Delaware
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
06-0633559
(I.R.S.
Employer
Identification
No.)
|
Lacey
Place, Southport, Connecticut
(Address
of Principal Executive Offices)
|
06890
(Zip
Code)
|
Title
of Each Class
Common
Stock, $1 par value
|
Name
of Each Exchange on Which Registered
New
York Stock Exchange
|
PART I | ||
Item
1.
|
5
|
|
Item
1A.
|
11
|
|
Item
1B.
|
16
|
|
Item
2.
|
17
|
|
Item
3.
|
17
|
|
Item
4.
|
18
|
|
PART II | ||
Item
5.
|
19
|
|
Item
6.
|
22
|
|
Item
7.
|
23
|
|
Item
7A.
|
46
|
|
Item
8.
|
47
|
|
Item
9.
|
75
|
|
Item
9A.
|
75
|
|
Item
9B.
|
76
|
|
PART III | ||
Item
10.
|
77
|
|
Item
11.
|
77
|
|
Item
12.
|
77
|
|
Item
13.
|
77
|
|
Item
14.
|
77
|
|
PART IV | ||
Item
15.
|
78
|
|
83
|
||
84
|
||
89
|
||
Exhibits
|
91
|
Rifles
|
Shotguns
|
|
·
|
Single-shot
|
·
|
Over
and Under
|
|
·
|
Autoloading
|
|
·
|
Bolt-action
|
|
·
|
Modern
sporting
|
Pistols
|
Revolvers
|
|
·
|
Rimfire
autoloading
|
·
|
Single
action
|
|
·
|
Centerfire
autoloading
|
·
|
Double
action
|
Name
|
Age
|
Position
With Company
|
Michael
O. Fifer
|
52
|
Chief
Executive Officer
|
Thomas
A. Dineen
|
41
|
Vice
President, Treasurer and Chief Financial Officer
|
Christopher
J. Killoy
|
51
|
Vice
President of Sales and Marketing
|
Mark
T. Lang
|
53
|
Group
Vice President
|
Thomas
P. Sullivan
|
49
|
Vice
President of Newport Operations
|
Leslie
M. Gasper
|
56
|
Corporate
Secretary
|
|
(i)
|
Those
that claim damages from the Company related to allegedly defective product
design and/or manufacture which stem from a specific
incident. Pending lawsuits and claims are based principally on
the theory of “strict liability” but also may be based on negligence,
breach of warranty, and other legal theories;
or
|
|
(ii)
|
Those
brought by cities or other governmental entities, and individuals against
firearms manufacturers, distributors and retailers seeking to recover
damages allegedly arising out of the misuse of firearms by third-parties
in the commission of homicides, suicides and other shootings involving
juveniles and adults.
|
Cash Payments | ||||||||||||||||||||||||||||
Balance
Beginning of Year (a)
|
Accrued
Legal Expense (b)
|
Legal
Fees (c)
|
Settlements
(d)
|
Insurance
Premiums
|
Admin.
Expense
|
Balance
End of Year (a)
|
||||||||||||||||||||||
2007
|
$ | 1,741 | $ | 639 | $ | (447 | ) | $ | - | N/A | N/A | $ | 1,933 | |||||||||||||||
2008
|
1,933 | 176 | (358 | ) | (7 | ) | N/A | N/A | 1,744 | |||||||||||||||||||
2009
|
1,744 | 873 | (274 | ) | (261 | ) | N/A | N/A | 2,082 |
Accrued
Legal Expense (b)
|
Insurance
Premium Expense (e)
|
Admin.
Expense (f)
|
Total
Product Liability Expense
|
|||||||||||||||||||||||||
2007
|
$ | 639 | $ | 748 | $ | 299 | $ | 1,686 | ||||||||||||||||||||
2008
|
176 | 739 | - | 915 | ||||||||||||||||||||||||
2009
|
873 | 745 | - | 1,618 |
(a)
|
The
beginning and ending liability balances represent accrued legal fees
only. Settlements and administrative costs are expensed as
incurred. Only in rare instances is an accrual established for
settlements.
|
(b)
|
The
expense accrued in the liability is for legal fees
only.
|
(c)
|
Legal
fees represent payments to outside counsel related to product liability
matters.
