Net results registered a $1,093,033 loss against income of $3,253,027 in the prior year on revenues slashed 44% to $34,254,575 from $60,756,026 for the fiscal first quarter. The bottom line was hit by $2.8 million of non-recurring legal expenses in the quarter. Sales were down primarily on the ammunition segment dropping 68% to $13.1 million. The segment suffered both from the softening U.S. commercial ammo market and the company’s planned shift towards the most profitable sectors of the commodity ammo sector and to OEM casing sales.

The short-term top line sacrifice did ... Log in to view full article.