Net income quadrupled to CZK 407,875,000 ($19.5 mm) in the third quarter from CZK 99,039,000 last year, but growth in ammunition sales was more than offset by weak firearms demand, sending revenues down 4% to CZK 5,055,754,000 ($241.1 mm) from CZK 5,281,880,000. Higher margins in the ammo business bolstered profitability, though raw materials used increased 13%, and services costs grew by 11%. Personnel expenses inched up 3% year-over-year.

Firearms segment sales tumbled 20% to CZK 2,556.5 million, hurt by the U.S. government shutdown in Oct., which caused licensing delays that pushed back ... Log in to view full article.