<SEC-DOCUMENT>0001174947-11-000186.txt : 20110426
<SEC-HEADER>0001174947-11-000186.hdr.sgml : 20110426
<ACCEPTANCE-DATETIME>20110426170513
ACCESSION NUMBER:		0001174947-11-000186
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110426
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110426
DATE AS OF CHANGE:		20110426

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10435
		FILM NUMBER:		11780700

	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
</SEC-HEADER>
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<TYPE>8-K
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<P STYLE="margin: 0">&nbsp;<BR></P>

<P STYLE="font: bold 15pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 15pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>April 26, 2011</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STURM, RUGER &amp; COMPANY, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 35%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DELAWARE</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>001-10435</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 32%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>06-0633559</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ONE
LACEY PLACE, SOUTHPORT, CONNECTICUT 06890</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code <B>(203) 259-7843</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see</I> General Instruction A.2. below):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> <FONT STYLE="font-size: 10pt">
&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> <FONT STYLE="font-size: 10pt">&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> <FONT STYLE="font-size: 10pt">&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> <FONT STYLE="font-size: 10pt">
&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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<HR NOSHADE SIZE="5">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>Item 2.02&#9;Results of Operations
and Financial Condition</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On April 26, 2011, the Company issued a press
release to stockholders and other interested parties regarding financial results for the first quarter ended April 2, 2011. A copy
of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information in this Current Report on Form
8-K and the Exhibit attached hereto shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange
Act of 1934 (the &ldquo;Exchange Act&rdquo;) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference
in such a filing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0">Item 8.01&#9;Other Events</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is furnishing a letter made available
to its shareholders on April 26, 2011 (the &ldquo;Letter to Shareholders&rdquo;). The text of the Letter to Shareholders is attached
as Exhibit 99.2 to this Current Report on Form 8-K and shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section
18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This disclosure of the Letter
to Shareholders on this Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in
the Report that is required to be disclosed by Regulation FD.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company does not have, and expressly disclaims,
any obligation to release publicly any updates or any changes in the Letter to Shareholders or its expectations or any change in
events, conditions, or circumstances on which any forward-looking statement is based.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Letter to Shareholders is available on the
Company&rsquo;s website at www.ruger.com/corporate/. The Company reserves the right to discontinue that availability at any time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0">Item 9.01&#9;Financial Statements and Exhibits.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Exhibit No</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 12%">99.1</TD>
    <TD STYLE="width: 88%">Press release of Sturm, Ruger &amp; Company, Inc., dated April 26, 2011, reporting the financial
    results for the first quarter ended April 2, 2011.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>99.2</TD>
    <TD>Letter to Shareholders made available to shareholders on
April 26, 2011.
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2</B></P>
<HR NOSHADE SIZE="5">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, hereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.9in">&#9;STURM, RUGER &amp; COMPANY, INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE>
<TR><TD WIDTH=50%>&nbsp;</TD>
<TD>By:
</TD>
<TD colspan="2"><U>/S/ THOMAS
A. DINEEN&#9;</U></TD>
</TR>

<TR>

<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Name:</TD>
<TD>Thomas
A. Dineen</TD>
</TR>

<TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD>Title: </TD>
<TD>Principal
Financial Officer,</TD>
</TR>


<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD NOWRAP>Principal Accounting Officer</TD>
</TR>


<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD NOWRAP>Vice President,
Treasurer and</TD>
</TR>


<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Chief
Financial Officer</TD>
</TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dated: April 26, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></B>3</P>
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<P STYLE="margin: 0">&nbsp;<BR></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXHIBIT 99.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">

