* Q4 cont ops EPS $0.27 vs $0.07 last yr

* Q4 sales rose 28 pct to $129.8 mln

* Sees Q1 sales $125-$130 mln vs est $112.6 mln

* Sees FY 2013 sales $485-$505 mln vs est $466 mln

* Shares up 16 pct after the bell

June 28 (Reuters) - Smith & Wesson Holding Corp expects an expanding consumer-base, coupled with the upcoming U.S. presidential elections, to continue to drive strong firearm sales in fiscal 2013.

In an earnings call, the gunmaker said its user base has expanded as a result of a rise in the numbers of women gun owners and the entry of a younger generation of gun enthusiasts.

Smith & Wesson shares, whose value has more than doubled since the company decided to divest its perimeter security business last October, rose as much as 16 percent in extended trade. They closed at $6.89 on Thursday on the Nasdaq.

The gun industry has seen strong demand over the past few quarters, primarily on fears of tightened gun laws in the event of U.S. President Barack Obama winning another term.

"We believe the recent political environment has been favorable at both a state and federal level, highlighted by the upcoming presidential election," Chief Executive James Debney said on the call.

"Orders continued to outstrip our ability to supply to the majority of our product portfolio."

The company said its firearm backlog more than doubled to $439 million.

Rival Sturm Ruger & Co Inc had suspended orders from independent wholesale distributors for two months, as it was unable to keep up with demand. It resumed accepting orders in May.

Smith & Wesson, which sells firearms under its namesake line and the M&P and Thompson/Center Arms brands, expects full-year 2013 sales of $485-$505 million, well above analyst estimates of $466 million.

The Springfield, Massachusetts-based company's fourth-quarter revenue rose about 28 percent to $129.8 million.

Net income at the company that also competes with Glock Inc and Taurus rose more than four-fold to $17.8 million.