Smith & Wesson posts 2Q loss on hunting write-down
Smith & Wesson Holding Corp. said Monday it swung to a loss in its fiscal second quarter on a write-down it took for its hunting rifle business, which is seeing weakness due to squeezed consumer spending.
The weapons maker said it posted a loss of $76.2 million, or $1.62 a share, in the period ended Oct. 31, compared with net income of $2.9 million, or 7 cents a share, a year earlier.
The company said it took a $76.5 million impairment charge, which is net of a $21.8 million adjustment to deferred tax credit to reflect the impairment of goodwill on its purchase of Thompson/Center Arms. That unit, which designs hunting rifles and accessories under the Thompson/Center brand, was purchased in January 2007.
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