What changed in this filing

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Item 1. Business

2025-02-19 compared with 2024-02-21 · 61 added, 53 removed, 252 unchanged (31% of the section changed)

2 unchanged sentences

Sturm, Ruger & Company, Inc.

and Subsidiary

and Subsidiaries

(the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers.

55 unchanged sentences

2022, respectively.

These sales represented less than 1% of total net sales in each of 2023, 2022, and 2021.

These sales represented less than 1% of total net sales in each year.

Manufacturing

6 unchanged sentences

Many of the basic metal component parts of the

firearms manufactured by the Company are produced by the Company's castings segment through processes known as precision investment casting.

The Company also uses many MIM parts in its firearms.

See "Manufacturing- Investment Castings and Metal Injected Moldings" below

for a description of these processes.

The Company believes that investment castings and MIM parts provide greater design flexibility and

result in component parts which are generally close to their ultimate shape and, therefore, require less machining than processes requiring

machining a solid billet of metal to obtain a part.

use of investment castings and MIM parts, the Company endeavors to produce

durable and less costly component parts for its firearms.

firearms manufactured by the Company are produced by the Company's castings segment through precision investment casting and metal injection

See "Manufacturing- Investment Castings and Metal Injected Moldings" below for a description of these processes.

Company believes that investment castings and MIM parts provide greater design flexibility and result in component parts which are generally

close to their ultimate shape and, therefore, require less machining than processes requiring machining a

solid billet of metal to obtain

Through the use of investment castings and MIM parts, the Company endeavors to produce durable and less costly component parts

for its firearms.

All assembly, inspection, and testing of firearms

30 unchanged sentences

Lipsey’s – 28%;

Davidson’s - 19%;

and Sports South

Sports South - 18%;

and Davidson’s

In 2023, the Company’s largest customers

6 unchanged sentences

Lipsey’s - 23%;

Sports South - 19%;

and Davidson’s - 19%.

Davidson’s - 23%;

and Sports South - 21%.

The Company employs 18 employees who service these

9 unchanged sentences

and foreign governments.

Foreign sales were 6% of the Company’s consolidated net sales for the year ended December 31, 2023, and

6% of the Company’s consolidated net sales for the year ended December 31, 2022, and 5% of the Company's consolidated net sales

for year ended December 31, 2021.

The Company does not consider its overall firearms

business to be predictably seasonal;

however, orders of many models of firearms from the distributors tend to be stronger in the first

quarter of the year and weaker in the third quarter of the year.

Foreign sales were 5%, 6%, and 6% of the Company’s consolidated net sales for 2024, 2023, and 2022, respectively.

Investment Castings and Metal Injection Moldings

6 unchanged sentences

While some of these competitors concentrate on a single industry product category

such as rifles or pistols, several competitors manufacture products in all four industry categories (rifles, shotguns, pistols, and revolvers).

The principal methods of competition in the industry are product innovation, quality, availability, brand, and price.

The Company believes

that it can compete effectively with all of its present competitors.

such as rifles or pistols, many competitors manufacture products in two or three of the four categories (rifles, shotguns, pistols, and

revolvers) and a few competitors manufacture products in all four categories.

The principal methods of competition in the industry are

product innovation, quality, availability, brand, and price.

The Company believes that it can compete effectively with all of its present

Investment Castings and Metal Injection Moldings

7 unchanged sentences

could affect the Company’s ability to compete with these competitors.

The principal methods of competition in the industry are

quality, price, and production lead time.

The principal methods of competition in the industry are quality,

price, and production lead time.

Human Capital

29 unchanged sentences

Program” are two active programs that guide the Company’s practices to achieve these goals.

In addition, since the beginning of the global

outbreak of the Coronavirus disease 2019 (“COVID-19”) in March 2020, the Company continues to take multiple proactive steps

to promote the health and safety of its employees and maintain a clean, safe, and preferred workplace.

To assess and improve employee retention and engagement,

12 unchanged sentences

It is the policy of the Company

to apply for patents and trademarks whenever new products or processes deemed commercially valuable are developed or marketed by the Company.

to apply for patents and trademarks whenever new products or processes deemed commercially

valuable are developed or marketed by the Company.