<IMG SRC="sturm_ruger.jpg" ALT="" STYLE="height: 75; width: 69; top: -6pt">

<FONT STYLE="font: 24pt PosterBodoni BT,serif">&nbsp;STURM, RUGER &amp; CO., INC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">SOUTHPORT, CONNECTICUT 06890 U.S.A.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4in">FOR IMMEDIATE RELEASE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">STURM, RUGER &amp; COMPANY, INC. REPORTS FIRST
QUARTER 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">EARNINGS OF 42&cent; PER SHARE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 31.5pt">&#9;SOUTHPORT, CONNECTICUT, April 26,
2011--Sturm, Ruger &amp; Company, Inc. (NYSE-RGR), announced today that for the first quarter 2011, the Company reported net sales
of $75.4 million and earnings of 42&cent; per share, compared with net sales of $68.3 million and earnings of 44&cent; per share
in 2010.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 31.5pt">&#9;Chief Executive Officer Michael O. Fifer
made the following comments related to the Company&rsquo;s results:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -14pt 0.5in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT></p>

<p style="margin-top: 0; margin-bottom: 6pt; margin-left: 32pt; text-indent: 0pt"><FONT STYLE="font-size: 12pt">The
Company launched the new LC9 pistol and the new Gunsite Scout rifle in the first quarter of 2011. New
product introductions remain a strong driver of demand and represented $20.8 million or 29% of sales
in the first quarter of 2011.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -14pt 0.5in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT></p>

<p style="margin-top: 0; margin-bottom: 6pt; margin-left: 32pt; text-indent: 0pt"><FONT STYLE="font-size: 12pt">Demand for our products remained strong in the first quarter of 2011. The estimated sell-through of the Company&rsquo;s
products from distributors to retailers in the first quarter of 2011 increased by approximately 12% from the first quarter of 2010
and 21% from the fourth quarter of 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -14pt 0.5in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT></p>

<p style="margin-top: 0; margin-bottom: 6pt; margin-left: 32pt; text-indent: 0pt"><FONT STYLE="font-size: 12pt">The incoming order rate in the first quarter of 2011 increased 65% from the first quarter of 2010 and more than doubled
from the fourth quarter of 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -14pt 0.5in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT></p>

<p style="margin-top: 0; margin-bottom: 6pt; margin-left: 32pt; text-indent: 0pt"><FONT STYLE="font-size: 12pt">National Instant Criminal Background Check System (&ldquo;NICS&rdquo;) background checks (as adjusted by the National Shooting
Sports Foundation) increased 13% from the first quarter of 2010 and decreased 7% from the fourth quarter of 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -14pt 0.5in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT></p>

<p style="margin-top: 0; margin-bottom: 6pt; margin-left: 32pt; text-indent: 0pt"><FONT STYLE="font-size: 12pt">Cash generated from operations during the first quarter of 2011 was $20.7 million.
At April 2, 2011, our cash and equivalents and short-term investments totaled $72.4 million. Our current ratio is 3.0 to 1 and
we have no debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -14pt 0.5in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT></p>

<p style="margin-top: 0; margin-bottom: 6pt; margin-left: 32pt; text-indent: 0pt"><FONT STYLE="font-size: 12pt">During the first quarter of 2011, capital expenditures totaled $4.3 million, much
of it related to tooling and equipment for new products. We expect to invest approximately $15 million for capital expenditures
during 2011.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">4</B></P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">At April 2, 2011, stockholders&rsquo; equity was $119.2 million, which equates
to a book value of $6.32 per share, of which $3.84 per share was cash and equivalents and short-term investments.</P>

