<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>y88595exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

(STURM, RUGER LOGO)      STURM, RUGER & Company, Inc.
                         Southport, Connecticut 06890 U.S.A.
                         ALL RUGER FIREARMS ARE DESIGNED AND MANUFACTURED IN OUR
                         OWN FACTORIES IN THE UNITED STATES OF AMERICA


                                                           FOR IMMEDIATE RELEASE
For further information contact:
William B. Ruger, Jr.     603-863-3300
Stephen L. Sanetti        203-259-7843
Thomas A. Dineen          203-259-7843

                      STURM, RUGER & COMPANY, INC. REPORTS

                             SECOND QUARTER EARNINGS


        SOUTHPORT, CONNECTICUT, July 18, 2003--Sturm, Ruger & Company, Inc.
(NYSE-RGR), today reported second quarter net sales of $31.8 million compared to
$39.8 million in the second quarter of 2002. Net income for the quarter ended
June 30, 2003 totaled $1.0 million or $0.04 per share versus $2.9 million or
$0.11 per share in the comparable quarter of 2002.

        For the six months ended June 30, 2003, net sales were $72.9 million and
net income was $5.6 million or $0.21 per share. For the corresponding period in
2002, net sales were $88.2 million and net income was $7.4 million or $0.28 per
share.

        Chairman William B. Ruger, Jr. commented on the firearms results,
"Current economic and firearms market conditions and the delayed introduction of
certain of our new firearms models resulted in a 17% decrease in unit shipments
for the quarter. We believe that shipments of several new firearms product
offerings in the latter half of 2003, including the eagerly-anticipated Ruger
Gold Label Side-by-Side Shotgun, the Ruger New Model Single-Six revolver in the
extremely popular new .17 HMR caliber, and the Ruger stainless steel New
Bearcat, will help reinvigorate the Ruger product line."


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Sturm, Ruger Earnings page 2

        Mr. Ruger expounded on the just-announced special edition Ruger Mark II
pistol which salutes the Company's late founder, William B. Ruger, "Demand is
tremendous for the MK-4NRA, a very special and unique .22 caliber pistol
commemorating the William B. Ruger Endowment of the NRA Foundation. For each
such special pistol sold, the Company and Davidson's, one of the nation's
largest firearms distributors, will collectively contribute $25 to the NRA
Foundation's William B. Ruger Endowment to help fund firearms safety and
education programs, wildlife habitat conservation studies, and other worthwhile
programs to help secure the legacy of our shooting traditions. Shipments of the
MK-4NRA commenced in July and have met with great enthusiasm. They are expected
to continue at least for the remainder of the year."

        Mr. Ruger remarked on the investment castings business, "The continuing
cost reduction efforts of management yielded improved results from this segment,
despite a sales decrease of 27% from the prior year. We remain committed in our
pursuit of new castings business opportunities and believe that these efforts
can benefit the Company for years to come."

        The Company added to its string of legal victories during the second
quarter. On May 1, the city of Cincinnati voluntarily withdrew its municipal
lawsuit against the Company and many other members of the firearms industry. On
May 15, a jury in Brooklyn rejected claims brought by the NAACP that numerous
firearms manufacturers and distributors, including the Company, had created a
public nuisance through their marketing and distribution practices. On June 25,
the Appellate Division of the New York State Supreme Court affirmed the complete
dismissal of all claims made by New York State Attorney General Elliott Spitzer
against the Company and other members of the firearms industry.

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Sturm, Ruger Earnings page 3


        President and General Counsel Stephen Sanetti commented on these events,
"These common sense decisions and legally correct findings echo what has been
held by court after court around the nation. Due process demands that such
lawsuits as remain against the industry and the Company should also be dismissed
or withdrawn, and the public officials responsible for them should immediately
stop wasting taxpayer money in their pursuit of political gains."

        Mr. Sanetti expressed his satisfaction with the continuing decline of
accidental firearms fatalities as reported by the National Safety Council, "We
are gratified that, due in large part to the many safety programs we and others
in the industry have voluntarily undertaken, firearm accidents are at
unprecedented low levels and now comprise less that 1% of all accidental
fatalities annually. Accidental injury claims involving the Company's products
have declined at an even greater rate, and only four such open lawsuits exist."

        On May 6, 2003, the Board of Directors named Mr. Sanetti President and
Chief Operating Officer. Mr. Ruger spoke highly of Mr. Sanetti's accomplishments
and future promise, "Steve has made enormous contributions to the Company and
the firearms industry during his 23 years of service at Sturm Ruger. In addition
to his vast experience with industry organizations such as the Sporting Arms and
Ammunition Manufacturers Institute, the National Shooting Sports Foundation, and
the Hunting and Shooting Sports Heritage Foundation, Steve is a lifelong
firearms enthusiast, target shooter and gun collector, which makes him perfectly
suited to lead the Company well into this century."

