<SEC-DOCUMENT>0001193125-16-624951.txt : 20160617
<SEC-HEADER>0001193125-16-624951.hdr.sgml : 20160617
<ACCEPTANCE-DATETIME>20160617160454
ACCESSION NUMBER:		0001193125-16-624951
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160616
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160617
DATE AS OF CHANGE:		20160617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMITH & WESSON HOLDING CORP
		CENTRAL INDEX KEY:			0001092796
		STANDARD INDUSTRIAL CLASSIFICATION:	ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
		IRS NUMBER:				870543688
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31552
		FILM NUMBER:		161720184

	BUSINESS ADDRESS:	
		STREET 1:		2100 ROOSEVELT AVENUE
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01104
		BUSINESS PHONE:		4137473573

	MAIL ADDRESS:	
		STREET 1:		2100 ROOSEVELT AVENUE
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SAF T HAMMER CORP/NV
		DATE OF NAME CHANGE:	20000404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LOST COAST VENTURES INC
		DATE OF NAME CHANGE:	19990809
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d203843d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C.&nbsp;20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section 13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>June 16, 2016 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of
Report (Date of earliest event reported) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Smith &amp;
Wesson Holding Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Nevada</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-31552</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>87-0543688</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2100 Roosevelt Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Springfield, Massachusetts </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>01104 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
Principal Executive Offices)&nbsp;(Zip Code) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(800) 331-0852 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<I>see</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">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-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Results of Operations and Financial Condition. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described in Item 7.01, we are
furnishing this Current Report on Form 8-K in connection with the disclosure of information during a conference call and webcast on June 16, 2016 discussing our fourth quarter and full year fiscal 2016 financial and operational results. The
disclosure provided in Item 7.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.02. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
information in this Current Report on Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, or otherwise subject to the liabilities of that section. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are furnishing this Current Report on Form 8-K in
connection with the disclosure of information during a conference call and webcast on June 16, 2016 discussing our fourth quarter and full year fiscal 2016 financial and operational results.&nbsp;The transcript of the conference call and webcast is
included as Exhibit&nbsp;99.1 to this Current Report on Form 8-K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information in this Current Report on Form 8-K (including the
exhibit) is furnished pursuant to Item 7.01 and shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. This Current Report on Form 8-K will not be
deemed an admission as to the materiality of any information in the Current Report on Form 8-K that is required to be disclosed solely by Regulation FD. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The text included with this Current Report on Form 8-K and the replay of the conference call and webcast on June 16, 2016 is available on our
website located at <I>www.smith-wesson.com</I>, although we reserve the right to discontinue that availability at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain
statements contained in this Current Report on Form 8-K 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 our vision to become the leading provider of quality products for the shooting, hunting, and rugged outdoor enthusiast; our belief that we continue to successfully
execute on our long-term strategy; our belief that there was healthy consumer pull through of our products; our belief that the growth of Adjusted NICS during the fourth quarter compared with the same quarter last year indicates increased consumer
demand for firearms; our belief that an increase in units shipped into the consumer channel during the fourth quarter compared with the same quarter last year indicates that we gained market share; our belief that we made important progress on
several new products and product extensions, many of which were launched to some very enthusiastic consumers in May at the NRA annual meeting; our belief that there is strong consumer interest in our products; our belief that we exceeded our
estimates in the fourth quarter as the result of great execution by our operations team and leveraging our flexible manufacturing model, which allows us to promptly respond to volume and mix changes in times of heightened demand; our expectations
for capital expenditure spending for fiscal 2017 and the primary categories of expenditures; our belief that Adjusted NICS results provide a good indicator of consumer retail activity; our belief in the long-term growth prospects of the firearms
market based upon Adjusted NICS results; our expectation that our weeks of sales number will rise over the summer in keeping with typical seasonality and distributor inventory build-up for the busy fall and winter shopping seasons; our belief that
virtually all product categories are experiencing strong demand; our belief that by leveraging our flexible manufacturing model, we captured incremental sales and market share; our belief that our flexible manufacturing model, combined with strong
order flow, allows us to better match our production with those products most in demand; our belief that leveraging our flexible manufacturing model allows us to increase capacity to certain high-demand or market-leading products, such as our
M&amp;P Shield; our belief that our M&amp;P45 Shield pistol is an important caliber expansion for our popular M&amp;P polymer pistol family that has been much requested and anticipated by many of our customers and consumers; our belief that,
together with our partner General Dynamics, we stand ready to respond to the Army&#146;s next phase of the modular handgun system competition; our estimates regarding the timing and completion of the modular handgun system competition; our belief
that with our expanded management team, we are very well positioned to explore new opportunities, both organic and inorganic, in the shooting, hunting, and rugged outdoor markets; our belief that our inorganic strategy will allow us to expand our
consumer base; our plans to continue to explore categories in the rugged outdoor market that would serve to significantly expand our overall addressable market; our strategy to be extremely selective and employ very strict criteria for the return on
our investment when exploring new opportunities; our intent to build upon our record of execution and creating long-term value for our shareholders; statements regarding the existence and type of organic and inorganic growth opportunities; our
intention to plan our business outlook and set our growth parameters based on our strategic direction, exclusive of any political or election cycle influence that resides outside of our control; our expectations for firearms growth, given that the
heightened firearms demand we saw in fiscal 2016 may make comps in fiscal 2017 a bit more challenging; our expectation that we will introduce several new products in fiscal 2017; our expectation that we will experience solid growth in our
accessories business; our assumptions regarding any potential consumer spike in firearms demand driven by fear of firearms regulation; our assumptions regarding acquisitions we may pursue as part of our planned inorganic growth strategy; our
estimates for our revenue, GAAP, and non-GAAP earnings per share for full year fiscal 2017 and the first quarter of fiscal 2017; our estimates for our fully </P>
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diluted share count and tax rate for full year fiscal 2017; our expectation to see continued strong growth in our accessories business; our plans regarding capital expenditures; our strategy to
claw back outsourcing by building up base capacity when the outsourcing gets to be a large number; our plans regarding physical expansion; our two-pronged growth strategy, which includes continuing to focus on handguns, personal protection such as
