July 6, 2010

Vol. 11 No. 27

This Week:

House Passes Pro-Industry, Pro-Conservation Excise Tax Improvement Legislation

MOVING FORWARD IN SENATE . . . By a vote of 412-6, the U.S. House of Representatives last week passed the Firearms Excise Tax Improvement Act of 2010 (H.R. 5552). Following the House's passage of the bill, Sens. Harry Reid (D-Nev.), Max Baucus (D-Mont.), Mike Crapo (R-Idaho) and a bipartisan group of senators offered the Firearms Fairness and Affordability Act of 2010 (S. 632) as an amendment (No. 4444) to the Small Business Lending Act (HR 5297), which is now pending in the Senate. The legislation corrects a longstanding inequity in the Internal Revenue Code by permitting firearm and ammunition manufacturers to pay the federal excise tax payment on a quarterly basis, like other industries. The bill is a win-win for manufacturers and for conservation. The firearm and ammunition excise tax is the major revenue source for funding the Wildlife Restoration Trust Fund (also known as the Pittman-Robertson Trust Fund). Last year, firearm and ammunition manufacturers contributed approximately $450 million to wildlife conservation through excise tax payments. Please urge your U.S. senators to support this legislation.

Industry News

SMITH & WESSON REPORTS EARNINGS . . . Smith & Wesson Holding Corp. (NASDAQ:SWHC) reported a 4.3 percent increase in sales in the fourth quarter, up to $103.8 million compared with sales of $99.5 million the same period a year ago. Revenue for the quarter exceeded Wall Street expectations. Sales for fiscal 2010 increased 21.3 percent. The company said its total backlog had grown to $143.1 million at the end of the quarter, up 23 percent from the previous quarter. "Although the period of heightened consumer demand, which began in fiscal 2009, subsided in mid-fiscal 2010, we grew our firearm sales, supported by a broad product portfolio that was strengthened with new products," said President and CEO Michael Golden. Following the earnings report, an analyst upgraded shares of Smith & Wesson to "buy" from "neutral."
NSSF GRABS TWO 2010 APEX EXCELLENCE AWARDS . . . NSSF's marketing communications team has been honored with two 2010 APEX Awards. One of the most prestigious awards for communications' professionals in the country, the APEX Awards are based on excellence in graphic design, editorial content and the ability to achieve overall communications excellence. NSSF won awards in the categories of Websites for the organization's main website, www.nssf.org, and Special Purpose Campaigns, Programs and Strategic Plans for the year-long effort in educating the public about modern sporting rifles. Read more.
LEUPOLD NAMES NEW CEO . . . The board of directors of Leupold & Stevens announced the appointment of Calvin Johnston as president and CEO effective July 19. Johnston joins Leupold from successful roles as president of Galls Division Aramark Corp. and group president/CEO of Russell Athletics. Johnston succeeds Tom Fruechtel, who will retire from the company at the end of 2010.

SHOOTING INDUSTRY MASTERS DRAWS RECORD NUMBERS . . . Sixty-plus teams representing some of the firearms industry's biggest names have entered the 2010 Shooting Industry Masters. The competition will be held July 23-24 at Heartland Public Shooting Park in Grand Island, Neb. "The city of Grand Island and the state of Nebraska are looking forward to the Shooting Industry Masters arrival," said Steve Hornady, president of Hornady Manufacturing, this year's event host. "The park is in great shape. I think this year's Masters will be the best ever." The annual event benefits NSSF's First Shots program. Read more.
GLOCK DONATES $100K TO SPECIAL OPERATIONS WARRIOR FOUNDATION . . . GLOCK Inc. recently made a $100,000 donation to the Special Operations Warrior Foundation (SOWF). Over the past five years, GLOCK has donated $500,000 to SOWF, a non-profit organization providing college educations to the surviving children of Army, Navy, Air Force and Marine Corps special operations personnel killed in combat or training.

