The value of small cap stock for Smith & Wesson Holding Corporation (NASDAQ:SWHC) rose during trading on Friday, as the company benefited from news that its fourth-quarter net income rose by a sharp margin.
The Associated Press reported that the firearm maker posted significant sales, especially for its polymer pistols and modern sporting rifles, as it beat the forecasts that were put forth by industry experts.
According to a release, fourth quarter sales hit record numbers, reaching $129.8 million, an increase of more than 27 percent from the same period last year.
"As we move into fiscal 2013, we will use the strength of our balance sheet to continue investing in our business," said Jeffrey D. Buchanan, the company's chief financial officer. "Recently, and after the end of the fiscal year, our strong cash position provided us the opportunity to enter the bond market and begin to repurchase our senior notes."
The value of the company's stock rose $1.34 to $8.23 at 1:29 p.m. on June 29, an increase of 19.3 percent.