Net income plummeted 85% to $2,156,000 from $14,861,000 in the fiscal second quarter ended Mar. 29, on revenues that were 13% lower to $175,856,000 from $202,115,000, with weakness across all segments. Gross margin contracted 230 basis points to 34.9%, primarily driven by unfavorable overhead absorption and promotional price reductions. Operating income fell 57% for the fishing unit to $7.4 million on an 11% decline in sales to $138.6 million. The divestiture of its military and commercial tents business last year resulted in a ... Log in to view full article.