the M&amp;P Shield, and long guns for hunting, so that is bolt-action rifle; our belief that our Compass bolt-action rifle is a fantastic bolt-action rifle; our belief that the Compass bolt-action rifle will be very popular given the way it is being
received; our belief that we have a strong presence in modern sporting rifles; our strategy to outsource a majority of the components required to assemble a modern sporting rifle in response to the volatility we have experienced from time to time in
the modern sporting rifle category; our intention to stay a market leader for modern sporting rifles; our expectation that our operating expenses will rise a bit as we continue to add infrastructure into our business; our focus on building a
structure that allows for inorganic acquisitions, which will require us to spend a little bit of money in preparation for that; our expectation that our gross margins will be above our EBITDA targets; our belief that there will not be any major
swings in gross margins; our estimates regarding our operating expenses; our plans regarding cash deployment; our preference to use our cash to invest in ourselves; our expectation that we will generate a lot more cash in full year fiscal 2017; our
inorganic strategy and our disciplined approach to evaluating opportunities that have to meet our IRR guidelines; our preference to spend our cash on both organic and inorganic growth; our expectation that if we have excess available cash, or,
alternatively, investing in our stock is a better return than investing in an outside company, then we will consider doing that; our expectation that our fourth quarter is usually higher than our second and third quarters; our belief that our family
of brands that exist in the accessories division are all very strong; our belief that our accessories division will be doing good things with the Thompson/Center accessories business; our strategy with respect to the accessories business, which
consists of a hybrid of leveraging existing products, the new product introductions, the value that&#146;s in the brands, continue to raise awareness of those brands with the consumer; our expectation that the little tuck-in acquisitions will pay
back very favorably for the performance of the accessories division; our belief that the PowerTech tuck-in has gone very well; statements regarding our plans to always see what&#146;s in the pipeline for M&amp;A that has good potential to add value
for our shareholders; our strategy to use our manufacturing services division to keep utilization high and absorption maxed out if at all possible; our expectation that we will build inventory during the summer; our belief that NICS data is showing
normal seasonality; our expectation that we can build some inventory internally and externally with our distribution partners, as well, so we can better serve retailers as we go into that busier fall hunting and then holiday gift-giving season; our
expectation that we will launch new products at SHOT<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Show; our expectation that lots of order will be taken from independent retailers at the wholesaler shows, a lot of which are immediate
ship; our plan to be strategic about pricing; our intention not to be opportunistic when it comes to pricing; our long-term strategic view with respect to pricing; statements regarding our considerations with respect to pricing; our belief in the
long-term growth prospects of the market overall; our primary objective to take market share from the competition across the whole business, all divisions; our belief that taking market share is important as we move forward; our belief that our 9
millimeter is the most popular round of M&amp;P pistol by far; our belief that the M&amp;P45 has a following as well and is popular; our belief that there is a collector mentality out there when it comes to owning all the different Shields that are
available on the market; our belief that the ported version for the 9 and 40 has been very popular, extremely popular and very well received; our belief that the Shield family is very important to us; our plans to look after the Shield family very
closely; our intention to always look to refresh where it&#146;s needed to keep the consumer excited about the Shield family; our belief that weeks of cover is the most important measure when we are planning for the year and what inventory level
that we actually need as we go into that busy fall hunting, holiday season; our belief that our market share gain is due to a strong combination of brand and product; our belief that we have an iconic brand; our belief that we have up-and-coming
brands that are very strong now; our belief that we have very strong product names out there; our belief that there is a high level of trust with the consumer in our brands and our products across both divisions, firearms and accessories; our belief
that we have a very strong family of brands in our accessories division as well; statements regarding the importance of consumer trust; our belief that we are in a formidable position; our belief that we are in the driving seat; our intention to
attack the competition in product categories that we haven&#146;t really had a presence before with a quality product; our primary goal of taking market share; our intention to take market share whether the market is flat, soft, growing, whatever;
our openness to exploring larger acquisitions; our belief that tuck-ins are great; our inclination to acquire larger businesses that are a fit with us, obviously meet our financial criteria or they are a fit in terms of the spaces that we want to
explore, such as the rugged outdoors; our intention to also explore larger businesses that we could add in product categories that we currently do not service that can become their own standalone division; and our appetite for exploring larger
acquisitions. We caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements.&nbsp;Such factors include the demand for our products;
the costs and ultimate conclusion of certain legal matters; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; the potential for increased regulation of
firearms and firearm-related products; speculation surrounding fears of terrorism and crime; our growth opportunities; our anticipated growth; our ability to increase demand for our products in various markets, including consumer, law enforcement,
and military channels, domestically and internationally; the position of our hunting products in the consumer discretionary marketplace and distribution channel; our penetration rates in new and existing markets; our strategies; our ability to
introduce new products; the success of new products; our ability to expand our markets; our ability to integrate acquired businesses in a successful manner; the general growth of our firearm accessories business; the potential for cancellation of
orders from our backlog; and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> for the fiscal year ended
April&nbsp;30, 2016. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not have, and expressly disclaim, any obligation to release publicly any updates or any
changes in our expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"><I>Financial Statements of Business Acquired</I>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"><I>Pro Forma Financial Information</I>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"><I>Shell Company Transactions</I>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"><I>Exhibits.</I> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:26.60pt; font-size:8pt; font-family:Times New Roman">Exhibits</P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transcript of conference call and webcast conducted on June 16, 2016</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">SMITH &amp; WESSON HOLDING CORPORATION</TD></TR>
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<TD VALIGN="top">Date: June 17, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><I>/s/ Jeffrey D. Buchanan</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jeffrey D. Buchanan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President, Chief Financial Officer, Chief Administrative Officer, and Treasurer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transcript of conference call and webcast conducted on June 16, 2016</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy; 2016 Thomson Reuters. All rights reserved. Republication or redistribution of
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATE PARTICIPANTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Liz Sharp</B><I> Smith&nbsp;&amp; Wesson Holding Corporation - VP of IR </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>James Debney</B><I> Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Jeff Buchanan</B><I> Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFERENCE CALL PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Brian W.
