<SEC-DOCUMENT>0001174947-20-001053.txt : 20201030
<SEC-HEADER>0001174947-20-001053.hdr.sgml : 20201030
<ACCEPTANCE-DATETIME>20201030115850
ACCESSION NUMBER:		0001174947-20-001053
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20201029
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201030
DATE AS OF CHANGE:		20201030

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:		201275947

	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
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<p style="margin: 0"></p>

<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>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</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>&#160;</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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&#8217;s telephone number, including
area code</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>N/A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed
since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Wingdings"><span id="xdx_907_edei--SolicitingMaterial_c20201029__20201029_zYKttHQQkM0b"><ix:nonNumeric contextRef="From2020-10-29to2020-10-29" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></td><td>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Wingdings"><span id="xdx_90F_edei--PreCommencementTenderOffer_c20201029__20201029_zxVYBAgJucij"><ix:nonNumeric contextRef="From2020-10-29to2020-10-29" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></td><td>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Wingdings"><span id="xdx_90E_edei--PreCommencementIssuerTenderOffer_c20201029__20201029_zcwysWtBgJx4"><ix:nonNumeric contextRef="From2020-10-29to2020-10-29" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td><td>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Securities registered pursuant to Section
12(b) of the Act:</p>

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<tr style="vertical-align: top">
    <td style="border: Black 1pt solid; width: 33%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><span style="font-size: 10pt">Title of each class</span></td>
    <td style="border-top: Black 1pt solid; width: 27%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><span style="font-size: 10pt">Trading Symbol(s)</span></td>
    <td style="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><span style="font-size: 10pt">Name of each exchange on which registered</span></td></tr>
<tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_90C_edei--EntityEmergingGrowthCompany_c20201029__20201029_znhFCGH1MpR2"><ix:nonNumeric contextRef="From2020-10-29to2020-10-29" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>


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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <tr style="vertical-align: top">
    <td style="width: 0"></td>
    <td style="width: 1in"><b>Item 7.01</b></td>
    <td><b>Regulation FD Disclosure</b></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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 October 29, 2020, discussing our third quarter 2020 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">&#160;</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 &#8220;filed&#8221; 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">&#160;&#160;</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 October 29, 2020, is available on our website located at 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">&#160;&#160;&#160;</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">&#160;</p>

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  <tr style="vertical-align: top">
    <td style="width: 0%"></td>
    <td style="width: 1in"><b>Item 9.01</b></td>
    <td><b>Financial Statements and Exhibits</b></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="width: 1in"><span style="text-decoration: underline">Exhibit No</span>.</td>
    <td><span style="text-decoration: underline">Description</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>99.1</td>
    <td><a href="ex99-1.htm">Transcript of conference call and webcast conducted on October 29, 2020.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2</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">&#160;</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>

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    <td colspan="3">STURM, RUGER &amp; COMPANY, INC.</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 41%">&#160;</td>
    <td style="width: 7%">&#160;</td>
    <td style="width: 8%">&#160;</td>
    <td style="width: 44%">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>By:</td>
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  <tr style="vertical-align: top">
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    <td>&#160;</td>
    <td>Name:</td>
    <td>Thomas A. Dineen</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: October 30, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">3</p>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM
GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P>

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        <P STYLE="margin: 3pt 0 3pt 0.6in; font: 10pt Times New Roman, Times, Serif; background-color: #1900FF; color: white">Q3
        2020 Sturm Ruger &amp; Company Inc Earnings Call</P>
        <P STYLE="margin: 3pt 0 3pt 0.6in; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; background-color: #1900FF; color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.6in; background-color: #1900FF; color: white">EVENT DATE/TIME:
        OCTOBER 29, 2020 / 1:00PM GMT</P>
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    <DIV STYLE="page-break-before: always; margin-top: 3pt; margin-bottom: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF"><B>CORPORATE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy </B><I>Sturm, Ruger &amp; Company,
Inc. - President, CEO &amp; Director</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Thomas A. Dineen </B><I>Sturm, Ruger &amp; Company, Inc.
