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Smith & Wesson Holding Corporation (NASD: SWHC: Summary, Messages, Articles), the manufacturer of handguns, law enforcement products, and firearm safety and security products, recently announced its financial results from the fiscal first quarter ended July 31, 2008. Shares opened lower late last week after the company reported quarterly net income of $2.3 million, or $0.05 per fully diluted share, compared with $4.7 million, or $0.11 per fully diluted share, for the comparable period in 2007.

Smith & Wesson’s president and chief executive officer, Michael F. Golden, commented on the company’s key growth segments during a conference call last week stating, “During the first quarter of the fiscal year, our revolver sales increased 3 percent, and pistol sales increased 18%. Growth in tactical rifle sales was also strong, and the backlog for our tactical rifles is at its highest point in two years.”

Mr. Golden further stated that federal government and military channels also expanded during the first quarter and the company’s international channel reported significant growth of 74 percent. The company’s management team will continue to review opportunities to expand in firearms and non-firearms businesses that build brand awareness and strength and ultimately increase market share.

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