|
(d)
|
Settlements
represent payments made to plaintiffs or allegedly injured parties in
exchange for a full and complete release of
liability.
|
(e)
|
Insurance
expense represents the cost of insurance
premiums.
|
(f)
|
Administrative
expense represents personnel related and travel expenses of Company
employees and firearm experts related to the management and monitoring of
product liability matters.
|
Approximate
Aggregate
Usable
Square
Feet
|
Status
|
Segment
|
|
Newport,
New Hampshire
|
350,000
|
Owned
|
Firearms/Castings
|
Prescott,
Arizona
|
230,000
|
Leased
|
Firearms
|
Approximate
Aggregate
Usable
Square
Feet
|
Status
|
Segment
|
|
Southport,
Connecticut (Station Street property)
|
5,000
|
Owned
|
Not
Utilized
|
Southport,
Connecticut
(Lacey
Place property)
|
25,000
|
Owned
|
Corporate
|
Newport,
New Hampshire
(Dorr
Woolen Building)(a)
|
45,000
|
Owned
|
Firearms
|
Enfield,
Connecticut
|
10,000
|
Leased
|
Firearms |
|
(a)
|
In
2005, the Company relocated its firearms shipping department into a
portion of the Dorr Woolen Building. In 2006, certain of the
Company’s sales department personnel were moved into the same
facility. Approximately 255,000 square feet of the Dorr Woolen
Building was demolished in the fall of
2009.
|
ITEM 5— | MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
High
|
Low
|
Dividends
Per
Share
|
||||||||||
2008:
|
||||||||||||
First
Quarter
|
$ | 9.32 | $ | 7.32 | - | |||||||
Second
Quarter
|
8.88 | 6.95 | - | |||||||||
Third
Quarter
|
7.84 | 5.60 | - | |||||||||
Fourth
Quarter
|
7.44 | 4.36 | - | |||||||||
2009:
|
||||||||||||
First
Quarter
|
$ | 13.06 | $ | 5.98 | - | |||||||
Second
Quarter
|
13.71 | 10.08 | $ | 0.086 | ||||||||
Third
Quarter
|
15.20 | 11.16 | 0.123 | |||||||||
Fourth
Quarter
|
13.70 | 9.61 | 0.096 | |||||||||
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
|||||||||||||||||||
Sturm,
Ruger & Co., Inc.
|
100.00 | 80.42 | 110.13 | 94.99 | 68.49 | 114.33 | ||||||||||||||||||
Standard
& Poor’s 500
|
100.00 | 103.00 | 117.03 | 121.16 | 74.53 | 92.01 | ||||||||||||||||||
Recreation
|
100.00 | 93.29 | 105.16 | 93.87 | 59.33 | 97.11 | ||||||||||||||||||
Smith
& Wesson Holding
|
100.00 | 224.57 | 590.86 | 348.57 | 129.71 | 233.71 |
Equity
Compensation Plan Information
|
|||
Plan
category
|
Number
of securities to be issued upon exercise of outstanding options, warrants
and rights
(a)
|
Weighted-average
exercise price of outstanding options, warrants and rights
(b) *
|
Number
of securities remaining available for future issuance under equity
compensation plans (excluding securities reflected in column
(a))
(c)
|
Equity
compensation plans approved by security holders
|
|||
1998
Stock Incentive Plan
|
590,000
|
$7.78
per share
|
-
|
2001
Stock Option Plan for Non-Employee Directors
|
160,000
|
$8.60
per share
|
-
|
2007
Stock Incentive Plan
|
808,250
|
$10.04
per share
|
1,733,750
|
Equity
compensation plans not approved by security holders
|
|||
None.
|
|||
Total
|
1,558,250
|
$9.00
per share
|
1,733,750
|
*
|
Restricted
stock units are settled in shares of the Company's common stock on a
one-for-one basis. Accordingly, such units have been excluded
for purposes of computing the weighted-average exercise
price."