</UL>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">During the first quarter of 2011, we returned $2.9 million to our
shareholders through:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The payment of $0.9 million of dividends, and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The repurchase of 133,400 shares of our common stock in the open market at an average price of $14.94 per share, for a total
of $2.0 million.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.25in">
<FONT STYLE="font: 12pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">As of the end of the first quarter of 2011, $8.0 million remains available for future stock
repurchases.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 31.5pt">Today, the Company filed its Quarterly
Report on Form 10-Q for the first quarter of 2011.<FONT STYLE="color: black"> </FONT>The financial statements included in this
Quarterly Report on Form 10-Q are attached to this press release.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 31.5pt">The Quarterly Report on Form 10-Q is
available on the SEC website at www.sec.gov and the Ruger website at www.ruger.com/corporate/. Investors are urged to read the
complete Form 10-Q to ensure that they have adequate information to make informed investment judgments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>About Sturm, Ruger</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sturm, Ruger was founded in 1949 and is one
of the nation&rsquo;s leading manufacturers of high-quality firearms for the commercial sporting market. Sturm, Ruger is headquartered
in Southport, CT, with manufacturing facilities located in Newport, NH and Prescott, AZ.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>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.</I></P>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">5</B></P>
<HR NOSHADE SIZE="5">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">STURM, RUGER &amp; COMPANY, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Condensed Balance Sheets (Unaudited)</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>(Dollars in thousands, except share data)</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">April 2,</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2011</P></TD>
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: -8.1pt; padding-left: 0.05in; text-align: center">December 31, 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; font-weight: bold; text-indent: -9pt">Assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: -0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; text-indent: -9pt">Current Assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; text-indent: -9pt">Cash and cash equivalents</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">$5,390</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">$ &nbsp;&nbsp; 5,132</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; text-indent: -9pt">Short-term investments</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">66,982</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">52,493</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; text-indent: -9pt">Trade receivables, net</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">30,430</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">31,565</TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 9pt; text-indent: -9pt">Gross inventories</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">41,703</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">48,820</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-indent: 13.5pt">Less LIFO reserve</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.9pt; padding-left: 0.05in; text-align: right">(36,858)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.9pt; padding-left: 0.05in; text-align: right">(37,448)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-indent: 13.5pt">Less excess and obsolescence reserve</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.9pt; padding-left: 0.05in; text-align: right">(1,297)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.9pt; padding-left: 0.05in; text-align: right"> (1,545)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-indent: 13.5pt">Net inventories</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">3,548</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">9,827</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.0in">Deferred income taxes</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">5,312</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">4,780</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 0.0in">Prepaid expenses and other current assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">957</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">1,427</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.0in">Total Current Assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">112,619</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">105,224</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.0in">Property, plant and equipment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">154,519</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">150,379</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-indent: 13.5pt">Less allowances for depreciation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.9pt; padding-left: 0.05in; text-align: right">(110,218)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.9pt; padding-left: 0.05in; text-align: right; line-height: 13pt; text-autospace: none">(107,458)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-indent: 13.5pt">Net property, plant and equipment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">44,301</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">42,921</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.0in">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Deferred income taxes</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">4,496</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">5,443</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 0.0in">Other assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">5,098</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">4,173</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 0.05in; padding-left: 0.0in">Total Assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid;  padding-right: 5.4pt; padding-left: 0.05in; text-align: right">$166,514</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: right">$157,761</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">6</B></P>
<HR NOSHADE SIZE="5">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#9;STURM, RUGER &amp; COMPANY, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: center">April 2, 2011</TD>
    <TD STYLE="width: 15%; border: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: center">December 31, 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; font-weight: bold; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; font-weight: bold; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt"><b>Liabilities and Stockholders&rsquo; Equity</b></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Current Liabilities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Trade accounts payable and accrued expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">$19,953</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">$ &nbsp; 16,492</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Product liability</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">749</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">449</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Employee compensation and benefits</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">8,539</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">10,923</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Workers&rsquo; compensation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">4,750</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">4,893</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Income taxes payable</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">3,521</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">582</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Total Current Liabilities</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">37,512</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">33,339</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Accrued pension liability</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">9,356</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">9,369</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Product liability accrual</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">445</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">573</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Contingent liabilities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">--</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">--</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: -9pt">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: -9pt">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif">Stockholders&rsquo; Equity</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Common Stock, non-voting, par value $1:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 4.5pt; text-indent: 13.5pt">Authorized shares 50,000; none issued</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right; text-indent: 27pt">--</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right; text-indent: 27pt">--</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: justify; text-indent: 4.5pt">Common Stock, par value $1:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Authorized shares &ndash; 40,000,000</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">2011 &ndash; 23,170,742 issued,</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 52.5pt">18,871,308 outstanding</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">2010 &ndash; 23,003,285 issued,</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 52.5pt"> 18,837,251 outstanding</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.05pt 0 0; text-align: right">23,171</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9.55pt 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9.55pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9.55pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9.55pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: right">23,003</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Additional paid-in capital</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">9,428</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">9,885</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Retained earnings</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">144,134</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">137,125</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 0pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0pt">Less: Treasury stock &ndash; at cost</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: 27pt">2011 &ndash; 4,299,434 shares</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: 27pt">2010 &ndash; 4,166,034 shares</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.55pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.55pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0pt 0 19pt; text-align: right">(37,884)</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.05pt 0 0; text-align: right">(35,885)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Accumulated other comprehensive loss</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.55pt; padding-left: 3.95pt; text-align: right">(19,648)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right; line-height: 13pt; text-autospace: none">(19,648)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Total Stockholders&rsquo; Equity</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">119,201</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">114,480</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 3.95pt; padding-left: 9pt; text-indent: -9pt">Total Liabilities and Stockholders&rsquo; Equity</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.05pt; padding-left: 3.95pt; text-align: right">$166,514</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 9.55pt; padding-left: 3.95pt; text-align: right">$157,761</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">7</B></P>
