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Article Date: August 2017
Word Count: 198

Remington Results Sag in Second Quarter


Net loss doubled to $9.5 million from $4.8 million in the second quarter ended Jul. 2 as reduced consumer demand and excess inventories in the firearms segment sent sales tumbling 24% to $155.0 million from $204.3 million. Gross margin contracted 410 basis points to 21.6% on mix shifts, price cuts and deleverage from lower sales volumes. ROC’s $971.4 million debt and the $15 million per quarter interest to service it is a huge burden, leading Moody’s last month to cast doubt on the company’s chances of being able to refinance its $552 million term loan that expires in Apr. ... Log in to view full article.

 


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