|
(Dollars
in thousands, except per share data)
|
||||||||||||||||||||
December 31, | ||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
Net
firearms sales
|
$ | 266,566 | $ | 174,416 | $ | 144,222 | $ | 139,110 | $ | 132,805 | ||||||||||
Net
castings sales
|
4,419 | 7,067 | 12,263 | 28,510 | 21,917 | |||||||||||||||
Total
net sales
|
270,985 | 181,483 | 156,485 | 167,620 | 154,722 | |||||||||||||||
Cost
of products sold
|
183,380 | 138,730 | 117,186 | 139,610 | 124,826 | |||||||||||||||
Gross
profit
|
87,605 | 42,753 | 39,299 | 28,010 | 29,896 | |||||||||||||||
Income
before income taxes
|
44,360 | 13,978 | 16,659 | 1,843 | 1,442 | |||||||||||||||
Income
taxes
|
16,857 | 5,312 | 6,330 | 739 | 578 | |||||||||||||||
Net
income
|
$ | 27,503 | $ | 8,666 | $ | 10,329 | $ | 1,104 | $ | 864 | ||||||||||
Basic
and diluted earnings per share
|
1.44 | 0.43 | 0.46 | 0.04 | 0.03 | |||||||||||||||
Cash
dividends per share
|
$ | 0.31 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.30 |
December 31, | ||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
Working
capital
|
$ | 65,377 | $ | 46,250 | $ | 53,264 | $ | 60,522 | $ | 83,522 | ||||||||||
Total
assets
|
141,679 | 112,760 | 101,882 | 117,066 | 139,639 | |||||||||||||||
Total
stockholders’ equity
|
95,516 | 65,603 | 76,069 | 87,326 | 111,578 | |||||||||||||||
Book
value per share
|
$ | 5.01 | $ | 3.44 | $ | 3.57 | $ | 3.86 | $ | 4.15 | ||||||||||
Return
on stockholders’ equity
|
34.1 | % | 12.2 | % | 12.6 | % | 1.3 | % | 0.8 | % | ||||||||||
Current
ratio
|
3.0
to 1
|
2.6
to 1
|
3.6
to 1
|
3.8
to 1
|
5.5
to 1
|
|||||||||||||||
Common
shares outstanding
|
19,072,800 | 19,047,300 | 20,571,800 | 22,638,700 | 26,910,700 | |||||||||||||||
Number
of stockholders of record
|
1,827 | 1,841 | 1,769 | 1,851 | 1,922 | |||||||||||||||
Number
of employees
|
1,145 | 1,145 | 1,154 | 1,108 | 1,250 |
Results of Operations
- 2009
|
Product
Demand
|
2009
|
2008
|
2007
|
||||||||||
Units
Ordered
|
958,700 | 776,400 | 485,000 | |||||||||
Estimated
Units Sold from Distributors to Retailers (1)
|
887,400 | 631,000 | 476,900 | |||||||||
Units
on Backorder
|
181,000 | 175,900 | 36,500 |
(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.
|
2009
|
2008
|
2007
|
||||||||||
Total
NICS* Background
Checks
|
14,000 | 12,700 | 11,200 |
|
*
|
While
NICS background checks are not a precise measure of retail activity, they
are commonly used as a proxy for retail demand. 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.
|
2009
|
2008
|
2007
|
||||||||||
Units
Ordered
|
958,700 | 776,400 | 485,000 | |||||||||
Units
Produced
|
934,200 | 600,600 | 464,900 | |||||||||
Units
Shipped
|
925,800 | 626,500 | 481,800 | |||||||||
Average
Sales Price
|
$ | 288 | $ | 278 | $ | 299 | ||||||
Units
on Backorder
|
181,000 | 175,900 | 36,500 |
December
31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Units
– Company Inventory
|
20,100 | 12,400 | 38,300 | |||||||||
Units
– Distributor Inventory (2)
|
96,200 | 57,500 | 62,000 | |||||||||
Total
inventory(3)
|
116,300 | 69,900 | 100,300 |
|
(2)
|
Distributor
ending inventory as provided by the independent distributors of the
Company’s products. These numbers do not include
goods-in-transit inventory that has been shipped from the Company but not
yet received by the distributors.
|
|
(3)
|
This
total does not include inventory at retailers. The Company does
not have access to data on retailer
inventories.
