<SEC-DOCUMENT>0001174947-16-003351.txt : 20161103
<SEC-HEADER>0001174947-16-003351.hdr.sgml : 20161103
<ACCEPTANCE-DATETIME>20161103172409
ACCESSION NUMBER:		0001174947-16-003351
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161102
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20161103
DATE AS OF CHANGE:		20161103

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:		161972854

	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="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt 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: 10pt 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: 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>CURRENT REPORT</B></P>

<P STYLE="font: 10pt 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: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>November 2, 2016</B></P>

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

<P STYLE="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

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

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

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

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

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DELAWARE</B></P>
        <P STYLE="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>001-10435</B></P>
        <P STYLE="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>06-0633559</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: normal; font-size: 10pt; text-align: center"><B>ONE LACEY PLACE, SOUTHPORT, CONNECTICUT</B></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: normal; font-size: 10pt; text-align: center"><B>06890</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 7.01. Regulation FD Disclosure.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are furnishing this Report on Form 8-K in
connection with the disclosure of information during a conference call and webcast on November 2, 2016, discussing our third quarter
2016 financial results. The transcript of the conference call and webcast is included as Exhibit 99.1 to this Report on Form 8-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information in this Report on Form 8-K (including
the exhibit) is furnished pursuant to Item 7.01 and shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. This 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 solely
by Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The text included with this Report on Form 8-K
and the replay of the conference call and webcast on November 2, 2016, is available on our website located at www.ruger.com/corporate,
although we reserve the right to discontinue that availability at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Certain statements contained in this Report
on Form 8-K (including the exhibit) may be deemed to be forward-looking statements under federal securities laws, and we intend
that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, but
are not limited to, statements regarding 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. 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.</P>

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

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

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    <TD STYLE="width: 1in; font-size: 10pt; text-decoration: underline"><U>Exhibit No</U>.</TD>
    <TD STYLE="font-size: 10pt; text-decoration: underline"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">99.1</TD>
    <TD STYLE="font-size: 10pt">Transcript of conference call and webcast conducted on November 2, 2016.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


