U.S. gun sales on the rise

SPRINGFIELD, Mass., June 29 (UPI) -- Gun sales in the United States are shooting up, according to current and projected firearms sale figures from gunmaker Smith & Wesson Corp.

The 153-year-old Massachusetts company Wednesday said firearms sales for fiscal 2005 are expected to increase by approximately 11 percent over fiscal 2004 levels.

"We expect fiscal 2006 revenue growth in our core business in the range of 10 percent to 12 percent, with gross margins continuing to improve over the course of 2006, said Michael Golden, the company's chief executive.

"We plan to support this growth with incremental revenue from new products, including shipments of our award-winning Model 460-XVR revolver, named Handgun of the Year by the Shooting Industry Academy of Excellence."

Smith & Wesson is one of the largest gunmakers in the world.