Net income tumbled 54% to $58,100,000 in the fiscal first quarter ended June 25, from $126,015,000 last year, as sales slipped 14% to $693,333,000 down from $802,612,000. Combined gross margin was down 390 basis points to 32.7%, pulled down by lower ammo volumes and pricing, partially offset by accretive acquisitions. Operating expenses increased 11% in dollars, including a 53% jump in R&D spending and 8% higher SG&A that was attributed to the acquired businesses. Inventory was 7% higher year-over-year at $710.0 million.

Ammunition sales at the Sporting Products segment declined 26% to ... Log in to view full article.