The Company deems its patents and trademarks to be valuable and therefore works to police and protect them.

1 unchanged sentence

The Company is committed to achieving high standards

of environmental quality and product safety, and strives to provide a safe and healthy workplace for its employees and others in the

communities in which it operates.

of environmental quality and product safety, and strives to provide a safe and healthy workplace for its employees and others in the communities

in which it operates.

The Company has programs in place that monitor compliance with various environmental regulations.

in the normal course of its manufacturing operations the Company is subject to governmental proceedings and orders pertaining to waste

disposal, air emissions, and water discharges into the environment.

These regulations are integrated into the Company’s manufacturing,

assembly, and testing processes.

The Company believes that it is generally in compliance with applicable environmental regulations and

that the outcome of any environmental proceedings and orders will not have a material adverse effect on the financial position of the

Company, but could have a material adverse effect on the financial results for a particular period.

However, in the

normal course of its manufacturing operations the Company is subject to governmental proceedings and orders pertaining to waste disposal,

air emissions, and water discharges into the environment.

These regulations are integrated into the Company’s manufacturing, assembly,

and testing processes.

The Company believes that it is generally in compliance with applicable environmental regulations and that the

outcome of any environmental proceedings and orders will not have a material adverse effect on the financial position of the Company,

but could have a material adverse effect on the financial results for a particular period.

Information about our Executive Officers

5 unchanged sentences

President and Chief Executive Officer

(until March 1, 2025)

President and Chief Executive Officer

(effective March 1, 2025)

Senior Vice President, Treasurer, and Chief Financial Officer

2 unchanged sentences

Vice President, Administration

Vice President of Operations for Newport, Prescott and RPM Manufacturing

Vice President of Operations for New Product Development, Product Engineering and Mayodan Manufacturing

Vice President of Manufacturing Operations

Vice President of New Product Development

Werkmeister, Jr.

7 unchanged sentences

Killoy originally joined the Company in 2003 as Executive

Director of Sales and Marketing, and subsequently served as Vice President of Sales and Marketing from November 1, 2004 to January 25,

Director of Sales and Marketing, and subsequently served as Vice

President of Sales and Marketing from

November 1, 2004 to January 25, 2005.

Killoy will step down as President & Chief Executive Officer on March 1, 2025 and then

serve as a Special Advisor through his planned retirement from the Company in May 2025.

Seyfert will become President & Chief

Executive Officer on March 1, 2025.

Previously, Mr.

Seyfert served as the President of Segment Land Vehicles Americas at Dometic Group

AB since January 2024.

Prior to that Mr.

Seyfert served as the Chief Executive Officer of FeraDyne Outdoors, LLC, a leading manufacturer

of premium archery and hunting products from February 2016 through May 2023.

Dineen became Senior Vice President

17 unchanged sentences

Colbert has served the Company in various human resource and legal capacities since joining the Company in 2011.

Lowney became Vice President of Operations

for Newport, Prescott and RPM Manufacturing on June 15, 2023.

Previously, he served as the Company’s Vice President of Prescott

Operations since April 1, 2019.

Lowney became Vice President of Manufacturing

Operations on June 15, 2023.

Previously, he served as the Company’s Vice President of Operations for Newport, Prescott and RPM Manufacturing

since June 15, 2023.

Lowney joined the Company in January 2007.

Wilson became Vice President of Operations

for New Product Development, Product Engineering and Mayodan Manufacturing on June 15, 2023.

Previously, he served as the Company’s

Vice President of Mayodan Operations since June 1, 2017.

Wilson became Vice President of New

Product Development on April 1, 2024.

Previously, he served as the Company’s Vice President of Operations for New Product Development,

Product Engineering and Mayodan Manufacturing since June 15, 2023.

Wilson joined the Company in July 2007.

9 unchanged sentences

of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and accordingly, files its Annual Report on Form

10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statements, Current Reports on Form 8-K, and other information with the Securities

10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statements, Current Reports on Form 8-K, and

other information with the Securities

and Exchange Commission (the “SEC”).

15 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business