Net income was $7,645,000 in the fiscal first quarter ended Jul. 31 against a loss of $2,165,000 last year on an 8% topline increase to $138,833,000 from $129,021,000 on strengthening gun sales and a boost from outdoor products. Gross margin surged 630 basis points to 37.8%, with firearms having a big improvement to 35.0% and outdoor products at 46.1%. Operating expenses were $4.9 million lower in dollars and down 590 b.p. as a percent of sales, resulting in the strong bottom line improvement and enough cash flow to pay down the $25.0 million outstanding on its line of credit. Net ... Log in to view full article.