Net income for the fiscal third quarter ended Jan. 31 was $5,731,000 against a loss of $5,725,000 last year that included a $10.4 million impairment charge, as revenues increased 3% to $166,695,000 from $162,008,000 benefitting from a $10.1 million federal firearms excise tax assessment. Excluding the write down and other one time items, adjusted net income was $6,945,000 vs. $8,943,000. Gross margin narrowed by 30 basis points to 33.1%, but would have been up 190 b.p. to 35.3% excluding the assessment. SG&A was down $1.2 million benefitting from a $3.8 million take back in compensation related to ousted CEO James ... Log in to view full article.