|
2009
|
2008
|
2007
|
||||||||||
Orders
Received
|
$ | 299.4 | $ | 233.8 | $ | 156.4 | ||||||
Average
Sales Price of Orders Received (4)
|
$ | 312 | $ | 301 | $ | 322 | ||||||
Ending
Backlog
|
$ | 59.6 | $ | 47.8 | $ | 17.9 | ||||||
Average
Sales Price of Ending Backlog (4)
|
$ | 330 | $ | 269 | $ | 444 |
|
(4)
|
Average
sales price for orders received and ending backlog is net of Federal
Excise Tax of 10% for handguns and 11% for long
guns.
|
·
|
the
large quantity of new handgun products in the backlog with lower unit
sales prices, and
|
·
|
the
cancellation of $3.7 million of orders for Gold Label side-by-side
shotguns with higher unit sales prices, that were received prior to
2008.
|
·
|
transitioning
from large-scale batch production to lean
manufacturing,
|
·
|
establishing
single-piece flow cells for small parts
manufacturing,
|
·
|
refining
existing cells,
|
·
|
developing
pull systems and managing vendors,
|
·
|
increasing
capacity for the products with the greatest unmet demand,
and
|
·
|
re-engineering
existing product designs for improved
manufacturability.
|
(in thousands) | ||||||||||||||||
Year
Ended December 31
|
2009
|
2008
|
||||||||||||||
Net
sales
|
$ | 270,985 | 100.0 | % | $ | 181,483 | 100.0 | % | ||||||||
Cost
of products sold, before LIFO, overhead and labor rate adjustments to
inventory, product liability and product recall
|
183,540 | 67.7 | % | 136,172 | 75.0 | % | ||||||||||
LIFO
expense (income)
|
(4,216 | ) | (1.6 | )% | 781 | 0.4 | % | |||||||||
Overhead
rate adjustments to inventory
|
1,324 | 0.5 | % | (1,389 | ) | (0.7 | )% | |||||||||
Labor
rate adjustments to inventory
|
436 | 0.2 | % | (1,251 | ) | (0.7 | )% | |||||||||
Product
liability
|
1,618 | 0.6 | % | 915 | 0.5 | % | ||||||||||
Product
recalls
|
678 | 0.3 | % | 3,502 | 1.9 | % | ||||||||||
Total
cost of products sold
|
183,380 | 67.7 | % | 138,730 | 76.4 | % | ||||||||||
Gross
margin
|
$ | 87,605 | 32.3 | % | $ | 42,753 | 23.6 | % |
2009
|
2008
|
|||||||
Gain
on sale of operating assets (a)
|
$ | (45 | ) | $ | (95 | ) | ||
Frozen
defined benefit pension plan expense (income)
|
1,266 | (745 | ) | |||||
Total
other operating expenses (income), net
|
$ | 1,221 | $ | (840 | ) |
|
(a)
|
The
gain on sale of operating assets was generated primarily from the sale of
used machinery and equipment.
|
2009
|
||||||||||||||||
Q4 | Q3 | Q2 | Q1 | |||||||||||||
Units
Ordered (1)
|
173,000 | 80,000 | 204,700 | 501,000 | ||||||||||||
Units
Produced
|
234,600 | 242,500 | 247,300 | 209,900 | ||||||||||||
Units
Shipped
|
228,500 | 237,400 | 246,200 | 213,700 | ||||||||||||
Estimated
Units Sold from
Distributors
to Retailers
|
209,400 | 214,500 | 227,500 | 236,000 | ||||||||||||
Average
Sales Price
|
$ | 276 | $ | 295 | $ | 286 | $ | 283 | ||||||||
Units
on Backorder(1)
|
181,000 | 240,700 | 412,300 | 458,900 | ||||||||||||
Units
– Company Inventory
|
20,100 | 15,100 | 9,600 | 8,800 | ||||||||||||
Units
– Distributor Inventory (2)
|
96,200 | 76,800 | 53,900 | 35,200 |
2008
|
||||||||||||||||
Q4 | Q3 | Q2 | Q1 | |||||||||||||
Units
Ordered
|
270,400 | 125,700 | 120,300 | 260,100 | ||||||||||||
Units
Produced
|
167,100 | 158,900 | 150,600 | 124,000 | ||||||||||||
Units
Shipped
|
208,100 | 146,000 | 136,700 | 135,700 | ||||||||||||
Estimated
Units Sold from
Distributors
to Retailers
|
216,400 | 143,100 | 135,600 | 135,900 | ||||||||||||
Average
Sales Price
|
$ | 275 | $ | 276 | $ | 270 | $ | 296 | ||||||||
Units
on Backorder
|
175,900 | 115,300 | 137,700 | 157,100 | ||||||||||||
Units
– Company Inventory
|
12,400 | 52,600 | 40,200 | 24,900 | ||||||||||||
Units
– Distributor Inventory (2)
|
57,500 | 65,800 | 62,900 | 61,800 |
(1)
|
During
the third quarter of 2009, the Company unilaterally cancelled all of the
unshipped orders for Mini-14 and Mini-Thirty autoloading rifles, and asked
the distributors to submit new orders that better represented their
forecasted needs. The cancellation of these unshipped orders,
partially offset by the submission of new orders for these products,
resulted in a net reduction to the backlog of approximately 34,000 units
or $20 million. Had these orders not been cancelled, the Units
Ordered in the third quarter would have been approximately 114,000
units.