<HR NOSHADE SIZE="5">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">STURM, RUGER &amp; COMPANY, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><U>Condensed Statements of Income (Unaudited)</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><I>(Dollars in thousands, except per share
data)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 2, 2011</TD>
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 3, 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; font-weight: bold; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Net firearms sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 2.1pt; text-align: right">$74,441</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">$67,269</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Net castings sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">1,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">1,007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Total net sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">75,441</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">68,276</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Cost of products sold</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right; text-indent: 27pt">51,446</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">45,145</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Gross profit</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">23,995</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">23,131</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Operating expenses:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 45pt; text-indent: -22.5pt">Selling</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">6,912</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">5,899</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 45pt; text-indent: -22.5pt">General and administrative</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">4,625</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">3,932</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 14.05pt; text-indent: 8.45pt">Other operating expenses, net</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">--</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">400</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Total operating expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">11,537</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">10,231</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Operating income</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">12,458</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">12,900</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Other income:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 14.05pt; text-indent: 8.45pt">Interest income (expense), net</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">50</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">(33)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 14.05pt; text-indent: 8.45pt">Other income, net</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">106</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">127</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Total other income, net</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">156</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; tab-stops: 9.0pt">Income before income taxes</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">12,614</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">12,994</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-indent: -9pt">Income taxes</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">4,667</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">4,678</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 0pt">Net income</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp; $7,947</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right; text-indent: 27pt">$8,316</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 0pt">Basic earnings per share</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">$0.42</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">$0.44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 14.05pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 14.05pt; text-indent: -14.05pt">Fully diluted earnings per share</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">$0.42</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">$0.43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 0pt">Cash dividends per share</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">$0.05</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 0.05in; padding-left: 5.4pt; text-align: right">$0.06</TD></TR>
</TABLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">8</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">STURM, RUGER &amp; COMPANY, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><U>Condensed Statements of Cash Flows (Unaudited)</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0in"><I>(Dollars in thousands)</I></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; text-align: center">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-right: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">April 2, 2011</TD>
    <TD STYLE="width: 14%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">April 3, 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; font-weight: bold; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: -4.25pt">Operating Activities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 22.75pt; text-indent: -4.5pt">Net income</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 8pt; text-align: right">$7,947</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">$&nbsp;&nbsp;8,316&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 18.25pt">Adjustments to reconcile net income to cash provided by operating activities:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 22.75pt">Depreciation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 8pt; text-align: right">2,930</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">2,135&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 22.75pt">Slow moving inventory valuation adjustment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(125)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(761)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 22.75pt">Stock-based compensation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 8pt; text-align: right">459</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">628&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 22.75pt">Loss (Gain) on sale of assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(7)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(3)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 22.75pt">Deferred income taxes</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(1,556)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(408)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 22.75pt">Changes in operating assets and liabilities:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 36.25pt">Trade receivables</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 8pt; text-align: right">1,135</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(2,566)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 36.25pt">Inventories</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 8pt; text-align: right">6,404</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">3,258&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 36.25pt">Trade accounts payable and accrued expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 8pt; text-align: right">3,319</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(229)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 36.25pt">Employee compensation and benefits</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(2,384)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(4,607)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 36.25pt">Product liability</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">172</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(262)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 36.25pt">Prepaid expenses, other assets and other liabilities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(472)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">242&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 9pt; text-indent: 36.25pt">Income taxes payable</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 9pt; text-align: right">2,914</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right">4,189&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 9pt; text-indent: 49.75pt">Cash provided by operating activities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 9pt; text-align: right">20,736</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right">9,932&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 13.75pt; text-indent: -9pt">Investing Activities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 9.25pt">Property, plant and equipment additions</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(4,306)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(5,696)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 9.25pt">Proceeds from sale of assets</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">7</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">5&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 9.25pt">Purchases of short-term investments</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(61,483)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">(34,992)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 9pt; text-indent: 9.25pt">Proceeds from maturities of short-term investments</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 9pt; text-align: right">46,994</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right">32,498&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-indent: 58.75pt">Cash used for investing activities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(18,788)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right">(8,185)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 4.75pt">Financing Activities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 9.25pt">Tax benefit from exercise of stock options</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">1,247</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">33&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: 9.25pt">Repurchase of common stock</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(1,999)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">--&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 9pt; text-indent: 9.25pt">Dividends paid</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(938)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right">(1,146)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 9pt; text-indent: 49.75pt">Cash used for financing activities</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.5pt; text-align: right">(1,690)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right">(1,113)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 4.75pt">Increase in cash and cash equivalents</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">258</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">634&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 13.75pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-left: 4.75pt">Cash and cash equivalents at beginning of period</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 9pt; text-align: right">5,132</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">5,008&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 13.75pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-left: 4.75pt">Cash and cash equivalents at end of period</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 9pt; text-align: right">$&nbsp;&nbsp;5,390</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; text-align: right">$&nbsp;&nbsp;5,642&nbsp;</TD></TR>
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<P STYLE="margin: 0">&nbsp;<BR></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">EXHIBIT 99.2</P>