Ruttenbur</B><I> BB&amp;T Capital Markets - Analyst </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Cai von Rumohr</B><I> Cowen and Company - Analyst </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Scott Stember</B><I> C.L. King&nbsp;&amp; Associates - Analyst </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Chris Krueger</B><I> Lake Street Capital - Analyst </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>James Hardiman</B><I> Wedbush Securities - Analyst </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Rommel Dionisio</B><I> Wunderlich Securities, Inc. - Analyst </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Steve Dyer</B><I> Craig-Hallum Capital Group - Analyst </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRESENTATION </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good day, ladies and gentlemen, and welcome to the Smith&nbsp;&amp; Wesson Q4 2016 earnings conference call. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Operator Instructions) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a reminder, today&#146;s conference
may be recorded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would now like to introduce your host for today&#146;s conference, Ms.&nbsp;Liz Sharp, Vice President, Investor Relations. Ma&#146;am,
please go ahead. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Liz Sharp - Smith&nbsp;&amp; Wesson Holding Corporation - VP of IR </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, and good afternoon. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our comments today may contain
predictions, estimates and other forward-looking statements. Our use of words like anticipate, project, estimate, expect, intend, believe and other similar expressions is intended to identify those forward-looking statements. Forward-looking
statements also include statements regarding revenue, earnings per share, non-GAAP earnings per share, fully diluted share count and tax rate for future periods; our product development, focus, objectives, strategies and vision; our strategic
evolution and organizational development; our market share and market demand for our product; market and inventory conditions related to our product, and in our industry in general; and growth opportunities and trends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our forward-looking statements represent our current judgment about the future, and they are subject to various risks and uncertainties. Risk factors and
other considerations that could cause our actual results to be materially different are described in our securities filings, including our Forms 8-K, 10-K and 10-Q. You can find those documents, as well as a replay of today&#146;s call, on our
website at smith-wesson.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today&#146;s call contains time-sensitive information that is accurate only as of this time, and we assume no obligation to
update any forward-looking statements contained herein. Our actual results could differ materially from our statements today. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I have a few important
items to note with regard to our comments on today&#146;s call. First, we reference certain non-GAAP financial measures. The reconciliations of GAAP financial measures to non-GAAP financial measures can be found in today&#146;s filing, as well as
today&#146;s earnings press release, which are posted to our website or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy; 2016 Thomson Reuters. All rights reserved. Republication or redistribution of
Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
will be discussed on this call. Also, when we reference EPS, we are always referencing diluted EPS. For detailed information on our results, please refer to our 10-K for the year ended
April&nbsp;30, 2016, which filed this afternoon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I will now turn the call over to James Debney, President and CEO of Smith&nbsp;&amp; Wesson. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Liz. Good afternoon, and thanks, everyone, for joining us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With me on today&#146;s call is Jeff Buchanan, our Chief Financial Officer. Later in the call, Jeff will provide a recap of our financial performance, as well
as our guidance for the first quarter and full FY17. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FY16 was a very strong year for Smith&nbsp;&amp; Wesson. Our solid performance across all parts of
the Business moves us closer to our vision, which is to become the leading provider of quality products for the shooting, hunting and rugged outdoor enthusiast. We continue to successfully execute on this long-term strategy, while our firearms,
accessories and manufacturing services divisions contributed results that helped set a number of new Company records. These included quarterly and annual records for nearly every financial metric on the income statement from revenue to earnings per
share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now let me cover some highlights from the fourth quarter. Total Company revenue and EPS exceeded the high end of our guidance range. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue growth in our firearm division was driven by increased orders for our handguns designed for personal protection, including our SDVE, our M&amp;P
SHIELD, our M&amp;P BODYGUARD, and our small-frame revolvers, to name a few. Firearms gross margins were very strong at 41.3% versus 37.3% last year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue growth in our accessories division was strong at nearly 20%, helped in part by the inclusion of our Thompson/Center accessories business, as well as
orders for the new products we introduced at SHOT Show. Accessories gross margins were 45.8%, an expected decline from last year, which did not yet include our lower-margin Thompson/Center accessories business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite our record levels of shipments, distributor inventory of our firearms remained flat on a sequential basis. There were approximately 92,000 of our
units in distributor inventory at the end of Q3 and at the end of Q4, demonstrating what we believe was healthy consumer pull-through. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted NICS
background checks during our fiscal quarter grew 12.5% year over year, reflecting increased consumer demand for firearms, while our units shipped into the consumer channel for the same period were up 28.4%, indicating that we gained market share. We
made important progress on several new products and product extensions, many of which were launched to some very enthusiastic consumers in May at the NRA annual meeting. Lastly, we expanded our executive leadership team with two important
appointments that support our new multi-divisional structure and operating strategy in the shooting, hunting and outdoor markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that introduction,
I will ask Jeff to review our fourth-quarter and full-year financial results. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, James. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue for the full year was a record $722.9 million, of which $65.3 million was from the accessories division. Strong consumer interest in our products and
market share gains contributed to our record results, with total revenue up 31% from the prior year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue for Q4 was a record $221.1 million, an
increase of 22.2% from last year. The accessories division contributed $17.5 million, a 19.8% increase from last year. We exceeded our estimates in Q4 as the result of great execution by our operations team and leveraging our flexible manufacturing
model, which allows us to promptly respond to volume and mix changes in times of heightened demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our gross margins were 41.6% for the fourth quarter
and 40.6% for the full year. Gross margins increased because of product mix and absorption. The accessories division gross margin of 49.9% for the full year increased the total Company gross margin by 90 basis points. We are pleased with our gross
margins, which are at the top end of our targeted range of 37% to 41%. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operating expenses in the quarter were $35.2 million or 15.9% of revenue as compared with $29.8 million or
16.5% of revenue last year. The biggest contributor to the increased operating expense dollars came from higher incentive compensation and profit sharing due to our strong financial results. On a non-GAAP basis, which excludes amortization resulting
from the BTI acquisition, fourth-quarter operating expenses were 14.7% of revenue versus 15.2% last year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the year, operating expenses were 18.7% of
revenue as compared with 19.1% last year. On a non-GAAP basis, full-year operating expenses were 17.5% of revenue versus 18% last year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Q4 operating
margin was 25.7%, an increase of 5.1 percentage points from Q4 of last year. Full-year operating margin in FY16 was 21.9%, an increase of 5.7 percentage points over the prior year. On a non-GAAP basis, Q4 operating margin was 27% versus 23.3% last