        Sturm, Ruger was founded in 1949. Since 1950 it has never failed to show
an annual profit and has never required financing from outside sources. The
Company's business segments are engaged in the manufacture of the world famous
RUGER(R) brand of sporting and law enforcement


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Sturm, Ruger Earnings page 4


firearms and titanium and steel investment castings for a wide variety of
customers and end uses. Plants are located in Newport, New Hampshire and
Prescott, Arizona. Corporate headquarters is located in Southport, Connecticut.

       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 including
lawsuits filed by mayors, attorneys general and other governmental entities and
membership organizations, and the impact of future firearms control and
environmental legislation, 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.

Attachments (2 pages)




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                          STURM, RUGER & COMPANY, INC.
             Condensed Consolidated Statements of Income (unaudited)
                    (in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                          Three Months Ended                          Six Months Ended
                                               June 30,                                   June 30,
                                   2003       %        2002        %         2003        %        2002        %
                                 -------     ----    -------     ----       -------     ----     -------     ----
<S>                              <C>        <C>      <C>        <C>         <C>        <C>       <C>        <C>
Firearms sales                   $27,156     85.4    $33,427     84.0       $63,639     87.3     $76,156     86.3
Castings sales                     4,645     14.6      6,357     16.0         9,294     12.7      12,068     13.7
                                 -------     ----    -------     ----       -------     ----     -------     ----
    Net sales                     31,801    100.0     39,784    100.0        72,933    100.0      88,224    100.0
Cost of products sold             25,294     79.5     29,839     75.0        53,989     74.0      65,999     74.8
                                 -------     ----    -------     ----       -------     ----     -------     ----
    Gross profit                   6,507     20.5      9,945     25.0        18,944     26.0      22,225     25.2

Expenses:

    Selling                        3,313     10.4      3,883      9.7         7,210      9.9       7,415      8.4
    General and administrative     1,692      5.4      1,503      3.8         3,067      4.2       3,216      3.7
                                 -------     ----    -------     ----       -------     ----     -------     ----
                                   5,005     15.8      5,386     13.5        10,277     14.1      10,631     12.1
                                 -------     ----    -------     ----       -------     ----     -------     ----
           Operating income        1,502      4.7      4,559     11.5         8,667     11.9      11,594     13.1

Other income-net                     226      0.7        403      1.0           618      0.8         822      0.9
                                 -------     ----    -------     ----       -------     ----     -------     ----
    Income before income taxes     1,728      5.4      4,962     12.5         9,285     12.7      12,416     14.0

Income taxes                         693      2.1      2,057      5.2         3,723      5.1       4,979      5.6
                                 -------     ----    -------     ----       -------     ----     -------     ----

    Net Income                    $1,035      3.3     $2,905      7.3        $5,562      7.6      $7,437      8.4
                                  ======      ===     ======      ===        ======      ===      ======      ===

Earnings per share

    Basic                          $0.04               $0.11                  $0.21                $0.28
    Diluted                        $0.04               $0.11                  $0.21                $0.27

Cash dividends per share           $0.20               $0.20                  $0.40                $0.40

Average shares outstanding

    Basic                         26,911              26,911                 26,911               26,911
    Diluted                       26,911              27,106                 26,911               27,056
</TABLE>



                                        7
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                          STURM, RUGER & COMPANY, INC.
                Condensed Consolidated Balance Sheet (unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                              June 30,
                                                2003
                                             --------
<S>                                        <C>
Assets

Cash and cash equivalents                      $2,726
Short-term investments                         45,430
Trade receivables, net                         13,305
Inventories                                    55,589
Deferred income taxes                           7,436
Prepaid expenses and other assets               2,849
                                             --------
    Total current assets                      127,335

Property, plant and equipment                 156,098
    Less depreciation                        (127,507)
                                             --------
                                               28,591

Deferred income taxes                           8,837
Other assets                                   14,266
                                             --------
Total                                        $179,029
                                             ========

Liabilities and Stockholders' Equity

Trade accounts payable and
    accrued expenses                           $5,486
Product liability                               4,000
Employee compensation                           7,797
Workers' compensation                           4,805
Income taxes                                      810
                                             --------
    Total current liabilities                  22,898

Accrued pension liability                       5,765
Deferred income taxes                           7,857
Product liability accrual                       4,346

Stockholders' equity                          138,163
                                             --------
Total                                        $179,029
                                             ========
</TABLE>





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