- Senior VP, Treasurer &amp; CFO</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF"><B>CONFERENCE CALL PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith </B><I>Lake Street Capital Markets, LLC,
Research Division - Senior Research Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Paul Saferstein </B> <I>- </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Rommel Tolentino Dionisio </B><I>Aegis Capital Corporation,
Research Division - Head of Consumer Products and Special Situations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton </B><I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF"><B>PRESENTATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Ladies and gentlemen, thank you for standing by, and welcome
to the Third Quarter 2020 Sturm, Ruger Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being
recorded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">I would now like to introduce your host for today's program,
Chris Killoy, Chief Executive Officer. Please go ahead, sir.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Good morning, and welcome to the Sturm, Ruger &amp; Company
Third Quarter 2020 Conference Call. Before we get started, I would like to ask Kevin Reid, our General Counsel, to read the caution
on forward-looking statements. Kevin?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thanks, Chris. We want to remind everyone that statements
made in the course of this meeting that state the company's or management's intentions, hopes, beliefs, expectations or predictions
of the future are forward-looking statements. It's 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 the 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, 2019, and of course, on the Form
10-Q for the third quarter of 2020, which we filed last night. Copies of these documents may be obtained by contacting the company
or the SEC or on the company website at ruger.com/corporate, or of course, the SEC website at sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">We do 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, 2019, and again, on our Form
10-Q for the third quarter of 2020, both of which are posted on our website. Furthermore, the </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">company disclaims all responsibility
to update forward-looking statements. Chris?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thank you, Kevin. Before we discuss our third quarter results,
I want to provide an update on the impact that the coronavirus pandemic or COVID-19 has had on Ruger. The COVID-19 pandemic continues
to cast uncertainty throughout the global economy. Nevertheless, any adverse financial impact on our business resulting from COVID-19
was negligible in the third quarter of 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Since its onset in March, we have remained proactive in maintaining
the health and safety of our employees and mitigating its impact on our business by providing all hourly employees with an additional
2 weeks of paid time off; encouraging employees to continue to work remotely wherever possible; maintaining social distancing throughout
each manufacturing facility, including every manufacturing cell; confidentially communicating with and assisting employees with
potential health issues through our dedicated facility nurses; restricting visitor access to minimize the introduction of new people
to the factory environment; implementing additional cleaning, sanitizing and other health and safety processes to maintain a clean
and safe workplace; and manufacturing and donating personal protective equipment to local hospitals, health care facilities and
police and fire departments in our local communities. The cost of these actions are expected to total approximately $3.5 million
in 2020, of which approximately $2.4 million has already been recognized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">We have also realized some expense reductions and deferrals
in certain areas of our business, including conference and trade show participation costs, travel expenditures, sponsorships and
advertising. These expense reductions and deferrals, which approximate $2.2 million, largely offset the incremental COVID-19 costs.
We suspended hiring from the onset of COVID-19 in March until June when we resumed hiring at a modest rate to ensure the health
and safety of everyone involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">This action may have hampered our ability to ramp up production,
but the long-term benefits of maintaining a healthy workforce and clean facilities far outweigh any short-term adverse impact on
our operations. It was the right thing to do, and we will continue to keep the health and safety of the Ruger team as our paramount
priority. And I'm happy to report that despite the self-imposed limits on the size of our current workforce, the hard work and
commitment of our dedicated employees allowed us to increase production 15% from the prior quarter and 50% from the third quarter
of 2019. The future impact of COVID-19 remains unknown. We have been fortunate to have only limited restrictions on our operations
thus far. Our financial strength, evidenced by our debt-free balance sheet provides financial security and flexibility as we continue
to manage through this crisis and focus on our long-term goals and creation of shareholder value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Now I'd like to ask Tom Dineen, our Chief Financial Officer,
to give an overview of the third quarter financial results, and then I will discuss the current market and update you on our operations
and the recent approval of our offer to purchase Marlin's firearms assets. Then we'll get to your questions. Tom?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Thomas A. Dineen <I>Sturm, Ruger &amp; Company, Inc. -
Senior VP, Treasurer &amp; CFO</I></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thanks, Chris. For the third quarter of 2020, net sales were
$145.7 million and diluted earnings were $1.39 per share. For the comparable prior year period, net sales were $95 million and
diluted earnings were $0.27 per share. For the first 9 months of 2020, net sales were $399.6 million and diluted earnings were
$3.31 per share. For the corresponding period in 2019, net sales were $305.4 million and diluted earnings were $1.37 per share.