year. And full-year non-GAAP operating margin was 23.1% compared with 18.1% last year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our EPS for Q4 came in at a record $0.63 as compared with $0.40
last year, a nearly 58% increase. Non-GAAP EPS came in at $0.66, well above the top end of our guidance range. Our full-year EPS was also a record at $1.68, which is an 86.7% increase from the prior year. On a non-GAAP basis, EPS was $1.83. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In quarter four, our adjusted EBITDAS, a non-GAAP measure, was a record $68.7 million for a 31.1% EBITDAS margin. For the full year, our adjusted EBITDAS was
a record $202.4 million, a 28% EBITDAS margin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of our record performance, we ended the quarter with cash totaling $191.3 million, and total
debt on our bank loan and senior notes of $175.3 million, thus ending the quarter with no net debt. This is the first time this has occurred since we borrowed to repurchase $165 million of our own stock in FY14. And it is worth noting that our
average purchase price for that stock buyback was $11.49. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our strong financial position was aided by our $94.8 million of operating cash flow in the
quarter and $168.6 million of operating cash flow in the year, both records. In addition, despite the significant increase in sales, we kept our inventory levels nearly flat at $77.8 million, thus generating a significant benefit from increased
inventory turns in the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the year, our CapEx was $29.5 million, about $10 million less than we had projected. In FY17, we expect to spend
approximately $50 million in CapEx. That amount includes approximately $30 million in maintenance CapEx, plus investments in our base capacity, tooling for new products, and ongoing SAP expense. Also included is the $10 million carryover from FY16.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Jeff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that adjusted NICS results provide a good indicator of consumer retail activity. For our fourth quarter, adjusted NICS grew by more than 12% over
last year, supporting our belief in the long-term growth prospects for the firearms market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Breaking down adjusted NICS in Q4, in handguns, which made up
about 81% of our total firearm units shipped, NICS checks increased 19.9%, while our units shipped into the consumer channel grew by 25.4%, largely driven by increased shipments of our M&amp;P SHIELD. In long guns, which made up about 19% of our
total firearms shipped, NICS checks increased 2.2%, while our units shipped into the consumer channel grew by 41.9%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These are strong results, especially
when we consider that channel inventory of our products at wholesale remained sequentially flat from the end of Q3 to the end of Q4. At the close of Q4, our weeks of sales in the channel remained below our eight-week threshold. We would expect the
weeks of sales number to rise over the summer, in keeping with typical seasonality and distributor inventory buildup for the busy fall and winter shopping seasons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With virtually all product categories experiencing strong demand, we captured incremental sales and market share by leveraging our flexible manufacturing
model. That model, combined with strong order flow, allowed us to better match our production with those products most in demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will recall that
last quarter I said that we were leveraging this model to allow us to increase capacity to certain high-demand or market-leading products, such as our M&amp;P SHIELD. We did that without investing in expensive assets or increasing the size of our
manufacturing footprint. These efforts were successful, as evidenced by our Q4 results. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to new products, during the quarter we developed a number of new product introductions, which were
launched at the NRA show in May. Among those was our M&amp;P45 SHIELD pistol designed for personal protection, and which is an important caliber expansion for our popular M&amp;P polymer pistol family that has also been much requested and
anticipated by many of our customers and consumers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning now to the MHS program, there have been no significant updates since we spoke with you last
quarter. Together with our partner, General Dynamics, we stand ready to respond to the Army&#146;s next phase of the competition. As we&#146;ve said before, we expect this to be a very lengthy process, with a final award expected to occur no sooner
than calendar 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Next, I want to share with you some recent progress towards our vision for the Company&#146;s strategic evolution. Smith&nbsp;&amp;
Wesson was comprised of two divisions in FY16, the firearms division and the accessories division. Our multi-divisional structure has since been expanded, following the recent creation of the manufacturing services division, which provides services
to both internal and external customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The external customers are important to us, since they help us to fully utilize our capacity across multiple
different processes and, therefore, increase absorption and support expansion of our gross margins. With that, I am pleased to say that Mark Smith, who has been with Smith&nbsp;&amp; Wesson for six years now, and who served as our Vice President of
Manufacturing and Supply Chain, was promoted to President of our Manufacturing Services division in our fourth quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, we appointed Matt
Buckingham as President of the Firearms division. Matt joined Smith&nbsp;&amp; Wesson from Brownells, Inc., an industry leader and global provider of firearms parts and accessories. Matt served as President and Chief Operating Officer for Brownells,
a role in which he oversaw the development of the company&#146;s strategic direction and the execution of its day-to-day operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With this expanded
management team, we are very well positioned to explore new opportunities, both organic and inorganic, in the shooting, hunting and rugged outdoor markets. Our inorganic strategy is allowing us to expand our consumer base, and we continue to explore
categories in the rugged outdoor market that would serve to significantly expand our overall addressable market. As we explore those opportunities, we will be extremely selective, employing very strict criteria for the return on our investment. Our
successful acquisitions to date have yielded important experience and insights, and we intend to build upon our record of execution and creating long-term value for our shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I will now ask Jeff to provide our financial outlook. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, James. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we look ahead to FY17, we see many organic and inorganic growth opportunities. These include continued product innovation across our firearms and
accessories divisions, as well as targeted high-margin and earnings-accretive acquisition opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In reviewing our guidance for FY17, it should be
noted that we plan our business outlook and set our growth parameters based on our strategic direction, exclusive of any political or election cycle influence that resides outside of our control. Thus, as we provide guidance, please make note of
what is and what is not included in that guidance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First, our guidance takes into account our expectations for firearms growth, given that the heightened
firearms demand we saw in FY16 may make comps in FY17 a bit more challenging, but also taking into account the fact that we expect to introduce several new products. Second, our guidance assumes solid growth in our accessories business, which has
delivered a long history of double-digit compounded growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Third, our guidance does not take into account any potential consumer spike in firearms
demand driven by fear of firearms regulation. And fourth, our guidance does not take into account any acquisitions we may pursue as part of our planned inorganic growth strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, based on that, we expect revenue for full-year FY17 to be between $740 million and $760 million, with EPS of between $1.71 and $1.81 and non-GAAP EPS of
between $1.83 and $1.93. And for the first quarter of FY17, we expect revenue to be between $190 million and $200 million, with an EPS of between $0.46 and $0.50 and non-GAAP EPS of between $0.49 and $0.53. This guidance is based on an estimated
fully diluted share count of 57&nbsp;million shares and an expected tax rate of 36%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Jeff. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I want to thank the entire Smith&nbsp;&amp;
