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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.
I'm sure some of that "loss" was monies paid out to purchase Marlin. They may have gone in debt to do so, but unless Marlin fails to continue to be prfitable it wont hurt them in the long run.
The gun manufacturers had better hope that Obama introduces anti-firearm legislation, because after the current wave of panic buying passes and the buying public is tapped out, they're going to be in for a rough ride.
I couldn't dissagree with AJD more! As an owner of both Berretta and Remington shotguns; I find that for the average gun buyer Remington fits the bill much better and more often to boot. Think of the Remington 1100 as the F150 or Silverado of semi scatterguns. The Berretta on the other hand is more like a Tundra. Marginally more expensive and refined but not for everybody's taste mind you!
Now, iffin yer talkin bouts O/U's then Berretta has got them beat hands down. Remington only makes one line and Berretta rules the mid-level O/U market followed closely by Browning.
That having been said, my next semi will likely be a used 1100 or new 1187 12 gauge. BTW, I LOVE my leverguns! I just happen to be on the trap comittee at my fish and game club and shoot alot of clay resulting in my strongly opinionated response.
I hope Remington buying Marlin does not hurt either company as I'd hate to see my two favorite firemarms companies go the way of American atuo makers!
BB
You can get alot further with a kind word and a gun than you can with a kind word alone!
Al Capone
Ya can't beat a Remington 870. They beat the snot out of any semi-auto -- even the Remington semi-autos.
Lots of guys are hot for the Benelis. The thing about them as one of the guys in our gun club discovered is that they don't sell parts. If yer gun breaks, ya gotta send it back to Beneli to get it fixed. Beneli wouldn't even sell the part he needed to the Beneli Dealer he got it from so a gunsmith could fix it.
You guys don't get out much do you?!
What does Remington have to offer?!
Stop by ShotgunWorld.com sometime and see how strong their fan base is!
Benneli is not nearly as popular as you might think. I will admit that the Super Nova is the second most popular patrol-car gun in the US next to(guess what?)-that's right the Remington 870! Which in comparison to the Nova or Mossberg is considered to be the Chevy 350 of the scattergun world due to the availability of aftermarket support allowing the owner to configure the gun in innumerable ways! If you pick up a copy of Shotgun Sports magazine you will see almost equal support for Remington and Berretta across the board. The paisannes definitely have the edge in the O/U category though. It does scare me though when I see Remington come out with their first new pump in decades that looks slarmingly like a Benneli! Go figure. Buck Rogers eat yer heart out!
BB
You can get alot further with a kind word and a gun than you can with a kind word alone!
Al Capone
I'd suspect the "loss" is a paper loss... buying Marlin, tooling upgrades or some other capital investments show as a takeaway on one side of the ledger and show up as a plus someplace else.
Joe... I dont understand everything I know about big business either. Back when I was working for a large electric utility my boss would come in every year at raise time. Every year the same story, "Corporate told me to cut my budget 4% (or 6,8,10 depending on the year)..... but I found you guys a raise."
After the 7th year he came in and started the same speil... I looked him in the eye..."Boss...I've been here 8 years. Every year you cut the budget 3,4,8,9 or whatever percent. At what point should I plan on working here for free?
He gave me my little "post-it-note" with my raise scribbled on it and left.
Remington builds some fine guns today...even with all the CNC and improvments. I have a couple of 870's and a 11-87 that have been perfect.
J
always press the "red" button--- it's worth the effort and the results can be fun
I too believe it has to do with the acquisition of Marlin. With the possible exception of Ruger, there is no more stable major gun company in America than Remington. