Smith & Wesson Holding Corporation manufactures and sells a range of handguns, modern sporting rifles, hunting rifles, black powder firearms, handcuffs, and firearm-related products and accessories. The company sells its products to various customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and internationally. The company sells its products under the Smith & Wesson brand, the M&P brand, the Thompson/Center brand, and the Walther brand. The company operates an online retail store from which it sells Smith & Wesson, M&P, Walther, and TCA firearms, accessories, branded products, apparel, and related shooting supplies. Strategy The company’s primary elements of the strategy include introducing innovative new products; improving current products to expand its presence in existing markets; improving its manufacturing productivity, flexibility, and capacity; capitalizing on its brand name; increasing customer satisfaction and building customer loyalty; and pursuing strategic relationships. Products and Services Firearms During the period ended April 30, 2012, the company introduced multiple new handgun and modern sporting rifle models, and one new bolt action rifle platform. Its handgun introductions included the M&P Shield, a polymer pistol chambered in 9mm and .40 S&W. Its rifle introductions included the addition of the M&P15 300 Whisper to its line of modern sporting rifles. Handguns The company manufactures various handgun models that include revolvers and pistols. It markets a range of sizes from small-frame, concealed-carry revolvers used primarily for personal protection, to large-frame revolvers used primarily for long-range hunting applications. Its extra large frame revolvers are designed to address the handgun-hunting and sport-shooting markets. The company’s small-frame revolvers have been carried by law enforcement personnel and personal defense-minded citizens. Its revolvers are available in various models and calibers, with applications in all professional and personal markets. Its range of M&P pistol products are made with a polymer frame, a rigid stainless steel chassis, and a through-hardened and black melonited stainless steel barrel and slide for durability. It offers various catalog variations of Classics and engraved Classics to its customers. Walther The company operates as the U.S. importer and distributor of Walther firearms and holds the production rights for certain Walther handguns in the United States. The company imports Walther firearms from Germany and distributes them in the United States through a strategic alliance with Carl Walther GmbH. Modern Sporting Rifles The company’s M&P branded modern sporting rifles are designed to satisfy the needs of global military, law enforcement, and security personnel. These rifles are also popular as sporting target rifles and are sold to consumers through its sporting good distributors, retailers, and dealers. It has a product portfolio of modern sporting rifles, which includes a sport model, a .22 caliber model, and an automatic model designed for the use of military and law enforcement agencies worldwide. Hunting Firearms The company manufactures three lines of bolt-action rifles under its Thompson/Center brand consisting of various models in each line. Its hunting rifles are offered in 16 different calibers. Bolt-action rifles operate by the cycling of a bolt handle that allows for both the loading and unloading of rounds through a magazine fed system. This design allows for multi-round capacity and a level of strength that permits larger calibers. During the period ended April 30, 2012, the company introduced the Dimension bolt action rifle platform, a design that allows one rifle to shoot multiple calibers with the switch of a few components. In addition to rifle sales, Dimension offers an aftermarket for barrels, bolts, and other accessories. The company, under its Thompson/Center brand, also offers seven models of American