Wesson team for delivering a year of very strong results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, operator, please open up the call for questions from our analysts. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>QUESTION AND ANSWER </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Operator Instructions) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Ruttenbur with BB&amp;T. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>- BB&amp;T Capital Markets - Analyst </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, thank you very much. A couple quick questions. Can you talk a little bit about the mix in your guidance on that $740 million to $760 million versus
accessories? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You talk about rapid growth there. Can you give us some kind of estimate? Is that double-digit growth, is that 20%-plus? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Give us a ballpark on that. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jeff Buchanan </B>- Smith&nbsp;&amp; Wesson
Holding Corporation - CFO </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Actually, we haven&#146;t specified the actual percentage of accessories on growth. I did say that we expect to see the
continued strong growth and that it has had double digits on growth probably for the last 15 years as an independent company, including when it joined Smith&nbsp;&amp; Wesson. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>- BB&amp;T Capital Markets - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, the growth that accessories had in 2016 because it was a stub year in 2016 versus FY15 can you give us what it actually was pro forma? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, it was actually about 20% on a pro forma basis. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>-
BB&amp;T Capital Markets - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And then, on CapEx, just to understand that, it&#146;s up $20 million. Can you go over what you&#146;re
spending &#151; historically what you&#146;ve been spending, at least last year? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The additional $20 million, is that anything involving expanding your
capacity to manufacture firearms? Or what is the additional $20 million for on a year-over-year basis? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each year it is different. Last year we planned on spending $40 million, so some of that rolled over and some
of that is maintenance on CapEx that was just deferred. Other parts of that do include the building of base capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think as James has mentioned in
the past, we do have an outsourcing strategy. But as the outsourcing gets to be a large number, we&#146;d claw back on some of that outsourcing by building base capacity, which then leaves more available outsourcing at the top, in essence. But it
also includes SAP as we integrate our various divisions, and then, as we&#146;ve talked about in the past, bolt-on programs as we get more sophisticated in our use of SAP and all the related programs. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>- BB&amp;T Capital Markets - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. But no physical plan expansion, correct? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sorry, Brian, say again? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>- BB&amp;T Capital Markets - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Are you going to physically expand your plant? I don&#146;t believe so, I just wanted to clarify. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oh, you mean build a new building. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>-
BB&amp;T Capital Markets - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That is correct. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No plans. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>- BB&amp;T Capital Markets - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No plans. Great. And then last question and then I will hop off here is in terms of your guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Just trying to understand military style rifles is still the preponderance of your long guns, and that was, I believe, 19% of your total revenue. In your
guidance do you anticipate that part of the business to continue to grow rapidly? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You&#146;re referring to modern sporting rifles, yes, Brian? And, yes, they are a
component of the long gun category. As we explained in our prepared remarks they were 19% of total units shipped. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That is everything, both action rifles, single shot, muzzleloader. As you think forward how we are looking to
grow the firearms division, there&#146;s really two prongs to that growth strategy. The first is obviously continuing to focus on handguns, personal protection such as the M&amp;P SHIELD, which remains the number one selling handgun in the US today.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then it turns of long guns, it is about long guns for hunting, so that is bolt-action rifle, which we just recently launched the Compass, which is a
fantastic bolt-action rifle, multiple calibre, at an opening price point. We know that is going to be very popular, just can tell already from the way it is being received. So that strategically is how we are looking to grow the firearms division.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Modern sporting rifles, back to that, as you know we are already the market leader. We have a very strong presence there. We respect the volatility that
we&#146;ve experienced from time to time in that product category. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And that&#146;s one of the reasons that the vast majority of components required to
assemble a modern sporting rifle for Smith&nbsp;&amp; Wesson in our M&amp;P15 family is outsourced. So, we utilize very little of our base capacity to manufacture a modern sporting rifle, and therefore we don&#146;t have to worry about unfavorable
absorption as you see some of the swings up and down in terms of the demand for that product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But we are a market leader. We intend to stay a market
leader. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Brian W. Ruttenbur </B><B><I>- BB&amp;T Capital Markets - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay, thank you very much. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cai von Rumohr, Cowen and Company. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen
and Company - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, thank you very much, and great performance again. If we look at your guidance, what are you assuming in terms of what
the total gross margin might be? And then maybe some color on the OpEx expenses. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cai, we didn&#146;t really give any color on gross margin or op expenses. In general, we expect
op expenses to rise a bit as we continue to add infrastructure into our business. We talked about in the past that we are focused on building a structure that allows for inorganic acquisitions, so we have to spend a little bit of money in
preparation for that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would say that, in general, our gross margins are solidly in our range of 37% to 41% each quarter, and we certainly expect to be
above our EBITDA targets of 20%. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen and Company - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, if I just follow up to Brian&#146;s line of questioning, if, in fact, we should expect Battenfeld and accessories to grow in excess of the corporate
average, which essentially looks reasonable given your mid point of your guesstimate. And given that they have above average gross margins, when I do the math it looks like you would get there with gross margin, total Company, flat to up, op expense
flat to down, and because net interest is down that&#146;s how you get there. So, no major swings in terms of gross margin. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I don&#146;t think there&#146;s going to be any major swings, but I think op expense is going to
be flat to up, not down &#151; op expense. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen and Company - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, but as a percent of sales roughly comparable. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Right. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen and
Company - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then I am a little confused. You say you don&#146;t assume a surge, but I think the issue really has been the reverse &#151;
that we have been in a surge, clearly looking at the extent of the vigor, and that we may be in a de-surge. Are you allowing for a de-surge, so to speak? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cai, we&#146;re talking about &#151; okay, you&#146;re really talking about Q4. If
you call that a surge, again we have chosen not to define that period as a surge. Definitely it was a period of heightened demand but I think there was some very different dynamics at play, and you could see normal seasonality at play, as well, as
you think about the tail end of our third quarter and our fourth quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you think about our guidance going forward for this fiscal year, I would
