Smith & Wesson Receives Fourth Military Contract
Smith & Wesson Receives $15 Million Order for SW9VE Pistols from US Army for Afghanistan National Police
SPRINGFIELD, Mass., Feb. 16 /PRNewswire-FirstCall/ -- Smith & Wesson Holding Corp. (Amex: SWB), the legendary 154-year old company in the global business of safety, security, protection and sport, today announced it has secured a $15 million order to supply its SW9VE 9mm pistols to the United States Army Security Assistance Command (USASC) Special Projects Office for shipment to the Afghanistan National Police (ANP).
In 2005, Smith & Wesson shipped a total of 22,500 pistols for use by the Afghanistan National Army and the Afghanistan Border Patrol. The new order represents the fourth contract awarded to Smith & Wesson by the U.S. Army for security forces in Afghanistan and is more than twice as large as the combined total of the previous orders, all of which were shipped in fiscal 2006.
Michael Golden, President and Chief Executive Officer, said, "This order represents our largest single military contract to date from the U.S. Army for shipment to Afghanistan. The Smith & Wesson semi-automatic pistols we shipped last year have been well received by the Afghanistan National Army and Border Patrol, leading to this new contract to fill requirements for the Afghanistan National Police. One of our stated strategies is to become a significant supplier of high-quality small arms to the military and to the federal government. We continue to secure orders from the U.S. Army for Afghanistan, a reflection that we are executing on that strategy."
Smith & Wesson indicated it won the current order based on the features of the SW9VE 9mm pistol and overall performance of the products the Company shipped to Afghanistan throughout 2005. Smith & Wesson expects the bulk of the order to ship within its 2007 fiscal year, which begins in May 2006. The pistols will be manufactured entirely in the United States.
The SW9VE is a double-action-only pistol constructed with a durable polymer frame and a through-hardened stainless steel slide and barrel. The 9 mm pistol features an ergonomic design that accommodates various hand sizes, as well as simple operation procedures.
About Smith & Wesson
Smith & Wesson Holding Corp., through its subsidiary Smith & Wesson Corp., is one of the world's largest manufacturers of quality handguns, law enforcement products and firearm safety/security products. The Company also provides shooter protection, knives, apparel, footwear and other accessory lines. The Company is based in Springfield, Mass., with manufacturing facilities in Springfield and Houlton, Maine. The Smith & Wesson Academy is America's longest-running firearms training facility for America's public servants. For more information, call (800) 331-0852 or log on to http://www.smith-wesson.com.
Safe Harbor Statement
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and the Company intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include statements regarding the success of the Company's strategy to supply its products to the military and the federal government; the performance and features of the SW9VE; and customer satisfaction with the product. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the Company's ability to fulfill the order in a timely manner; the ability of the Company to manufacture the pistols in accordance with the order; and other risks detailed from time to time in the Company's reports filed with the SEC.
John Kelly, Chief Financial Officer
SOURCE Smith & Wesson Holding Corp.