The 53% increase in third quarter sales and reduced reliance on sales promotions were the main drivers of our significantly improved
earnings, which were more than 5x greater than last year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">The balance sheet. At September 26, 2020, our cash and short-term
investments totaled $133.6 million. Our current ratio was 3.2:1, and we have no debt. Our current cash balance is approximately
$150 million. At September 26, 2020, stockholders equity totaled $241.3 million, which was reduced by the $88 million special dividend
paid in August. This equates to a book value of $13.79 per share. Cash generated by operations during the first 9 months of 2020
was $82 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Cash returned to shareholders. In the first 9 months of 2020,
the company returned $104.1 million to its shareholders through the payment of dividends, reflecting the customary quarterly dividends
and the aforementioned special dividend of $5 per share. Our Board of Directors declared a $0.56 per share quarterly dividend for
shareholders of record as of November 13, 2020, payable on November 27, 2020. As a reminder, our quarterly dividend is approximately
40% of net income and, therefore, varies quarter-to-quarter. That's the financial update for the third quarter. Chris?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thanks, Tom. Demand. Consumer demand, which began to surge
in the latter stages of the first quarter, continued to intensify in the third quarter. The estimated unit sell-through of Ruger
products from the independent distributors to retailers increased 50% in the first 9 months of 2020 compared to the prior year
period. For the same period, the national instant criminal background check system, Background Checks, as adjusted by the National
Shooting Sports Foundation, commonly referred to as adjusted NICS, increased 68%. These staggering increases are attributable to
increased consumer demand for firearms and have likely been constrained due to limited available inventory in the distribution
channel. The surge in consumer demand likely continues to be driven by the call, by some, for the reduction in funding and authority
of law enforcement organizations, protests, demonstrations and civil unrest in many cities throughout the United States and concerns
about personal protection and home defense, stemming from the continuing COVID-19 pandemic.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">In August, right in the middle of our third quarter, the
National Shooting Sports Foundation, our industry trade association, released an updated report that concluded that nearly 12.5
million Americans had purchased firearms this year alone. With that, the survey showed that 40% of those purchases were by first-time
gun owners. Think about that. Approximately 5 million Americans entered the firearms market for the first time in 2020. That is
a tremendous opportunity for growth in our industry. Additionally, female consumers represented almost 40% of those new gun buyers.
We are also seeing increases in hunter education, hunting license sales and participation in programs like the NSSF's Field to
Fork program. So we are excited for the future and certainly increased participation in firearms ownership </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">might have come about
due to the pandemic or civil unrest, but what we are starting to see now is the stickiness amongst new and established consumers
who are enjoying all aspects of our industry, from personal defense, to hunting, to plinking and competitive shooting. We believe
that the future is bright.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">New products. Sales of new products represented $88 million
or 24% of our firearm sales in the first 9 months of 2020. New product sales include only major new products that were introduced
in the past 2 years, which include the extremely popular Ruger-57 pistol, which was recently awarded the 2020 Caliber Award for
best overall new product by the Professional Outdoor Media Association in conjunction with the NASGW. The LCP II in .22 Long rifle,
which is based on the venerable LCP and LCP II platform utilized our light rack system, allowing for easier slide manipulation
for those with weakened hand strength and providing a lower recoil platform for comfortable training or shooting at the range.
The Wrangler revolver, our latest take on the classic single action revolver, which has taken off even more than we could have
hoped and also provides a fun way to enjoy a day at the range or introduce new shooters to the sport.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Lastly, our 2 pistol configurations based on existing firearms,
the PC Charger and the AR-556 pistol. These products both represent a response to market demand for this new style of pistol. We
are very excited about the reception of these new platforms. Even in this current market, the consumer and media reception for
these lines is impressive and keeps us excited for the future. As a reminder, derivatives and product line extensions of mature
product families are not included in our new product sales calculation, but they provide a great value to our distributors, retailers
and our loyal Ruger customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">With a ferocious pace of business in the third quarter, we
intentionally focused on high demand core product lines and therefore, only launched 4 new models and 7 new distributor exclusives.