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

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

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

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

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    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0; text-indent: 0">STURM, RUGER &amp; COMPANY, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; width: 48%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;/S/ Thomas A. Dineen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Name:&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Thomas A. Dineen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Principal Financial Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal Accounting Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice President, Treasurer and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: November 3, 2016</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Q3 2016 Sturm Ruger &amp; Company Inc Earnings Call</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Southport Nov 2, 2016 (Thomson StreetEvents) -- Edited Transcript
of Sturm Ruger &amp; Co Inc earnings conference call or presentation Wednesday, November 2, 2016 at 1:00:00pm GMT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">TEXT version of Transcript</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 2.5pt double">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Corporate Participants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 2.5pt double"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">* Michael Fifer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Sturm, Ruger &amp; Company, Inc. - CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">* Kevin Reid</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Sturm, Ruger &amp; Company, Inc. - VP &amp; General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">* Chris Killoy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Sturm, Ruger &amp; Company, Inc. - President &amp; COO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">* Thomas Dineen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Sturm, Ruger &amp; Company, Inc. - VP, CFO &amp; Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 2.5pt double"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Conference Call Participants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 2.5pt double"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">* Brian Rafn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Morgan Dempsey Capital Management - Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">* Aaron Smith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CNNMoney - Media</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 2.5pt double"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [1]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Good day, ladies and gentlemen, and welcome to the Sturm
Ruger third-quarter 2016 earnings conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(Operator Instructions)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As reminder this conference call is being recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">I would now like to introduce your host for today's conference,
Mr. Michael Fifer, Chief Executive Officer. Mr. Fifer, you may begin.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [2]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Good morning. Welcome to the Sturm Ruger &amp; Company third-quarter
2016 conference call. We will start today by having Kevin read our general counsel, give the caution on forward-looking statements.
Following this, Chris Killoy, our President and Chief Operating Officer, will give an overview of the third quarter, and then Chris
and I will answer your questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Kevin, please start us off with the caution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Kevin Reid, Sturm, Ruger &amp; Company, Inc. - VP &amp; General
Counsel [3]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thanks, Mike. We want to remind everyone that statements
made in the course of this call that state the Company's or Management's intentions, hopes, beliefs, expectations or predictions
of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially
from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results
to differ materially from those in forward-looking statements is contained from time to time in the Company's SEC filings, including
but not limited to the Company's reports on Form 10-K for the year ended December 31, 2015 and Forms 10-Q for the first, second
and third quarters of 2016. Copies of these documents may be obtained by contacting the Company or the SEC or the Company website
at www.Ruger.com or of course the SEC website at www.SEC.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We reference non-GAAP EBITDA. Please note that the reconciliation
of GAAP net income to non-GAAP EBITDA can be found in our Form 10-K for the year ended December 31, 2015 and our Forms 10-Q for
the first three quarters of 2016, which also are posted to our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Furthermore, the Company disclaims all responsibility to
update forward-looking statements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Mike?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [4]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thank you, Kevin. Chris will now discussing Company's operations
in the third quarter.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Chris Killoy, Sturm, Ruger &amp; Company, Inc. - President
&amp; COO [5]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thanks, Mike. Financial results: for the third quarter of
2016, net sales were $161.4 million and diluted earnings were $1.03 per share. For the corresponding period in 2015, net sales
were $120.9 million and diluted earnings were $0.62 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">For the first nine months of 2016, net sales were $502.5
million and diluted earnings were $3.48 per share. For corresponding period in 2015, net sales were $398.7 million and diluted
earnings were $2.33 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Our third quarter of 2016 EBITDA was $39 million or 24% of
sales, a 44% increase compared to our third-quarter 2015 EBITDA of $27 million or 22% of sales. EBITDA for the first nine months
of 2016 was $129 million or 26% of sales compared to $96 million or 24% of sales in the comparable period in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Demand: the estimated sell-through of the Company's products
from the independent wholesale distributors to retailers, which we believe to be the best available measure of demand, increased
21% in the third quarter of 2016 and 19% in the first nine months of 2016 from the comparable prior-year periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We believe the increase in estimated sell-through of the
