Net income plunged 73% to $2,478,895 in the fiscal first quarter ended June 30, from $9,198,915 last year, as total revenues grew 37% to $60,756,026 from $44,476,332 helped by the addition of GunBroker. Ammunition sales increased 45% to $41.0 million, with casing sales adding another $3.3 million, down 15%. GunBroker fees contributed $16.5 million, a 34% increase from the prior year. Gross margin contracted 1280 basis points to 29.8% due to materials costs and overhead preparing for the opening of a new, 185,000-sq.-ft. manufacturing facility, but is expected to recover over the rest of the year. Operating expenses grew 41%, ... Log in to view full article.