This brings our total number of unique firearms offerings to over 900 different models, which is still very impressive. Please
note, our engineering teams have not taken their foot off the gas pedal in 2020. We are developing exciting new products and have
taken the opportunity to queue up a variety of new platforms, products and models heading into 2021. I look forward to providing
updates when we get closer to launching these innovative new firearms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Production and inventory. The incredible surge in demand,
again, outstripped our production capacity during the third quarter. As a result, the combined inventories in our warehouses and
at our distributors decreased 27,000 units. To put this in some context, this combined inventory is down over 300,000 units compared
to the end of third quarter last year. Although we do not have comprehensive inventory data available at the retail level, the
information available suggests that the retailer inventory of Ruger as well as most other firearms brands remains largely depleted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">I mentioned earlier that we had suspended hiring from March
until June and had limited the rate at which we were bringing new folks on board. Despite these limitations, I am happy to report
that our hiring efforts have allowed our current headcount to increase by over 140 employees since the end of the second quarter,
allowing us to increase production at all facilities to better help meet demand.</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Capital expenditures. Capital expenditures in the first 9
months of the year were $8 million. The lion's share of these investments relate to new product development and targeting capacity
expansions for some of our product families in the greatest demand.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Now I'll talk about Marlin. As many of you are likely aware,
our offer to purchase some of the Marlin assets in conjunction with the Remington Outdoor Company bankruptcy proceeding was accepted
by Remington and approved by the Bankruptcy Court in late September. We are very excited to broaden our catalog of rugged and reliable
products with the addition of Marlin firearms. And the loyal Marlin customers are excited, too. We have been bombarded with overwhelmingly
positive e-mails and phone calls since the announcement of our pending purchase, reinforcing our assertion the Marlin lineup is
an excellent fit for Ruger. We anticipate closing on this purchase in the fourth quarter of 2020, and then we will focus on getting
the Marlin lines up and running in our existing Ruger facilities. We look forward to reintroducing shooters to Marlin rifles in
the second half of 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Operator, may we have the first question?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF"><B>QUESTIONS AND ANSWERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">(Operator Instructions) Our first question comes from the
line of Ryan Hamilton from Morgan Dempsey.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Congrats on the quarter. Could you walk us through the cadence
of the quarter? Kind of what July looked like compared to June and so on? Do you think it's escalate...</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">As you know, we typically don't disclose monthly sales data
and such. But frankly, the level of demand we saw throughout the quarter stayed constant. We did not see it necessarily accelerating
or decelerating. We saw it constant right from beginning of July right through September.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Excellent. You talked a lot about safely bringing on new
bodies, the headcount, to help on the manufacturing side. Are there any other constraints that you're seeing to increasing production?
Maybe touch on commodities at all, commodity prices?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Good question. We haven't really seen any impact negatively
in the way of commodity pricing or availability. We've had some limited interruptions from some of our suppliers who may have had
COVID-related shutdowns or temporary constraints within their facilities. But other than that, we haven't seen anything in the
way of either commodities or suppliers negatively impacting our production.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Great. And as far as headcount goes, roughly, where are you
at right now?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">We're, I think, last I checked, somewhere north of 1,700
employees, somewhere between -- on or about 1,750 folks.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Great. And what are the current shifts looking like at --
you don't have to walk me through each plant, just give me a rough estimate as far as how things look, shift count and whatnot?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, I mean, of course, in a modern factory, it's not always
as clean as first, second or third shift. We've got, in some cases, as many as 5 different shifts for a given product line, when
we take into account weekend time and things like that. So depending on the product, depending on the demand and how we can best
accommodate the schedules in the factory and with our associates, we'll break those shifts up. Typically, all 3 major of our firearms
factories are running, obviously, full first shift, second shift and then some staggered shifts, depending on what we can do on
the weekends and to be flexible in terms of additional capacity.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">All right. You kind of just touched on the Marlin purchase
at the end of your remarks there. Did I hear you correctly as far as your plan is to bring over all of their manufacturing into
your current facilities?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Yes. The Marlin product line was split between the Ilion,
New York facility; Huntsville, Alabama facility; and then wood shop in Lexington, Missouri. We're in the process of coordinating
that move to move all the equipment, fixtures, tools, gauges, et cetera, into existing Ruger facilities.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">One more for me and then I'll hop back on. As far as -- maybe
we can touch on that just a little bit more. What kind of capacity were they at? And do you think that this will add additional
capacity? Obviously, the new -- adding Marlin line will add capacity. But is there a potential to add capacity to your current
production using Marlin tooling and whatnot?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Yes. That's obviously the plan. I mean we've got a full slate
of equipment, everything from CNC machines. And as I mentioned, fixtures, tools, gauges, et cetera, as well as the intellectual
property, engineering, drawing. And while we still haven't closed the transaction yet, we're very excited that this will be incremental
volume to our overall business. And the important thing to consumers is that we plan to bring back Marlin to its former glory and
continue to deliver some great products to our customer base.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
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<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Have you -- and I know you can't touch probably a whole lot
on this. Have you been seeing a lot of inefficiencies just in the way that they had been running businesses or the business where
you think you can add a lot of value?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, I'm not really able to comment on how it was done under
the prior regime. Of course, as they get closer to bankruptcy, they're constrained, I'm sure, by limited ability, limited capacity
to produce. So obviously, given our capital structure, we're looking forward to a new day for Marlin in the Ruger facilities.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">I couldn't agree more. I think it's a great move, and I think
you guys will add a lot of value.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thank you.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Our next question comes from the line of Mark Smith from
Lake Street Capital.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith <I>Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">First off from me. Can you talk a little bit about ASP? How
much of that was mix versus price increases?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">In the third quarter, none of it was related to price increases.
