Smith & Wesson says rise in 3Q gun sales wiped out by writedown on security business

[Gunreference1]

From The Associated Press, March 10, 2011 - 8:27 PM

Gun maker Smith & Wesson says rise in 3Q gun sales wiped out by writedown on security business

SPRINGFIELD, Mass. (AP) - Gun maker Smith & Wesson Holding Corp. lost big in its fiscal third quarter as businesses and the government spent less on its perimeter security systems, leading the company to reconsider how much those sales are worth.

The company said Thursday that it recorded a large charge to reflect the dropping value of that business, called Universal Safety Response. And that $51 million charge, for a unit it bought in 2009 in the hope of diversifying its business, more than offset a 6 percent rise in firearm sales.

To read the rest of the story click the link below.

http://www.canadianbusiness.com/mark...tent=D9LSNKRG1

Steve

[coppertales]

tried to make a fast buck and lost their shirt. Businesses should stick with what they are good at. Too many managers have that "I want it now" mentality......chris3