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<IMG SRC="sturm_ruger.jpg" ALT="" STYLE="height: 75; width: 69; top: -6pt">

<FONT STYLE="font: 24pt PosterBodoni BT,serif">&nbsp;STURM, RUGER &amp; CO., INC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">SOUTHPORT, CONNECTICUT 06890 U.S.A.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">April 26, 2011</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dear Shareholders,</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">Ruger had a good
year in 2010, with net sales of $255 million and earnings of $1.48 per share, compared with sales of $271 million and earnings
of $1.44 per share in 2009. I am pleased with the results of 2010 in spite of the decline in sales, because the 2009 results clearly
benefited from the post-election surge in firearms demand and represented a very tough benchmark.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">The first quarter
of 2011 was also strong, with net sales of $75.4 million and earnings of 42&cent; per share, compared with net sales of $68.3 million
and earnings of 44&cent; per share in the first quarter of 2010.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Market Conditions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">We believe firearms retail
demand remained strong in 2010, declining only about 1% from 2009 to 2010<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A>.
The strongest demand was for handguns, especially handguns appropriate for self-defense. Most other market segments, including
new semi-automatic rifles and most shotguns, appeared relatively weak, reverting back to pre-surge demand levels. There were anecdotal
reports that many of the center-fire semi-automatic rifles sold new in 2009 reappeared in retail stores as &ldquo;almost new&rdquo;
or &ldquo;new in box&rdquo; used guns in the later half of 2010, possibly competing with the market for new guns. By the end of
the year, however, demand for new guns improved across most product lines.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">The estimated unit sell-through
of our products from the independent distributors to retailers in 2010 increased by 2% from 2009. Because this 2% growth exceeded
the modest decline in adjusted NICS background checks from 2009, we believe we maintained the market share gains of the past two
years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">For the first quarter
of 2011, the estimated unit sell-through of our products from the independent distributors to retailers increased 12% from the
first quarter of 2010, while the adjusted NICS checks increased 13% over the same period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="TOP">
    <TD WIDTH="2%" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">
        <HR SIZE="1" WIDTH="48" ALIGN="" NOSHADE COLOR="#000000">
        </DIV></TD>
    <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="95%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><SUP>1</SUP>&nbsp;</FONT></DIV></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Estimate based on the
      trend in National Instant Criminal Background Check System background
      checks (NICS), as adjusted by the National Shooting Sports Foundation
      (NSSF) to eliminate background checks associated with permit applications
      and renewals rather than firearms sales. Adjusted NICS checks declined 1%
      from 2009 to 2010.</FONT></TD>
  </TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">10</B></P>
<HR NOSHADE SIZE="5">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">New product introductions
are an important driver of demand. In 2010, we launched the SR9c compact striker-fired pistol, the LCR357 revolver, and the SR40
striker-fired pistol. New products resulted in sales of $62.3 million or approximately 25% of sales for 2010<A HREF="#note_ftn2" NAME="note_ftnref2" STYLE="font-size: 65%; vertical-align: 35%">2</A>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">We remain committed
to developing and introducing innovative new products in growth segments of our market; this is one of the core elements of our
strategy. Just last week, we introduced the SR1911, a 45 ACP pistol, generating significant consumer interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Manufacturing</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">During 2010, we
varied production rates frequently as we tried to closely match production rates to the estimated unit sell-through of our products
from the independent distributors to retailers. This resulted in fewer units produced in 2010 than in 2009, and only modest increases
in finished goods inventory levels at Ruger and at the independent distributors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">Looking back, we
feel that our recent sales might have been higher had we acted on the opportunity to build finished goods inventory during the
summer of 2010. During mid-2010, demand seemed light and at the time it seemed prudent to match production rates as closely as
practical to distributor sell-through. When distributor demand increased rapidly in the latter part of the fourth quarter of 2010
and the first quarter of 2011, we increased production rates significantly, but were unable to increase production rates enough
to completely meet demand.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">For the remainder
of 2011, we anticipate changing production rates less frequently in a more deliberate effort to &ldquo;level load&rdquo; production.
The intention of this planned change in production rates is to build finished goods inventory during the period when we expect
lower demand (typically from late second quarter through early fourth quarter) so that we have more finished goods inventory available
to ship when we expect greater demand (typically the end of the fourth quarter and the first quarter). This should reduce the amount
of capital equipment needed to meet peak demand and enhance our sales opportunity during the peak period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">Our implementation
of lean methodologies in all areas of our business continues, and we are hopeful of further improvements in the years to come that
will free up assets (cash, people, space, and capacity) that we can invest in top-line growth. This is one of the core elements
of our strategy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Liquidity, Capital Expenditures, and
our Dividend Practice</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">2010 was a good
year in terms of cash flow, as $32.5 million of cash was generated from operations. The first quarter of 2011 also had strong cash
flow, with $20.7 million generated from operations. As a result, our balance sheet remains very healthy, with approximately $72.4
million in cash and equivalents and no debt. Additionally, our accounts receivable balance is 98% current.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="TOP">
    <TD WIDTH="2%" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">
        <HR SIZE="1" WIDTH="48" ALIGN="" NOSHADE COLOR="#000000">
        </DIV></TD>
    <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="95%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><SUP>2</SUP>&nbsp;</FONT></DIV></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">New product sales include only those major new products
that were introduced with the past 24 months.</FONT></TD>
  </TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">11</B></P>
<HR NOSHADE SIZE="5">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>