Company's products from the independent wholesale distributors to retailers is attributable to: Stronger than normal seasonal industry
demand, likely bolstered by the political campaigns for next week's elections. Strong demand for certain new products. Greater
availability of Rimfire ammunition, which spurred demand for our 10/22 rifle and other Rimfire firearms late in the third quarter,
and increased production of several products in strong demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The increased sell-through of our products in 2016 compares
favorably to the corresponding increases in the adjusted NICS checks of 15% in the third quarter of 2016 and 16% in the first nine
months of 2016. As a reminder, the adjusted NICS checks are the National Instant Criminal System background checks, as adjusted
by the National Shooting Sports Foundation, and are often used as a proxy for retail demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Production and inventory: twice a month we review the estimated
sell-through of our products from the independent wholesale distributors to retailers. We also look at the inventory levels at
the independent wholesale distributors and the Company by product family. These reviews coupled with capacity expansion for products
in strong demand resulted in increased unit production of 20% in the first nine months of 2016 compared to the comparable period
in 2015.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">During the third quarter, our finished goods inventories
increased approximately 20,000 units and the inventory of Ruger firearms at the independent wholesale distributors increased approximately
54,000 units. This inventory growth is typical of our inventory strategy at this time of year. However, inventory growth of certain
products at distributors may have been amplified in anticipation of a possible post-election surge in demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">New product development: in September we launched three new
products that were very well received: The Mark IV pistols, similar in design to the classic Mark III designs but with a great
simplified one-button takedown. The LCP II pistol, a major redesign of the popular LCP pistol that was introduced in 2008. The
American compact pistols, an expansion of the American Pistol family that we launched in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">New products represented $161 million or 32% of firearm sales
in the first nine months of 2016. New product sales include only major new products that were introduced in the past two years.
In addition to the three firearms that were launched this quarter, new product sales include the American Pistol, the Precision
Rifle, the AR-556 Modern Sporting rifle, and the LC9s pistol. The new product sales percentage is likely to decrease next quarter
as sales of the AR-556 and the LC9s will no longer be included among the new products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Balance sheet: at October 1, 2016 our cash and cash equivalents
totaled $101 million, an increase of $32 million from December 31, 2015. Our current ratio was 2.7 to 1, and we have no debt. At
October 1, 2016 stockholders equity was $266 million, which equates to a book value of $14.02 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Cash flows: in the first nine months of 2016, we generated
$85 million of cash from operations. We reinvested $23 million of that back into the Company in the form of capital expenditures.
We estimate that capital expenditures in 2016 will be approximately $30 million. Our primary focus for investment will be new product
development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Cash returned to shareholders: in the first nine months of
2016, the Company returned $25 million to its shareholders through the payment of dividends. Our Board of Directors has declared
a $0.41 per share quarterly dividend for shareholders of record as of November 18, 2016 payable on November 25, 2016. This will
return an additional $8 million to our shareholders. As reminder, our quarterly dividend is approximately 40% of net income.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [6]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thank you, Chris. Those are the highlights of the third quarter
of 2016. Operator, may we please have the first question?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Questions and Answers</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [1]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(Operator Instructions)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [2]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Good morning, guys, fabulous quarter. Can you give us a sense
of, October into November, if the pace of sell-through and demand was on par with summer, if can you give us any forward visibility?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [3]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, you know it's our policy not to do that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [4]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [5]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">I will tell you, if you look back at what happened eight
years ago, there was, in my opinion, a surprising number of people who are actually surprised by the outcome at the last minute
and then scrambled through November to try to get any product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">One of the interesting things about this is that it's a terrible
time to be a small retailer, once there is a surge, because pretty much only the big established independent retailers and the
change will get product and the little retailers will get starved. We always hope and we, through our sales force, try to encourage
as many of the little retailers as possible to load up early through the summer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">If you look at the Q3 sell-through numbers, somebody was
stocking up. We are not sure who, but hopefully little guys did because the big guys will get plenty of inventory going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [6]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Yes, I know. I appreciate that color, Mike. The last, I'd
say, five, six, seven years the holiday Black Friday has become a big deal in the gun area. I'm just wondering if you guys are
doing anything or planning anything, packaging any special offers for the wholesalers, or is that really more of a retail concept?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [7]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Well it's retail, and we have folks who work directly with
retailers, our field sales force and then a couple of key account guys. We will go out of our way to get an unfair market share