just like a little bit of clarity about what your question really is. You&#146;re saying we&#146;re in a surge? Because you know something I don&#146;t? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen and
Company - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certainly the year-over-year compares more in the third than the fourth, certainly in the third, was, one would have called, a
surge. So, when you say no surge, does it anticipate a falloff from the third-quarter level, because the fourth quarter was strong more from pipeline fillings. I guess that&#146;s the question. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Again, we don&#146;t give that level of granularity. So it&#146;s difficult for me to answer with anything that would be valuable to you. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I will go back over what I said at the end of the script. We took FY16 for what it was. We have done, we always do, extensive work on analyzing what we think
is going to happen in the future on NICS, and talk to our customers, and our product introductions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we take all that and we make assumptions about
what&#146;s going to happen in the year. We don&#146;t make assumptions about things out of our control. If I accepted your premise that there was a surge and now we&#146;re in a de-surge, then I would have taken that into account because that is
something we know. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But if there&#146;s going to be a surge in the future, we don&#146;t know that, and we don&#146;t take that into account. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen and Company - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it, okay. That&#146;s very helpful. And then in terms of, now that you have all of this excess cash, do you have any sense about how much cash you are
comfortable having around? Are you a little more interested in repurchasing your stock, which has come down here? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">How do you think about M&amp;A? And do
you have a fairly robust pipeline at this point? </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. As we have said in the past, the first thing we like to do with our cash is invest in ourselves. We&#146;re putting $50 million in CapEx this year. But,
of course, in FY17 we will generate a lot more cash based on this guidance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, the first thing, other than investing in ourselves internally, we said, I
think, and tried to convey in the script, that we do have an inorganic strategy, and we are looking at many things in a disciplined approach that has to meet our IRR guidelines. And we would prefer to spend our cash on those items, both organic and
inorganic growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, again, if we get to a point where we believe we have excess available cash, or, alternatively, investing in our stock is a better
return than investing in an outside company, then we would consider doing that. So, it&#146;s always a mix between what&#146;s Wall Street doing, what&#146;s our stock doing, what is happening for organic growth initiatives, and what&#146;s
happening on inorganic growth initiatives. Take all that and we analyze it on a constant basis. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen
and Company - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And the last one, the military handgun competition, you said a possible decision not until 2017. Refresh my memory in
terms of, at this point how large is the thought that the buy might be? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is up to 500,000 units over a period of years, which I believe from memory is
seven years. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Cai von Rumohr </B><B><I>- Cowen and Company - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it. Okay. Excellent. Thank you very much. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scott Stember, CL King. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Scott Stember </B><B><I>- C.L.
King&nbsp;&amp; Associates - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good evening. Just want to piggyback on the top of that guidance again. The NICS data has shown the last
couple of months, at least in the month of May, a deceleration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, again, not to harp on this too much, but just when you gave the guidance for the
full year in the first quarter obviously you&#146;re looking for a near 70% increase in the first quarter. So, that would assume in the back half of the year that things are getting a little bit more difficult. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Are you factoring just the current trends that we&#146;re seeing with NICS right now excluding any surges or desurging whatsoever? Or is this just to be
viewed as the usual conservative initial guidance that you guys usually put out at the beginning of the year? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We don&#146;t give color on whether or not our guidance is conservative or not. The only thing I
can say is that we take into account, yes, that the comps may be tough in Q3 and Q4 come next year, but on the other hand, we have a lot of new product introductions upcoming. And we talked about with Cai we do expect some solid growth in our
accessories business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#146;m not sure what more I can say. Other than quarter four is usually a higher quarter than Q2 and Q3. I don&#146;t think
it&#146;s ever not been a higher quarter than Q2 or Q3. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Scott Stember </B><B><I>- C.L. King&nbsp;&amp; Associates - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got you. And just talk about the accessories. There&#146;s a lot of talk about, obviously, at retail across the board, I believe, in some of your customers in
that might sell some of your accessories, of slow traffic. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And yet you guys are still putting up these plus 20% comp numbers, which is very impressive.
Could you just maybe speak to that? Is it just new product introductions or is it just the quality of the product and how fits in the marketplace? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#146;s a whole combination of things. You&#146;ve got to go back and look at
the family of brands that exist in the accessories division. They are all very strong. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have just integrated the Thompson/Center accessories business
into the division, so it&#146;s now fully their responsibility under their leadership. I know they will be doing good things with the TC business. Launched a lot of new products under the firearms brands that they now have access to &#151;
Smith&nbsp;&amp; Wesson, M&amp;P and, again, TC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, that&#146;s been very successful. All those introductions took place at SHOT Show. So, it&#146;s
going to be a hybrid of leveraging existing [inter] products, the new product introductions, the value that&#146;s in the brands, continue to raise awareness of those brands with the consumer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The little tuck-in acquisitions will pay back very favorably to the performance of the accessories division. We&#146;re very early in the stages of the
Hooyman, the tree saw business, that we acquired shortly after acquiring Battenfeld. And of course we just acquired the flashlight business PowerTech as well, so that tuck-in has gone very well. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of those have great returns, as you would expect. And of course, as Jeff said, we&#146;re always looking ahead to see what&#146;s in the pipeline for
M&amp;A that has good potential to add value for our shareholders. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Scott Stember </B><B><I>- C.L. King&nbsp;&amp; Associates - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Just two quick last questions just on the other line. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
last couple of quarters that has been down, I think 14% and 4% sequentially. And here we are in the fourth quarter, we&#146;re up 8%, and that&#146;s despite the fact that you shifted some of the &#151; was there a shift of some accessories from
there? And maybe just talk about the strength there because I know that there&#146;s been some weakness in the last couple of quarters. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. The Thompson accessories business was shifted. The comparison against last year, last year
in Q4 of 2015 would not have had Thompson accessories. Thompson accessories would have been in other and now Thompson accessories is in accessories. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But
the other also includes the manufacturing services revenue that James had mentioned where we formed a manufacturing service division to service both internal and external customers. So, we have several processes that we sell it externally, including
in the polymer business, forging, plating, a variety of stuff. And, as James said, we do that to keep utilization high and absorption maxed out if it all possible. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Scott Stember </B><B><I>- C.L.