That was all product mix, Mark, is where that came from. And just as things move around, you've got -- in the Ruger product line,
of course, you've got products, such as the Wrangler revolver at a kind of a value-priced, entry-level price point all the way
up to some other guns that are much, much higher price. So depending on the -- both the order book, when we look at ASP for orders
and we look at the shipments, it moves around quite a bit.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith <I>Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">And are there plans on taking price increases that you can
talk about?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">We did take a small price increase effective the beginning
of November, so most of that will be reflected in the fourth quarter.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith <I>Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Okay. And then gross profit margin, obviously, fantastic
during the quarter. Can you just speak to sustainability of gross profit margins? And anything that you can give us on kind of
your outlook there?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, as you know, we don't comment -- make forward-looking
projections and things of that nature; however, as we increase volume with any of our factories, our efficiencies increase. And
the other thing we're seeing is the -- in this environment, where we're seeing continued sustained demand, the level of promotional
activity is significantly scaled back. So in addition to saving money on things like certain trade shows and travel, we've got
a much decreased need to discount or promote the products, and that obviously has a positive effect on margins.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith <I>Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Okay. And then I know that you don't comment on cadence on
kind of demand and sales during the quarter. But can you talk about the production increases during the quarter and kind of the
cadence of that and maybe potential for continued increases in capacity?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, the biggest thing, as we said, we started our hiring
efforts, turn them back on in June. And with that, we've had a steady increase in our headcount at all of our facilities, trying
to bring folks on safely, get them -- get those new employees up to speed, on the shop floor, and get them productive and that
increased throughout the third quarter. And I would expect that effort to continue as we go forward. Right now, our HR and operations
folks are doing a great job bringing new people on in a safe fashion and trying to increase production where it makes sense.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith <I>Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Perfect. And then just 2 questions on Marlin as much as you
can talk about that. You guys talked about CapEx, I think, being maybe roughly $20 million for the full year. If you can confirm
that? And then how much of that, if any, is Marlin kind of acquisition, some of that tooling and equipment that's in that number?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">That $20 million CapEx figure is existing Ruger business,
and so that's strictly related to existing Ruger facilities and new product line -- primarily new product lines, as we talked about
and expansion of certain product lines. And the Marlin transaction, none of that is reflected in the current figures. That was
-- you may recall, from the filings, that was a $30 million purchase price, of which we paid a small deposit. And so we've still
got the balance of that to pay from our cash on hand.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith <I>Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Okay. And then last one on Marlin. Any idea on maybe where
the inventory stands today, at least out at distributor or retail? And do you see any issues in pushing -- having that inventory
kind of gone and depleted by the time that you start producing new Marlin firearms?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">I have to think most of that inventory is probably depleted
already on the most -- if you look at the inventory, most of our distributors and retailers throughout the country; inventory,
not just at Ruger </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">firearm, where obviously, we have better visibility of, but most firearms brands have been cleaned out at all
levels of the channel. So we think that that's probably likely the same scenario with Marlin, although we don't know for sure.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Our next question comes from the line of Rommel Dionisio
from Aegis.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Rommel Tolentino Dionisio <I>Aegis Capital Corporation,
Research Division - Head of Consumer Products and Special Situations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Chris, in your comments, you touched a little bit about upcoming
new products. I just wanted to ask about that a little more. Just given how strong the demand is for your existing products, obviously,
including the new products launched within the last 2 years in that, as well as perhaps some limitations or whether you want to
call that because of COVID in terms of the potential for marketing. I know SHOT Show is still scheduled for January, at least for
now, but could you just maybe talk about how we should think about the cadence just given that as we approach year-end and beginning
of the new year, that's typically when many new products are introduced? Do you think about maybe pushing that out a little bit?
Or are you just maybe going to stick with the originally planned schedule, just given all these sort of moving factors?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Yes. Well, Rommel, as you know, we focus on the long term.
