Net income was just $3,312,000 in the fiscal first quarter ended July 31, down 96% from last year’s extraordinary $76,882,000, on sales that tumbled 69% to $84,394,000 from $274,609,000. The huge swing in results was attributed to a rubber band effect, where strong manufacturer sales to refill the distribution pipeline have now topped up inventories at wholesale and retail. Consumer demand for firearms was just 4-5% lower than last year over the quarter, according to the NSSF’s adjusted NICS checks data, so the retail market is still in good shape, albeit ... Log in to view full article.