King&nbsp;&amp; Associates - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And just the last question, you gave the gross margin for the accessories business for the quarter. I
think it was 38.5%. What was the comparable number last year in the fourth quarter? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I don&#146;t think we said. It was 45.8% this year and I think it was just a little over 50% in the
comparable quarter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Scott Stember </B><B><I>- C.L. King&nbsp;&amp; Associates - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay, got you. My mistake. That&#146;s all I have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks for
taking my questions. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chris Krueger, Lake Street Capital. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Chris Krueger </B><B><I>- Lake Street Capital - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good afternoon, great quarter. Just a couple quick questions. I think you stated that your channel weeks of sales inventory is currently still tracking below
your eight-week threshold. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s correct, yes. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Chris Krueger </B><B><I>- Lake
Street Capital - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Can you remind us, two years ago when that big surge started to settle down, how high did that get at that time? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We never disclosed it, Chris. What we said, whenever we are above we say we&#146;re above, and if we are below we say we are below. We may give some color on
how close we are. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But it&#146;s expected that we will build inventory during the summer. Normal seasonality is in play. You can see that in the NICS so
far. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Talking about the calendar year to date, NICS profile very much tracking to what you would expect for normal seasonality. We will see what happens
next, but that is where we are. Expectation is hopefully that we can build some inventory internally and externally with our distribution partners, as well, so we can better serve retailers as we go into that busier full hunting and then holiday
gift-giving season, as well, where, as you always know, we&#146;re historically very busy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then as you roll into the new year, the calendar year, we
are into show season again., SHOT Show for new product launches. Then, most importantly, the wholesaler shows where a lot of orders are taken from independent retailers and a lot of those are immediate ship. So, it would be nice to build some
inventory. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There may be some challenges there. We will see what happens. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Chris Krueger </B><B><I>- Lake
Street Capital - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Then on the pricing of your products, has that been pretty steady this year? Is there competition? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Absolutely. As you know, very strategic about operating. Dialing back many years earlier in my tenure we did
a strategic price repositioning, which was very successful for the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It allowed us to scale the business significantly. So, we will do nothing to
undo that. We&#146;re not opportunistic when it comes to pricing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For us it&#146;s a long-term strategic view what we do with pricing. We take lots of
data inputs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Obviously a very important one is what is the competitive set doing. And equally important is what is the consumer willing to pay. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Chris Krueger </B><B><I>- Lake Street Capital - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All right. That&#146;s all I got. Thank you. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James Hardiman, Wedbush. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Hardiman </B><B><I>-
Wedbush Securities - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good afternoon and thanks for taking my call. A couple questions for me. First, just help me understand the nature of
the beat in the fourth quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On your third-quarter call there seemed to be some reservations or concerns that the guidance given was close to an upper
limit of what you would be able to do just given limitations from a factory inventory perspective. And yet you were able to be your guide by, I think, $0.13 at the high end of the guide. How were you able to do that just given what it seemed like
you expected to be some limitations in 4Q? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It all comes down to really what we described in the prepared remarks, James, where we are talking about leveraging our very flexible manufacturing model. And
the key part of that which really helped us in the quarter was the outsourcing capacity that was available to us. We were really able to take advantage of that. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also fine-tuned it to make sure that our mix was better matching the demand from the consumer. The operations team did a great job there. Very pleased with
the results that we got. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Hardiman </B><B><I>- Wedbush Securities - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it. And then with respect to the guidance, I think you generally answered this question, but just so that we are clear. Obviously over the weekend the
situation in Orlando, the world changed to a degree. Was this guidance already in place prior to that situation or is it something that&#146;s evolved as you have seen trends play out in the last, call it, five days? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Basically this guidance does not take into account any surge, any potential spike in consumer demand as a result of any of that. Basically, all we can do as a
business is focus on the things we know, and delivering and execute our strategy. With regard to what happened, any impact on demand is unknown and therefore is not included in our guidance. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Hardiman </B><B><I>- Wedbush Securities - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And just so we&#146;re clear, then, obviously you are not predicting any future surge, but presumably you have a general understanding of the last week or so
of demand. But what you&#146;re saying is none of even that, none of the current trends or recent past trends are currently factored into any of your guidance. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Jeff Buchanan </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - CFO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#146;s only been a couple of days, so it&#146;s a little hard to tell what any long-term impact on demand is by two or three days of activity. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Hardiman </B><B><I>- Wedbush Securities - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. That&#146;s completely fair. And then, as I think about your guidance from a top-line perspective, I think it&#146;s 2% to 5% growth on the top line.
