Sturm, Ruger & Company, Inc. Declares Quarterly Dividend
Southport, Connecticut, January 22, 2004

Sturm, Ruger & Company, Inc. (NYSE: RGR) announced today that its Board of Directors voted to declare a regular quarterly dividend of $0.20 per share on the Company’s issued and outstanding shares of common stock. This cash dividend will be paid on March 15, 2004 to stockholders of record as of March 1, 2004.

The Company’s earnings have not supported the $0.20 quarterly dividend for the past several quarters. However, in light of the Company’s current liquidity, the Board of Directors approved the $0.20 dividend.

Ruger was founded in 1949. Since 1950 it has never failed to show an annual profit and has never required financing from outside sources. The Company’s business segments are engaged in the manufacture of the world famous RUGER® brand of sporting and law enforcement firearms and titanium and steel investment castings for a wide variety of customers and end uses. Plants are located in Newport, New Hampshire and Prescott, Arizona. Corporate headquarters is located in Southport, Connecticut.

Contact: Mr. Thomas A. Dineen
Treasurer and Chief Financial Officer
Sturm, Ruger & Co., Inc.