of (laughter) (inaudible) [high] deals going.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [8]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. All right. As you looked at the very strong summer
surge, are you able to look through and see if there was a decent sell-through and stock-up for the hunting season, primarily long
rifles?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Chris Killoy, Sturm, Ruger &amp; Company, Inc. - President
&amp; COO [9]</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, what we saw was a -- we kept waiting for the hunting
season to kick in, and really the hunting season this year was really fairly weak across the board. Bolt-action rifles, of course,
are most impacted, in the case of Ruger. We thought that the hunting season never really materialized as most people thought it
would, a lot of consumer spending their discretionary income dollars on concealed carry products and modern sporting rifles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [10]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">All right. With that point, Chris, do you see -- it would
be your anecdotal guess as well as anybody else's -- do you see perhaps that the hunting season may now, for an infield hunter,
capture more of the modern sporting rifle versus the old-fashioned long rifle?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Chris Killoy, Sturm, Ruger &amp; Company, Inc. - President
&amp; COO [11]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We're definitely seeing more hunters go with the modern sporting
rifle category products. We recently launched a .450 Bushmaster version of one of our bolt-action rifles, particularly for use
in states like Michigan where straight-wall cartridges are needed, but we're also seeing the MSRs being used in hunting seasons
where they're permitted throughout the country. I think it's just a question of the hunting season this year just was a little
softer than most people anticipated it might be</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [12]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. I'll just ask one more and get back in line. Anything,
feedstock, raw materials, inflation, steels, alloys, some of your different woods, the Walnut, Maple, Beach, ceramic glaze, waxes,
have you seen anything pricing inflation in the materials?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [13]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Not really in terms of pricing. High-quality Walnut always
remain tough to get, and that's always a challenge for some of our higher-end products like No. 1s, but we're not seeing any material
impact from a pricing standpoint.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [14]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">All right. Thanks, guys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [15]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Aaron Smith, CNNMoney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Aaron Smith, CNNMoney - Media [16]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Hi, Mr. Killoy, thanks for taking my call. I had a question
for you about the political campaign, which you were just talking about as being something that has bolstered sales. Of course,
that's the story that's been going on with all gun manufacturers for quite some time. Does your Company have any kind of sales
projections based upon which candidate will win next week? If Clinton wins are you projecting more sales than if Trump wins?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [17]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Mr. Smith, this is Mike Fifer. As you heard my first answer
to Brian Rafn, we don't offer any forward-looking guidance. We don't make guesses about the future or anything else. To our shareholders,
I would tell you that we have done extensive contingency planning, and so for any combination of who wins the White House, who
wins the Senate, who wins the House, we have a plan in place and we will act decisively and accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Aaron Smith, CNNMoney - Media [18]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thank you, Mr. Fifer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [19]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [20]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a question for either Mike or Chris. Under Reagan, Ronald
Reagan made it a policy to run sequential budget deficits, and we've been running it ever since. Obama put in the Executive Order.
I'm wondering from a strategy standpoint, without maybe detailing some of the thought, whether you guys have kind of prepared with
your legal counsel or discussions with the NRA-ILL (sic) or manufacture trade associations, how you might combat universal liability
or some executive order to just blanketly ban modern sporting rifles?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [21]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, there's a couple things going on in that arena. If
your familiar what's happened in Massachusetts, the Attorney General of Massachusetts has been very aggressive, basically stopping
the sale of modern sporting rifles in the state. Our trade association the National Shooting Sports Foundation is active in putting
some litigation together with some Massachusetts retailers. We rely heavily on the NSSF to help us navigate some of those waters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [22]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. Good. Your bank revolver, $40 million LIBOR plus 200
bps, I think, expires on June 15, 2017. With the possibility -- obviously, you generate a lot internal cash flow. Are you going
to expand that, roll that over, where is that going?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [23]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, it is Mike. I would expect that we would just renew
that as usual.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [24]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. You've talked in the past, Mike, about getting -- you're
trying to get some discipline, some relation with your wholesalers that you can't run the business with 30 turns. I think you number
was six or eight. Are discussions having some validity here? Or as we ramp up with again stronger markets, like we had in 2011,
2012 and 2013, how have those discussions gone with your wholesale distributors?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Chris Killoy, Sturm, Ruger &amp; Company, Inc. - President
&amp; COO [25]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, we just returned last week from the meetings we hold
annually with our distributors at the National Association of Sporting Goods Wholesalers Expo. We were in Kansas City for the week,
and we had meetings with all of our key customers at the wholesale level. All of them understand the need to maintain inventory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As a reminder, Ruger is one of the very few -- there's truly
