                          
Recognition of stock-based compensation expense         2,213              2,213 
                          
Vesting of RSU’s        (14,001)             (14,001)
                          
Tax benefit realized from vesting of RSU’s         8,826              8,826 
                          
Common stock issued-compensation plans   258    (258)             — 
Balance at October 1, 2016  $24,034   $26,371   $280,438   $(64,727)  $266,116 

 

 

See notes to condensed consolidated financial statements.

 

 

6 

STURM, RUGER & COMPANY, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

 

   Nine Months Ended 
   October 1,
2016		   September 26,
2015		 
         
Operating Activities          
Net income  $66,642   $45,026 
Adjustments to reconcile net income to cash provided by operating activities:          
Depreciation and amortization   25,257    26,693 
Slow moving inventory valuation adjustment   630    (1,126)
Stock-based compensation   2,213    3,442 
Loss (gain) on sale of assets   50    (157)
Deferred income taxes   2,520    (78)
Impairment of assets   6    32 
Changes in operating assets and liabilities:          
Trade receivables   1,398    (3,247)
Inventories   (7,105)   5,054 
Trade accounts payable and accrued expenses   9,762    956 
Employee compensation and benefits   (2,667)   8,602 
Product liability   806    (101)
Prepaid expenses, other assets and other liabilities   (5,340)   5,652 
Income taxes payable and prepaid income taxes   (8,781)   4,201 
Cash provided by operating activities   85,391    94,949 
           
Investing Activities          
Property, plant and equipment additions   (23,049)   (24,488)
Proceeds from sale of assets   7    222 
Cash used for investing activities   (23,042)   (24,266)
           
Financing Activities          
Tax benefit from exercise of stock options and vesting of RSU’s   8,826    305 
Remittance of taxes withheld from employees related to
share-based compensation		   (14,001)   (1,000)
Proceeds from exercise of stock options   —    97 
Repurchase of common stock   —    (2,841)
Dividends paid   (25,036)   (15,893)
Cash used for financing activities   (30,211)   (19,332)
           
Increase in cash and cash equivalents   32,138    51,351 
           
Cash and cash equivalents at beginning of period   69,225    8,901 
           
Cash and cash equivalents at end of period  $101,363   $60,252 

 

 

See notes to condensed consolidated financial statements.

 

7 

 

STURM, RUGER & COMPANY, INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share)

 

 

NOTE 1 - BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements.

 

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of the results of the interim periods. Operating results for the nine months ended October 1, 2016 may not be indicative of the results to be expected for the full year ending December 31, 2016. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the year ended December 31, 2015.

 

 

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

Organization:

 

Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales represent approximately 3% of total sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market.

 

The Company also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of sales are from the castings segment.

 

Principles of Consolidation:

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated.

 

Fair Value of Financial Instruments:

 

The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items.

 

8 

Use of Estimates:

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Reclassifications:

 

Certain prior period balances have been reclassified to conform to current year presentation.

 

Recent Accounting Pronouncements:

 

On March 30, 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718). The most significant change in the new compensation guidance is that all excess tax benefits and tax deficiencies (including tax benefits of dividends) on share-based compensation awards should be recognized in the Statement of Income as income tax expense. Previously such benefits or deficiencies were recognized in the Balance Sheet as adjustments to additional paid-in capital. The new guidance is effective in fiscal years beginning after December 15, 2016 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements and whether to adopt the guidance early.

 

On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. The most significant change in the new lease guidance requires lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. This change will result in lessees recognizing right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under legacy U.S. GAAP. The new lease guidance is effective in fiscal years beginning after December 15, 2018 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements.

 

 

NOTE 3 - INVENTORIES

 

Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation.

 

9 

Inventories consist of the following:

 

   October 1, 2016   December 31, 2015 
Inventory at FIFO          
Finished products  $19,123   $16,637 
Materials and work in process   70,735    64,641 
Gross inventories   89,858    81,278 
Less:  LIFO reserve   (43,836)   (42,061)
Less:  excess and obsolescence reserve   (2,448)   (2,118)
Net inventories  $43,574   $37,099 

 

 

NOTE 4 - LINE OF CREDIT

 

The Company has a $40 million revolving line of credit with a bank. This facility is renewable annually and terminates on June 15, 2017. Borrowings under this facility bear interest at LIBOR (1.556% at October 1, 2016) plus 200 basis points. The Company is charged three-eighths of a percent (0.375%) per year on the unused portion. At October 1, 2016 and December 31, 2015, the Company was in compliance with the terms and covenants of the credit facility, which remains unused.

 

 

NOTE 5 - EMPLOYEE BENEFIT PLANS

 

The Company sponsors a 401(k) plan that covers substantially all employees. The Company matches a certain portion of employee contributions using the safe harbor guidelines contained in the Internal Revenue Code. Expenses related to these matching contributions totaled $0.8 million and $2.5 million for the three and nine months ended October 1, 2016, respectively, and $0.7 million and $2.5 million for the three and nine months ended September 26, 2015, respectively. The Company plans to contribute approximately $0.8 million to the plan in matching employee contributions during the remainder of 2016.

 

In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $1.4 million and $4.5 million for the three and nine months ended October 1, 2016, respectively, and $1.3 million and $3.7 million for the three and nine months ended September 26, 2015, respectively. The Company plans to contribute approximately $1.4 million in supplemental contributions to the plan during the remainder of 2016.

 

 

NOTE 6 - INCOME TAXES

 

The Company's 2016 and 2015 effective tax rates differ from the statutory federal tax rate due principally to state income taxes partially offset by tax benefits related to the American Jobs Creation Act of 2004. The Company’s effective income tax rate in the three and nine months ended October 1, 2016 was 34.8% and 35.7%, respectively. The Company’s effective income tax rate in the three and nine months ended September 26, 2015 was 34.2% and 35.4%, respectively.

 

Income tax payments for the three and nine months ended October 1, 2016 totaled $13.5 million and $34.4 million, respectively. Income tax payments for the three and nine months ended September 26, 2015 totaled $8.3 million $20.6 million, respectively.

 

10 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2013.

 

The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.

 

 

NOTE 7 - EARNINGS PER SHARE

Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated:

 

   Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26,
2015		   October 1,
2016		   September 26,
2015		 
Numerator:                
Net income  $19,850   $11,963   $ 66,642    $45,026 
Denominator:                    
Weighted average number of common shares outstanding – Basic   18,971,854    18,701,530    18,961,146    18,692,755 
                     
Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans   232,321    673,013    204,731    650,910 
                     
Weighted average number of common shares outstanding – Diluted   19,204,175    19,374,543    19,165,877    19,343,665 

 

The dilutive effect of outstanding options and restricted stock units is calculated using the treasury stock method. There were no stock options that were anti-dilutive and therefore not included in the diluted earnings per share calculation.

 

 

NOTE 8 - COMPENSATION PLANS

 

In April 2007, the Company adopted and the shareholders approved the 2007 Stock Incentive Plan (the “2007 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors. The Company has reserved 2,550,000 shares for issuance under the 2007 SIP, of which 471,000 shares remain available for future grants as of October 1, 2016.

 

Compensation costs related to all share-based payments recognized in the statements of operations aggregated $0.8 million and $2.2 million for the three and nine months ended October 1, 2016, respectively, and $1.1 million and $3.4 million for the three and nine months ended September 26, 2015, respectively.

11 

Stock Options

A summary of changes in options outstanding under the 2007 SIP is summarized below:

 

   Shares   Weighted
Average
Exercise
Price		   Grant Date
Fair Value		 
Outstanding at December 31, 2015   11,838   $8.95   $6.69 
Granted   —    —    — 
Exercised   —    —    — 
Expired   —    —    — 
Outstanding at October 1, 2016   11,838   $8.95   $6.69 

 

The aggregate intrinsic value (mean market price at October 1, 2016 less the weighted average exercise price) of options outstanding under the 2007 SIP was approximately $0.6 million.

 

Restricted Stock Units

 

Beginning in 2009, the Company began granting restricted stock units to senior employees in lieu of incentive stock options. The vesting of these awards is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors. Beginning in 2011, a three year vesting period was added to the performance criteria, which had the effect of requiring both the achievement of the corporate performance objectives and the satisfaction of the vesting period.

 

There were 72,148 restricted stock units issued during the nine months ended October 1, 2016. Total compensation costs related to these restricted stock units are $4.0 million. These costs are being recognized ratably over vesting periods ranging from three to five years. Total compensation cost related to restricted stock units was $0.8 million and $2.2 million for the three and nine months ended October 1, 2016, respectively, and $1.1 million and $3.4 million for the three and nine months ended September 26, 2015, respectively.

 

 

NOTE 9 - OPERATING SEGMENT INFORMATION

 

The Company has two reportable segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a select number of independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts.

12 

 

Selected operating segment financial information follows:

 

(in thousands)  Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26,
2015		   October 1,
2016		   September 26,
2015		 
Net Sales                    
Firearms  $160,058   $119,281   $497,889   $394,084 
Castings                    
Unaffiliated   1,369    1,590    4,591    4,614 
Intersegment   9,114    7,635    27,564    23,926 
    10,483    9,225    32,155    28,540 
Eliminations   (9,114)   (7,635)   (27,564)   (23,926)
   $161,427   $120,871   $502,480   $398,698 
                     
Income (Loss) Before Income Taxes                    
Firearms  $29,785   $19,719   $103,834   $71,073 
Castings   144    (1,897)   (949)   (2,906)
Corporate   525    350    682    1,501 
   $30,454   $18,172   $103,567   $69,668 
                     

 

           October 1,
2016		   December 31,
2015		 
Identifiable Assets                    
Firearms            $233,686   $221,670 
Castings             15,259    15,289 
Corporate             111,907    78,924 
             $360,852   $315,883 

 

 

NOTE 10 - CONTINGENT LIABILITIES

 

As of October 1, 2016, the Company was a defendant in four (4) lawsuits and is aware of certain other such claims. The lawsuits fall into three categories: traditional product liability litigation, patent litigation and municipal litigation, discussed in turn below.

 

Traditional Product Liability Litigation

 

Two of the four lawsuits mentioned above involve claims for damages related to allegedly defective products due to their design and/or manufacture. The lawsuits stem from specific incidents of personal injury and are based on traditional product liability theories such as strict liability, negligence and/or breach of warranty.

 

The Company management believes the allegations in these cases are unfounded, that the incidents are unrelated to the design or manufacture of the firearms, and that there should be no recovery against the Company.

 

13 

Patent Litigation

 

Davies Innovations, Inc. v. Sturm, Ruger & Company, Inc. is a patent litigation suit originally filed in the United States District Court for the Southern District of Texas, Galveston Division. The case subsequently was transferred to the United States District Court for the Northern District of New Hampshire. The suit is based upon alleged patent infringement as the plaintiff claims that certain features of the Ruger SR-556 and SR-762 modern sporting rifles infringe its patent. The complaint seeks a judgment of infringement and unspecified monetary damages including costs, fees and treble damages.

 

The Company management believes the allegations in this case are unfounded, that there is no infringement of plaintiff’s patent, that plaintiff’s patent is invalid, and that there should be no recovery against the Company. The Company has filed a Motion for Summary Judgment in the action,which is scheduled to be heard on December 6, 2016.

 

Municipal Litigation

 

Municipal litigation generally includes those cases brought by cities or other governmental entities against firearms manufacturers, distributors and retailers seeking to recover damages allegedly arising out of the misuse of firearms by third-parties.

 

There is only one remaining lawsuit of this type, filed by the City of Gary in Indiana State Court, over seventeen years ago. The complaint in that case seeks damages, among other things, for the costs of medical care, police and emergency services, public health services, and other services as well as punitive damages. In addition, nuisance abatement and/or injunctive relief is sought to change the design, manufacture, marketing and distribution practices of the various defendants. The suit alleges, among other claims, negligence in the design of products, public nuisance, negligent distribution and marketing, negligence per se and deceptive advertising. The case does not allege a specific injury to a specific individual as a result of the misuse or use of any of the Company's products.

 

After a long procedural history, the case was scheduled for trial on June 15, 2009. The case was not tried on that date and was largely dormant until a status conference was held on July 27, 2015. At that time, the court entered a scheduling order setting deadlines for plaintiff to file a Second Amended Complaint, for defendants to answer, and for defendants to file dispositive motions. The plaintiff did not file a Second Amended Complaint by the deadline.

 

Last year, Indiana passed a new law, Indiana Code § 34-12-3-1, (the “Indiana Immunity Statute”), which applies to the City's case. The defendants have filed a joint motion for judgment on the pleadings, asserting immunity under the Indiana Immunity Statute and asking the court to re-visit the Court of Appeals' earlier decision holding the Protection of Lawful Commerce in Arms Act (“PLCAA”) inapplicable to the City's claims.

 

The United States and the Indiana Attorney General filed motions and briefs in intervention in defense of the constitutionality of the PLCAA and the Indiana Immunity Statute, respectively. A hearing on the motions to intervene was set for October 12, 2016.

 

The court subsequently granted a Joint Motion to Stay Resolution of Manufacturers’ Motion for Judgment on the Pleadings for six months or until the KS&E Sports v. Runnels case is decided by the Indiana Supreme Court, whichever is earlier. The court also vacated the October 12th hearing on

14 

motions to intervene by the United States and the Indiana Attorney General, given the City’s consent to such motions.

 

Summary of Claimed Damages and Explanation of Product Liability Accruals

 

Punitive damages, as well as compensatory damages, are demanded in certain of the lawsuits and claims. Aggregate claimed amounts presently exceed product liability accruals and applicable insurance coverage. For product liability claims made after July 10, 2000, coverage is provided on an annual basis for losses exceeding $5 million per claim, or an aggregate maximum loss of $10 million annually, except for certain new claims which might be brought by governments or municipalities after July 10, 2000, which are excluded from coverage.

 

The Company management monitors the status of known claims and the product liability accrual, which includes amounts for asserted and unasserted claims. While it is not possible to forecast the outcome of litigation or the timing of costs, in the opinion of management, after consultation with special and corporate counsel, it is not probable and is unlikely that litigation, including punitive damage claims, will have a material adverse effect on the financial position of the Company, but may have a material impact on the Company’s financial results for a particular period.

 

Product liability claim payments are made when appropriate if, as, and when claimants and the Company reach agreement upon an amount to finally resolve all claims. Legal costs are paid as the lawsuits and claims develop, the timing of which may vary greatly from case to case. A time schedule cannot be determined in advance with any reliability concerning when payments will be made in any given case.

 

Provision is made for product liability claims based upon many factors related to the severity of the alleged injury and potential liability exposure, based upon prior claim experience. Because the Company’s experience in defending these lawsuits and claims is that unfavorable outcomes are typically not probable or estimable, only in rare cases is an accrual established for such costs. In most cases, an accrual is established only for estimated legal defense costs. Product liability accruals are periodically reviewed to reflect then-current estimates of possible liabilities and expenses incurred to date and reasonably anticipated in the future. Threatened product liability claims are reflected in the Company’s product liability accrual on the same basis as actual claims; i.e., an accrual is made for reasonably anticipated possible liability and claims-handling expenses on an ongoing basis.

 

A range of reasonably possible losses relating to unfavorable outcomes cannot be made. However, in product liability cases in which a dollar amount of damages is claimed, the amount of damages claimed, which totaled $0.1 million and $0.0 million at December 31, 2015 and 2014, respectively, are set forth as an indication of possible maximum liability the Company might be required to incur in these cases (regardless of the likelihood or reasonable probability of any or all of this amount being awarded to claimants) as a result of adverse judgments that are sustained on appeal.

 

 

NOTE 11 - SUBSEQUENT EVENTS

 

On October 28, 2016, the Company’s Board of Directors authorized a dividend of 41¢ per share, for shareholders of record as of November 18, 2016, payable on November 25, 2016.

 

The Company has evaluated events and transactions occurring subsequent to October 1, 2016 and determined that there were no other unreported events or transactions that would have a material impact on the Company’s results of operations or financial position.

15 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

 

Company Overview

 

Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales represent approximately 3% of total sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market.

 

The Company also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of third-party sales are from the castings segment.

 

Orders for many models of firearms from the independent distributors tend to be stronger in the first quarter of the year and weaker in the third quarter of the year. This is due in part to the timing of the distributor show season, which occurs during the first quarter.

 

Results of Operations

 

Demand

 

The estimated unit sell-through of the Company’s products from the independent distributors to retailers increased 19% in the first nine months of 2016 from the comparable prior year period. For the same period, the National Instant Criminal Background Check System (“NICS”) background checks (as adjusted by the National Shooting Sports Foundation (“NSSF”)) increased 16%. The increase in estimated sell-through of the Company’s products from the independent distributors to retailers is attributable to:

 

·stronger-than-normal seasonal industry demand, likely bolstered by the political campaigns for the elections in November,
·strong demand for certain new products,
·greater availability of rimfire ammunition which spurred demand for our 10/22 rifle and other rimfire firearms late in the third quarter, and
·increased production of several products in strong demand.

 

The Company launched new Mark IV pistols, the LCP II pistol, and compact models of the American pistol in September.

 

Sales of new products, including those launched in the third quarter as well as the Precision Rifle, the AR-556 modern sporting rifle, and the LC9s pistol, represented $160.8 million or 32% of firearm sales in the first nine months of 2016. The new product sales percentage is expected to decrease next quarter as sales of the AR-556 and the LC9s will no longer be included among the new products. New product sales include only major new products that were introduced in the past two years.

 

16 

Estimated sell-through from the independent distributors to retailers and total adjusted NICS background checks for the trailing seven quarters follow:

 

   2016   2015 
   Q3   Q2   Q1   Q4   Q3   Q2   Q1 
                             
Estimated Units Sold from Distributors to Retailers (1)   453,400    453,700    571,000    552,700    374,900    379,400    486,800 
                                    
Total adjusted NICS Background Checks (thousands) (2)   3,519    3,199    4,148    4,880    3,050    2,793    3,521 

 

(1)The estimates for each period were calculated by taking the beginning inventory at the distributors, plus shipments from the Company to distributors during the period, less the ending inventory at distributors. These estimates are only a proxy for actual market demand as they:

 

·Rely on data provided by independent distributors that are not verified by the Company,
·Do not consider potential timing issues within the distribution channel, including goods-in-transit, and
  · Do not consider fluctuations in inventory at retail.

 

(2)NICS background checks are performed when the ownership of most firearms, either new or used, is transferred by a Federal Firearms Licensee. NICS background checks are also performed for permit applications, permit renewals, and other administrative reasons.  

 

The adjusted NICS data presented above was derived by the NSSF by subtracting out NICS checks that are not directly related to the sale of a firearm, including checks used for concealed carry (“CCW”) permit application checks as well as checks on active CCW permit databases.

 

Orders Received and Ending Backlog

 

The Company uses the estimated unit sell-through of our products from the independent distributors to retailers, along with inventory levels at the independent distributors and at the Company, as the key metrics for planning production levels. The Company generally does not use the orders received or ending backlog for planning production levels.

 

The average sales price of units in the third quarter of 2016 was reduced due to strong orders for the relatively lower priced LCP II pistol, and the cancellation of orders for the original version of relatively higher priced Precision modern sporting rifle, which was discontinued due to the popularity of the new Enhanced Precision rifle.

 

The units ordered, value of orders received and ending backlog, net of excise tax, for the trailing seven quarters are as follows (dollars in millions, except average sales price):

 

17 

(All amounts shown are net of Federal Excise Tax of 10% for handguns and 11% for long guns.)

 

   2016   2015 
   Q3   Q2   Q1   Q4   Q3   Q2   Q1 
                             
Units Ordered   445,700    399,400    969,400    696,400    207,500    262,400    350,700 
                                    
Orders Received  $116.5   $145.7   $296.1   $203.4   $73.1   $71.9   $114.8 
                                    
Average Sales Price of Units Ordered  $261   $365   $305   $292   $352   $274   $327 
                                    
Ending Backlog  $219.1   $257.6   $276.1   $137.8   $80.5   $123.8   $185.1 
                                    
Average Unit Sales Price of Ending Backlog  $306   $331   $313   $320   $379   $310   $319 

 

Production

 

The Company reviews the estimated sell-through from the independent distributors to retailers, as well as inventory levels at the independent distributors and at the Company, semi-monthly to plan production levels. These reviews resulted in increased total unit production of 20% for both the three and nine months ended October 1, 2016 from the comparable prior year periods.