And frankly, our new product schedule is going to be driven more by when those products are ready to launch. We've got a couple
really cool products in the hopper. They're not quite ready for prime time. And so the SHOT Show window and the normal distributor
show season of January, February, typically, people see a lot of new product launches. But as you know, with Ruger, a lot of times,
we'll do them second, third or fourth quarter based on when that new product is ready. So that's the same thing this year. We've
got a couple of great new products. We're going as fast as we can.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">If they're ready, we'll have them out in the January time
period, but I think more likely, it will be driven by when we can make sure that the guns are ready to go, and we have a sufficient
quantity for our distributors to have inventory when we make the announcement. And again, in this environment, we want to make
sure that even though while we're focusing on maximizing production for existing product lines, our engineering teams are really
shielded from that in the sense that they are going flat out to get those new products ready to launch. So it's an interesting
dichotomy. The new products teams are really paying no attention to the fact that existing products are selling at a rapid rate.
They're going full speed ahead, and we'll be ready as soon as those products are.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Our next question is a follow-up from the line of Ryan Hamilton
from Morgan Dempsey.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">I know I've asked this a couple of times over the last couple
of quarters. But are you seeing any </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">indication from retailers or whatnot on shortages of ammo or spiked prices and ammo prices
being a constraint to potential new buyers?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, we're certainly hearing anecdotal evidence, and our
sales folks are hearing that from their retailers as far as the demand for ammo. I think it's -- I think our fellow folks in the
industry at the ammunition facilities are flat out as well, producing ammo. So I think it's a question of, in their case, likely
demand outstripping supply as well. But certainly, we haven't seen that yet negatively impacting sale of firearms, I think, because
in this case, unlike previous times where we've seen some ammunition shortages that definitely impacted the sale of firearms, in
this case, the demand is at high levels for both the firearms and the ammo and you're seeing the supply not caught up with demand
in either case. So it's not a question like we've seen in some past situations where guns were available, but ammo was not, and
it had a negative impact on the sale of the gun, at leat that's what we're hearing through our informal feedback from our sales
force.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">It makes sense. On Marlin, do you plan on classifying those
products as new design, new product sales? Or is that going to be put somewhere else?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Good question. Good question. I think we'll probably count
it as new product sales, but that's a good question. We'll probably identify it. So we know what's a Ruger new product versus Marlin
new product. We've got a lot of work ahead of us on the Marlin product line. We've got to get through the closing, got to get all
that equipment moved into Ruger facilities. And there's a lot of work to be done. And of course, the Marlin product line has some
great products. I mean beyond just the centerfire lever-action firearms that we think of, like the 336, 1894 and 1895, they've
also got the model 60 semiautomatic .22 caliber rifle that over time, I believe, has sold probably more units than even the Ruger
10/22. So we're very excited by the mix of products that we're going to have access to, to bring back to the marketplace.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">And I may have missed it earlier. Did you say where you were
going to put that production?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">We haven't made final determination. It's going to be split
between at least 2 Ruger facilities, potentially all 3, but I think it's more likely to be split between the Mayodan, North Carolina
facility and the Newport, New Hampshire facility, but that still remains to be seen.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Ryan F. Hamilton <I>Morgan Dempsey Capital Management,
LLC - Portfolio Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">And then 1 more for me. Just kind of from a historical perspective,
we see this happen every couple of years where we have surge in demand. Could you maybe just touch, as far as historically goes,
what time of period does this most reflect? Obviously, we can take COVID out of that equation. But just from the production, the
demand, could you maybe just touch on that and see where we're -- what this compares </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">to historically?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, in my 30 years plus in the industry, frankly, I think
it's different than what we've seen in some of the past demand surges. Even in the run-up to the 1994, saw weapons ban. We saw
it in 2013. But, again, this is, I think, stronger and fundamentally different and that affects a wide variety of product categories.
And when combined with things that COVID-19 has forced us to spend more time at home, more time with our families and resulted
in some long-term positives for the industry with getting people out to the field, out to the range where you can social distance,
but still enjoy your sport or practice with your firearms, I think that some fundamental differences that are positive for the
industry longer term rather than just a surge in demand. And then as things slow down, some of the negative implications that we've
seen over the years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">So I think we'll be very attuned to watching how demand continues
to flow. We'll look at -- we pay attention -- very close attention to our distributor inventories. Our salespeople are in touch
with their key retailers to watch for trends. And we'll be keeping an eye on it. But like I said, I think the good long-term trends
associated with this, new buyers return to getting outside with your friends and family to shoot while you can still social distance
are fundamentally different. And the other thing is we've never quite seen the level of inventory depletion within the entire channel.
I mean the -- whether it's Ruger warehouses or distributor warehouses or the shelves at your local retailer, there's not a lot
of inventory out there right now, especially in the key product families. So I think it's fundamentally stronger and different
than I've seen in my 3 decades in the business.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Our next question comes from the line of Paul Saferstein
from First New York.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Paul Saferstein <I>- </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">You guys are in a unique position here in our COVID world.
