After revealing its fiscal second-quarter results may come in below analysts' expectations, shares of Smith & Wesson shot 37% lower today.

The Springfield, Massachusetts-based gun maker's second-quarter preliminary results revealed earnings expectations of 5 cents to 7 cents a share on revenue of $69 million to $71 million; quite different from the average analyst forecast of 12 cents a share on revenue of $82 million.

SWHC also dropped its fiscal 2008 earnings forecast to 53 cents a share, down a dime from its original prediction of 63 cents a share. Analysts' estimates for 2008 averaged 64 cents a share.

Though 2Q sales are in line to post a 36% to 40% increase, SWCH CEO Michael F. Golden attributed the company's poor numbers to softness in the hunting rifle market, a buildup of preseason inventory, and an Indian summer. As if virtually shooting himself in the foot with one of the company's overstocked shotguns, Golden went on to say he was unsure if Smith & Wesson's challenges would continue into fiscal 2009.

Since hitting an annual low of $9.61 in December 2006, shares rallied more than 137% to reach a new high of $22.80 in mid-August. Since the milestone, SWHC consistently met support at its 10-week moving average until plummeting during intraday trading Tuesday.

As a result of the earnings warning, investors fired back; SWHC shares are currently trading at $12.76, a near 37% decline, reaching a number not seen since mid-May.