 

Summary Unit Data

 

Firearms unit data for the trailing seven quarters are as follows (dollar amounts shown are net of Federal Excise Tax of 10% for handguns and 11% for long guns):

 

   2016   2015 
   Q3   Q2   Q1   Q4   Q3   Q2   Q1 
                             
Units Ordered   445,700    399,400    969,400    696,400    207,500    262,400    350,700 
                                    
Units Produced   527,600    529,600    502,100    425,400    439,900    487,000    369,000 
                                    
Units Shipped   507,500    504,000    516,700    478,400    394,700    442,900    422,100 
                                    
Average Sales Price of Units Shipped  $315   $330   $332   $315   $302   $314   $321 
                                    
Units on Backlog   716,600    778,400    883,000    430,300    212,300    399,500    580,000 

 

 

Inventories

 

During the third quarter of 2016, the Company’s finished goods inventory increased by 20,000 units and distributor inventories of the Company’s products increased by 54,100 units. Increases in inventory, which often occur in the second and third quarters, can be beneficial as they allow the Company to:

 

18 

·Level load production, which results in more efficient manufacturing,
·Reduce capacity needed to meet the demand during the strongest seasonal peaks, and
·Capitalize on unanticipated peaks in demand.

 

Inventory data for the trailing seven quarters follows:

 

   2016   2015 
   Q3   Q2   Q1   Q4   Q3   Q2   Q1 
                             
Units – Company Inventory   118,500    98,500    72,800    87,400    140,400    95,200    51,100 
                                    
Units – Distributor Inventory (1)   321,100    267,000    216,700    271,000    345,300    325,500    262,000 
                                    
Total inventory (2)   439,600    365,500    289,500    358,400    485,700    420,700    313,100 

 

(1)Distributor ending inventory is provided by the Company’s independent distributors. These numbers do not include goods-in-transit inventory that has been shipped from the Company but not yet received by the distributors.

 

(2)This total does not include inventory at retailers. The Company does not have access to data on retailer inventories of the Company’s products.

 

Net Sales

 

Consolidated net sales were $161.4 million for the three months ended October 1, 2016, an increase of 33.6% from $120.9 million in the comparable prior year period.

 

For the nine months ended October 1, 2016, consolidated net sales were $502.5 million, an increase of 26.0% from $398.7 million in the comparable prior year period.

 

Firearms net sales were $160.1 million for the three months ended October 1, 2016, an increase of 34.2% from $119.3 million in the comparable prior year period.

 

For the nine months ended October 1, 2016, firearms net sales were $497.9 million, an increase of 26.3% from $394.1 million in the comparable prior year period.

 

Firearms unit shipments increased 28.6% and 21.3% for the three and nine months ended October 1, 2016, respectively, from the comparable prior year periods.

 

Casting net sales were $1.4 million for the three months ended October 1, 2016, a decrease of 13.9% from $1.6 million in the comparable prior year period.

 

For the nine months ended October 1, 2016, castings net sales were $4.6 million, a decrease of 0.5% from $4.6 million in the comparable prior year period.

 

19 

Cost of Products Sold and Gross Profit

 

Consolidated cost of products sold was $111.2 million for the three months ended October 1, 2016, an increase of 28.0% from $86.9 million in the comparable prior year period.

 

For the nine months ended October 1, 2016, consolidated cost of products sold was $336.4 million, an increase of 22.4% from $274.8 million in the comparable prior year period.

 

 

 

20 

 

 

Gross margin was 31.1% and 33.0% for the three and nine months ended October 1, 2016, respectively, compared to 28.1% and 31.1% in the comparable prior year periods as illustrated below (in thousands):

   Three Months Ended 
   October 1, 2016   September 26, 2015 
                 
Net sales  $161,427    100.0%  $120,871    100.0%
                     
Cost of products sold, before LIFO, overhead and labor rate adjustments to inventory and product liability   109,302    67.7%   84,377    69.8%
                     
LIFO expense   576    0.4%   694    0.6%
                     
Overhead rate adjustments to inventory   748    0.5%   1,149    0.9%
                     
Labor rate adjustments to inventory   (107)   (0.1)%   62    0.1%
                     
Product liability   657    0.4%   578    0.5%
                     
Total cost of products sold   111,176    68.9%   86,860    71.9%
                     
Gross profit  $50,251    31.1%  $34,011    28.1%

 

 

   Nine Months Ended 
   October 1, 2016   September 26, 2015 
                 
Net sales  $502,480    100.0%  $398,698    100.0%
                     
Cost of products sold, before LIFO, overhead and labor rate adjustments to inventory and product liability   331,797    66.0%   269,107    67.5%
                     
LIFO expense   1,775    0.4%   1,704    0.4%
                     
Overhead rate adjustments to inventory   1,239    0.3%   2,952    0.7%
                     
Labor rate adjustments to inventory   116    —    346    0.1%
                     
Product liability   1,495    0.3%   672    0.2%
                     
Total cost of products sold   336,422    67.0%   274,781    68.9%
                     
Gross profit  $166,058    33.0%  $123,917    31.1%

 

 

Cost of products sold, before LIFO, overhead and labor rate adjustments to inventory, and product liability — During the three months ended October 1, 2016, cost of products sold, before LIFO,

21 

overhead and labor rate adjustments to inventory, and product liability decreased as a percentage of sales by 2.1% compared with the comparable 2015 period primarily due to the increased sales volume and the leverage of fixed overhead costs.

 

For the nine months ended October 1, 2016, cost of products sold, before LIFO, overhead and labor rate adjustments to inventory, and product liability decreased as a percentage of sales by 1.5% compared with the comparable 2015 period due principally to the increased sales volume and the leverage of fixed overhead costs.

 

LIFO — For the three months ended October 1, 2016, the Company recognized LIFO expense resulting in increased cost of products sold of $0.6 million. In the comparable 2015 period, the Company recognized LIFO expense resulting in increased cost of products sold of $0.7 million.

 

For the nine months ended October 1, 2016, the Company recognized LIFO expense resulting in increased cost of products sold of $1.8 million. In the comparable 2015 period, the Company recognized LIFO expense resulting in increased cost of products sold of $1.7 million.

 

Overhead Rate Adjustments — The Company uses actual overhead expenses incurred as a percentage of sales-value-of-production over a trailing six month period to absorb overhead expense into inventory. During the three and nine months ended October 1, 2016, the Company became more efficient in overhead spending and the overhead rates used to absorb overhead expenses into inventory decreased, resulting in decreases in inventory values of $0.7 million and $1.2 million, respectively, and corresponding increases to cost of products sold.

 

During the three and nine months ended September 26, 2015, the Company became more efficient in overhead spending and the overhead rates used to absorb overhead expenses into inventory decreased, resulting in a decrease in inventory value of $1.2 million and $3.0 million, respectively, and corresponding increases to cost of products sold.

 

Labor Rate Adjustments — The Company uses actual direct labor expense incurred as a percentage of sales-value-of-production over a trailing six month period to absorb direct labor expense into inventory. During the three months ended October 1, 2016, the Company became less efficient in direct labor utilization and the labor rates used to absorb incurred labor expenses into inventory increased, resulting in an increase in inventory value of $0.1 million. This increase in inventory carry values resulted in a decrease to cost of products sold.

 

During the nine months ended October 1, 2016, the Company became more efficient in direct labor utilization and the labor rates used to absorb incurred labor expenses into inventory decreased, resulting in a decrease in inventory value of $0.1 million. This decrease in inventory carrying values resulted in an increase to cost of products sold.

 

During the three and nine months ended September 26, 2015, the Company became more efficient in direct labor utilization and the labor rates used to absorb incurred labor expenses into inventory decreased, resulting in decreases in inventory value of $0.1 million and $0.3 million, respectively. These decreases in inventory carrying values resulted in increases to cost of products sold.

 

Product Liability — This expense includes the cost of outside legal fees, insurance, and other expenses incurred in the management and defense of product liability matters. During the three months ended October 1, 2016 product liability expense was $0.7 million. During the nine months ended October 1, 2016 product liability expense was $1.5 million.

 

22 

During the three and nine months ended September 26, 2015, product liability expense was $0.6 million and $0.7 million, respectively. See Note 10 to the notes to the condensed financial statements “Contingent Liabilities” for further discussion of the Company’s product liability.

 

Gross Profit — As a result of the foregoing factors, for the three and nine months ended October 1, 2016, gross profit was $50.3 million and $166.1 million, respectively, an increase of $16.3 million and $42.2 million from $34.0 million and $123.9 million in the comparable prior year periods.

 

Gross profit as a percentage of sales increased to 31.1% and 33.0% in the three and nine months ended October 1, 2016, respectively, from 28.1% and 31.1% in the comparable prior year periods.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses were $20.2 million for the three months ended October 1, 2016, an increase of $4.1 million or 25.8% from the comparable prior year period. This increase is primarily attributable to the $5.0 million expense related to the “NRA-ILA $5 Million Matching Challenge”, which began in July 2016, and the increased sales volume.

 

Selling, general and administrative expenses were $63.3 million for the nine months ended October 1, 2016, an increase of $7.8 million or 14.1% from the comparable prior year period. This increase is attributable to the $5.0 million expense related to the “NRA-ILA $5 Million Matching Challenge”, which began in July 2016, and the $1.6 million in additional expense related to the “2 Million Gun Challenge to Benefit the NRA”, which began in April 2015 and will run through October 2016, and the increased sales volume.

 

Other income, net

 

Other income, net was $0.4 million and $0.8 million in the three and nine months ended October 1, 2016, respectively, compared to $0.2 million and $1.2 million in the three and nine months ended September 26, 2015, respectively.

 

Income Taxes and Net Income

 

The Company’s effective income tax rate in the three and nine months ended October 1, 2016 was 34.8% and 35.7%, respectively. The Company’s effective income tax rate in the three and nine months ended September 26, 2015 was 34.2% and 35.4%, respectively.

 

As a result of the foregoing factors, consolidated net income was $19.9 million and $66.6 million for the three and nine months ended October 1, 2016, respectively. This represents an increase of 65.9% and 48.0% from $12.0 million and $45.0 million in the comparable prior year periods.

 

Non-GAAP Financial Measure

 

In an effort to provide investors with additional information regarding its financial results, the Company refers to various United States generally accepted accounting principles (“GAAP”) financial measures and one non-GAAP financial measure, EBITDA, which management believes provides useful information to investors. This non-GAAP financial measure may not be comparable to similarly titled financial measures being disclosed by other companies. In addition, the Company believes that the non-

23 

GAAP financial measure should be considered in addition to, and not in lieu of, GAAP financial measures. The Company believes that EBITDA is useful to understanding its operating results and the ongoing performance of its underlying business, as EBITDA provides information on the Company’s ability to meet its capital expenditure and working capital requirements, and is also an indicator of profitability. The Company believes that this reporting provides better transparency and comparability to its operating results. The Company uses both GAAP and non-GAAP financial measures to evaluate the Company’s financial performance.

 

EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. The Company calculates its EBITDA by adding the amount of interest expense, income tax expense, and depreciation and amortization expenses that have been deducted from net income back into net income, and subtracting the amount of interest income that was included in net income from net income.

 

EBITDA was $39.1 million for the three months ended October 1, 2016, an increase of 44.3% from $27.1 million in the comparable prior year period.

 

For the nine months ended October 1, 2016, EBITDA was $128.9 million, an increase of 33.6% from $96.5 million in the comparable prior year period.

Non-GAAP Reconciliation – EBITDA

EBITDA

(Unaudited, dollars in thousands)

 

   Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26, 2015   October 1,
2016		   September 26, 2015 
                     
Net income  $19,850   $11,963   $66,642   $45,026 
                     
Income tax expense   10,604    6,209    36,925    24,642 
Depreciation and amortization expense   8,567    8,852    25,257    26,693 
Interest expense, net   32    36    102    113 
EBITDA  $39,053   $27,060   $128,926   $96,474 

 

 

Financial Condition

 

Liquidity

 

At the end of the third quarter of 2016, the Company’s cash totaled $101.4 million. Pre-LIFO working capital of $189.7 million, less the LIFO reserve of $43.8 million, resulted in working capital of $145.9 million and a current ratio of 2.7 to 1.

 

Operations

 

Cash provided by operating activities was $85.4 million for the nine months ended October 1, 2016, compared to $94.9 million for the comparable prior year period. This decrease is primarily due to an increase in inventories in the current period compared to a decrease in inventories in the prior year period and various other working capital fluctuations in both periods.

 

24 

Third parties supply the Company with various raw materials for its firearms and castings, such as fabricated steel components, walnut, birch, beech, maple and laminated lumber for rifle stocks, wax, ceramic material, metal alloys, various synthetic products and other component parts. There is a limited supply of these materials in the marketplace at any given time, which can cause the purchase prices to vary based upon numerous market factors. The Company believes that it has adequate quantities of raw materials in inventory or on order to provide sufficient time to locate and obtain additional items at then-current market cost without interruption of its manufacturing operations. However, if market conditions result in a significant prolonged inflation of certain prices or if adequate quantities of raw materials cannot be obtained, the Company’s manufacturing processes could be interrupted and the Company’s financial condition or results of operations could be materially adversely affected.

 

Investing and Financing

 

Capital expenditures for the nine months ended October 1, 2016 totaled $23.0 million, a decrease from $24.5 million in the comparable prior year period. In 2016, the Company expects to spend approximately $30 million on capital expenditures to purchase tooling fixtures and equipment for new product introductions and to upgrade and modernize manufacturing equipment. The Company finances, and intends to continue to finance, all of these activities with funds provided by operations and current cash.

 

Dividends of $25.0 million were paid during the nine months ended October 1, 2016.

 

On October 28, 2016, the Board of Directors authorized a dividend of 41¢ per share, for shareholders of record as of November 18, 2016, payable on November 25, 2016. The payment of future dividends depends on many factors, including internal estimates of future performance, then-current cash and short-term investments, and the Company’s need for funds. The Company has financed its dividends with cash provided by operations and current cash.

 

During the nine months ended September 26, 2015, the Company repurchased 82,100 shares of its common stock for $2.8 million in the open market. The average price per share purchased was $34.57. These purchases were funded with cash on hand. As of October 1, 2016, $73.2 million remained authorized for future stock repurchases. No shares were repurchased in the nine months ended October 1, 2016.

 

Based on its unencumbered assets, the Company believes it has the ability to raise cash through the issuance of short-term or long-term debt. The Company’s unsecured $40 million credit facility, which expires on June 15, 2017, remained unused at October 1, 2016 and the Company has no debt.

 

Other Operational Matters

 

In the normal course of its manufacturing operations, the Company is subject to occasional governmental proceedings and orders pertaining to workplace safety, firearms serial number tracking and control, waste disposal, air emissions and water discharges into the environment. The Company believes that it is generally in compliance with applicable Bureau of Alcohol, Tobacco, Firearms & Explosives, environmental, and safety regulations and the outcome of any proceedings or orders will not have a material adverse effect on the financial position or results of operations of the Company.

 

25 

The Company self-insures a significant amount of its product liability, workers’ compensation, medical, and other insurance. It also carries significant deductible amounts on various insurance policies.

 

The Company expects to realize its deferred tax assets through tax deductions against future taxable income.

 

Adjustments to Critical Accounting Policies

 

The Company has not made any adjustments to its critical accounting estimates and assumptions described in the Company’s 2015 Annual Report on Form 10-K filed on February 24, 2016, or the judgments affecting the application of those estimates and assumptions.

 

Forward-Looking Statements and Projections

 

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, 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.

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Historically, the Company has been exposed to changing interest rates on its investments, which consisted primarily of United States Treasury instruments with short-term (less than one year) maturities and cash. The interest rate market risk implicit in the Company’s investments at any given time is typically low, as the investments mature within short periods and the Company does not have significant exposure to changing interest rates on invested cash, and there has been no material change in the Company’s exposure to interest rate risks during the nine months ended October 1, 2016.

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (the “Disclosure Controls and Procedures”), as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of October 1, 2016.

 

Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of October 1, 2016, such Disclosure Controls and Procedures are effective to

26 

ensure that information required to be disclosed in the Company’s periodic reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer or persons performing similar functions, as appropriate, to allow timely decisions regarding disclosure.

 

Additionally, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, there have been no changes in the Company’s internal control over financial reporting that occurred during the quarter ended October 1, 2016 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

The effectiveness of any system of internal controls and procedures is subject to certain limitations, and, as a result, there can be no assurance that the Disclosure Controls and Procedures will detect all errors or fraud. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system will be attained.

27 

 

PART II. OTHER INFORMATION

 

 

ITEM 1. LEGAL PROCEEDINGS

 

The nature of the legal proceedings against the Company is discussed at Note 10 to the financial statements, which are included in this Form 10-Q.

 

The Company has reported all cases instituted against it through July 2, 2016, and the results of those cases, where terminated, to the SEC on its previous Form 10-Q and 10-K reports, to which reference is hereby made.

 

During the three months ending October 1, 2016, one personal injury case was formally instituted against the Company, captioned Shannon Wayne Garrison v. Sturm, Ruger & Company, Inc. , which was filed on September 20, 2016 and is pending in the United States District Court for the Northern District of Alabama/Northeastern Division.

 

 

ITEM 1A. RISK FACTORS

 

There have been no material changes in the Company’s risk factors from the information provided in Item 1A. Risk Factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Not applicable

 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

Not applicable

 

 

ITEM 4. MINING SAFETY DISCLOSURES

 

Not applicable

 

 

ITEM 5. OTHER INFORMATION

 

None

 

28 

 

ITEM 6. EXHIBITS

 

(a)Exhibits:

 

10.1Transition Services and Consulting Agreement, dated as of August 1, 2016, by and between the Company and Michael O. Fifer. (1)

 

10.2Agreement dated as of August 1, 2016, by and between the Company and Christopher J. Killoy. (1)

 

10.3Letter agreement dated as of August 1, 2016, by and between the Company and Shawn C. Leska. (1)

 

31.1Certification Pursuant to Rule 13a-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

31.2Certification Pursuant to Rule 13a-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

32.1Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

32.2Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

(1)Incorporated by reference to the Company’s Form 8-K filed with the S.E.C. on August 2, 2016.

 

 

29 

 

 

 

STURM, RUGER & COMPANY, INC.

 

FORM 10-Q FOR THE THREE MONTHS ENDED OCTOBER 1, 2016

 

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.
     
     
     
     
Date:  November 1, 2016   S/THOMAS A. DINEEN
   

Thomas A. Dineen

Principal Financial Officer,

Principal Accounting Officer,

Vice President, Treasurer and Chief Financial Officer

     
     
     
     

 

 

30 

 

 EX-31.1 2 ex31-1.htm EX-31.1

 

EXHIBIT 31.1

 

CERTIFICATION

 

 

I, Michael O. Fifer, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q (the “Report”) of Sturm, Ruger & Company, Inc. (the “Registrant”);

 

2.Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;

 

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

 

d)Disclosed in this Report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

 

 

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Date: November 1, 2016

 

 

 

S/MICHAEL O. FIFER                      

Michael O. Fifer

Chief Executive Officer

 

 

 EX-31.2 3 ex31-2.htm EX-31.2

 

EXHIBIT 31.2

 

CERTIFICATION

 

 

I, Thomas A. Dineen, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q (the “Report”) of Sturm, Ruger & Company, Inc. (the “Registrant”);

 

2.Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;

 

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

 

d)Disclosed in this Report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

 

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Date: November 1, 2016

 

 

 

S/THOMAS A. DINEEN                         

Thomas A. Dineen

Vice President, Treasurer and

Chief Financial Officer

 

 

 

 EX-32.1 4 ex32-1.htm EX-32.1

EXHIBIT 32.1

 

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

 

In connection with the Quarterly Report on Form 10-Q of Sturm, Ruger & Company, Inc. (the “Company”) for the period ended October 1, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael O. Fifer, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respect, the financial condition and results of operations of the Company.

 

 

 

 

 

Date:  November 1, 2016 S/MICHAEL O. FIFER                    
  Michael O. Fifer
  Chief Executive Officer
   

 

 

 

 

 

 

A signed original of this statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 EX-32.2 5 ex32-2.htm EX-32.2

EXHIBIT 32.2

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

 

In connection with the Quarterly Report on Form 10-Q of Sturm, Ruger & Company, Inc. (the “Company”) for the period ended October 1, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas A. Dineen, Treasurer and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respect, the financial condition and results of operations of the Company.

