For 2020, net sales were $568.9 million and diluted earnings were $5.09 per share.
For 2019, net sales were $410.5 million and diluted earnings were $1.82 per share.
For the fourth quarter of 2020, net sales were $169.3 million and diluted earnings were $1.78 per share.
For the corresponding period in 2019, net sales were $105.1 million and diluted earnings were $0.46 per share.
The substantial increase in profitability for the fourth quarter and the full year is attributable to the significant increase in sales, 61% for the fourth quarter and 39% for the full year.
At December 31, 2020, our cash and short-term investments, which are invested in US T-bills, totaled $141.2 million.
Our current ratio is 2.9 to 1 and we have no debt.
At December 31, 2020, stockholders' equity was $264.7 million, which equates to a book value of $15.13 per share, of which $8.07 per share was cash and short-term investments.
In 2020, we generated $144 million of cash from operations.
We reinvested $24 million of that back into the Company in the form of capital expenditures, primarily related to new products.
In addition, the Company acquired substantially all of the Marlin Firearms assets for $28 million in November of 2020, which included machinery and equipment, tooling, fixtures, and inventory.
We estimate that 2021 capital expenditures will be approximately $20 million, predominantly related to new product development.
In 2020, we returned $114 million to our shareholders through the payment of dividends, reflecting our customary quarterly dividends and a special dividend of $5 per share that was paid in August.
Our Board of Directors declared a $0.71 per share quarterly dividend for shareholders of record as of March 12, 2021, payable on March 26, 2021.
As a reminder, our quarterly dividend is approximately 40% of net income and therefore varies quarter to quarter.
Since 2015, the company has paid $225 million in dividends to its shareholders, just less than $13 per share.
Additionally, during that time, we repurchased more than 1.7 million shares of our stock for $84 million, at an average price of $48.36 per share.
The estimated sell-through of the Company's products from the independent distributors to retailers, in 2020, increased 44% from 2019.
For the same period, the National Instant Criminal Background Check System or NICS background checks, as adjusted by the National Shooting Sports Foundation, increased 60%.
In 2020, new product sales represented $111 million or 22% of firearm sales, compared to $102 million or 26% of firearm sales in 2019.
We remain committed to new product development as evidenced by our strong roster of our new products in 2020, which included the extremely popular Ruger-57 pistol, which is awarded the 2020 Caliber Award for best overall new product by the Professional Outdoor Media Association in conjunction with the NASGW.
22 Long Rifle, which is based on the venerable LCP platforms and utilizes our Lite Rack system for easier slide manipulation and reduced recoil.
And the PC Charger and AR-556 pistol, two pistol configurations based on established rifle platforms that have found widespread popularity.
As a result, the combined inventories in our warehouses and at our distributors, decreased 290,000 units during 2020.
By mid-summer, we began to accelerate our hiring process, and as a result, since the middle of 2020, our workforce has been strengthened by 250 folks.
This allowed us to realize a 30% increase in production during the latter half of the year.
As many of you are aware, in November, we purchased substantially all of the Marlin assets for $28.3 million.
These actions which cost approximately $3.6 million, in 2020, mitigated the adverse financial impact on our business, resulting from Covid19.
These expense reductions and deferrals approximated $2.9 million in 2020.
We estimate that Covid-related costs will total between $1.5 million and $3 million in 2021.
Included in this estimate is a $200 bonus for every employee who receives a Covid vaccination.

Summary:
For 2020, net sales were $568.9 million and diluted earnings were $5.09 per share.
For the fourth quarter of 2020, net sales were $169.3 million and diluted earnings were $1.78 per share.