two step in terms of manufacturers within our channel. Since we only work with wholesale distributors, we don't sell the buying
groups or the big-box stores direct, so they understand that are inventory is something that they need to stock. They have, buy
and large, stepped up in the six to eight turns, understanding and execution, so we were pretty pleased with their performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Just as an aside, at the Expo last week, we received, I think
for the 10th year in a row, the Manufacturer of the Year from our wholesalers and also the Innovator of the Year award. Also Mike
Fifer earned the Chairman's Award with some personal recognition, which was also nice to see</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [26]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Awesome. You guys certainly do a great job in that. Chris,
any additional lines, I think I asked last quarter, about the launch or if sales installed in Mayodan?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [27]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We've got a couple things going on with Mayodan that are
in transition. For example, right now we are making the American Centerfire bolt-action rifles in both plants, and that's been
very successful as far as the folks at Mayodan being able to add that to their facility. Over time, we'll be shifting some more
of that production down to Mayodan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [28]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. With the strong line you guys have in the modern sporting
rifle, the SR-556, -762, the AR-556, the Takedown, are you seeing any more incremental sales with police SWAT teams?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [29]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, I think where we're getting the most interest -- we
have we have done some law enforcement sales on the AR-556 because it hits a very attractive price point; it's a great quality
product. We're also seeing interest on the Precision Rifle. The Ruger Precision Rifle, as we've got T&amp;E samples our with several
law enforcement agency, and that seems to really have resonated with the LE community as well as our consumers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [30]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. Does the Precision Rifle have any traction with special
forces?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [31]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Not that we've seen on the official side. We've had inquiries
from quite a few folks in the special ops community that have bought them personally and take an interest in the gun, so we know
are making some inroads. There's probably some long-term inroads there as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [32]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. The $101,363 you guys have in cash, where is that invested;
what are you doing short term?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [33]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Tom?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thomas Dineen, Sturm, Ruger &amp; Company, Inc. - VP, CFO
&amp; Treasurer [34]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, we just have it invested in cash, very conservative.
We're no doing anything special with it.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [35]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. Chris, are you still running two mini foundries with
the main integrated? Are there any thoughts of maybe someday putting mini foundry down (inaudible) or Prescott</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Chris Killoy, Sturm, Ruger &amp; Company, Inc. - President
&amp; COO [36]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, right now we're about 90% operational on the second
mini foundry in Newport, just a few more things to take care of there. That's working out very well for us. At least at this point,
we've made the decision to keep the legacy foundry intact and work on some efficiencies that we hope to gain there. One, from the
capacity standpoint and, two, it allows us some good leverage long term, so we'll stay with the two mini foundries. I don't think
we'll be putting any foundries in any of the other factories at this point time, but that could change down the road.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [37]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. The polycase ARX ammunition, I am just wondering how
-- what's been the sell-through or the potential there? How has that been selling?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [38]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian it is Mike. It's gaining a lot of attention. It is
got a number magazine articles and things. A number of retailers have are starting to carry it. It is probably more expensive than
your average practice ammo. It's a good carry ammo. That, by definition, is a bit smaller segment of the market, so it's kind of
meeting our expectations but I would say that it is not material at this point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [39]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. On that point, Mike, are you continuing to push these
kind of joint ventures like with the Columbia River Knives and the ammunition? Is that something you are always doing, or is that
episodic, bits and starts?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [40]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, we are always looking -- if you can find the right
licensing partner, like we did with Columbia River Knives and Tools, We recently had a recently small run, you may have seen, of
commemorative ammo with Hornady. It was a one-time deal with commemorating the 100th anniversary of our founder, William B Ruger,
senior. Some of those things will be short, in and out, activities like that. Some will be longer-term relationships like we have
with CRKT on the knives and Umarex on the airgun products.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [41]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. Then just one more. Chris, I think in 2015 fourth quarter
we saw a nice order booking number. I think it was like 646,000 or something. Are you seeing more of a, if from booking standpoint,
more of spreading bookings out over the year versus having that giant whole shot show of lump sum in the first quarter, or do you
think you're always going to see that big first quarter?</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [42]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, when I joined the Company in September 2006, I went
to my first wholesalers meeting the next month and discovered that we were accepting orders for the whole year all at once. Ever
since then, the last 10 years has been a continual education process. That we don't do that. That is not good to place silly large