 

 

 

 

 

 

Date:  November 1, 2016 S/THOMAS A. DINEEN                   
  Thomas A. Dineen
  Vice President, Treasurer and
  Chief Financial Officer

 

 

 

 

 

 

 

A signed original of this statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 EX-101.INS 6 rgr-20161001.xml XBRL INSTANCE FILE 0000095029 2016-10-01 0000095029 2015-12-31 0000095029 2014-12-31 0000095029 2015-09-26 0000095029 us-gaap:NonvotingCommonStockMember 2015-12-31 0000095029 us-gaap:CommonStockMember 2015-12-31 0000095029 us-gaap:CommonStockMember 2016-10-01 0000095029 us-gaap:NonvotingCommonStockMember 2016-10-01 0000095029 rgr:FirearmsMember 2016-10-01 0000095029 rgr:FirearmsMember 2015-12-31 0000095029 rgr:UnaffiliatedCastingsMember 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember 2015-12-31 0000095029 us-gaap:CorporateMember 2016-10-01 0000095029 us-gaap:CorporateMember 2015-12-31 0000095029 us-gaap:CommonStockMember 2015-12-31 0000095029 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0000095029 us-gaap:RetainedEarningsMember 2015-12-31 0000095029 us-gaap:TreasuryStockMember 2015-12-31 0000095029 us-gaap:CommonStockMember 2016-10-01 0000095029 us-gaap:AdditionalPaidInCapitalMember 2016-10-01 0000095029 us-gaap:RetainedEarningsMember 2016-10-01 0000095029 us-gaap:TreasuryStockMember 2016-10-01 0000095029 rgr:FirearmsMember 2016-01-01 2016-10-01 0000095029 rgr:FirearmsMember 2015-01-01 2015-09-26 0000095029 rgr:UnaffiliatedCastingsMember 2016-01-01 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember 2015-01-01 2015-09-26 0000095029 2016-01-01 2016-10-01 0000095029 2015-01-01 2015-09-26 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:IntersegmentEliminationMember 2016-01-01 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:IntersegmentEliminationMember 2015-01-01 2015-09-26 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:OperatingSegmentsMember 2016-01-01 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:OperatingSegmentsMember 2015-01-01 2015-09-26 0000095029 us-gaap:IntersegmentEliminationMember 2015-01-01 2015-09-26 0000095029 rgr:UnaffiliatedCastingsMember 2015-06-29 2015-09-26 0000095029 rgr:FirearmsMember 2015-06-29 2015-09-26 0000095029 2015-06-29 2015-09-26 0000095029 2016-07-03 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember 2016-07-03 2016-10-01 0000095029 rgr:FirearmsMember 2016-07-03 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:OperatingSegmentsMember 2015-06-29 2015-09-26 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:OperatingSegmentsMember 2016-07-03 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:IntersegmentEliminationMember 2015-06-29 2015-09-26 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:IntersegmentEliminationMember 2016-07-03 2016-10-01 0000095029 us-gaap:IntersegmentEliminationMember 2015-06-29 2015-09-26 0000095029 us-gaap:IntersegmentEliminationMember 2016-01-01 2016-10-01 0000095029 us-gaap:IntersegmentEliminationMember 2016-07-03 2016-10-01 0000095029 us-gaap:CorporateMember 2016-01-01 2016-10-01 0000095029 us-gaap:CorporateMember 2015-01-01 2015-09-26 0000095029 us-gaap:CorporateMember 2015-06-29 2015-09-26 0000095029 us-gaap:CorporateMember 2016-07-03 2016-10-01 0000095029 us-gaap:CommonStockMember 2016-01-01 2016-10-01 0000095029 us-gaap:TreasuryStockMember 2016-01-01 2016-10-01 0000095029 us-gaap:RetainedEarningsMember 2016-01-01 2016-10-01 0000095029 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-10-01 0000095029 rgr:FirearmsMember us-gaap:SalesMember 2016-01-01 2016-10-01 0000095029 us-gaap:SalesMember us-gaap:NonUsMember 2016-01-01 2016-10-01 0000095029 rgr:UnaffiliatedCastingsMember us-gaap:SalesMember 2016-01-01 2016-10-01 0000095029 us-gaap:LineOfCreditMember 2016-01-01 2016-10-01 0000095029 us-gaap:LineOfCreditMember 2016-10-01 0000095029 rgr:StockIncentivePlan2007Member 2007-04-30 0000095029 rgr:StockIncentivePlan2007Member 2016-10-01 0000095029 us-gaap:RestrictedStockUnitsRSUMember 2016-01-01 2016-10-01 0000095029 us-gaap:RestrictedStockUnitsRSUMember us-gaap:MinimumMember 2016-01-01 2016-10-01 0000095029 us-gaap:RestrictedStockUnitsRSUMember us-gaap:MaximumMember 2016-01-01 2016-10-01 0000095029 us-gaap:RestrictedStockUnitsRSUMember 2016-07-03 2016-10-01 0000095029 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-09-26 0000095029 us-gaap:RestrictedStockUnitsRSUMember 2015-06-29 2015-09-26 0000095029 2015-01-01 2015-12-31 0000095029 2014-01-01 2014-12-31 0000095029 2016-10-31 0000095029 us-gaap:SubsequentEventMember 2016-10-28 0000095029 us-gaap:RestrictedStockUnitsRSUMember 2016-07-02 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure 2448000 2118000 43574000 37099000 9085000 8219000 6773000 3008000 231118000 189272000 101363000 69225000 8901000 60252000 320465000 308597000 23775766 24034201 218401000 204777000 102064000 103820000 27670000 22791000 360852000 315883000 233686000 221670000 15259000 15289000 111907000 78924000 53432000 42991000 1455000 642000 25897000 28298000 4421000 5100000 70323000 71721000 4962000 85205000 81993000 95000 102000 9436000 6050000 1 1 1 1 50000 40000000 40000000 50000 18713419 18971854 24034000 23776000 23776000 24034000 89858000 81278000 26371000 29591000 280438000 239098000 5062347 5062347 64727000 64727000 266116000 227738000 23776000 29591000 239098000 -64727000 24034000 26371000 280438000 -64727000 360852000 315883000 43836000 42061000 497889000 394084000 4591000 4614000 502480000 398698000 -27564000 -23926000 32155000 28540000 -23926000 1590000 119281000 120871000 161427000 1369000 160058000 9225000 10483000 -7635000 -9114000 -7635000 -27564000 -9114000 336422000 274781000 86860000 111176000 166058000 123917000 34011000 50251000 41261000 34255000 9170000 13378000 22045000 21214000 6880000 6805000 63306000 55469000 16050000 20183000 102752000 68448000 17961000 30068000 -102000 -113000 -36000 -32000 917000 1333000 247000 418000 815000 1220000 211000 386000 103834000 71073000 -949000 -2906000 103567000 69668000 -1897000 19719000 18172000 30454000 144000 29785000 682000 1501000 350000 525000 36925000 24642000 6209000 10604000 66642000 45026000 11963000 19850000 66642000 3.51 2.41 0.64 1.05 3.48 2.33 0.62 1.03 1.32 0.85 0.36 0.49 258000 -258000 25036000 25036000 266000 266000 -14001000 -14001000 8826000 8826000 2213000 2213000 25257000 26693000 630000 -1126000 2213000 3442000 1100000 800000 -50000 157000 2520000 -78000 6000 32000 -1398000 3247000 7105000 -5054000 9762000 956000 -2667000 8602000 806000 -101000 5340000 -5652000 -8781000 4201000 85391000 94949000 23049000 24488000 7000 222000 -23042000 -24266000 8826000 305000 14001000 1000000 97000 2841000 25036000 15893000 -30211000 -19332000 32138000 51351000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 1 - BASIS OF PRESENTATION</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of the results of the interim periods. Operating results for the nine months ended October 1, 2016 may not be indicative of the results to be expected for the full year ending December 31, 2016. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the year ended December 31, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Organization: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sturm, Ruger &#38; Company, Inc. (the &#147;Company&#148;) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales represent approximately 3% of total sales. The Company&#146;s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company&#146;s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company also manufactures investment castings made from steel alloys and metal injection molding (&#147;MIM&#148;) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of sales are from the castings segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0"><font style="font-weight: normal"><u>Principles of Consolidation:</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair Value of Financial Instruments:</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Use of Estimates: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Reclassifications: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Certain prior period balances have been reclassified to conform to current year presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Recent Accounting Pronouncements: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 30, 2016, Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Update (&#147;ASU&#148;) 2016-09, Compensation - Stock Compensation (Topic 718). The most significant change in the new compensation guidance is that all excess tax benefits and tax deficiencies (including tax benefits of dividends) on share-based compensation awards should be recognized in the Statement of Income as income tax expense. Previously such benefits or deficiencies were recognized in the Balance Sheet as adjustments to additional paid-in capital. The new guidance is effective in fiscal years beginning after December 15, 2016 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements and whether to adopt the guidance early.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. The most significant change in the new lease guidance requires lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. This change will result in lessees recognizing right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under legacy U.S. GAAP. The new lease guidance is effective in fiscal years beginning after December 15, 2018 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Organization: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sturm, Ruger &#38; Company, Inc. (the &#147;Company&#148;) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales represent approximately 3% of total sales. The Company&#146;s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company&#146;s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company also manufactures investment castings made from steel alloys and metal injection molding (&#147;MIM&#148;) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of sales are from the castings segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair Value of Financial Instruments:</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Use of Estimates: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> 0.99 .03 0.01 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0"><font style="font-weight: normal"><u>Principles of Consolidation:</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated.</p> 19123000 16637000 70735000 64641000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 3 - INVENTORIES</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">October 1, 2016</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inventory at FIFO</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: left; padding-left: 18.55pt">Finished products</td><td style="border-left: Black 1pt solid; width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,123</td><td style="width: 1%; text-align: left">&#160;</td><td style="border-left: Black 1pt solid; width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,637</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 18.55pt">Materials and work in process</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">70,735</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">64,641</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross inventories</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">89,858</td><td style="text-align: left">&#160;</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">81,278</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 18.55pt">Less:&#160;&#160;LIFO reserve</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(43,836</td><td style="text-align: left">)</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(42,061</td><td style="border-right: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 18.55pt">Less:&#160;&#160;excess and obsolescence reserve</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,448</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,118</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; text-align: left">Net inventories</td><td style="border-bottom: Black 2.5pt double; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">43,574</td><td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,099</td><td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">October 1, 2016</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inventory at FIFO</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: left; padding-left: 18.55pt">Finished products</td><td style="border-left: Black 1pt solid; width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,123</td><td style="width: 1%; text-align: left">&#160;</td><td style="border-left: Black 1pt solid; width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,637</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 18.55pt">Materials and work in process</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">70,735</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">64,641</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross inventories</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">89,858</td><td style="text-align: left">&#160;</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">81,278</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 18.55pt">Less:&#160;&#160;LIFO reserve</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(43,836</td><td style="text-align: left">)</td><td style="border-left: Black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(42,061</td><td style="border-right: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 18.55pt">Less:&#160;&#160;excess and obsolescence reserve</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,448</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,118</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; text-align: left">Net inventories</td><td style="border-bottom: Black 2.5pt double; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">43,574</td><td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; border-left: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,099</td><td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt">&#160;</p> 40000000 LIBOR 0.01556 0.0200 0.00375 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 4 - LINE OF CREDIT</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has a $40 million revolving line of credit with a bank. This facility is renewable annually and terminates on June 15, 2017. Borrowings under this facility bear interest at LIBOR (1.556% at October 1, 2016) plus 200 basis points. The Company is charged three-eighths of a percent (0.375%) per year on the unused portion. At October 1, 2016 and December 31, 2015, the Company was in compliance with the terms and covenants of the credit facility, which remains unused.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -27pt">&#160;</p> 2017-06-15 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 5 - EMPLOYEE BENEFIT PLANS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company sponsors a 401(k) plan that covers substantially all employees. The Company matches a certain portion of employee contributions using the safe harbor guidelines contained in the Internal Revenue Code. Expenses related to these matching contributions totaled $0.8 million and $2.5 million for the three and nine months ended October 1, 2016, respectively, and $0.7 million and $2.5 million for the three and nine months ended September 26, 2015, respectively. The Company plans to contribute approximately $0.8 million to the plan in matching employee contributions during the remainder of 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $1.4 million and $4.5 million for the three and nine months ended October 1, 2016, respectively, and $1.3 million and $3.7 million for the three and nine months ended September 26, 2015, respectively. The Company plans to contribute approximately $1.4 million in supplemental contributions to the plan during the remainder of 2016.</p> 2500000 2500000 700000 800000 800000 1400000 4500000 3700000 1300000 1400000 .357 .354 .342 .348 34400000 20600000 8300000 13500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 6 - INCOME TAXES</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company's 2016 and 2015 effective tax rates differ from the statutory federal tax rate due principally to state income taxes partially offset by tax benefits related to the American Jobs Creation Act of 2004. The Company&#146;s effective income tax rate in the three and nine months ended October 1, 2016 was 34.8% and 35.7%, respectively. The Company&#146;s effective income tax rate in the three and nine months ended September 26, 2015 was 34.2% and 35.4%, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.7pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Income tax payments for the three and nine months ended October 1, 2016 totaled $13.5 million and $34.4 million, respectively. Income tax payments for the three and nine months ended September 26, 2015 totaled $8.3 million $20.6 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2013.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company does not believe it has included any &#147;uncertain tax positions&#148; in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.</p> 18961146 18692755 18701530 18971854 204731 650910 673013 232321 19165877 19343665 19374543 19204175 11838 11838 8.95 8.95 6.69 6.69 600000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">NOTE 7 - EARNINGS PER SHARE</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Three Months Ended</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Nine Months Ended</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">October 1, <br />2016</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">September 26, <br />2015</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">October 1, <br />2016</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">September 26, <br />2015</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid">Numerator:</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 13.5pt; border-right: Black 1pt solid">Net income</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,850</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,963</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;66,642&#160;</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">45,026</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -9pt; padding-left: 9pt; border-right: Black 1pt solid">Denominator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 0.3in; border-right: Black 1pt solid">Weighted average number of common shares outstanding &#150; Basic</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,971,854</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,701,530</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,961,146</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,692,755</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -9pt; padding-left: 0.3in; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 26.1pt; border-right: Black 1pt solid">Dilutive effect of options and restricted stock units outstanding under the Company&#146;s employee compensation plans</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">232,321</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">673,013</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">204,731</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">650,910</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-indent: -12.6pt; padding-left: 12.6pt; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-indent: -12.6pt; padding-left: 12.6pt; border-right: Black 1pt solid">Weighted average number of common shares outstanding &#150; Diluted</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,204,175</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,374,543</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,165,877</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,343,665</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The dilutive effect of outstanding options and restricted stock units is calculated using the treasury stock method. There were no stock options that were anti-dilutive and therefore not included in the diluted earnings per share calculation.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Three Months Ended</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Nine Months Ended</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">October 1, <br />2016</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">September 26, <br />2015</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">October 1, <br />2016</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">September 26, <br />2015</td><td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid">Numerator:</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td style="border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 13.5pt; border-right: Black 1pt solid">Net income</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,850</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,963</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;66,642&#160;</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">45,026</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -9pt; padding-left: 9pt; border-right: Black 1pt solid">Denominator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 0.3in; border-right: Black 1pt solid">Weighted average number of common shares outstanding &#150; Basic</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,971,854</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,701,530</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,961,146</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,692,755</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -9pt; padding-left: 0.3in; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 26.1pt; border-right: Black 1pt solid">Dilutive effect of options and restricted stock units outstanding under the Company&#146;s employee compensation plans</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">232,321</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">673,013</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">204,731</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">650,910</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-indent: -12.6pt; padding-left: 12.6pt; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-indent: -12.6pt; padding-left: 12.6pt; border-right: Black 1pt solid">Weighted average number of common shares outstanding &#150; Diluted</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,204,175</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,374,543</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,165,877</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,343,665</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> </table> 2550000 471000 P3Y P3Y P5Y 72148 2200000 800000 3400000 1100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 8 - COMPENSATION PLANS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In April 2007, the Company adopted and the shareholders approved the 2007 Stock Incentive Plan (the &#147;2007 SIP&#148;) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors<i>. </i>The Company has reserved 2,550,000 shares for issuance under the 2007 SIP, of which 471,000 shares remain available for future grants as of October 1, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Compensation costs related to all share-based payments recognized in the statements of operations aggregated $0.8 million and $2.2 million for the three and nine months ended October 1, 2016, respectively, and $1.1 million and $3.4 million for the three and nine months ended September 26, 2015, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><u>Stock Options</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of changes in options outstanding under the 2007 SIP is summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Weighted<br /> Average <br /> Exercise<br /> Price</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Grant Date <br />Fair Value</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; text-indent: 0.25in; border-right: Black 1pt solid">Outstanding at December 31, 2015</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">11,838</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8.95</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6.69</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: 0.25in; border-right: Black 1pt solid">Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: 0.25in; border-right: Black 1pt solid">Exercised</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0.25in; border-right: Black 1pt solid">Expired</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0.25in; border-right: Black 1pt solid">Outstanding at October 1, 2016</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">11,838</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8.95</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6.69</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The aggregate intrinsic value (mean market price at October 1, 2016 less the weighted average exercise price) of options outstanding under the 2007 SIP was approximately $0.6 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Restricted Stock Units</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Beginning in 2009, the Company began granting restricted stock units to senior employees in lieu of incentive stock options. The vesting of these awards is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors. Beginning in 2011, a three year vesting period was added to the performance criteria, which had the effect of requiring both the achievement of the corporate performance objectives and the satisfaction of the vesting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There were 72,148 restricted stock units issued during the nine months ended October 1, 2016. Total compensation costs related to these restricted stock units are $4.0 million. These costs are being recognized ratably over vesting periods ranging from three to five years. Total compensation cost related to restricted stock units was $0.8 million and $2.2 million for the three and nine months ended October 1, 2016, respectively, and $1.1 million and $3.4 million for the three and nine months ended September 26, 2015, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Weighted<br /> Average <br /> Exercise<br /> Price</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Grant Date <br />Fair Value</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; text-indent: 0.25in; border-right: Black 1pt solid">Outstanding at December 31, 2015</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">11,838</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8.95</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6.69</td><td style="width: 1%; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: 0.25in; border-right: Black 1pt solid">Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: 0.25in; border-right: Black 1pt solid">Exercised</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0.25in; border-right: Black 1pt solid">Expired</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0.25in; border-right: Black 1pt solid">Outstanding at October 1, 2016</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">11,838</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8.95</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6.69</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">(in thousands)</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="6" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="6" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">October 1, <br />2016</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 26,<br /> 2015</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">October 1, <br />2016</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 26, <br />2015</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-align: justify; text-indent: -0.9pt; padding-left: 5.4pt">Net Sales</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; width: 52%; text-indent: 17.1pt; padding-left: 5.4pt">Firearms</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">160,058</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">119,281</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">497,889</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">394,084</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Castings</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-indent: 35.1pt; padding-left: 5.4pt">Unaffiliated</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,369</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,590</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,591</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,614</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 35.1pt; padding-left: 5.4pt">Intersegment</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">9,114</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">7,635</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">27,564</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,926</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">10,483</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">9,225</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">32,155</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">28,540</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 22.5pt; padding-left: 5.4pt">Eliminations</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(9,114</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(7,635</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(27,564</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(23,926</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">161,427</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">120,871</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">502,480</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">398,698</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-align: left; text-indent: -0.9pt; padding-left: 5.4pt">Income (Loss) Before Income Taxes</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Firearms</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">29,785</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">19,719</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">103,834</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">71,073</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Castings</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">144</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,897</td><td style="border-right: Black 1pt solid; text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(949</td><td style="border-right: Black 1pt solid; text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(2,906</td><td style="border-right: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Corporate</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">525</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">350</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">682</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,501</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,454</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18,172</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">103,567</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">69,668</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">October 1, <br />2016</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2015</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-align: left; text-indent: -0.9pt; padding-left: 5.4pt">Identifiable Assets</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; width: 52%; text-indent: 17.1pt; padding-left: 5.4pt">Firearms</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">233,686</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">221,670</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Castings</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,259</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,289</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Corporate</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">111,907</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">78,924</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">360,852</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">315,883</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> 2 4 5000000 10000000 100000 0 2016 Q3 10-Q RGR 18971854 <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-style: normal">NOTE 10 - CONTINGENT LIABILITIES </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of October 1, 2016, the Company was a defendant in four (4) lawsuits and is aware of certain other such claims. The lawsuits fall into three categories: traditional product liability litigation, patent litigation and municipal litigation, discussed in turn below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Traditional Product Liability Litigation</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Two of the four lawsuits mentioned above involve claims for damages related to allegedly defective products due to their design and/or manufacture. The lawsuits stem from specific incidents of personal injury and are based on traditional product liability theories such as strict liability, negligence and/or breach of warranty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">The Company management believes the allegations in these cases are unfounded, that the incidents are unrelated to the design or manufacture of the firearms, and that there should be no recovery against the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Patent Litigation</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i><u>Davies Innovations, Inc. v. Sturm, Ruger &#38; Company, Inc.</u></i> is a patent litigation suit originally filed in the United States District Court for the Southern District of Texas, Galveston Division. The case subsequently was transferred to the United States District Court for the Northern District of New Hampshire. The suit is based upon alleged patent infringement as the plaintiff claims that certain features of the Ruger SR-556 and SR-762 modern sporting rifles infringe its patent. The complaint seeks a judgment of infringement and unspecified monetary damages including costs, fees and treble damages.