|
(2)
|
Distributor
ending inventory as provided by the independent distributors of the
Company’s products.
|
2009
|
||||||||||||||||
Q4 | Q3 | Q2 | Q1 | |||||||||||||
Orders
Received(3)
|
$ | 47.6 | $ | 15.7 | $ | 81.8 | $ | 154.3 | ||||||||
Average
Sales Price of Orders Received(3)(4)
|
$ | 275 | $ | 196 | $ | 400 | $ | 308 | ||||||||
Ending
Backlog(3)
|
$ | 59.6 | $ | 78.0 | $ | 138.0 | $ | 136.3 | ||||||||
Average
Sales Price of Ending Backlog(3)(4)
|
$ | 330 | $ | 324 | $ | 335 | $ | 297 |
2008
|
||||||||||||||||
Q4 | Q3 | Q2 | Q1 | |||||||||||||
Orders
Received
|
$ | 86.1 | $ | 33.5 | $ | 37.0 | $ | 73.8 | ||||||||
Average
Sales Price of Orders Received(4)
|
$ | 287 | $ | 267 | $ | 275 | $ | 257 | ||||||||
Ending
Backlog
|
$ | 47.8 | $ | 27.9 | $ | 33.7 | $ | 40.7 | ||||||||
Average
Sales Price of Ending Backlog(4)
|
$ | 269 | $ | 242 | $ | 245 | $ | 234 |
(3)
|
See
description in Note 1 above for information relating to Q3 2009 order
cancellations. The cancellation of these orders reduced Orders Received in
the third quarter of 2009 by $20 million and decreased the Average Sales
Price of Orders Received by $115 per unit. Had these orders not
been cancelled, the Average Sales Price of Orders Received would have been
$311 per unit. The Average Sales Price of the Ending Backlog
was also impacted for the same
reasons.
|
(4)
|
Average
sales price for orders received and ending backlog is net of Federal
Excise Tax of 10% for handguns and 11% for long
guns.
|
(in thousands) | ||||||||||||||||
Three
Months Ended December 31
|
2009
|
2008
|
||||||||||||||
Net
sales
|
$ | 63,879 | 100.0 | % | $ | 58,491 | 100.0 | % | ||||||||
Cost
of products sold, before LIFO, overhead and labor rate adjustments to
inventory, product liability and product recall
|
45,678 | 71.5 | % | 44,177 | 75.5 | % | ||||||||||
LIFO
expense (income)
|
(1,536 | ) | (2.4 | )% | (3,026 | ) | (5.2 | )% | ||||||||
Overhead
rate adjustments to inventory
|
(1,408 | ) | (2.2 | )% | 90 | 0.2 | % | |||||||||
Labor
rate adjustments to inventory
|
(323 | ) | (0.5 | )% | 60 | 0.1 | % | |||||||||
Product
liability
|
171 | 0.2 | % | 420 | 0.7 | % | ||||||||||
Product
recalls
|
32 | 0.1 | % | 25 | 0.1 | % | ||||||||||
Total
cost of products sold
|
42,614 | 66.7 | % | 41,746 | 71.4 | % | ||||||||||
Gross
margin
|
$ | 21,265 | 33.3 | % | $ | 16,745 | 28.6 | % |
2008
|
2007
|
2006
|
2005
|
|||||||||||||
Units
Ordered
|
776,400 | 485,000 | (1) | (1) | ||||||||||||
Units
Produced
|
600,600 | 464,900 | 419,800 | 414,600 | ||||||||||||
Units
Shipped
|
626,500 | 481,800 | 475,900 | 460,200 | ||||||||||||
Average
Sales Price
|
$ | 278 | $ | 299 | $ | 292 | $ | 289 | ||||||||
Units
on Backorder
|
175,900 | 36,500 | (1) | (1) | ||||||||||||
Units
– Company Inventory
|
12,400 | 38,300 | 55,200 | 111,246 | ||||||||||||