orders and much better to order once a week, what you need, and we'll ship it to you once a week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">It's a much better system; nonetheless, that's a continuing
education process because people who have been in the business for a while remember that if you wanted one, you order 10 from four
different suppliers and hopefully you got the one you wanted. That's a very hard thing to break. We've been working on it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [43]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. Well, you've done a great job, Mike, so I appreciate
it. Good job, guys. Thanks.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [44]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Aaron Smith, CNNMoney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Aaron Smith, CNNMoney - Media [45]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thanks again. I just wanted to ask about the AR-556, still
listed as a new product for this last quarter. It looks like that contributed to the rise in sales, as that being one of the new
products that contributed to the rise in sales along with a couple of -- I think it was the LC9 and a couple of compact pistols,
which are used in concealed carry. Do you have any projections regarding the trend of either AR-15 or concealed carry pistols going
forward in this political climate that we are in right now? Both of those products have done very well for a lot of manufacturers
and retailers over the last couple of years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [46]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As I said earlier, Aaron, we don't have -- we don't offer
any projections. If you go back and look at historical numbers in the industry, you'll find that those products that are most at
risk from political fits are the ones that have the greatest volatility. When the volume level of the politics increases, their
sales skyrocket, and when it tapers off those sales plummet. For a product that's likely never to be affected by the politics,
for example a bolt-action rifle or an old cowboy single-action revolver, they're pretty steady. They hardly move up or down. Knowing
that, you can make your own prediction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Aaron Smith, CNNMoney - Media [47]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thank you, Mike.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [48]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [49]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Yes, Chris, Mike said in the past, he's talked about a margin
of safety, kind of a $15 million safety stock in inventory at Ruger. I think you guys are at 118,500 units. Are you about where
you want to be relative to that safety stock, or given where we are in the political cycle, that you never can have enough guns?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [50]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, it is Mike. The actual number we used to put in the
MD&amp;A, through the period of I would say 2011, 2012, 2013, even the beginning of 2014, was that if we could get, in finished-goods
inventory, to a level we were comfortable with, it would probably consume another $10 million to $15 million of cash. That was
where that number came from. That wasn't a total inventory that was --</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [51]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [52]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">From where we are to where we want to get to. Of course,
during the slowdown in the back half of 2014 and through much of 2015, we did exactly that. This year's followed a much more normal
seasonal trend, and so we've probably got plenty of inventory but you never have exactly what you want.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [53]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Yes. No, I appreciate that. Chris, last conference call,
last quarter, I had asked you about how your design teams participate on concept of prototype and then you talked about early production.
Do those design teams work on a single product or are they dualy working on multiple products?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Chris Killoy, Sturm, Ruger &amp; Company, Inc. - President
&amp; COO [54]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, it depends on the scope of the project. For example,
when we developed the Precision Rifle, up in Newport, we had a dedicated product team and that's all they were focused on and they
worked with the guys and gals who were going to be setting up the production line as well as sourcing product with vendors. That's
all they focused on until that product was up and running.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">On the other hand, we have smaller launches where we'll have
one engineer that may be working on two or three different things, more of the line extensions, but the big projects are typically
a dedicated team and they stay focused on that through the launch.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [55]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. Then, any budget -- going through your annual budget
process, I'm looking for what you think CapEx is going to be maybe for next year, if you're willing to talk about it?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [56]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian, we haven't gone through the process yet.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Brian Rafn, Morgan Dempsey Capital Management - Analyst [57]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 1pt solid"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Okay. Thanks, guys. Appreciate it.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [58]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thank you. I'm showing no further questions in queue at this
time. I would now like to turn the call back over to Michael Fifer for any closing comments.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Michael Fifer, Sturm, Ruger &amp; Company, Inc. - CEO [59]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Thank you. In closing, I'd like to thank you for your continued
interest in Ruger. I'd like to thank our 2,300 plus dedicated folks on the Ruger team who work hard every day to deliver these
products to our loyal customers. Finally, I'd like to encourage all of our customers and all Americans to have their voice heard
and to vote in this week's election. There's a lot at stake. Thank you.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Operator [60]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Ladies and gentlemen, thank you for participating in today's
conference. This concludes the program and you may now disconnect. Everyone, have a great day.</P>



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