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company management believes the allegations in this case are unfounded, that there is no infringement of plaintiff&#146;s patent, that plaintiff&#146;s patent is invalid, and that there should be no recovery against the Company. The Company has filed a Motion for Summary Judgment in the action,which is scheduled to be heard on December 6, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Municipal Litigation</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Municipal litigation generally includes those cases brought by cities or other governmental entities against firearms manufacturers, distributors and retailers seeking to recover damages allegedly arising out of the misuse of firearms by third-parties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There is only one remaining lawsuit of this type, filed by the City of Gary in Indiana State Court, over seventeen years ago. The complaint in that case seeks damages, among other things, for the costs of medical care, police and emergency services, public health services, and other services as well as punitive damages. In addition, nuisance abatement and/or injunctive relief is sought to change the design, manufacture, marketing and distribution practices of the various defendants. The suit alleges, among other claims, negligence in the design of products, public nuisance, negligent distribution and marketing, negligence per se and deceptive advertising. The case does not allege a specific injury to a specific individual as a result of the misuse or use of any of the Company's products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After a long procedural history, the case was scheduled for trial on June 15, 2009. The case was not tried on that date and was largely dormant until a status conference was held on July 27, 2015. At that time, the court entered a scheduling order setting deadlines for plaintiff to file a Second Amended Complaint, for defendants to answer, and for defendants to file dispositive motions. The plaintiff did not file a Second Amended Complaint by the deadline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Last year, Indiana passed a new law, Indiana Code &#167; 34-12-3-1, (the &#147;Indiana Immunity Statute&#148;), which applies to the City's case. The defendants have filed a joint motion for judgment on the pleadings, asserting immunity under the Indiana Immunity Statute and asking the court to re-visit the Court of Appeals' earlier decision holding the Protection of Lawful Commerce in Arms Act (&#147;PLCAA&#148;) inapplicable to the City's claims.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The United States and the Indiana Attorney General filed motions and briefs in intervention in defense of the constitutionality of the PLCAA and the Indiana Immunity Statute, respectively. A hearing on the motions to intervene was set for October 12, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; text-indent: 0.5in">The court subsequently granted a Joint Motion to Stay Resolution of Manufacturers&#146; Motion for Judgment on the Pleadings for six months or until the <i><u>KS&#38;E Sports v. Runnels</u></i> case is decided by the Indiana Supreme Court, whichever is earlier. The court also vacated the October 12<sup>th</sup> hearing on motions to intervene by the United States and the Indiana Attorney General, given the City&#146;s consent to such motions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Summary of Claimed Damages and Explanation of Product Liability Accruals</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Punitive damages, as well as compensatory damages, are demanded in certain of the lawsuits and claims. Aggregate claimed amounts presently exceed product liability accruals and applicable insurance coverage. For product liability claims made after July 10, 2000, coverage is provided on an annual basis for losses exceeding $5 million per claim, or an aggregate maximum loss of $10 million annually, except for certain new claims which might be brought by governments or municipalities after July 10, 2000, which are excluded from coverage.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">The Company management monitors the status of known claims and the product liability accrual, which includes amounts for asserted and unasserted claims. While it is not possible to forecast the outcome of litigation or the timing of costs, in the opinion of management, after consultation with special and corporate counsel, it is not probable and is unlikely that litigation, including punitive damage claims, will have a material adverse effect on the financial position of the Company, but may have a material impact on the Company&#146;s financial results for a particular period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Product liability claim payments are made when appropriate if, as, and when claimants and the Company reach agreement upon an amount to finally resolve all claims. Legal costs are paid as the lawsuits and claims develop, the timing of which may vary greatly from case to case. A time schedule cannot be determined in advance with any reliability concerning when payments will be made in any given case.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Provision is made for product liability claims based upon many factors related to the severity of the alleged injury and potential liability exposure, based upon prior claim experience. Because the Company&#146;s experience in defending these lawsuits and claims is that unfavorable outcomes are typically not probable or estimable, only in rare cases is an accrual established for such costs. In most cases, an accrual is established only for estimated legal defense costs. Product liability accruals are periodically reviewed to reflect then-current estimates of possible liabilities and expenses incurred to date and reasonably anticipated in the future. Threatened product liability claims are reflected in the Company&#146;s product liability accrual on the same basis as actual claims; <i>i.e.,</i> an accrual is made for reasonably anticipated possible liability and claims-handling expenses on an ongoing basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">A range of reasonably possible losses relating to unfavorable outcomes cannot be made. However, in product liability cases in which a dollar amount of damages is claimed, the amount of damages claimed, which totaled $0.1 million and $0.0 million at December 31, 2015 and 2014, respectively, are set forth as an indication of possible maximum liability the Company might be required to incur in these cases (regardless of the likelihood or reasonable probability of any or all of this amount being awarded to claimants) as a result of adverse judgments that are sustained on appeal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 11 - SUBSEQUENT EVENTS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 28, 2016, the Company&#146;s Board of Directors authorized a dividend of 41&#162; per share, for shareholders of record as of November 18, 2016, payable on November 25, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has evaluated events and transactions occurring subsequent to October 1, 2016 and determined that there were no other unreported events or transactions that would have a material impact on the Company&#146;s results of operations or financial position.</p> 0.41 false --12-31 2016-10-01 Large Accelerated Filer STURM RUGER & CO INC 0000095029 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Reclassifications: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Certain prior period balances have been reclassified to conform to current year presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Recent Accounting Pronouncements: </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 30, 2016, Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Update (&#147;ASU&#148;) 2016-09, Compensation - Stock Compensation (Topic 718). The most significant change in the new compensation guidance is that all excess tax benefits and tax deficiencies (including tax benefits of dividends) on share-based compensation awards should be recognized in the Statement of Income as income tax expense. Previously such benefits or deficiencies were recognized in the Balance Sheet as adjustments to additional paid-in capital. The new guidance is effective in fiscal years beginning after December 15, 2016 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements and whether to adopt the guidance early.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. The most significant change in the new lease guidance requires lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. This change will result in lessees recognizing right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under legacy U.S. GAAP. The new lease guidance is effective in fiscal years beginning after December 15, 2018 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 9 - OPERATING SEGMENT INFORMATION</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has two reportable segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a select number of independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Selected operating segment financial information follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">(in thousands)</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="6" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="6" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">October 1, <br />2016</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 26,<br /> 2015</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">October 1, <br />2016</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 26, <br />2015</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-align: justify; text-indent: -0.9pt; padding-left: 5.4pt">Net Sales</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; width: 52%; text-indent: 17.1pt; padding-left: 5.4pt">Firearms</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">160,058</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">119,281</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">497,889</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">394,084</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Castings</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-indent: 35.1pt; padding-left: 5.4pt">Unaffiliated</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,369</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,590</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,591</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,614</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 35.1pt; padding-left: 5.4pt">Intersegment</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">9,114</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">7,635</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">27,564</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,926</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">10,483</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">9,225</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">32,155</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">28,540</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 22.5pt; padding-left: 5.4pt">Eliminations</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(9,114</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(7,635</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(27,564</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(23,926</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">161,427</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">120,871</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">502,480</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">398,698</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-align: left; text-indent: -0.9pt; padding-left: 5.4pt">Income (Loss) Before Income Taxes</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Firearms</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">29,785</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">19,719</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">103,834</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">71,073</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Castings</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">144</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,897</td><td style="border-right: Black 1pt solid; text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(949</td><td style="border-right: Black 1pt solid; text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(2,906</td><td style="border-right: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Corporate</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">525</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">350</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">682</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,501</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,454</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18,172</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">103,567</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">69,668</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">October 1, <br />2016</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2015</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-align: left; text-indent: -0.9pt; padding-left: 5.4pt">Identifiable Assets</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; width: 52%; text-indent: 17.1pt; padding-left: 5.4pt">Firearms</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">233,686</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">221,670</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Castings</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,259</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,289</td><td style="border-right: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 17.1pt; padding-left: 5.4pt">Corporate</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">111,907</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">78,924</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: -0.9pt; padding-left: 5.4pt">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">360,852</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">315,883</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> 4000000 EX-101.SCH 7 rgr-20161001.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - BASIS OF PRESENTATION link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - INVENTORIES link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - LINE OF CREDIT link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - EMPLOYEE BENEFIT PLANS link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - INCOME TAXES link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - EARNINGS PER SHARE link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - COMPENSATION PLANS link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - OPERATING SEGMENT INFORMATION link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - CONTINGENT LIABILITIES link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - INVENTORIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - EARNINGS PER SHARE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - COMPENSATION PLANS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - OPERATING SEGMENT INFORMATION (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - INVENTORIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - LINE OF CREDIT (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - EMPLOYEE BENEFIT PLANS (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - INCOME TAXES (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - EARNINGS PER SHARE (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - COMPENSATION PLANS (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - COMPENSATION PLANS (Schedule of Stock Option Activity) (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - OPERATING SEGMENT INFORMATION (Schedule of Operating Segment Financial Information) (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - OPERATING SEGMENT INFORMATION (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - CONTINGENT LIABILITIES (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - SUBSEQUENT EVENTS (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 rgr-20161001_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 rgr-20161001_def.xml XBRL DEFINITION FILE EX-101.LAB 10 rgr-20161001_lab.xml XBRL LABEL FILE Nonvoting Common Stock [Member] Class of Stock [Axis] Common Stock [Member] Firearms [Member] Business Segments [Axis] Unaffiliated Castings [Member] Corporate [Member] Equity Components [Axis] Additional Paid-in Capital [Member] Retained Earnings [Member] Treasury Stock [Member] Intersegment Elimination [Member] Consolidation Items [Axis] Operating Segments [Member] Sales [Member] Concentration Risk Benchmark [Axis] Non-US [Member] Geographical [Axis] Line of Credit [Member] Credit Facility [Axis] Stock Incentive Plan 2007 [Member] Plan Name [Axis] Restricted Stock Units (RSUs) [Member] Award Type [Axis] Minimum [Member] Range [Axis] Maximum [Member] Subsequent Event [Member] Subsequent Event Type [Axis] Document and Entity Information [Abstract] Document Type Amendment Flag Document Period End Date Entity Registrant Name Entity Central Index Key Trading Symbol Current Fiscal Year End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Filer Category Entity Voluntary Filers Entity Well-Known Seasoned Issuer Entity Current Reporting Status Entity Common Stock, Shares Outstanding Entity Public Float Statement [Table] Statement [Line Items] Assets Current Assets Cash Trade receivables, net Gross inventories Less LIFO reserve Less excess and obsolescence reserve Net inventories Deferred income taxes Prepaid expenses and other current assets Total Current Assets Property, plant and equipment Less allowances for depreciation Net property, plant and equipment Other assets Total Assets Deferred income taxes Liabilities and Stockholders' Equity Current Liabilities Trade accounts payable and accrued expenses Product liability Employee compensation and benefits Workers' compensation Income taxes payable Total Current Liabilities Product liability Deferred income taxes Contingent liabilities - Note 10 Stockholders' Equity Common Stock Additional paid-in capital Retained earnings Less: Treasury stock - at cost 2016 - 5,062,347 shares 2015 - 5,062,347 shares Total Stockholders' Equity Total Liabilities and Stockholders' Equity Treasury stock, shares Common Stock, par value per share Common Stock, shares authorized Common Stock, shares issued Common Stock, shares outstanding Segment Reporting Information [Line Items] Segments [Axis] Total net sales Cost of products sold Gross profit Operating expenses: Selling General and administrative Total operating expenses Operating income Other income: Interest expense, net Other income, net Total other income, net Income before income taxes Income taxes Net income and comprehensive income Basic earnings per share Diluted earnings per share Cash dividends per share Balance Net income and comprehensive income Dividends paid Unpaid dividends accrued Recognition of stock-based compensation expense Vesting of RSU's Tax benefit realized from vesting of RSU's Common stock issued - compensation plans Repurchase of shares of common stock Balance Statement of Stockholders' Equity [Abstract] Deferred tax on pension liability Repurchase of common stock, shares Statement of Cash Flows [Abstract] Operating Activities Net income Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization Slow moving inventory valuation adjustment Stock-based compensation Loss (gain) on sale of assets Deferred income taxes Impairment of assets Changes in operating assets and liabilities: Trade receivables Inventories Trade accounts payable and accrued expenses Employee compensation and benefits Product liability Prepaid expenses, other assets and other liabilities Income taxes payable and prepaid income taxes Cash provided by operating activities Investing Activities Property, plant and equipment additions Purchases of short-term investments Proceeds from sales or maturities of short-term investments Proceeds from sale of assets Cash used for investing activities Financing Activities Tax benefit from exercise of stock options and vesting of RSU's Remittance of taxes withheld from employees related to share-based compensation Proceeds from exercise of stock options Repurchase of common stock Dividends paid Cash used for financing activities Increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Organization, Consolidation and Presentation of Financial Statements [Abstract] BASIS OF PRESENTATION Accounting Policies [Abstract] SIGNIFICANT ACCOUNTING POLICIES Inventory Disclosure [Abstract] INVENTORIES Line of Credit Facility [Abstract] LINE OF CREDIT Compensation and Retirement Disclosure [Abstract] EMPLOYEE BENEFIT PLANS Income Tax Disclosure [Abstract] INCOME TAXES Earnings Per Share [Abstract] EARNINGS PER SHARE Disclosure of Compensation Related Costs, Share-based Payments [Abstract] COMPENSATION PLANS Segment Reporting [Abstract] OPERATING SEGMENT INFORMATION Commitments and Contingencies Disclosure [Abstract] CONTINGENT LIABILITIES Subsequent Events [Abstract] SUBSEQUENT EVENTS Organization Principles of Consolidation Fair Value of Financial Instruments Use of Estimates Preparation of Financial Statements Revenue Recognition Cash and Cash Equivalents Accounts Receivable Inventories Property, Plant, and Equipment Long-lived Assets Income Taxes Shipping Costs Product Liability Earnings per Share Advertising Costs Research and Development Equity Method Investments Cost Method Investments Reclassifications Recent Accounting Pronouncements Schedule of Inventories Schedule of Reconciliation of Numerator and Denominator for Basic and Diluted Earnings Per Share Schedule of Assumptions Used to Estimate Fair Value Schedule of Stock Option Activity Schedule of Operating Segment Financial Information Schedule of Segment Reporting Information, by Segment [Table] Concentration Risk Type [Axis] Percentage of sales Inventory at FIFO Finished products Materials and work in process Gross inventories Less: LIFO reserve Less: excess and obsolescence reserve Line of Credit Facility [Table] Line of Credit Facility [Line Items] Credit facility with a bank Description of interest rate of credit facility Line of credit interest rate (in percent) Line of credit basis points Line of credit basis points Line of credit unused portion per year (in percent) Revolving credit facility, expiration date Expenses related to defined contribution plan Future defined contribution plans Supplemental discretionary contributions Supplemental contributions to the plan during the remainder of fiscal year Effective income tax rate Income tax payments Numerator: Denominator: Weighted average number of common shares outstanding - Basic Dilutive effect of options and restricted stock units outstanding under the Company's employee compensation plans Weighted average number of common shares outstanding - Diluted Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Award Date [Axis] Shares reserved for future issuance Shares available for future grants Aggregate intrinsic value Vesting period Restricted stock units issued Unrecognized compensation expense Total compensation costs Compensation expense recognized Shares Outstanding at Beginning of Year Granted Exercised Expired Outstanding at End of Period Exercisable Options Outstanding at December 31, 2014 Non-Vested Options Outstanding at December 31, 2014 Canceled Weighted-Average Exercise Price Outstanding at Beginning of Year Granted Exercised Expired Outstanding at End of Period Exercisable Options Outstanding at December 31, 2014 Non-Vested Options Outstanding at December 31, 2014 Canceled Grant Date Fair Value Outstanding at Beginning of Year Granted Exercised Expired Outstanding at End of Period Exercisable Options Outstanding at December 31, 2014 Non-Vested Options Outstanding at December 31, 2014 Canceled Weighted-Average Remaining Contractual Life Granted Exercised Canceled Outstanding Aggregate intrinsic value of options outstanding Exercisable Options Outstanding at December 31, 2014 Non-Vested Options Outstanding at December 31, 2014 Net Sales Income (Loss) Before Income Taxes Identifiable Assets Depreciation Number of Operating Segments Loss Contingencies [Table] Loss Contingencies [Line Items] Loss Contingency Nature [Axis] Number of lawsuits against the company Minimum limit of per claim for providing insurance coverage on annual basis Maximum limit of aggregate loss incurred annually for providing insurance coverage on annual basis Total amount of damages claimed Total Product Liability Expense Subsequent Event [Table] Subsequent Event [Line Items] Dividend authorized Stock repurchase program Acusport [Member] Castings [Member] Castings, net [Member] Davidsons [Member] Amount of contributions made by the employer to the plan during the remainder of fiscal year. Document and Entity Information [Abstract] The amount represents the total cost estimated by the company for defined benefit plans. A component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Firearms [Member] The net change during the reporting period in the Product liability expense which includes the cost of outside legal fees, insurance, and other expenses incurred in the management and defense of product liability matters. Intersegment [Member] Inventory Gross Before Adjustments Jerry's/Ellett Brothers [Member] The entire disclosure for short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. The percentage points added to the reference rate to compute the variable rate on the debt instrument. The reference rate percentage at the end of the reporting period. Lipsey's [Member] Disclosure of accounting policy for organization. Disclosure of accounting policy for the preparation of financial statements. Carrying value as of the balance sheet date of obligations incurred through that date which includes the cost of outside legal fees, insurance, and other expenses incurred in the management and defense of product liability matters and due after one year (or beyond the operating cycle if longer). Carrying value as of the balance sheet date of obligations incurred through that date which includes the cost of outside legal fees, insurance, and other expenses incurred in the management and defense of product liability matters For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Q1 2016 Grants [Member] Share-Based Compensation Arrangement By Share-Based Payment Award, OptionsExercisable, Weighted-Average Grant Date Fair Value Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Grant Date Fair Value The weighted average grant-date fair value of options expired during the reporting period as calculated by applying the disclosed option pricing methodology. Share-based Compensation Arrangement By Share-based Payment Award Options Outstanding Exercises In Period Weighted Average Remaining Contractual Term 2 Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Forfeitures In Period Weighted Average Remaining Contractual Term 2 Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Grants In Period Weighted Average Remaining Contractual Term 2 The weighted average grant-date fair value of options outstanding in the reporting period as calculated by applying the disclosed option pricing methodology. Sports South [Member] Stock Incentive Plan 2007 [Member] Represents maximum limit of aggregate loss incurred annually for providing insurance coverage on annual basis excluding for certain new claims from governments or municipalities. Represents minimum limit of per claim for providing insurance coverage on annual basis. 2001 Stock Option Plan for Non-Employee Directors [Member] A component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Unaffiliated [Member] Inventory, LIFO Reserve Inventory Valuation Reserves Inventory, Net Assets, Current Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Deferred Tax Assets, Net, Noncurrent Product liability [Default Label] Liabilities, Current Deferred Tax Liabilities, Gross Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Nonoperating Income (Expense) Dividends, Common Stock Dividends, Paid-in-kind Treasury Stock, Value, Acquired, Cost Method Gain (Loss) on Disposition of Property Plant Equipment Deferred Other Tax Expense (Benefit) Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Employee Related Liabilities IncreaseDecreaseInProductLiability Increase (Decrease) in Other Operating Assets and Liabilities, Net Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Property, Plant, and Equipment Payments to Acquire Short-term Investments Net Cash Provided by (Used in) Investing Activities, Continuing Operations Payments Related to Tax Withholding for Share-based Compensation Payments for Repurchase of Common Stock Payments of Ordinary Dividends, Common Stock Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) Inventory Disclosure [Text Block] Income Tax Disclosure [Text Block] Income Tax, Policy [Policy Text Block] Liability Reserve Estimate, Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] LineOfCreditFacilityBasisSpreadOnVariableRate Weighted Average Number of Shares Outstanding, Diluted Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherThanOptionsNonvestedWeightedAverageExercisePrice Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageGrantDateFairValue ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageGrantDateFairValue ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageGrantDateFairValue SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingGrantsInPeriodWeightedAverageRemainingContractualTerm2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingExercisesInPeriodWeightedAverageRemainingContractualTerm2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingForfeituresInPeriodWeightedAverageRemainingContractualTerm2 AcusportMember CastingsMember CastingsNetMember DavidsonsMember ExportSalesMember IntersegmentMember Inventory gross JerrysAndEllettBrothersMember LipseysMember Q1 2016 Grants [Member] SportsSouthMember TwoThousandOneStockOptionPlanForNonEmployeeDirectorsMember UnaffiliatedMember EX-101.PRE 11 rgr-20161001_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
 9 Months Ended
Oct. 01, 2016
Oct. 31, 2016
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Oct. 01, 2016  
Entity Registrant Name STURM RUGER & CO INC  
Entity Central Index Key 0000095029  
Trading Symbol RGR  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q3  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   18,971,854
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Oct. 01, 2016
Dec. 31, 2015
Current Assets    
Cash $ 101,363 $ 69,225
Trade receivables, net 70,323 71,721
Gross inventories 89,858 81,278
Less LIFO reserve (43,836) (42,061)
Less excess and obsolescence reserve (2,448) (2,118)
Net inventories 43,574 37,099
Deferred income taxes 9,085 8,219
Prepaid expenses and other current assets 6,773 3,008
Total Current Assets 231,118 189,272
Property, plant and equipment 320,465 308,597
Less allowances for depreciation (218,401) (204,777)
Net property, plant and equipment 102,064 103,820
Other assets 27,670 22,791
Total Assets 360,852 315,883
Current Liabilities    
Trade accounts payable and accrued expenses 53,432 42,991
Product liability 1,455 642
Employee compensation and benefits 25,897 28,298
Workers' compensation 4,421 5,100
Income taxes payable 4,962
Total Current Liabilities 85,205 81,993
Product liability 95 102
Deferred income taxes 9,436 6,050
Contingent liabilities - Note 10
Stockholders' Equity    
Common Stock 24,034 23,776
Additional paid-in capital 26,371 29,591
Retained earnings 280,438 239,098
Less: Treasury stock - at cost 2016 - 5,062,347 shares 2015 - 5,062,347 shares (64,727) (64,727)
Total Stockholders' Equity 266,116 227,738
Total Liabilities and Stockholders' Equity 360,852 315,883
Nonvoting Common Stock [Member]    
Stockholders' Equity    
Common Stock
Common Stock [Member]    
Stockholders' Equity    
Common Stock $ 24,034 $ 23,776
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Oct. 01, 2016
Dec. 31, 2015
Treasury stock, shares 5,062,347 5,062,347
Nonvoting Common Stock [Member]    
Common Stock, par value per share $ 1 $ 1
Common Stock, shares authorized 50,000 50,000
Common Stock, shares issued
Common Stock [Member]    
Common Stock, par value per share $ 1 $ 1
Common Stock, shares authorized 40,000,000 40,000,000
Common Stock, shares issued 24,034,201 23,775,766
Common Stock, shares outstanding 18,971,854 18,713,419
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2016
Sep. 26, 2015
Oct. 01, 2016
Sep. 26, 2015
Segment Reporting Information [Line Items]        
Total net sales $ 161,427 $ 120,871 $ 502,480 $ 398,698
Cost of products sold 111,176 86,860 336,422 274,781
Gross profit 50,251 34,011 166,058 123,917
Operating expenses:        
Selling 13,378 9,170 41,261 34,255
General and administrative 6,805 6,880 22,045 21,214
Total operating expenses 20,183 16,050 63,306 55,469
Operating income 30,068 17,961 102,752 68,448
Other income:        
Interest expense, net (32) (36) (102) (113)
Other income, net 418 247 917 1,333
Total other income, net 386 211 815 1,220
Income before income taxes 30,454 18,172 103,567 69,668
Income taxes 10,604 6,209 36,925 24,642
Net income and comprehensive income $ 19,850 $ 11,963 $ 66,642 $ 45,026
Basic earnings per share $ 1.05 $ 0.64 $ 3.51 $ 2.41
Diluted earnings per share 1.03 0.62 3.48 2.33
Cash dividends per share $ 0.49 $ 0.36 $ 1.32 $ 0.85
Firearms [Member]        
Segment Reporting Information [Line Items]        
Total net sales $ 160,058 $ 119,281 $ 497,889 $ 394,084
Other income:        
Income before income taxes 29,785 19,719 103,834 71,073
Unaffiliated Castings [Member]        
Segment Reporting Information [Line Items]        
Total net sales 1,369 1,590 4,591 4,614
Other income:        
Income before income taxes $ 144 $ (1,897) $ (949) $ (2,906)
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Oct. 01, 2016 - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total
Balance at Dec. 31, 2015 $ 23,776 $ 29,591 $ 239,098 $ (64,727) $ 227,738
Net income and comprehensive income 66,642 66,642
Dividends paid (25,036) (25,036)
Unpaid dividends accrued (266) (266)
Recognition of stock-based compensation expense 2,213 2,213
Vesting of RSU's (14,001) (14,001)
Tax benefit realized from vesting of RSU's 8,826 8,826
Common stock issued - compensation plans 258 (258)
Balance at Oct. 01, 2016 $ 24,034 $ 26,371 $ 280,438 $ (64,727) $ 266,116
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Oct. 01, 2016
Sep. 26, 2015
Operating Activities    
Net income $ 66,642 $ 45,026
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 25,257 26,693
Slow moving inventory valuation adjustment 630 (1,126)
Stock-based compensation 2,213 3,442
Loss (gain) on sale of assets 50 (157)
Deferred income taxes 2,520 (78)
Impairment of assets 6 32
Changes in operating assets and liabilities:    
Trade receivables 1,398 (3,247)
Inventories (7,105) 5,054
Trade accounts payable and accrued expenses 9,762 956
Employee compensation and benefits (2,667) 8,602
Product liability 806 (101)
Prepaid expenses, other assets and other liabilities (5,340) 5,652
Income taxes payable and prepaid income taxes (8,781) 4,201
Cash provided by operating activities 85,391 94,949
Investing Activities    
Property, plant and equipment additions (23,049) (24,488)
Proceeds from sale of assets 7 222
Cash used for investing activities (23,042) (24,266)
Financing Activities    
Tax benefit from exercise of stock options and vesting of RSU's 8,826 305
Remittance of taxes withheld from employees related to share-based compensation (14,001) (1,000)
Proceeds from exercise of stock options 97
Repurchase of common stock (2,841)
Dividends paid (25,036) (15,893)
Cash used for financing activities (30,211) (19,332)
Increase in cash and cash equivalents 32,138 51,351
Cash and cash equivalents at beginning of period 69,225 8,901
Cash and cash equivalents at end of period $ 101,363 $ 60,252
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION
 9 Months Ended
Oct. 01, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements.

