Net income slipped 65% to $38,628,000 from $111,272,000 as the company reported a significant decline in H2 demand due to high retail inventory levels, aggressive price discounting by rivals, lower consumer demand for firearms and a lack of new product introductions. Full-year revenues slipped 21% to $544,474,000 from $688,276,000, largely on a 20% drop in sales of firearms to $542.3 million. RGR reported a 21% decline in FY14 sales from independent distributors to retailers. Also, demand for higher-margin firearms accessories softened in H1 before declining significantly in H2. Annual gross margins slid 700 b.p. to 31.1%. Sturm responded to the ... Log in to view full article.