Could you just talk a little bit about it kind of related to your comments on the demand side? You mentioned 5 million new gun
owners. What history tells you about how many purchases they might make of your product versus kind of multiple manufacturers and
brands? And then secondly, to the point of cautious hiring which I'm sympathetic to, in your 10-Q, you have over $400 million of
backlog demand which I guess there's some risk that it would potentially go away if you don't fulfill that. Can you just talk about
how you see clearing that backlog? And how many quarters it might take relative to incremental demand that you're forecasting?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Yes. Thank you. I guess I'll talk to a couple of those aspects.
Maybe the last one first. One thing, when we look at our backlog, candidly, as a lot of folks on this call know, we don't spend
a lot of time drawing on our backlog. It is significant right now. What we watch more closely is what we call distributor sell-through
and distributor sales. We're looking at what distributors are selling into retail and seeing how the product's moving. And so one
note on Ruger back orders, our orders from our distributors, our independent wholesale distributors, are noncancelable. So while
they're not cancelable, our goal is never </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">to stuff the channel, so to speak. So we don't want to see our distributors struggle
and not be able to pay their bills.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Obviously, right now, it's the exact opposite where they've
got empty shelves and in some cases, they're moving product and cross-docking it very quickly and getting it out to retail. But
so while we don't pay a lot of attention to that backlog, we run our business based on, like I said, the sales from distributors
to retail. So even while that's an impressive number, it's not something we focus on. The -- and again, you'll have to remind me
again, the first part of your question, if you would, Paul. I think it was on the hiring aspects?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Paul Saferstein <I>- </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, the hiring was kind of related to fulfilling kind of
-- or diminishing -- decreasing the backlog. But -- and it seems like if I extrapolate the 15% employee growth, that would kind
of talk to about 50% to 60% annualized and at least keep up with what the demand numbers are. But the separate question really
is related to the 5 million new gun owners that you mentioned. And what history tells you about how many guns they might buy?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Right. Okay. Good. I appreciate it. That's the other thing
that goes along with 30 years in the gun business, so I start to forget some things. But I appreciate your patience. So the challenge
there from a marketing standpoint and operations standpoint is it's a great opportunity. If you've got 5 million new customers,
that's stickiness. It's great to get them into the fold as a gun buyer. How do we convince them to buy gun #2, #3 and #4, and more
importantly, how do we convince them to make sure it's a Ruger. So that's something that I think the Ruger product line with our
broad range of products available. When you look at our entry-level: 10/22, 0.22 caliber semi-automatic rifles that so many people
have grown up with and had so much fun in on the range, our precision rimfire rifles. And then on the handgun side, you've got
some great entry-level new shooter rifles -- or excuse me, pistols. Like our 22/45s, our Mark IV pistols made out in Prescott,
Arizona.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">And we've just got such a wide range that I think even for
the customer, who may have bought a gun potentially for home protection or personal protection and that might or might not be that
person's first firearm, we'd like to see them get into a second, third and fourth firearm to show them just how much fun this sport
can be. There's a lot you can do, whether you're interested in hunting or going to the range. Beyond just that 1 firearm, you may
feel a need for from a personal protection or home protection standpoint. We think the Ruger product line is very well suited because
of its diversity and covering a wide range of calibers from .22 up to the big bore calibers for serious hunters. So we think given
that opportunity, we like our chances to succeed. We think we've got the -- some great options for folks. And we think, frankly,
the Marlin product line is going to continue to add to that for us.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Paul Saferstein <I>- </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">And I don't know if you could kind of point to a number.
Like if you look at the history, how many of your guns like does one customer potentially buy, again, on average?</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"></P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, I hate to throw that number out of the guess. I know
we've got that in our marketing material, but most Ruger customers, once you get them over that first gun, most of them are multi-gun
owners. And we've got some folks that have a whole safe full of Rugers that they can rattle off everyone and the story behind everyone
they acquired it. But I'm not going to have a guess on the exact number per customer. But I think we do -- we probably do better
than most because of the diversity of the product line. When you look at the mix of products and over 900 separate line offerings,
there's so much to choose from in the Ruger product line that I think we'd probably get more than our fair share of those multiple
gun buyers.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Paul Saferstein <I>- </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Got it. And if I could, just 1 last one, sneak in. Getting
a gun license right now, it seems like kind of an extended time frame from the government. Do you have any comments around that?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Well, I think it probably varies by state, as you likely
know, depending on what state you're in, it can be a long process. I think a lot of potential buyers were surprised when they went
to go -- buy that first firearm, again, depending on the state they live, that there were significant delays and obstacles to getting
that first purchase done. So one, we think that, of course, state and local governments were impacted by COVID-19, just like us
-- all of us were. And so I know that's had some impact. But I think the biggest factor is just people were surprised -- if they
hadn't been a gun buyer before, they were surprised that some of the hurdles and hoops that they may have had to jump through in
order to exercise their second amendment rights.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Paul Saferstein <I>- </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Yes. Yes, that's definitely the case in New York here. And
just kind of the price increase that you just mentioned, can you quantify what the weighted average price would -- increase would
be? And do you think that there'll be more increases over the next several quarters because of the amount of demand you're seeing?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Typically, we've had years, we typically do a price increase
on or about the beginning of the year. In this case, I think I mentioned beginning of November, it was actually beginning of October.