 

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of the results of the interim periods. Operating results for the nine months ended October 1, 2016 may not be indicative of the results to be expected for the full year ending December 31, 2016. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the year ended December 31, 2015.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Oct. 01, 2016
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

Organization:

 

Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales represent approximately 3% of total sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market.

 

The Company also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of sales are from the castings segment.

 

Principles of Consolidation:

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated.

 

Fair Value of Financial Instruments:

 

The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items.

 

Use of Estimates:

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Reclassifications:

 

Certain prior period balances have been reclassified to conform to current year presentation.

 

Recent Accounting Pronouncements:

 

On March 30, 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718). The most significant change in the new compensation guidance is that all excess tax benefits and tax deficiencies (including tax benefits of dividends) on share-based compensation awards should be recognized in the Statement of Income as income tax expense. Previously such benefits or deficiencies were recognized in the Balance Sheet as adjustments to additional paid-in capital. The new guidance is effective in fiscal years beginning after December 15, 2016 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements and whether to adopt the guidance early.

 

On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. The most significant change in the new lease guidance requires lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. This change will result in lessees recognizing right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under legacy U.S. GAAP. The new lease guidance is effective in fiscal years beginning after December 15, 2018 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES
 9 Months Ended
Oct. 01, 2016
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 3 - INVENTORIES

 

Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation.

 

Inventories consist of the following:

 

   October 1, 2016   December 31, 2015 
Inventory at FIFO          
Finished products  $19,123   $16,637 
Materials and work in process   70,735    64,641 
Gross inventories   89,858    81,278 
Less:  LIFO reserve   (43,836)   (42,061)
Less:  excess and obsolescence reserve   (2,448)   (2,118)
Net inventories  $43,574   $37,099 

 

 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
LINE OF CREDIT
 9 Months Ended
Oct. 01, 2016
Line of Credit Facility [Abstract]  
LINE OF CREDIT

NOTE 4 - LINE OF CREDIT

 

The Company has a $40 million revolving line of credit with a bank. This facility is renewable annually and terminates on June 15, 2017. Borrowings under this facility bear interest at LIBOR (1.556% at October 1, 2016) plus 200 basis points. The Company is charged three-eighths of a percent (0.375%) per year on the unused portion. At October 1, 2016 and December 31, 2015, the Company was in compliance with the terms and covenants of the credit facility, which remains unused.

 
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Oct. 01, 2016
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 5 - EMPLOYEE BENEFIT PLANS

 

The Company sponsors a 401(k) plan that covers substantially all employees. The Company matches a certain portion of employee contributions using the safe harbor guidelines contained in the Internal Revenue Code. Expenses related to these matching contributions totaled $0.8 million and $2.5 million for the three and nine months ended October 1, 2016, respectively, and $0.7 million and $2.5 million for the three and nine months ended September 26, 2015, respectively. The Company plans to contribute approximately $0.8 million to the plan in matching employee contributions during the remainder of 2016.

 

In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $1.4 million and $4.5 million for the three and nine months ended October 1, 2016, respectively, and $1.3 million and $3.7 million for the three and nine months ended September 26, 2015, respectively. The Company plans to contribute approximately $1.4 million in supplemental contributions to the plan during the remainder of 2016.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
INCOME TAXES
 9 Months Ended
Oct. 01, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 6 - INCOME TAXES

 

The Company's 2016 and 2015 effective tax rates differ from the statutory federal tax rate due principally to state income taxes partially offset by tax benefits related to the American Jobs Creation Act of 2004. The Company’s effective income tax rate in the three and nine months ended October 1, 2016 was 34.8% and 35.7%, respectively. The Company’s effective income tax rate in the three and nine months ended September 26, 2015 was 34.2% and 35.4%, respectively.

 

Income tax payments for the three and nine months ended October 1, 2016 totaled $13.5 million and $34.4 million, respectively. Income tax payments for the three and nine months ended September 26, 2015 totaled $8.3 million $20.6 million, respectively.

 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2013.

 

The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE
 9 Months Ended
Oct. 01, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 7 - EARNINGS PER SHARE

Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated:

 

   Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26,
2015		   October 1,
2016		   September 26,
2015		 
Numerator:                
Net income  $19,850   $11,963   $ 66,642    $45,026 
Denominator:                    
Weighted average number of common shares outstanding – Basic   18,971,854    18,701,530    18,961,146    18,692,755 
                     
Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans   232,321    673,013    204,731    650,910 
                     
Weighted average number of common shares outstanding – Diluted   19,204,175    19,374,543    19,165,877    19,343,665 

 

The dilutive effect of outstanding options and restricted stock units is calculated using the treasury stock method. There were no stock options that were anti-dilutive and therefore not included in the diluted earnings per share calculation.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMPENSATION PLANS
 9 Months Ended
Oct. 01, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
COMPENSATION PLANS

NOTE 8 - COMPENSATION PLANS

 

In April 2007, the Company adopted and the shareholders approved the 2007 Stock Incentive Plan (the “2007 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors. The Company has reserved 2,550,000 shares for issuance under the 2007 SIP, of which 471,000 shares remain available for future grants as of October 1, 2016.

 

Compensation costs related to all share-based payments recognized in the statements of operations aggregated $0.8 million and $2.2 million for the three and nine months ended October 1, 2016, respectively, and $1.1 million and $3.4 million for the three and nine months ended September 26, 2015, respectively.

 

Stock Options

A summary of changes in options outstanding under the 2007 SIP is summarized below:

 

   Shares   Weighted
Average
Exercise
Price		   Grant Date
Fair Value		 
Outstanding at December 31, 2015   11,838   $8.95   $6.69 
Granted   —    —    — 
Exercised   —    —    — 
Expired   —    —    — 
Outstanding at October 1, 2016   11,838   $8.95   $6.69 

 

The aggregate intrinsic value (mean market price at October 1, 2016 less the weighted average exercise price) of options outstanding under the 2007 SIP was approximately $0.6 million.

 

Restricted Stock Units

 

Beginning in 2009, the Company began granting restricted stock units to senior employees in lieu of incentive stock options. The vesting of these awards is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors. Beginning in 2011, a three year vesting period was added to the performance criteria, which had the effect of requiring both the achievement of the corporate performance objectives and the satisfaction of the vesting period.

 

There were 72,148 restricted stock units issued during the nine months ended October 1, 2016. Total compensation costs related to these restricted stock units are $4.0 million. These costs are being recognized ratably over vesting periods ranging from three to five years. Total compensation cost related to restricted stock units was $0.8 million and $2.2 million for the three and nine months ended October 1, 2016, respectively, and $1.1 million and $3.4 million for the three and nine months ended September 26, 2015, respectively.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
OPERATING SEGMENT INFORMATION
 9 Months Ended
Oct. 01, 2016
Segment Reporting [Abstract]  
OPERATING SEGMENT INFORMATION

NOTE 9 - OPERATING SEGMENT INFORMATION

 

The Company has two reportable segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a select number of independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts.

 

Selected operating segment financial information follows:

 

(in thousands)  Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26,
2015		   October 1,
2016		   September 26,
2015		 
Net Sales                    
Firearms  $160,058   $119,281   $497,889   $394,084 
Castings                    
Unaffiliated   1,369    1,590    4,591    4,614 
Intersegment   9,114    7,635    27,564    23,926 
    10,483    9,225    32,155    28,540 
Eliminations   (9,114)   (7,635)   (27,564)   (23,926)
   $161,427   $120,871   $502,480   $398,698 
                     
Income (Loss) Before Income Taxes                    
Firearms  $29,785   $19,719   $103,834   $71,073 
Castings   144    (1,897)   (949)   (2,906)
Corporate   525    350    682    1,501 
   $30,454   $18,172   $103,567   $69,668 
                     

 

           October 1,
2016		   December 31,
2015		 
Identifiable Assets                    
Firearms            $233,686   $221,670 
Castings             15,259    15,289 
Corporate             111,907    78,924 
             $360,852   $315,883 

 
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONTINGENT LIABILITIES
 9 Months Ended
Oct. 01, 2016
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENT LIABILITIES

NOTE 10 - CONTINGENT LIABILITIES

 

As of October 1, 2016, the Company was a defendant in four (4) lawsuits and is aware of certain other such claims. The lawsuits fall into three categories: traditional product liability litigation, patent litigation and municipal litigation, discussed in turn below.

 

Traditional Product Liability Litigation

 

Two of the four lawsuits mentioned above involve claims for damages related to allegedly defective products due to their design and/or manufacture. The lawsuits stem from specific incidents of personal injury and are based on traditional product liability theories such as strict liability, negligence and/or breach of warranty.

 

The Company management believes the allegations in these cases are unfounded, that the incidents are unrelated to the design or manufacture of the firearms, and that there should be no recovery against the Company.

 

Patent Litigation

 

Davies Innovations, Inc. v. Sturm, Ruger & Company, Inc. is a patent litigation suit originally filed in the United States District Court for the Southern District of Texas, Galveston Division. The case subsequently was transferred to the United States District Court for the Northern District of New Hampshire. The suit is based upon alleged patent infringement as the plaintiff claims that certain features of the Ruger SR-556 and SR-762 modern sporting rifles infringe its patent. The complaint seeks a judgment of infringement and unspecified monetary damages including costs, fees and treble damages.

 

The Company management believes the allegations in this case are unfounded, that there is no infringement of plaintiff’s patent, that plaintiff’s patent is invalid, and that there should be no recovery against the Company. The Company has filed a Motion for Summary Judgment in the action,which is scheduled to be heard on December 6, 2016.

 

Municipal Litigation

 

Municipal litigation generally includes those cases brought by cities or other governmental entities against firearms manufacturers, distributors and retailers seeking to recover damages allegedly arising out of the misuse of firearms by third-parties.

 

There is only one remaining lawsuit of this type, filed by the City of Gary in Indiana State Court, over seventeen years ago. The complaint in that case seeks damages, among other things, for the costs of medical care, police and emergency services, public health services, and other services as well as punitive damages. In addition, nuisance abatement and/or injunctive relief is sought to change the design, manufacture, marketing and distribution practices of the various defendants. The suit alleges, among other claims, negligence in the design of products, public nuisance, negligent distribution and marketing, negligence per se and deceptive advertising. The case does not allege a specific injury to a specific individual as a result of the misuse or use of any of the Company's products.

 

After a long procedural history, the case was scheduled for trial on June 15, 2009. The case was not tried on that date and was largely dormant until a status conference was held on July 27, 2015. At that time, the court entered a scheduling order setting deadlines for plaintiff to file a Second Amended Complaint, for defendants to answer, and for defendants to file dispositive motions. The plaintiff did not file a Second Amended Complaint by the deadline.

 

Last year, Indiana passed a new law, Indiana Code § 34-12-3-1, (the “Indiana Immunity Statute”), which applies to the City's case. The defendants have filed a joint motion for judgment on the pleadings, asserting immunity under the Indiana Immunity Statute and asking the court to re-visit the Court of Appeals' earlier decision holding the Protection of Lawful Commerce in Arms Act (“PLCAA”) inapplicable to the City's claims.

 

The United States and the Indiana Attorney General filed motions and briefs in intervention in defense of the constitutionality of the PLCAA and the Indiana Immunity Statute, respectively. A hearing on the motions to intervene was set for October 12, 2016.

 

The court subsequently granted a Joint Motion to Stay Resolution of Manufacturers’ Motion for Judgment on the Pleadings for six months or until the KS&E Sports v. Runnels case is decided by the Indiana Supreme Court, whichever is earlier. The court also vacated the October 12th hearing on motions to intervene by the United States and the Indiana Attorney General, given the City’s consent to such motions.

 

Summary of Claimed Damages and Explanation of Product Liability Accruals

 

Punitive damages, as well as compensatory damages, are demanded in certain of the lawsuits and claims. Aggregate claimed amounts presently exceed product liability accruals and applicable insurance coverage. For product liability claims made after July 10, 2000, coverage is provided on an annual basis for losses exceeding $5 million per claim, or an aggregate maximum loss of $10 million annually, except for certain new claims which might be brought by governments or municipalities after July 10, 2000, which are excluded from coverage.