<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">In 2010, capital
expenditures totaled $19.4 million. We expect to invest approximately $15 million for capital expenditures during 2011. During
the first quarter of 2011, we invested $4.3 million, much of it related to tooling and equipment for new products.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">During the first
quarter of 2011, our finished goods inventory decreased to 13,700 units, valued at $3.1 million, and remains well below optimal
levels to support rapid order fulfillment. We anticipate that our finished goods inventory could increase by as much as $15 million
from the current level upon the attainment of the desired levels of finished goods inventory levels late in 2011.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">During the past
12 months, Ruger returned $13.8 million to shareholders through the payment of dividends and the repurchase of shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">Ruger paid dividends
totaling $6.1 million to our shareholders, based on our 2010 results of operations. Our dividend practice bears some explanation
because it is uncommon, but we think it benefits our shareholders and protects Ruger from issuing dividends disproportionate to
our earnings during periods of rapidly changing market conditions. Our quarterly dividends &ndash; <I>which vary every quarter
in the amount paid per share</I> &ndash; have been based on a fixed percentage of adjusted operating earnings<A HREF="#note_ftn3" NAME="note_ftnref3" STYLE="font-size: 65%; vertical-align: 35%">3</A>.
We feel that this approach benefits our shareholders as it tracks our underlying operating performance from quarter to quarter
more closely than earnings per share, allowing the dividend to better reflect our results than a fixed dividend amount per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">During the last
12 months, Ruger repurchased 545,600 shares of its common stock for $7.7 million in the open market.&nbsp; The average price per
share repurchased was $14.10. These repurchases were funded with cash on hand. At the end of the first quarter of 2011, $8.0 million
remains authorized and available for share repurchases and 18.9 million shares remain outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 31.7pt">Ruger has financed
its growth, its investment in capital equipment and new product development, its share repurchases, and its dividends with cash
from operations, all while increasing our cash and equivalents by $13.5 million over the last 12 months.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">I am optimistic about
the opportunities for Ruger to grow and prosper. Ruger has a popular brand, a strong balance sheet, hard-working dedicated employees,
and an experienced and engaged Board of Directors. We have a simple but effective strategy: to use new product introductions to
spur demand and to adopt lean methodologies throughout the business to enable us to more efficiently fulfill that demand.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="TOP">
    <TD WIDTH="2%" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">
        <HR SIZE="1" WIDTH="48" ALIGN="" NOSHADE COLOR="#000000">
        </DIV></TD>
    <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="95%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><SUP>3</SUP>&nbsp;</FONT></DIV></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Adjusted operating earnings is a non-GAAP measure that helps us analyze
comparative underlying operating performance on a quarter-to-quarter basis. It adjusts reported operating earnings by eliminating
the impact of LIFO income or expense, overhead and direct labor rate changes, excess &amp; obsolete inventory reserve changes,
and other income or expenses that we believe are related to other or longer periods of time, such as frozen defined benefit plan
expense or product recalls.</FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">12</B></P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>