And so it was about 3% across the board. And so that's kind of in line with our normal annualized price increase.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Paul Saferstein <I>- </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Okay. So about 3% annualized is kind of where you think things
would be even with the increase in demand?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Yes. I mean I think we're conscious of the fact that a lot
of people contemplate their purchases when it </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">comes to firearms, even in this market. They're thinking about that next favorite
hunting rifle. And so we did take a price increase, but certainly did not do anything that I would consider to be opportunistic.
It was just -- we did it -- took it in October rather than maybe normally would do that in December. But again, 3% is right in
line with what we've done in years past.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Our next question is a follow-up from the line of Mark Smith
from Lake Street Capital.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Mark Eric Smith <I>Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Just one quick one from me. Can you talk about the mix of
demand that you've seen? We would expect handgun and MSR to be kind of the high ones. And then anecdotally, it seems like over
the last month to couple of months, we've seen more demand in kind of traditional hunting rifles. Can you say if you've seen that?
And if so, if you think that's just driven by typical seasonality as we enter hunting season? Or is it more a fact that people
are now looking for just about any firearm they can find rather than maybe the one that they wanted?</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Good question. On the hunting rifle topic, our Ruger American
centerfire rifles have done extremely well over the last couple of years. And we were planning for a strong centerfire rifle market
and production and demand cycle well prior to COVID. So we thought our sales would be strong there on hunting rifles. They have
been. I think to some extent, you're correct, in that people have gone into gun stores and maybe hoping to make a purchase on something
-- maybe they came in looking to make a purchase on potentially a centerfire pistol or an MSR-type product and ended up based on
available inventory, buying a bolt-action rifle. So certainly, anecdotally, we've heard some of that. But we've been very pleased
with the sale of hunting rifles and our traditional calibers as well as some newer calibers like the 450 Bushmaster, 350 Legend,
et cetera. And so that's been stronger than we thought initially, but in line -- certainly, like I said, it's -- we were expecting
a good hunting season, and we haven't been disappointed in that.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thank you. This does conclude the question-and-answer session
of today's program. I'd like to hand the program back to Chris Killoy for any further remarks.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>Christopher J. Killoy <I>Sturm, Ruger &amp; Company, Inc.
- President, CEO &amp; Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thank you. In closing, I would like to again thank our 1,700-plus
employees for their hard work and dedication during these difficult times. On behalf of all of us at Ruger, I also want to thank
all the first responders, nurses, doctors and other emergency and medical personnel who continue to go in harm's way to fight this
pandemic and help our fellow Americans who are most in need. And please take the time next week to vote. Our right to vote should
be cherished. So please let your voice be heard at the ballot box.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thank you for attending our conference call and for your
continued interest in Ruger. We look forward to </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #1900FF; color: white">OCTOBER 29, 2020 / 1:00PM GMT, Q3 2020 Sturm Ruger &amp; Company Inc Earnings Call</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">discussing our fourth quarter results in February 2021. Thank you.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">Thank you, ladies and gentlemen, for your participation in
today's conference. This does conclude the program. You may now disconnect. Good day.</P>

<P STYLE="border-bottom: Blue 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; color: #001EFF">&nbsp;</P>

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

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><B>DISCLAIMER</B></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0pt">&nbsp;</P>

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<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
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<TYPE>EX-101.PRE
<SEQUENCE>5
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<DESCRIPTION>XBRL PRESENTATION FILE
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140081539074280">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Oct. 29, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Oct. 29,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-10435<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">STURM, RUGER & COMPANY, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000095029<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">06-0633559<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One Lacey Place<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Southport<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">06890<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(203)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">259-7843<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RGR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