Units
– Distributor Inventory (2)
|
57,500 | 62,000 | 57,100 | 70,498 | ||||||||||||
Castings
Setups
|
144,600 | 156,100 | 169,100 | 174,443 |
2008
|
2007
|
|||||||
Orders
Received
|
$ | 233.8 | $ | 156.4 | ||||
Average
Sales Price of Orders Received (3)
|
$ | 301 | $ | 322 | ||||
Ending
Backlog (3)
|
$ | 47.8 | $ | 17.9 | ||||
Average
Sales Price of Ending Backlog (3)
|
$ | 269 | $ | 444 |
(1)
|
Prior
to 2006, the Company received one cancelable annual firearms order in
December from each independent distributor. Effective December
1, 2006, the Company changed the manner in which distributors order
firearms, and began receiving firm, non-cancelable purchase orders on a
frequent basis, with most orders for immediate
delivery. Because of this change, comparable data for orders
received and units on backorder for prior periods is not
meaningful.
|
(2)
|
Distributor
ending inventory as provided by the independent distributors of the
Company’s products.
|
(3)
|
Average
sales price for orders received and ending backlog is net of Federal
Excise Tax of 10% for handguns and 11% for long
guns.
|
|
1.
|
Increased
demand for firearms during the fourth
quarter,
|
|
2.
|
New
products introduced in 2008, and
|
|
3.
|
Increased
production and order fulfillment in
2008.
|
2008
|
||||||||||||||||
Q4 | Q3 | Q2 | Q1 | |||||||||||||
Units
Ordered
|
270,400 | 125,700 | 120,300 | 260,100 | ||||||||||||
Units
Produced
|
167,100 | 158,900 | 150,600 | 124,000 | ||||||||||||
Units
Shipped
|
208,100 | 146,000 | 136,700 | 135,700 | ||||||||||||
Average
Sales Price
|
$ | 275 | $ | 276 | $ | 270 | $ | 296 | ||||||||
Units
on Backorder
|
175,900 | 115,300 | 137,700 | 157,100 | ||||||||||||
Units
– Company Inventory
|
12,400 | 52,600 | 40,200 | 24,900 | ||||||||||||
Units
– Distributor Inventory (1)
|
57,500 | 65,800 | 62,900 | 61,800 |
2007
|
||||||||||||||||
Q4 | Q3 | Q2 | Q1 | |||||||||||||
Units
Ordered
|
113,100 | 80,900 | 115,300 | 175,700 | ||||||||||||
Units
Produced
|
104,900 | 100,800 | 132,000 | 127,200 | ||||||||||||
Units
Shipped
|
111,900 | 98,600 | 129,600 | 141,700 | ||||||||||||
Average
Sales Price
|
$ | 283 | $ | 297 | $ | 306 | $ | 308 | ||||||||
Units
on Backorder
|
36,500 | 35,700 | 53,400 | 68,300 | ||||||||||||
Units
– Company Inventory
|
38,300 | 45,300 | 43,100 | 40,700 | ||||||||||||
Units
– Distributor Inventory (1)
|
62,000 | 70,500 | 78,800 | 60,000 |
(1)
|
Distributor
ending inventory as provided by the independent distributors of the
Company’s products.
|
2008
|
||||||||||||||||
Q4 | Q3 | Q2 | Q1 | |||||||||||||
Orders
Received
|
$ | 86.1 | $ | 33.5 | $ | 37.0 | $ | 73.8 | ||||||||
Average
Sales Price of Orders Received
|
$ | 287 | $ | 267 | $ | 275 | $ | 257 | ||||||||
Ending
Backlog
|
$ | 47.8 | $ | 27.9 | $ | 33.7 | $ | 40.7 | ||||||||