 

The Company management monitors the status of known claims and the product liability accrual, which includes amounts for asserted and unasserted claims. While it is not possible to forecast the outcome of litigation or the timing of costs, in the opinion of management, after consultation with special and corporate counsel, it is not probable and is unlikely that litigation, including punitive damage claims, will have a material adverse effect on the financial position of the Company, but may have a material impact on the Company’s financial results for a particular period.

 

Product liability claim payments are made when appropriate if, as, and when claimants and the Company reach agreement upon an amount to finally resolve all claims. Legal costs are paid as the lawsuits and claims develop, the timing of which may vary greatly from case to case. A time schedule cannot be determined in advance with any reliability concerning when payments will be made in any given case.

 

Provision is made for product liability claims based upon many factors related to the severity of the alleged injury and potential liability exposure, based upon prior claim experience. Because the Company’s experience in defending these lawsuits and claims is that unfavorable outcomes are typically not probable or estimable, only in rare cases is an accrual established for such costs. In most cases, an accrual is established only for estimated legal defense costs. Product liability accruals are periodically reviewed to reflect then-current estimates of possible liabilities and expenses incurred to date and reasonably anticipated in the future. Threatened product liability claims are reflected in the Company’s product liability accrual on the same basis as actual claims; i.e., an accrual is made for reasonably anticipated possible liability and claims-handling expenses on an ongoing basis.

 

A range of reasonably possible losses relating to unfavorable outcomes cannot be made. However, in product liability cases in which a dollar amount of damages is claimed, the amount of damages claimed, which totaled $0.1 million and $0.0 million at December 31, 2015 and 2014, respectively, are set forth as an indication of possible maximum liability the Company might be required to incur in these cases (regardless of the likelihood or reasonable probability of any or all of this amount being awarded to claimants) as a result of adverse judgments that are sustained on appeal.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENTS
 9 Months Ended
Oct. 01, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

 

On October 28, 2016, the Company’s Board of Directors authorized a dividend of 41¢ per share, for shareholders of record as of November 18, 2016, payable on November 25, 2016.

 

The Company has evaluated events and transactions occurring subsequent to October 1, 2016 and determined that there were no other unreported events or transactions that would have a material impact on the Company’s results of operations or financial position.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Oct. 01, 2016
Accounting Policies [Abstract]  
Organization

Organization:

 

Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales represent approximately 3% of total sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market.

 

The Company also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of sales are from the castings segment.
Principles of Consolidation

Principles of Consolidation:

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated.
Fair Value of Financial Instruments

Fair Value of Financial Instruments:

 

The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items.
Use of Estimates

Use of Estimates:

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications

Reclassifications:

 

Certain prior period balances have been reclassified to conform to current year presentation.
Recent Accounting Pronouncements

Recent Accounting Pronouncements:

 

On March 30, 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718). The most significant change in the new compensation guidance is that all excess tax benefits and tax deficiencies (including tax benefits of dividends) on share-based compensation awards should be recognized in the Statement of Income as income tax expense. Previously such benefits or deficiencies were recognized in the Balance Sheet as adjustments to additional paid-in capital. The new guidance is effective in fiscal years beginning after December 15, 2016 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements and whether to adopt the guidance early.

 

On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. The most significant change in the new lease guidance requires lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. This change will result in lessees recognizing right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under legacy U.S. GAAP. The new lease guidance is effective in fiscal years beginning after December 15, 2018 and interim periods thereafter. Early application is permitted for all entities. The Company is currently evaluating the effect that the standard will have on the consolidated financial statements.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES (Tables)
 9 Months Ended
Oct. 01, 2016
Inventory Disclosure [Abstract]  
Schedule of Inventories

   October 1, 2016   December 31, 2015 
Inventory at FIFO          
Finished products  $19,123   $16,637 
Materials and work in process   70,735    64,641 
Gross inventories   89,858    81,278 
Less:  LIFO reserve   (43,836)   (42,061)
Less:  excess and obsolescence reserve   (2,448)   (2,118)
Net inventories  $43,574   $37,099 

 
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE (Tables)
 9 Months Ended
Oct. 01, 2016
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Numerator and Denominator for Basic and Diluted Earnings Per Share
   Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26,
2015		   October 1,
2016		   September 26,
2015		 
Numerator:                
Net income  $19,850   $11,963   $ 66,642    $45,026 
Denominator:                    
Weighted average number of common shares outstanding – Basic   18,971,854    18,701,530    18,961,146    18,692,755 
                     
Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans   232,321    673,013    204,731    650,910 
                     
Weighted average number of common shares outstanding – Diluted   19,204,175    19,374,543    19,165,877    19,343,665 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMPENSATION PLANS (Tables)
 9 Months Ended
Oct. 01, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Activity

 

   Shares   Weighted
Average
Exercise
Price		   Grant Date
Fair Value		 
Outstanding at December 31, 2015   11,838   $8.95   $6.69 
Granted   —    —    — 
Exercised   —    —    — 
Expired   —    —    — 
Outstanding at October 1, 2016   11,838   $8.95   $6.69 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
OPERATING SEGMENT INFORMATION (Tables)
 9 Months Ended
Oct. 01, 2016
Segment Reporting [Abstract]  
Schedule of Operating Segment Financial Information
(in thousands)  Three Months Ended   Nine Months Ended 
   October 1,
2016		   September 26,
2015		   October 1,
2016		   September 26,
2015		 
Net Sales                    
Firearms  $160,058   $119,281   $497,889   $394,084 
Castings                    
Unaffiliated   1,369    1,590    4,591    4,614 
Intersegment   9,114    7,635    27,564    23,926 
    10,483    9,225    32,155    28,540 
Eliminations   (9,114)   (7,635)   (27,564)   (23,926)
   $161,427   $120,871   $502,480   $398,698 
                     
Income (Loss) Before Income Taxes                    
Firearms  $29,785   $19,719   $103,834   $71,073 
Castings   144    (1,897)   (949)   (2,906)
Corporate   525    350    682    1,501 
   $30,454   $18,172   $103,567   $69,668 
                     

 

           October 1,
2016		   December 31,
2015		 
Identifiable Assets                    
Firearms            $233,686   $221,670 
Castings             15,259    15,289 
Corporate             111,907    78,924 
             $360,852   $315,883 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
SIGNIFICANT ACCOUNTING POLICIES (Details) - Sales [Member]
 9 Months Ended
Oct. 01, 2016
Non-US [Member]  
Segment Reporting Information [Line Items]  
Percentage of sales 3.00%
Unaffiliated Castings [Member]  
Segment Reporting Information [Line Items]  
Percentage of sales 1.00%
Firearms [Member]  
Segment Reporting Information [Line Items]  
Percentage of sales 99.00%
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES (Details) - USD ($)
$ in Thousands
Oct. 01, 2016
Dec. 31, 2015
Inventory at FIFO    
Finished products $ 19,123 $ 16,637
Materials and work in process 70,735 64,641
Gross inventories 89,858 81,278
Less: LIFO reserve (43,836) (42,061)
Less: excess and obsolescence reserve (2,448) (2,118)
Net inventories $ 43,574 $ 37,099
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
LINE OF CREDIT (Details)
$ in Millions
 9 Months Ended
Oct. 01, 2016
USD ($)
Line of Credit Facility [Line Items]  
Credit facility with a bank $ 40
Line of Credit [Member]  
Line of Credit Facility [Line Items]  
Description of interest rate of credit facility LIBOR
Line of credit interest rate (in percent) 1.556%
Line of credit basis points 2.00%
Line of credit unused portion per year (in percent) 0.375%
Revolving credit facility, expiration date Jun. 15, 2017
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 01, 2016
Sep. 26, 2015
Oct. 01, 2016
Sep. 26, 2015
Compensation and Retirement Disclosure [Abstract]        
Expenses related to defined contribution plan $ 0.8 $ 0.7 $ 2.5 $ 2.5
Future defined contribution plans     0.8  
Supplemental discretionary contributions $ 1.4 $ 1.3 4.5 $ 3.7
Supplemental contributions to the plan during the remainder of fiscal year     $ 1.4  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 01, 2016
Sep. 26, 2015
Oct. 01, 2016
Sep. 26, 2015
Income Tax Disclosure [Abstract]        
Effective income tax rate 34.80% 34.20% 35.70% 35.40%
Income tax payments $ 13.5 $ 8.3 $ 34.4 $ 20.6
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2016
Sep. 26, 2015
Oct. 01, 2016
Sep. 26, 2015
Numerator:        
Net income $ 19,850 $ 11,963 $ 66,642 $ 45,026
Denominator:        
Weighted average number of common shares outstanding - Basic 18,971,854 18,701,530 18,961,146 18,692,755
Dilutive effect of options and restricted stock units outstanding under the Company's employee compensation plans 232,321 673,013 204,731 650,910
Weighted average number of common shares outstanding - Diluted 19,204,175 19,374,543 19,165,877 19,343,665
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMPENSATION PLANS (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2016
Sep. 26, 2015
Oct. 01, 2016
Sep. 26, 2015
Jul. 02, 2016
Apr. 30, 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation $ 800 $ 1,100 $ 2,213 $ 3,442    
Stock Incentive Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares reserved for future issuance           2,550,000
Shares available for future grants 471,000   471,000      
Restricted Stock Units (RSUs) [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period     3 years      
Restricted stock units issued     72,148      
Total compensation costs         $ 4,000  
Compensation expense recognized $ 800 $ 1,100 $ 2,200 $ 3,400    
Restricted Stock Units (RSUs) [Member] | Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period     3 years      
Restricted Stock Units (RSUs) [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period     5 years      
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMPENSATION PLANS (Schedule of Stock Option Activity) (Details)
$ / shares in Units, $ in Millions
 9 Months Ended
Oct. 01, 2016
USD ($)
$ / shares
shares
Shares  
Outstanding at Beginning of Year | shares 11,838
Granted | shares
Exercised | shares
Expired | shares
Outstanding at End of Period | shares 11,838
Weighted-Average Exercise Price  
Outstanding at Beginning of Year $ 8.95
Granted
Exercised
Expired
Outstanding at End of Period 8.95
Grant Date Fair Value  
Outstanding at Beginning of Year 6.69
Granted
Exercised
Expired
Outstanding at End of Period $ 6.69
Weighted-Average Remaining Contractual Life  
Aggregate intrinsic value of options outstanding | $ $ 0.6
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
OPERATING SEGMENT INFORMATION (Schedule of Operating Segment Financial Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2016
Sep. 26, 2015
Oct. 01, 2016
Sep. 26, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]          
Net Sales $ 161,427 $ 120,871 $ 502,480 $ 398,698  
Income (Loss) Before Income Taxes 30,454 18,172 103,567 69,668  
Identifiable Assets 360,852   360,852   $ 315,883
Firearms [Member]          
Segment Reporting Information [Line Items]          
Net Sales 160,058 119,281 497,889 394,084  
Income (Loss) Before Income Taxes 29,785 19,719 103,834 71,073  
Identifiable Assets 233,686   233,686   221,670
Unaffiliated Castings [Member]          
Segment Reporting Information [Line Items]          
Net Sales 1,369 1,590 4,591 4,614  
Income (Loss) Before Income Taxes 144 (1,897) (949) (2,906)  
Identifiable Assets 15,259   15,259   15,289
Corporate [Member]          
Segment Reporting Information [Line Items]          
Income (Loss) Before Income Taxes 525 350 682 1,501  
Identifiable Assets 111,907   111,907   $ 78,924
Operating Segments [Member] | Unaffiliated Castings [Member]          
Segment Reporting Information [Line Items]          
Net Sales 10,483 9,225 32,155 28,540  
Intersegment Elimination [Member]          
Segment Reporting Information [Line Items]          
Net Sales (9,114) (7,635) (27,564) (23,926)  
Intersegment Elimination [Member] | Unaffiliated Castings [Member]          
Segment Reporting Information [Line Items]          
Net Sales $ (9,114) $ (7,635) $ (27,564) $ (23,926)  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
OPERATING SEGMENT INFORMATION (Narrative) (Details)
 9 Months Ended
Oct. 01, 2016
Segment Reporting [Abstract]  
Number of Operating Segments 2
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONTINGENT LIABILITIES (Narrative) (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Oct. 01, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Loss Contingencies [Line Items]      
Number of lawsuits against the company 4    
Minimum limit of per claim for providing insurance coverage on annual basis $ 5.0    
Maximum limit of aggregate loss incurred annually for providing insurance coverage on annual basis $ 10.0    
Total amount of damages claimed   $ 0.1 $ 0.0
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENTS (Details)
Oct. 28, 2016
$ / shares
Subsequent Event [Member]  
Subsequent Event [Line Items]  
Dividend authorized $ 0.41
EXCEL 46 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 50 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 72 155 1 false 19 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://ruger.com/role/rgr-daei Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://ruger.com/role/rgr-ccbs CONDENSED CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://ruger.com/role/rgr-ccbsp CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Sheet http://ruger.com/role/rgr-ccsoiaci CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Statements 4 false false R5.htm 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Sheet http://ruger.com/role/rgr-ccsose CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Statements 5 false false R6.htm 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://ruger.com/role/rgr-ccsocf CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 6 false false R7.htm 00000008 - Disclosure - BASIS OF PRESENTATION Sheet http://ruger.com/role/rgr-bop BASIS OF PRESENTATION Notes 7 false false R8.htm 00000009 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES Sheet http://ruger.com/role/rgr-sap SIGNIFICANT ACCOUNTING POLICIES Notes 8 false false R9.htm 00000010 - Disclosure - INVENTORIES Sheet http://ruger.com/role/rgr-i INVENTORIES Notes 9 false false R10.htm 00000011 - Disclosure - LINE OF CREDIT Sheet http://ruger.com/role/rgr-loc LINE OF CREDIT Notes 10 false false R11.htm 00000012 - Disclosure - EMPLOYEE BENEFIT PLANS Sheet http://ruger.com/role/rgr-ebp EMPLOYEE BENEFIT PLANS Notes 11 false false R12.htm 00000013 - Disclosure - INCOME TAXES Sheet http://ruger.com/role/rgr-it INCOME TAXES Notes 12 false false R13.htm 00000014 - Disclosure - EARNINGS PER SHARE Sheet http://ruger.com/role/rgr-eps EARNINGS PER SHARE Notes 13 false false R14.htm 00000015 - Disclosure - COMPENSATION PLANS Sheet http://ruger.com/role/rgr-cp COMPENSATION PLANS Notes 14 false false R15.htm 00000016 - Disclosure - OPERATING SEGMENT INFORMATION Sheet http://ruger.com/role/rgr-osi OPERATING SEGMENT INFORMATION Notes 15 false false R16.htm 00000017 - Disclosure - CONTINGENT LIABILITIES Sheet http://ruger.com/role/rgr-cl CONTINGENT LIABILITIES Notes 16 false false R17.htm 00000018 - Disclosure - SUBSEQUENT EVENTS Sheet http://ruger.com/role/rgr-se SUBSEQUENT EVENTS Notes 17 false false R18.htm 00000019 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://ruger.com/role/rgr-sapp SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 18 false false R19.htm 00000020 - Disclosure - INVENTORIES (Tables) Sheet http://ruger.com/role/rgr-it1 INVENTORIES (Tables) Tables http://ruger.com/role/rgr-i 19 false false R20.htm 00000021 - Disclosure - EARNINGS PER SHARE (Tables) Sheet http://ruger.com/role/rgr-epst1 EARNINGS PER SHARE (Tables) Tables http://ruger.com/role/rgr-eps 20 false false R21.htm 00000022 - Disclosure - COMPENSATION PLANS (Tables) Sheet http://ruger.com/role/rgr-cpt COMPENSATION PLANS (Tables) Tables http://ruger.com/role/rgr-cp 21 false false R22.htm 00000023 - Disclosure - OPERATING SEGMENT INFORMATION (Tables) Sheet http://ruger.com/role/rgr-osit OPERATING SEGMENT INFORMATION (Tables) Tables http://ruger.com/role/rgr-osi 22 false false R23.htm 00000024 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://ruger.com/role/rgr-sapd SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://ruger.com/role/rgr-sapp 23 false false R24.htm 00000025 - Disclosure - INVENTORIES (Details) Sheet http://ruger.com/role/rgr-id INVENTORIES (Details) Details http://ruger.com/role/rgr-it1 24 false false R25.htm 00000026 - Disclosure - LINE OF CREDIT (Details) Sheet http://ruger.com/role/rgr-locd LINE OF CREDIT (Details) Details http://ruger.com/role/rgr-loc 25 false false R26.htm 00000027 - Disclosure - EMPLOYEE BENEFIT PLANS (Details) Sheet http://ruger.com/role/rgr-ebpd EMPLOYEE BENEFIT PLANS (Details) Details http://ruger.com/role/rgr-ebp 26 false false R27.htm 00000028 - Disclosure - INCOME TAXES (Details) Sheet http://ruger.com/role/rgr-itd INCOME TAXES (Details) Details http://ruger.com/role/rgr-it 27 false false R28.htm 00000029 - Disclosure - EARNINGS PER SHARE (Details) Sheet http://ruger.com/role/rgr-epsd EARNINGS PER SHARE (Details) Details http://ruger.com/role/rgr-epst1 28 false false R29.htm 00000030 - Disclosure - COMPENSATION PLANS (Narrative) (Details) Sheet http://ruger.com/role/rgr-cpnd COMPENSATION PLANS (Narrative) (Details) Details http://ruger.com/role/rgr-cpt 29 false false R30.htm 00000031 - Disclosure - COMPENSATION PLANS (Schedule of Stock Option Activity) (Details) Sheet http://ruger.com/role/rgr-cpsosoad COMPENSATION PLANS (Schedule of Stock Option Activity) (Details) Details http://ruger.com/role/rgr-cpt 30 false false R31.htm 00000032 - Disclosure - OPERATING SEGMENT INFORMATION (Schedule of Operating Segment Financial Information) (Details) Sheet http://ruger.com/role/rgr-osisoosfid OPERATING SEGMENT INFORMATION (Schedule of Operating Segment Financial Information) (Details) Details http://ruger.com/role/rgr-osit 31 false false R32.htm 00000033 - Disclosure - OPERATING SEGMENT INFORMATION (Narrative) (Details) Sheet http://ruger.com/role/rgr-osind OPERATING SEGMENT INFORMATION (Narrative) (Details) Details http://ruger.com/role/rgr-osit 32 false false R33.htm 00000034 - Disclosure - CONTINGENT LIABILITIES (Narrative) (Details) Sheet http://ruger.com/role/rgr-clnd CONTINGENT LIABILITIES (Narrative) (Details) Details http://ruger.com/role/rgr-cl 33 false false R34.htm 00000035 - Disclosure - SUBSEQUENT EVENTS (Details) Sheet http://ruger.com/role/rgr-sed SUBSEQUENT EVENTS (Details) Details http://ruger.com/role/rgr-se 34 false false All Reports Book All Reports rgr-20161001.xml rgr-20161001.xsd rgr-20161001_cal.xml rgr-20161001_def.xml rgr-20161001_lab.xml rgr-20161001_pre.xml true true ZIP 52 0001174947-16-003336-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001174947-16-003336-xbrl.zip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

