Remington in the News

[quickdtoo]

http://www.cnybj.com/featured-channel/article/remington-posts-394-million-loss-for-2008.html

Remington posts $39.4 million loss for 2008

By: Traci Gregory

03/19/09 11:34 AM

ILION - Remington Arms Co., Inc. lost $39.4 million in 2008 on sales of $591.1 million.

That compares to a net loss of $1.5 million on sales of $489 million in 2007.

The 20.9 percent sales increase was mainly due to Remington's acquisition of The Marlin Firearms Co. as well as increased sales of Remington's R-15 and R-25 product lines in 2008.

The company recorded $47.4 million in non-cash impairment charges during the year. The charges included $3.1 million associated with certain trademarks obtained during the Marlin acquisition.

Remington plans to hold a conference call in early April to discuss its results.

Headquartered in Madison, N.C., Remington designs, produces, and sells sporting-goods products for the hunting and shooting-sports markets, as well as the military, government, and law-enforcement markets.

Founded in 1816 in upstate New York, the company's Ilion facility employs nearly 1,000 people.

Remington distributes its products throughout the United States and in more than 55 foreign countries. 




http://www.startribune.com/business/41345552.html?elr=KArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aUU

Cabela's picks Remington CEO as new chief

Last update: March 16, 2009 - 9:32 PM

Outdoor outfitter Cabela's has chosen the chief executive of gun maker Remington Arms' parent company to succeed Dennis Highby as its new CEO. Monday, the Nebraska-based retailer said Thomas Millner, 55, will become president and CEO.

[PHATINJUN]

I don't know how all the #'s work when buying other companies but I am a little surprised at the loss. And wonder is it directly related to gun sales or are they taking a big hit on thier investments like everyone else.like I said I don't know how all those #'s ties togeather or is it good to loose the money during aguisitions??? Kurt

[GPR125]

That might explain how Cabelas was able to bring a CEO out to Sidney Nebraska, which isn't exactly the garden spot of the west.

[Jimbo47]

I don't know anything about big business corporations, and how they crunch numbers to get where they are, but seems any gun companies during this time would be having all out over the top profits as everything for the last several months has flown off the shelves.

But then again it may be due to other investments, and having to depend on others who supply their needs that may be taking a beating right now.

Might be they listened and heeded too well the old saying, don't put all your eggs in one basket and it is actually hurting them right now!

[wreckhog]

They lost almost $40k per employee?

[LaOtto222]

For most of 2008, gun sales were not that good. At a local Gander Mountain, they posted big discounts for buying firearms. The more the gun cost the more the discount. They only had it posted for a couple of weeks and then we were getting close to the election, gun sales took off. I do not think gun sales in 2008 were all that great until the last two or three months. Gun sales are brisk now. Hopefully Remington will pull a profit this year.

[1marty]

don't look at loss or profit. The loss seems to be attributal to non-cash items. Seems sales are strong and if you take into consideration the extraordinary non-cash items and non-reaccuring expenses the company is doing quite well.

[c1skout]

 I read that Cerberus (the investment firm who owns Remington) lost almost 140 million to Bernie Madoff.

[1marty]

chunk change for them

[Troyboy]

Profit and loss is a game that money poeple play. One can't take the statements at face value.

[BBF]

If they invested with Bernie

[handipardner]

from the gun nut blog:

March 23, 2009

Bourjaily: Good News from Remington
Take a look at the 2009 Remington catalog. What’s missing? Imports. After a brand-diluting dalliance with cheap Russian Baikal guns, reasonably nice Italian O/Us and Serbian Mausers, Remington once again is only selling guns made in the USA.

Now, I have nothing against the inexpensive and solidly made Baikal guns, outside of the fact that they have the heft and liveliness of truck axles. I kind of liked the Premier O/Us, although there wasn’t anything about them to set them apart from all the other Italian O/Us in their price range. Serbian Mausers are out of my area, but I understand they were okay. Whatever merits these guns may have had, though, none of them were Remingtons and they didn’t belong.

I called one of my friends at Remington for an explanation. He told me: “We had to get rid of the Russian guns because they competed directly with our H&R guns which we will continue to make in the United States.”

Remington, of course, was acquired by Cerberus Capital Management in 2007, which already owned Bushmaster at the time and has since added H&R, Marlin, Bushmaster, DPMS and EOTAC, as well as the Parker and LC Smith brands.

Given that many speculated that that the new owners would take all Remington’s production offshore, this seems like a good, if preliminary, indication to the contrary.
And,  I can only hope the Premier O/U line was cleared out to make room for a revived 3200, but I’m not holding my breath.

[kitchawan kid]

Some say that it was due to the fact that they don't sell handguns,those sales took off.