Maybe to ask the surge or desurge question a slightly different way, it seems like you&#146;re pretty confident that you&#146;re going to be gaining share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#146;s not clear to me if you see an opportunity to build channel inventories over the course of the year. But maybe, to any degree possible, parse that
out. Ultimately, do you think the industry grows at all this year, or do you think the entirety of your top-line growth is a function of internal initiatives? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Again, James, we just can&#146;t go into that much detail. That&#146;s way too
granular for us. As you know, we believe in the long-term growth prospects of the market overall and that&#146;s one of our major assumptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeff has
gone through in detail what he is basing guidance on. So, I think you just need to look at those prepared remarks and they will give you our assumptions that we based our guidance on. Of course, when it comes to taking market share, you hear me say
that like a broken record. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That is our primary objective across the whole business, all divisions is to take market share from the competition. And
that&#146;s exactly what we have done year on year on year and demonstrated very strongly. That&#146;s very important to us as we move forward. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Hardiman </B><B><I>-
Wedbush Securities - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me ask it this way then, is it safe to say that from a channel perspective that your shipments into the channel
are going to be greater than your shipments - the sellthrough out of the channels, just given the fact that it seems like you are still a little bit short of where you would like to be in terms of channel inventories? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James, I&#146;m going to have to stop you there. You can ask it as many different ways as you want to ask it, but we will give you the same answer, and we will
just give you the same pushback. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Hardiman </B><B><I>- Wedbush Securities - Analyst </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it, I had to try. Thanks, guys. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rommel Dionisio, Wunderlich Securities. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Rommel Dionisio </B><B><I>-
Wunderlich Securities, Inc. - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. Good afternoon. A couple questions about the new product launch just before the NRA show, the
M&amp;P SHIELD 45, obviously a significant addition to your best single line. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Three quick questions. First, do you have a rough guesstimate as to what percentage of the compact slim
category as a whole 45 comes to? I just don&#146;t know if it&#146;s 20% 30% or 2%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Second, I notice you didn&#146;t bring out a ported model. It seems
with the recall of 45, it seems like it would be logical. Is there reason why that wouldn&#146;t work or just any particular reason why it didn&#146;t? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, lastly, I know that you sell the M&amp;P 940 in California. This being a new caliber, does that actually get grandfathered in because it&#146;s the same
design or does that constitute an entirely new pistol, in which case if you don&#146;t [microstamp it] you can&#146;t bring it to California? Thank you. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay, let me start with California. No, it doesn&#146;t get grandfathered in,
sadly. The requirement for microstamping totally prohibits any additional semiautomatic pistols going onto the roster, and that&#146;s all becoming available for sale to the consumer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In regard to our ported version, I can&#146;t comment. That&#146;s getting into our new product pipeline. So, again, as you know, we give very little
visibility for that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then back to your first part, the breakdown between 9, 40 and 45, all I&#146;ll say is &#151; which is very well known &#151; by
far 9 millimeter is the most popular round by far. 45, though, does have a following. It is popular. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You do have a number of consumers &#151; again,
it&#146;s anecdotal information &#151; they own both the 9 and the 40 and they are there strongly saying &#151; well, now I guess I&#146;ve got to buy the 45, as well. As you know from research, people don&#146;t stop at buying one firearm. They
will by multiple firearms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is a collector mentality out there. And it appears there is a collector mentality when it comes to owning all the
different SHIELDS that are available on the market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ported version, just a little bit more color on that, for the 9 and 40 has been very popular,
extremely popular and very well received. So, overall, with the SHIELD family, as you know, it&#146;s incredibly important to us. We look after it very closely. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;re always looking to refresh where it&#146;s needed to keep the consumer excited about the SHIELD family, and we will continue to do that,. I will say
that there are obviously products in our new product pipeline as we look out over the next 36 months that relate to the SHIELD. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Rommel Dionisio </B><B><I>-
Wunderlich Securities, Inc. - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great, thanks a lot, James. Congrats on the quarter. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Operator Instructions) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steve Dyer, Craig Hallum. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Steve Dyer </B><B><I>- Craig-Hallum
Capital Group - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. Good afternoon, guys. Most of mine at this point have been answered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maybe just one more question on the channel fill or refill. I had expected, just given the slowing in NICS, maybe channel inventory to get back a little bit
higher this quarter. Have you guys ever said what you view as an optimal number in the channel or an optimal level? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#146;m trying to gauge is that a
one-quarter phenomenon, two-quarter phenomenon? What&#146;s involved in refilling that to a satisfactory level? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. We&#146;ve never said what a level will be in terms of units because we don&#146;t have one. It all
relates to what we have in the channel in inventory with our distribution partners, and velocity of sellthrough. And that&#146;s why we talk about it in weeks of cover. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s the most important thing. That&#146;s what we monitor very closely. That&#146;s what we think about when we are planning the year, and what
inventory level that we actually need as we go into that busy full hunting, holiday season. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>Steve Dyer </B><B><I>- Craig-Hallum
Capital Group - Analyst </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it. Okay. Makes sense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then, just as it relates to competition, you guys continue to gain share, particularly recently. Do you feel like, is it just better product, more
product, are you taking advantage of some capacity pinches elsewhere in the industry? Any color there would be helpful. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>-
Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For us it&#146;s a strong combination of brand and product. We have an iconic
brand, as you know. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have up-and-coming brands that are very strong now, M&amp;P. We have very strong product names that out there, as well. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is a high level of trust with the consumer in our brands and our products across both divisions, firearms and accessories. And as I said earlier, this
is a very strong family of brands in our accessories division, as well. That trust is extremely important to us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That is what creates a lot of value for
our shareholders. And then combine that with our strong new product development processes that we have that we&#146;ve demonstrated across all three divisions, as well, puts us in a formidable position. Certainly, I feel, puts us in the driving
seat. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And you&#146;ve seen some of the new products that have come out recently. Over 100 product introductions by the accessories division, the major
product introductions in the firearms division such as the M&amp;P45 SHIELD, the Compass Thompson/Center bolt-action rifle, our Victory 22-caliber target-shooting pistol. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are attacking the competition in product categories that we haven&#146;t really had a presence before with a quality product. Now we are here with quality
product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Again, it comes back to what I said earlier. Our primary goal is taking market share. Whether the market is flat, soft, growing, whatever,
we&#146;re going to take market share. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Dyer </B>- Craig-Hallum Capital Group - Analyst </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got
it. And then, lastly, as it relates to the acquisition pipeline, I think you often talked about bolt-ons and things like that. What&#146;s your appetite for doing something larger if it presented itself? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You obviously have plenty of liquidity and cash flow and everything else. How do you think about the size of things you&#146;re looking at? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Debney </B>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Absolutely. We&#146;ve openly said that we will explore larger acquisitions. Tuck-ins are great. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But we&#146;ve also said that we would like to acquire larger businesses that are a fit with us, obviously meet our financial criteria or they are a fit in
terms of the spaces that we want to explore, such as the rugged outdoors. So, larger businesses that we could add in product categories that we currently do not services that can become their own standalone division. And, so, we have an appetite for
that. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Dyer </B>- Craig-Hallum Capital Group - Analyst </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">16 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JUNE 16, 2016 / 09:00PM GMT, SWHC - Q4 2016 Smith &amp; Wesson Holding Corp Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great, thanks very much. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am showing no further questions in queue at this time. I would like to turn the call back to Mr.&nbsp;Debney for closing remarks. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B>James Debney </B><B><I>- Smith&nbsp;&amp; Wesson Holding Corporation - President and CEO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, operator. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And thank you, everyone, for joining us on
the call today. We look forward to speaking with you next quarter. Take care, everybody. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and gentlemen, thank you for your participation in today&#146;s conference. This concludes the program and you may now disconnect. Everyone, have a
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