<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">Dr. Edward Deming, who
is credited with guiding the post World War II revitalization of Japan&rsquo;s industrial base, summarized his business philosophy
in his famous &ldquo;14 Points.&rdquo; His first point, constancy of purpose, aptly describes what we are trying to do at Ruger:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&ldquo;Create constancy of purpose for
continual improvement of products and service to society, allocating resources to provide for long range needs rather than only
short term profitability, with a plan to become competitive, to stay in business, and to provide jobs.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">We have made significant progress in improving the sales and earnings of Ruger.
This ongoing effort to improve the fundamentals of our business and to broaden our product line into growth segments will take
years to accomplish and the road may not always be smooth, especially given the many economic and political factors that may affect
our industry, but we anticipate the execution of our strategy &ndash; and our constancy of purpose &ndash; will continue to deliver
enhanced shareholder value over time.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.3in"><IMG SRC="m-fifer.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">Michael O. Fifer&#9;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">Chief Executive Officer</P>

<P STYLE="font: 12pt Century Schoolbook,serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Century Schoolbook,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Century Schoolbook,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Century Schoolbook,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><I>Certain information
relating to projection of the Company&rsquo;s future results is forward-looking and involves risks, uncertainties and assumptions
that could cause actual future results to materially differ from the forward-looking information. A discussion of some of the
factors that individually or in the aggregate we believe could make our actual future results differ materially from such projections
can be found under Item 1A Risk Factors in our Annual Report on Form 10-K filed with the SEC in February 2011. Our quarterly and
annual SEC filings are available on the internet at <U>www.sec.gov</U> and <U>www.ruger.com/corporate/</U></I></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">13</B></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