Legal & Legislative

VIDEO ANALYSIS OF MCDONALD GUN RIGHTS DECISION . . . NSSF President Steve Sanetti sat down last week to answer a number of questions regarding the Supreme Court's recent decision in the McDonald v. City of Chicago case. The court ruled 5-4 that the individual right to keep and bear arms protected by the Second Amendment of the U.S. Constitution applies to the states and local government. Many of the questions came from visitors to the NSSF and SHOT Show Facebook pages. Play Video
NSSF OPPOSES CONFIRMATION OF KAGAN TO SUPREME COURT . . . After reviewing the record of Elena Kagan, including public statements, written documents and her testimony this week before the Senate Judiciary Committee, the National Shooting Sports Foundation is opposing her confirmation to the U.S. Supreme Court. Though Kagan's record on Second Amendment-related issues is sparse, what's available is troubling. Full Story
NEW DETAILS EMERGE ON EXPORT-CONTROLS REFORM . . . Last week, the administration provided further details on its plans for reforming export controls to make the U.S. more competitive while protecting national security. National Security Advisor Gen. Jim Jones announced that a single export-control licensing agency will be formed to administer U.S. export controls. The new entity will be governed by a board of directors comprised of Cabinet members serving in agencies with jurisdiction over export controls (e.g., State, Commerce, and Defense). The agency will be headed by an individual confirmed by the Senate. Reforming export controls continues to be an industry priority. "Our industry is supportive of the administration's export control reform initiative," said NSSF Senior Vice President and General Counsel Lawrence G. Keane. "This agency will help the exporting community, including our manufacturer and distributor members, compete in an increasingly global economy."
ILLINOIS SENATOR SEES HOPE FOR CONCEALED CARRY LAW . . . Each year that Illinois State Sen. John O. Jones has been in Springfield, he has introduced or co-sponsored concealed-carry legislation, the McClatchy-Tribune news service reports. This January, he intends to introduce legislation again. And due to the Supreme Court's recent decision, Jones sees the legislation moving forward this time. "The last few years, only two states, Illinois and Wisconsin, have been without concealed carry rights," Jones said. "We've tried and tried to convince Chicago legislators that people have the right to bear arms. The court ruling means we've been right all along."

News of Note

NSSF REMINDER: NOW'S THE TIME TO ENROLL FOR HUNTER EDUCATION . . . If you're a new hunter or you're planning to take someone on a first hunt this fall, NSSF reminds you that summer is the perfect time to take a hunter education course and acquire the certification necessary to purchase a hunting license. Read NSSF's news release.
SURVEY SHOWS U.S. CONTINUES TO ATTRACT MAJORITY OF NESTING DUCKS . . . The 56th edition of the Waterfowl Breeding Population and Habitat Survey, released Friday by the U.S. Fish and Wildlife Service and the Canadian Wildlife Service, revealed wetland conditions and duck populations well above their long-term averages, Delta Waterfowl reports.
REPORT: USED SPORTING GOODS EQUIPMENT PURCHASES DOWN IN '09 . . . Consumers purchased $952 million in used sporting goods equipment in 2009, down 2 percent from 2008, according to a new report by the National Sporting Goods Association (NSGA). Used equipment for the outdoor sports (camping, fishing and the shooting sports) represented purchases of $592 million, the largest single category. Compared to 2008, the outdoor sports category fell 7 percent.

Jobs

INDUSTRY CAREER CONNECTION . . . Visit www.nssf.org/jobs for current employment opportunities in the shooting, hunting and outdoor industry. Employers: Log in to post a job opening.

NSSF's Mission

"To promote, protect and preserve hunting and the shooting sports."

Click here to visit the NSSF Web site and see how we accomplish this mission.

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COPYRIGHT © 2010 by National Shooting Sports Foundation, Inc. Permission is granted for broadcast, publication, retransmission to e-mail lists, Web sites or any other copying or storage, in any medium, online or not, if 1) the text is forwarded in its entirety, including this paragraph, and 2) no fee is charged. "Bullet Points®," "National Shooting Sports Foundation®," "NSSF®," and all other trade names, trademarks, service marks, logos and images of the National Shooting Sports Foundation appearing in this publication are the sole property of the Foundation and may not be used without the Foundation's prior express written permission. All other trade names, trademarks, service marks, logos and images appearing in this publication are trademarks or registered trademarks of their respective owners.

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