U>!J!&S2;+V'S71P1>J%%NA;3,FK/,J:-:0>8UPQL>Q2 AK]#4"MY M48J?":,Q;%W!C9^Y+)>$M8+)BJOM)>@M[Q?-(8?&1=0YO51O)A"2"-72B\^4J3C<4$C=S%P]_#=BF M+C1;0HZ!?CW3N5 $SK-G!3AX4\<2O=-^5#/4MXY7JUADHPAB,J\7T>@A^UE? M4#MO'7=VLBEMXQW]CBZ#*)E3!N][96$0_X6'W!H',4*94[GIT(#<$&?DS%<, F:\9!-+PWZPL'29_"U&^F.GA&"G.%PL*USIIE6\= M5FZ@KJ)DS4TH;L.E2KPRI(!)TP3V-JR1,]!9VSO;!T-6HN:R !+)9/IY\"IV M,7 PM3*+9K=!-+^FYKL2JJ"7MQ@4H-I7&"HI-$PR0C,\N@ \6 M*(?W"/& 2*V0W:SS+ ^2.;P)82=3_V*FY-E0(^L4[%L&&G8.!*X>.:E2.AT8 M=47RJ1TKIR@#(VD;Y@UAK"C@X.A:1]WF:ED&"60A)!&EB%VH=+E,$Y*)XDBZ M+8\]6!1"+\M$LJ1U$N7- M'K46LW]8"X#\3$&R^3(C5"X_4.B(5CS%CHF5]JU?$PY^'I72Y]4?,Z% MHQF"QK;(FK0)M(\?09W4OT'J'Q&YFVJ"Q8>(^!*N.W"=-6:JL*N.BW)C%#SM M*YMC543S!H!., "%4&F(BM1/< M69;RY 712QA#'9;XGY]H)IY=$\\'6OOB:)\XB*'14CFC#(>:\G'UL'&-:O>I M0@AN\'$I)!T)MJ4N>3A,YV?B6*HT08[0=]7VE1 3EC;2,K;K<&!ADW:.G0QN M=(-!)>$A_"[P-8^:ZS8Z(U$\$J8/'4+KXG G:/3@3?.!@PC6C!4S2G"FE(ZG MYXQM4KLW?4H8#=.G!!8WFF< J+R\B*-'%;!Z=RG,P> M4GD&HU$/UVG^%YK?539O2Y)*-_DS90_/05)$LZ9#[O[P3'IYP7>U-^Y"^ *# MQAOXKH&V\Q!E-[U&R$M'LJ0RBT7A=>OJ]5!"J[[GHPYB9#O(X>#FX"E@T2%KQZ'NTCB^2!G\./9\L^-C!['0X%1AHRPY M6+^$IF_MU3S]ZON;ZW)R*V+_%5Q^YT [6K.:]M3'Y$T^#UAN.]:Z M+R/;G:PF!V]$G="G*(&WW.%XWE_07/#>M3;$)E]VF?LCA]3Q]!4T M9J]K?N'-C&A:L]1'=+@0FNC1MIY:?V^[V(LSGXX:4!":%72KH.WXX\ YY_K>U M>.&F?+I!V>ZIMI#VTU'[?_\@.O#0:AVE8_?]^!OJ\ --5S)!I M4?1G.N[-]5VKH[38:S?O">*@>OJ@"AZUL_="<#B!_3[,/O03"-UUHFP*^^GO M/6$<6(\?5,DC]_E>&-[<*#_,_C=[,@+KS/)MGZ)P,OTW?;;"PR*2\]=1C3GC M5NF>3F>@&6&F/K,Q/+*<]"2']B7(G8=:XP9VC\[M$\A4;T[ZK>CRH4H_*/#T M?N]U\-LYR=%5BYK-=1^3T=XP4 4&>ZKD42>C/3&\NP;\$ M,;R>':<9U$['.X%[_B:J?CU&]8T9YEL_>#B+QB-8J=T/DCGK+X*(D9_&R 8Z M+%0?O#0A; 3P )AP)"P:=3/HPG+]U"ISL'XB-_&=(K#D^UO]!C'+AO>G1W? M&XI#&HT'5O'^TAW@\@9CQ-A[,7]/1SOV,GAW;6=/,H0/ 7$H _GP"AYK..^/ M $LW]FK]W@YM[*D?=^U,3]23A\ XG+X\O)+'Z\W],;RM_CS8?ASG,'Y3LT-$ M)S&\V3[E48Q]QHB:+>DIHT/'SQ_.6-*_4D>.")V^_;8Z\ #+,1RQ.)AD&9.O M XT*[2 6A_;0&!-GWS@@GX.P5A"<]-A+E-&]G3U)M#$,QJ%$';M4\EC1QQ , M;VD&NX/]^SJ\L9<.W3+JCBZ#"/;!3M-$;'RO@_@J6E##Z0PO" ZE&P^LVK%Z M<,_/>S_'X<_FSG0>53FD5A"!DO;7IQ^[:^&Q>P'$NC>FJYX'RI;?F5K&+Z9) M^SV&ZF]X I^ T WL""IC\OWC<6SNVFGSY!-V@'6 ;F'G1MB#9QB,Z8TZAUWK MP\/.]#B&=\]\//F(G8 =H)<8H2'VX"=V0/5&/<7N-7( USW&J:J!CL0KDH-X M=GSWJA[E??+A,+PO/_BWW7($ 9$C&.=@QB6O@2C)HG"?Y\XMWSN(3437:MM3 M]I;FQW!UT#U:V.Z&LZ M'.H@)(0G/ 9A/(@H8I_-,\V9 MI $ <7DF9+6RY\-)^^P$04RS._I"DS7]D*;S[)KJ,QYHY"8^YNYR\=&&4FDD MFA.AX*GJ+Y,P7=*K-,LN^-^!65&RYO2X6='BIL<)7:2,2KF'X)7R496S+V6< M1 ';7.9T">?H0N!D&L8PLHVD619Y"OXZM=$ED^* M/XHO>"+8+,MHKAU9Y"^(FJT%2*GA.??7T2(20:"4Q1'BG=$5HV$DF&4PK2DR M98"C U=G0?UW-$S0@&JSH2Z"@P;R=<&;1>%EDJ=[^B1"#(.1%ODI"=()N\X6 MHS :ZG0A5 ( (0^+3I4&*55P\ I&%#F&/=$DC&CV ![08+Y)>$I&V0'7Z:27 M1,,E*[PVD4"8-*3)ST+^OY'2Z"I*J(AT7*VO*7BEDP+<2JE*&B^MVA!=J 4Z M1"AAY=?)YCJ [?N;Q?;/F]EKY,PW2P%>^==IF)6/1FV\_.R"W,'7#9'JY&?0 M04G7S2T5JS*G<1#QJ9_MV7,717_TM!EBIJ5."RD=+5#-H5TF\NQ37=M*$!.(#Y!&^ M,$G_J4X+B$6]E-F-/G\-XS7 OZ:?I9^ =< /()K(17_V<9U$8;0*XBCG YQ# M&^P=@:]^.%'5FOKJGC^/LC]/8[/2YX/79I\/JB,X,01L41*N&:/SHG?'F\E= MP5XBN[-@R:%F]^GZZ3FWG8MST/,8UYG-L(1UJI+W_M 7:9O%#VG.Z18LTW4B M2#R7BG+PPG*V^Y:E\W687T7!8\3[Y&86AHSW$GF*_?P5-JQ-+'13G9*(?8RI M<]%%#PT=>X#5,[(H@%0ED$(+!R/OUX\9_=N:#Q?G+_Q_;$O(>M%)#^58P#;. M(VCDT##* J[-H*TH$;*X%HY;AG0M&YO%/5+(NF1LDL5*I:[E8I5.Z!:+SR(> M5-)DGMT&&Z#Z3(SGW-N*4UNF7>$.I4FWU9T,:&RT6S70<,T)IK(97RB18)T_ MIRSZ.Y9 [#Y/PU_OZ(K7T', CT&E3RQ8SBJ4TCKC&7M7[4D]6S^3&H[.314- M%_OA5=P@:!-6J<-4%O3WLF U"]?9*F7Y1ZK9.M )3+7J)* 3PRE,JEIDY]+?1\^X)P/-QP' MW!_+KK&CSGE;LL# X9I_!+J/H?[E8ZPYY@826Q9=] MMSA/(W8-Y_);Y%%^3/3CS-I)!P_GYZ\P 1!WN(P#ND9FJB'="*^B55L %XD, MZ!3G+IH_3:CT\-QK4]GC@0V?GZ/P&3C"*(DR^#$(0Z 7N'5&_[:.F+BT"5Z? M$P[F' M+"T1C^%B^L2[VX)2/HNK#HL$_A?2 M%$#< ^24[6DP$=<\,WG]QSB:Z(2F&D[, +?D;DL@([,!GGJA=BNXWP6!RP1V MR5*V^<#2K+@:/)O_=9WENNM[3AK3T<$)^I8;5G%D1''!JK*FT")"C107L6N* M>Z'0?U#&-AE,DN*8YOD)$P[/')!VR$]%'R?8)7FLPJBHXX*T31RA\V7V3JJ0 M4L=G8'/%IU WBU,^3D;Y11!&\G3G WW-3S@S?VVW3X.^8"Q)/R_XC1YDO\1UAZ6"+;983+R.< "2TDB M6BF.V!)H?&AV6*42Z(Z(R-C"Y[B:GR!88?0EC5] 5_ZU\9TCLA:K53)Z>DP9 M2S^++8V03X(>J5S[6J]@XK,LCN<6$^\@D_.H#5FE43&_B980="7\([Q6N45\ M%@2);[*%O!( "MF*AM$BXJ$5V)_Q;X#_.ZJ*FY-@DW""(,J>C[8<>O8T&KN&CF"O%@J$8_OZJ:#^YE< M746KC&[,05'K]ZF"("VL+8=J/R)CB8I,N8@K9+[T&L7\ODFBO_/.SF%=!@L2Y1-C,[%9"UL1M:]60* MGQA"*\KLU#*0AF9\#&)Q&RY[IC2O@NGT,8Z>9)*Y[3)G_LS@8I/T#>,X@-;>=-&-B0AEI6N5DUE9+&3-^0H8#E/_*-E2 M'#8HY9] /($]QG@HT0?'QG]Z#W^23^<9 V2=T%11LAE@V^/X"UROK_Y6N831^83#?.K M5.L5)'*9$ FJZ@#D[76 551DMO;8!?IC>&.=8' %Z-9O/Y=D#0JR/H'VL8C4 M%T!6Y;4D"@#HW'K.)X"MISAE>+&KQG^19?+8/ KAQR7-G]-Y M&J=/&Q\3/0P/T&K[B^]'<='U'QP5H@^H'AT#JD?+L%)_P<-IB*F@DAI6 F#) M=X?=D][>0[IOM#?M7B7:_N38G5Q[4PWE;[,_R?4&1%UI&*"WVHMVJHTI.E"Q M7G5@?6><)T/,;FIOP99["E//;@:O[M\#3DANF#\;%_EW6A\0TEPD*%S$Y-K_9*AYBRRN M1N@&JD_04^D04"*@Y;-Q?F/ID3%1R(_M;5;>;7>5EWO/F$QHB5JHAI3E/$(C M"?TL$]IF!)A)GK96P';ULF&'CP6Y TGFCYG=N]ME8^YX^?WW$Q$]?$X?GM-U MQ@.ZFX2*D4 &F# (\&JX3I,BS0@]BQ@->:GFQHC!SJ]>5T:GIA.:REF9 >I8B9R-5A;6!7WY@^VSU<7=Y:O+BYL[/I*S M%VTF89W<+]^CR=IJA6>\KWU$0)P4\KY; ):O!+<*/-J\X69IC*UA!FF^0U_I ME.WBZQ7S"M(U-;QKO_T=T8OF6EB6+L#%O#X3KSE KQ5 5,5Z7$JP(:2.2"'G MJY)#/FK)Q>GZ\^7\WV,J5N$32&G-\O)J&8-3Z/D&PEB1@(^'/:NEJ7U&*AM3 MTXYMDIH]NOH J7_AB%3?$)<5ZE\Y(N5WCL3\HL@"4'W,$[6,QAL$06< M8+:;M=5 S?;QZ63/X$HVH_.'X%4ZI*OMW12.2G_3KKZ:]$?<>\3,)T27D/K6&SN3"=/*+&<()I=52--A*)R#RUT ,DC%RS MC5@6-;X:J4HA:@T+..5@22$J5X&/O%SG:+Q= ]L]E&40?#2SD)JE?OD!3ZO2EOM!?ODFI':$4(43V;L;5K MNY(LWV#U-?Q60&0H 5O^UEK?BF&L=PTZ<\U+8?(5B'_MJ?KY%#%M@K<\5VP4 M1M04W1C;#5+7J-JD4/+5+-43DZ?I MINHA:J!><)WFD+ &Z498368BO:#6($AC>;A)X'^5FT5BLMF[6N&DB:LJ> M@)7P%PZURE #N*<1=DJS:(R2U-96+%<[WLKI5S)N8'C1P_!:S%:%N\FV=:U M]!J(FM$1J'%M2^B)%:Y"DWQ5Z/J*)=2W46;RH%AV1T,:O<#:@_[ 0+<>HH;K M!5<]8""5R%>E^M=P^*TL@6R+0-.(Y9D(PT*R50%UL^EP.K97315-.Y4<*A^+ M3^8BK2:==^P$#"L)=5L.Q^]T#J*GMS*IH.J2(V*I5N=-@%>5!;#Q$Z:J- MNC-V@G;LBC+8W:YHRM,GP@4W]G?]G2?B7SX-LN=;<9N+SD\VGS+8M:X@S\(\ M>I&'"E*X.K'F?RM^3!.M1]ZM1$2T&,D093F5Y@3*)67!D&3@*RB;,^;K.EFJ M\H_(]@MD^PE?YP1E1H?L(2U64GH=,G771D2% :"5DT]%$;"+712"]!AHV]9[ M>!@+,KS [$'S*F O1W;%$1"T_DB$]/7M5 M/'K/7DP<'M*'X/7/4?X,QT!D$CA]ZA^;-^A;%B*:[&R"T6>4,S/N.V EM%:H MN+IJRC7IF1;W%&^B&\3X7L W!M;=N&)^*5Z5&'+H=2T34Z",9TG/HKHI' M.W0#>#X/@7_ !.(EB('C,HMC>WU#1Y ^^HCH, BV^A02;WB8>HE_J95S5*;! MU"SO^+[%O'TI3ON51M9$# M3,W"*)P7A"@7:2-9WJ3LDL78.":(YH;A7DX^+OES\4__C5-M@A0Y(\[YO'D) MKQ8+@+HFLFL@:BA'H*8[%ILRC08I%1$VWWG ($4TC,-B*NO0Q3I4$#6@*])V M"Y9Z$%/(&3ZBENO]AGQ[S[:7,I+MVV&8U9[9HQ1/';*59OMZ#3FJ8-XS?MD$O"SU:7A:JGFH\:C)0?M?GY>7++%O3^9EX3$Q.I65/J:7JK![^ MTUY7Z%\*(L>S _A]<7],LERMI:;$.(ZQ'.0%%9>IV*WE\[W0,R^'W\+A!UL\QZ(7.2FJ($I M#OKE',Z6YA6B0R5YYW,]Y4ARRZ)0NZLPT:??9MCH9/%DP:0R^RGQ$ $(*[>S MCOJV/LFV.[_'^_PA.?$]6#V$YYDKT8MG[ZIP^,VRO?M]Z?U3OB>&M\3[H:;O ME?PU4&^@![A/>*:.91P_?4A\']GBR>:X/!0+&(S!> M2_[)X6!UZUW&=K]/OO_ IB<&!+3W;OI> YOZ:_!H YO?U"/6_O/2>C.YMWL? M$016I[[+*H&=V9X@'))+WY/E^XSA'99IA @!: 2P>4G?/8:/J?9H!]'?#P($ MJ_">#1_;R?>'5I(=J/@M>HGG&W9N^DEL_(ZEB$RKE MW:&FG(?J/7\%_P1O7ADJ6!% 4L5F7$IJD[:DEV50DD%6T! MIF9M:HMZJ>HB[YIXDOB$+E)&9_._KC6YP1W$T32"&TIS$KHG4/30'/]!&=O MD]WG<4SS_(2EL%IN<#96821-X8:QW1!6+2_IE%89W1B:H?$CDFK78U+3'=6D M/%3KG]Y_]^W[W\EU/GW=JA)(*M@"K%W+?WI/0+8\\O:S%/>1%>P>AO;L/EWG MS_KJ5@20U+89E[(LT);T4,T/G].'YW2=!2]_M7M?\#UUM?[=D'Q9'M M7.P]V2U*HA36H4@>DDI.]B4U&H(4UL,!#S"4I?SU"\SP,IP+T!C.$$W&>; = M"_/?__4O_Z\E__OKOUY3_)I_[U/KPS>6'Q];%!6"T7T@X9?QA MU-V.]A1%RT]OWW[Y\N6;D#U[7QC_++[Q&6RX,5MQGVS'&MV-6G]__\W+3!)[ MXT7R)^^^O?S^_[^[N?Q6_O'^/O&@EML-_^_+M^K^D M^U\#&G[^I/YX] 1I20A"\>E%T)_>I)CZ\OX;QN=OWWW[[>7;?]SWQOX367@7 M-%10^.3-II<:I:C?Y<>/']_&O]TTS;5\>>3!YAOOWV[(V8XL?TLU[5.4"/I) MQ.3UF.]%L289/],J;:'^[V+3[$+]Z.+RW<7[RV]>Q/3-1OBQ!#D+R(C,6NIO MJ1K;K_+5G'"I"XNWZC=O^9Q?3#U"):5QMR=.9C^]43]5*%]* :NA_RW;+'I= M2FT7=+$,))-OJW[9]Q\%X,OI9C5^>0G\]++V;PM&/1\B\VS3&BF(M1GR_5W# M6K\.D_Y>RQJ_[\^ G]\UK.GKCPS">:I53=\5'N2[J58U?1>BYG7K=\!\P%=3 MK6KZ+GF$R#C5JBX91Q A1W5SNX1,WJE6==DO:.JH6\9,0#0YU:HN;@,(MT'= MLP5D=:A]99"S#W"2JM^"+D$F=%F_#8&^O->N-CN"3!NI5O59$N3#Z6;UZ=<4 MIE_3NO4+\EU:]U?E"@?Y;KI9?2LAY,OI9K59,DC44>T<+P6(XU2SVNPXA'PY MW:RV+\O].?-@7]]O6M]<(A@3,Y!]Y1O71P4(@KUVM>T/8.@'M7]9$-!D2D#? M77(B2!C%+I*>_,%>%_(2D7"Z&TB1 /5H1#12C==.ILO6A?)(K1;R6^E_>N&T MU0EEV]>6_YV ML0N\1Q+$@_\NN\)ZOJU"Z5J L8M)$/^;.7M^.R7TK:3^@_J'8N/#Q;>7:P?3 MO\D?;1F9R&$+")9-]EMD"4OCW.9^B_$IX1*>S5@>]_?0S?O UBW>+CTN![KP MGVBP58P99PM+R:VEQ$KH3PM1?OF(DFY+(J:*D-O FQ>+.M,$*.M+1,(N9-*% MM#?T#PFG3+(P5;YNO8)GF@*E_PZ1]+5,NT A(7Y$YE31'$8J9% ,0G%+( ;O M$6&@8]D=!->2$>X%7;GJOOR-O.HPR#4%@O !'0@E3+M 8<(]%6<65 L M_4P3H-2_0R3U0B9=2/MZQ16'MU3X7O ;\;AV_B]O#<3@>T08F%AWN1;OB+J5 M/Q'ZU3C7& C ,##N'HMDHP!&8Z\Y$(\?T>)1P+R[!?J6!H1?2T.=,ZY= MGC,-@2A\1(2"AF%W\O^%!2LI-I[056(-)4W!YS1T()1P[0Z&7TD0_"UD7\(Q M\00+R;0KQ(IP'1RE7:"P8#H_@Z3@\!B1["Y&9,EXI+9ZM2[BS%:R#BQ< M#_HWG?ZXONL-X'6T@- M[$V\QZ#H&)]E9-W.9#$Y5:S7;*S$NV\Z)0REMY(8\) F2+KRGT5[@"P+J;;( M<-G3JC($4N1O7?](4+@./"$&LWBM:[]0"!CY+J>(29Z+5$S,(3)INF[8PJ-A M.21%;9%A4:9?&5B*.-G%@QW"T6?A,U-[]=2>\)XL'@L/ENM.NC[. K,:01($D5[>C:X_Q53J?Q94?- M' 7K[GK>T@/!JK"$"<2V[[.5)')$?"()EMO)/HG6W&HL2]O+64)*!<@@_.- MJAL^2YH8?[WC3&A.+]EVSC)3*J!1S",R^?>ZMX.1E"%_ULQNQ:V=Y:L<@D4! MORE$) LS(L>;]A(9E!#Z,7$HAF0N]R%)6QQHJCDYEO^:18AE%?1QE@5S"+*E MO)\1OG(Z!R :MW*6/',(ABG^[%%[GZ 6L<@+W&-VLZ9YXKTDHNA1[Y$&-*)$ M0'8ET/[.DG(JX&PG$QPKY9"3I4>GG93W5-GU&Z1_DM/GD+,EX='K,/"2"+0\@BZ5R\=P8##UZ$29_Z(?U[*FO: 7M,7 MW.4@6;G+:I;HZ6^ 2UG4;HCUO=SE.=4R$YS15CFUA^BST#>MU27-W>5*V>"I MY17)A!Y39]HKP07>L ,(M#LZ%U,QG* @YF,Q!!3AAAU!AYTJM69FIP3/A#\R M0=RK08I#N2;$X>4G%D@PA%H?HE=S.!$^ E0)&O,D@:.]ME+!,=VFJ 8'@W5] MH'@UYA&RAJ$41=01XTVP;>B]JDB;VI3[/E_)J23'@#GV"!H$BFQCGB( -,4! M20L9'0IN8?$6N8N>KOQH\]77_GKV#AT)R0-&<$2V%DL _9* MR(C$!V4;HP-TA4+=F)O(VM3 \L Q>_[*^&>I2-=LH3S)Z\L=1NM<]P9UAD+8 MF*_'&D(+F> <3V9=T.?+8CC^-%G%B;#B]9J&Z>4%"7PN\MA,4]\:\+0?B M#I (#J.MXC2KP4WV#JO;Y53<9:D;-::<_%Q+*$:-.5 JF5,1MSBP:$^G\95F M+QAZ5$[UU]Z2REU2BFC-00#0%YQ[CP8ON$1P(#@BD4=#,NUX/)03M=A+/9A1 MGVIF0TA?*(*-^5&L$81+! >"$TX\L>*OD!FQJ"T4H<;<)-8(E7-\^HDN>6'8 M[$;@:#;F0ZEAW^'^J'Z<(&WUX"P\!]?RP]]+3]4/ E_+3]$OI8?:@Z%K^6'OI8?:A*+K^6' MOI8?.I87\6OY(1R^BZ1D*]!YL6E\*H6(-)SB@"*E*?*,,> Q9]/8NS(D/*88 M9"+EG5W/86"L+$2!#KM$M=JKZ(EQ^L?NI*K%+-_)]017!:LRUI%B%!=XM\%G MT\%U0:+JV.RSC!07?0WU,M:J5%!OS#=7'2%8P70'?C3!J.>7O CZ >9*&T_D M7_>=_F3<&MRVNOWKP7VGU>ZK5O?#4>=GV:7[2V?]"X>>M21C9LN0V9E6V@&# MI^ D_6<&"$[$94;FBJCMJQ6IZOT0)QJH-PZX8"X<$$/8'&U7*R&)$V)-O0 Z MVXJ[G1):>DYP.-W6-)G\;9EFR%#0:5BQ"=7D:2O,A[ZE\J#,%Z+4*2,;9=LX M/U@6J4$JF[F8IT;NN3V$WFQ& ZH.K->>4/.<5I2Z]L[/@ :QFGG%<<(8>P$1 M(_),PA6Y8VPJM#5+BEN[=G-9;"6RQSX7#,1#68Q;6,6:$_DF89()IXJ ML)0PC0.1N,C5D+.9+OMPKQ&2N:H*$@7,GGKBTV!)N*?$L"X3"'A@0-/%N;^K M.K9&0>"PMS$)@AV1NHWL?CO7?BZS>+/[UR(^<6!P1T+)3* J)$P7-*2*D8@^ M$R,HQHZNRW3;H@24! [8! ,ZZ!6M;LJA#"!X "O FXU0-:8#Z4J9#9H MG>32N=L,W$J9)1?Y5Y+9]6Z!A>**R.6&I(K?=%ZDQ"1B-/3X:[SZJ(H=LJ?D M*XCEE,Q4IE!V0Q]U7OS[@/7Z"&B&>"7/D5H/8FD'YY7!#U:44BD@ M64-(!#EH99HY+_!]R'Z[B.-3M[C-%?E-5NR5)ZA?#F=)<^=EQ ^ 52L!'+:6 M)?&&!JM(EWA:VL%Y-? :@TNIWEDFK*F=U/!E<_^WG0>^F,QK_>ZOS]X?NY#<<5\"K M%=,"=<>0A7>22:Q6\)Q(2NO76^"8DE,355+EBEEHD9Q:W.T4L2GF!$=R:H8V M4Y)J27-DJ.@T+KOC*V8H%>W&L=-K[OIQ\S! ?A.YI&Z?"1Q#-^=I:16 M DD"!VC94GTFM,K:.\\PJP"3GG<<^.Q=>C>!4]C8=899%60T7.. Y4@U!MU? MY&^@K-R2<,JFD@(>N?>_-NI&=W^WW^0S=UGQ?^-^ I4Z+FZ-9M4QX:!C]O0K MKNX\B7*[(P>GH<;'6M@8S2(%!C+/ZNGCV)[^[THD#P],6,DF-O84/WJ"3--O M+(V(7!L$CB$Y'/U6FR&Q&_$CE%15+XC"] M WW >?9\G?ID(5(<>A(K>%*<6U5HLI8SO/HK0Z4E02% ^C\ MRPEM7\YH7-$LHGL2/3'-YA?6VW4:?;62C 9AG/[V^#"GS^_O$&37'^#W4?37 MXOGIA%DL'665E#PK\'U-:24X7QHXSS23^/:'6C0X>9+K!GTF.[?74/U VEQH K M>;83&O=^!8P!TL"2&.C/BF?P'ZI4L[QNCW]NW?8&OXYQ3-37GGBZ#=@70.4/ M?2^WT15%T) SY36=7KT^"/6<[?:V=-N/Z'/R@I'Y,G&%L?!,M:5HY@,V%26& M8RYM]EI*8S<8JTN]R3LJ:-YHWG/9*%]=Z-. [#$[8;59>C-?BX412S[\C#Q8E# ;KALQ0, MXZ^_!Z$ MJCKI8":YEGQ&K^J$'V?Z+96HRF&&]G<=)3TB['8B/7UW^LV:ZMA=9%%SP-3/ M=2#TJ"L[1(2G?_Y('%=)/$DM>(EX$ZZ?O'!"%DO&58F.Q=*C7#_S5!G+=73U MB"I57=0X%B8I$>7 5)>9X[]3,ECG%H!>@P&/X3I6>]2MIJUHL:I$V_?9*E3) M2#ZAS_J;R;#>SB.[%< QH5LNI=/??.2YW1RDJ*X K:&;\U)L#6A!@5S.$?Z- ML@^]5Z7IRCWB^WPEB:7>(PWB^;'*)*$?SWD]M0:G#8@D3W]KFN>_LU@&[)60 M$0EB9:^F/[I1G!=7:T!KS%)SJ2N%+P7EF9![K.G*CS;$%^6'R8Z0?LX+M56' M&,BA>U ;.W"HPU)66H;JRO QG-=Z:\#X31([TPV'6A13U4;7"Z;E+J-L$.>E MYIK96NAEAN/ "0_U%E6AK2,%IGA&86^2$M[DZE61E[H6)Y&$+$'RS&0.*<7-O.E0'C%7F^ERV M'3F>QT^,1Q/"%SO?OF;! 78'IU:=GH[HY'4&ZL&93\@T+HA_[T4K'LMHR,ER M+0=I%==>$(C!+!9$!%:<0P>&JM2Q4T(KJ%0],D:R^J28*'8 M>9N'*0)0=CA ATN@EN,,>%RH:C3F!JU-->J1\)D>9VYIZ(5^/<<9[5A0?6J^ M"M'!QQF S'#,+9T7GPAU)7"=LU1>[Z& )4V2SV'#0C6A,1_K ;"R.@6!254V M>_-UA&C")%>_TNA)76Z49-\R;IMK7'U$J((TYERM34$.E>IY'8+B2Z^#9;RL M=EX(]ZG070(&=(5JRK%]KA4T!2HG7-.%U. 16:ZX_R156"ZLD&J3D+Y08!MS M?M8^!9@E=0;&ON9U,+.K/VKJ!]6&8[M)JVN#7D*GKPEP@=5RJ@6/"[Z8B%Z3 MZI'PJ9]JE0AB%Y]X4OZ=9R]0UI54/N.#!,B6@P6V\$O&"K$ #';DW#.[1S]<"MW%VOT^2E\I8S6]#4<4FC M6M'-&'FI8##4&Q->B4%^S!KDN'O7[]YVK]O]2:M]?3UXZ$^Z_;O6<-#K7G<[ M+JN+[20[E+CYL&(\FCXNRTK0>4AGU%>!TQR%$PGN5: ]ST/[.S8W,V+9VA%6 M'.XOI=FMSG4=')[ M8S%+%VASJ.OE?'-HQ"=_!=$HA-/>')*E*#:R#[G%L3WJ=_MWX]:P,VJ-?VZ/ M.@Y-;?-F\Y D^4EF.ROOX3+],4,4P,(T71R;EPF3;&JBB7<,2Y!?LG7\+FL= M<@$:=OKCV/ON?-NXHRQ.XTD]R!^_G'G+GX9JMN_'8SN M74?DQF2NQ#LB2U7O.YP#'A0I[>'2Y9\ARFI?"NKL^KD0 TY95S]<'ACLR ^* MS>B'_$H:!\R4_?2Z[:MNKSMQZ_-7Z8\TVM[5C'/5YB14$15+-XS-, XMK4?F M7G#OJ:NH.5(!M@;L[M[%8H]JQ@2M!(7!"%.I/8JT>!?GG2@JA\PS;IY;W<+E^98B"K%KE75RO509,LFN5B7<4QN$M2TY[ MMCD>K;]L0NXN7_U$D>Y1&$!+9Q'%WWDU!,^T'4XF1\/$2*DI.-GTI)*[S!AM M%U5=+]?/O%EGTT"$@ .N6X_R. DVE7C7#25SJWB'D]!>CANPN^LWU*P!M!(+ M#B0?U-V[CHCHPHMT5]RS[9P_:&:+33&CAX)0N-[$U79X>6(J: VR'L3Y*V0V M"U-%$>&PF1&1N\H54<]?S$-JM6(!NCI_>LS6LL#BP(%>R! ^UOPY%W[])[I!>M^ M"?@T#>WO_*TH^\MH5I+!8:O;%VI&4KK\F6P<%"8/FJF?\S>;K->+4K3>; MA0@V6V-'YT\X62,.E,6I0]Z>/LN](Q5[T]'ZZ>1IYI>:2)G5*,Y?;;)6ABI2 MPC&%J_E*TJ"<)S?DF00L/AFL23?-XZ#.SM]6JN"8 ,L$!XC%[U ; UF&;LY? M0+*?DR%RP &9F@FL =-V;+DJ>)QOCK= MT&"EWC&P-C3+ 4_KKNV!#K13TG1JGFPMH,,AG, M9(PY+<;A=:S$:SI9#U%ECA3%TM1)-R(+S44F6&\T\*DPW5-ZPA4->XL]>RFZ@"X/S*8#"W3# E4$#4LWN[79$Z%10X>0F\V MHP&-7;:>4*I3OC^0'73M71?Z*%2/5+4",Z^-U)&XI9QX?*$5:[:-Z[H<)E$6 M\X1CA[6UM#O"YMQ;/E'?"X"3?;X+DMFC_HD^SVJJM(C[23Y-'G#"+^J"!#Z3 M2A9/_$4,H=A3]5GX8#Q&[C5R?8PT:E4VGS//(8[9+;?A'A*N?N#-R64Y%OI> MR$)1.D^PZ?A1( T,L2=:$GG*O0BPEV&+(,IT5BFV6[KZ)++@8J_UR:7.ZIC& M,:5M*;RE(15RHW/'V%2S6RMK[WJ-T4JZ!)1"EI'!\BOCG[OAD#-?'EO5PV+> MEWNYG^'4"R HZ;N[/C16 0TB$&08WG$F(&"MV[D^?U9!98_%ZM?-6>0%[J^; M;[GJ=6\'ZUH* /CV6KLN)7G 6E7 M3VB'Q-$0S)7'I\)CCH"6Q:W^;!K/B'6 M6=#'=9W) T NE<"Y02TG,=@VTWW!ROBXYKN5>;]I_^QK%B:V' MY17LYM@Q9 !JNN!P!T(@RM55*N4)23Y?$84Y]PT,K!ZV##ZC$@+0ZN%+T-M7 M0'T&2D';T\2FB!,DR75[E!G320I;X\"D7+.T8*"*<:3URA3J*&KKVANETR;- M=(4QYE%DXO?>"UVL%E>,<_9%513SEO(WD;;8HLTHCOV\H-44L.J8Q(07X&X8 M$2GS:"1/=*"20E:#N+;.NO U2*F1A)8B.D;JE$="GRA"=D&XXFP7JP%<.XBM MD+)E#I,1WI#':/?,D2KQ(,92V-YT$/[B<:JV5(I\3909/H)K_W(5\[.5S]%L MKY04N/5IAG#M1:[#_HP2JNRP>B;\D6%P-A:Q_1"NU/WY]9*_>[OVENBG:(WD M@4.Z]DK7M;Q:21#'-%[$1N=E29,X)5+!D"]$'LONJN=> M/N_<#WN#WSJ=UE6GW[GM3C;%BQ"XHM.5.U28G$24QVF0EB^@PP=QNGV:21V+ MG_/F]'&ER%4/S;2G"Y7B$:>H/9-U[62-H\UR&,?'U H(YW95%<36R-9J\U1! M7+KFEO$U95H(ZN#YP'( 5E$=,J6*)6G<4R8*]$/0GD\%OQ&OY').#<.Z/N\>9OVUR17#UHI&)3NK'_.YV->#^TYKTOX'FF3L]:-8 M=LG8FDXNWVJ8S8BJX$:V!*H#N5(L&JYH.!\L2;(YUVR6;,9PGKAMQ"[[B(.U M@' LO5MRB1AZ=&I(?LJW=;U3LD>JG&,,$QY9BI(9[R.D##6">>],ZE!+O4@T MI<<$H%A;2?/3JB&MY1G'?+5'(A .][.47K :$,['Y?TKH?,G>29M2XJ\.>FO M5.;"NG*L&*PB$7GA%%2JU'XDU^\9UGUF^\CCG7CA/WM[1[CP/'MMU:+0F M#:E/S#C4ID0LZ\QBO] <63Z^G"(]8,.Z0GMZK7X00MX[>E#/X$CD=O)(P\64D)R]\7(1QD; M/4"EZQK&QJ%,M1M@5J]JD!22JSDQ62HK17\K)]/LSP%SAFD<=W>V1)FN[>0: MX@"M4.'*!(_JGDZB+\82RIEF.*1^%%/!5CRY.JL[=L*IBD+WO871WIKY&@[U M*51]VT6Q$O\H+']$Y#:3^NI(JIX%>PAI)$;C!]-E/4,WUX[])LTCHQL@ >+P MZ6SXT4_R^ZUP&&G3<_P^SS@*=4,G9YS3:I&NE0B]R=+B%,,X*DG'!!EW ^E& M.(#**5>1H#E]?7A,IY M*=VS1P.U>-\R?B?[ZMYM;NR+Z(_6KG6P#"3,JFBK2.YSYXZL!@A!?#0S_YAE M?A 7EA&=%\)]*I26=M4=H%!07Q5RU=TJ;_*;KK/TFE6F1H%"I)!5!!C_\0N) MW_$:$D[9U*2"M7W%=>(?OH5, P82-8M]2T*LR/1FQ;=4)@MOQA$>,V.HF%]U M/-?<='.5%-7$8ECP#=>56/ M?J5 X%"P]45I,B;\F?JD M6'Y]%CY+>R')I"HF+$G,WN.KSZ+?2#0B/IN'ZM"Z&RGI-(B>")\\>>%Z-U"N MCPY)')Z9"= #)>-_:5@ M@GDEF?27D$SZ39RJQ6:M>+?02I2[U5:WX6GT^C7#'FN&?54[6,]>J3LE(Q8$ MMXRK7S9PJ#-\S[&KO)FD^T:QP;'>U,ACXI@]BNIM/G6RWG&8AC2FCOM05;Z$ MMDR.JY''(_=7VP\53QP]$-TP.8,WI\;9[YRL:]^%#A>#A&0JU7ESXE_NNYFU MP>P*8YVL6[^2(E46]J$OY9W^3+\O=W M)QQ?0+&+5!*L91_9"<]B;MV&D)O6Y8)/G6QPP\V\6@+5GUJ/._]^K0ONGMH>U:"0D,T*CE52LYO?,A1\[V8B-B[E= M ]?9[9DSI:IS)N<0BF'5Y"K'5 MDSB9?(U_E015W)@*F "HH9Q"V->MH5AB[M9,BNN&';JTED92+(U 5?1R1 O4 M'DXA>%S1'AQ*'X-I(#FL%,1N'!U6K"F!VM I!*(='U8J:L'7PTI[.J7J'UZP MBW$![E U_%FH9306OD89\ -AU[&BN _Q0N^\-O%+DX!M=* M'=28T(:+CWHV;D QSG!!,<BJ!D2LB8#J?&,AWGH#62Y$V'18Z]',RV,)+ZFSCM:O M6\3DA/#%.XV6NB4+JK?U!V =JAC#A #F:;P>R9B\PNZLY@#*H(93?^3XW SG M8/4X9]LQ;PW=6<]!M('+$GZUG^95Y$S2X^J1YP'VE3Y_'IL8J$'5'ZQV;U N MY5[/L05'CE)* /LOG1WE#EOVDU"-KC\$C4NCFP04D=X>8+CE$9HRPSW.&XMP M8J"Z7G_X&9>NNU$"1%;02%C%?F'3O=>'BTRHY=0?SL9E.7@0*;6IH[^AQ 05 MC(D9+7E%Z5WV%:7!L#-J3[K]N]:X6UB2.R))Q13/@XD]I#Y;"7 :X,S.#U4X3=>JCTT@K-A9O>BG4-TMGN3M9Z)>Z(ORE[:P?7K028]R^!B8!S' M.:\;1H2+A,!.0!=RVZBX,V%DZ.;Z\1Q+I$!"P('76 HQ.4:MA%P^A=@HEWZA M,G3#,>O5N.G0LYMZK\[];M*T5F6:(8$*HH;%.\&:%J?"8/K,9#6BK:.W\STB!6,Z\X)OQK MQN4D**DT+DQ(6ZES)3?F(8K*:#UIEWN'Z^(%!5)VDV\%R(Z+Q'W M)%YR=\A?8\GUF?QM&$G.@B2H222Z&A5I]*-(UK$JJG8$,'#,*&TA2*39IF]^ MCV3QK(+E/HLXQ'Y#I !]&M-?+OS]5JZ=#0= 4,0ND@A86!+\>F\9_.I[7,T, MS^1K2*M&-I(W]0:SG.>JG ]-%V1;'T- MMWW5[74GW5.V9PLAW%H8VJ7LT>?(3)< MUAZ''Z@2?!G+*^,02= W1UYN^06 UL,6X-6KH0FA'KK(;8[$J]>^%ZUOH&Y^ M_*IWDMN,<0XH:MC#$=C=IWA-K)4;TM?QYM*\*.@1T\BC$<_^1/Y./+%@VJ-RO1[,%#E$# F?<"\4>*)P_Y1=J_8!K5Q8E/C=&->3UGGQ@Y52V3[YDFBMG2"V@D1093 MD\:)<.U).TB5C@01#B==9H:\\1:203%FJ_E39+CW!>CJVIUWZ()1+@X]1RJUZ[7M^UPJ9G(%N/.B+@)H (3U=IU59(VAC5 PN)<$*?$N?9?U M+HT?KL:=OS\H[U+G%_GG&(4S:;QZ%.2?*Y7%]4P**@H5N&%+>[B,.^\39;HZ M4-@:QT''!$@VY%S("A(_4(8X@!>HO =*=+0)=:6L(/'_C-3U,KU[)]7DY.2? MHAV':R8FR)22M-<(A\QS>E(DZ W)*#PI62V1WS/D^I9UP(% ]5EGQPF2!-X\ M><9DWO(N.-'):)L9(%1>R Q]IOFJI+EK=Y11S_2H8$RMO*'/="K/)F+HO:H) MH+U@JS"2!Z/X;K@F1\?0SW7.@6&/F$W4 4D!!V+CB/F?1V2YXOZ3IUZT9'/N M+=JKZ(EQ^@>9)K3K2IE !T!F;B80+05C=&UL4$L! A0#% @ 2XAA2:PAF7$3"P S&, ! M ( !'54 ')G8 J+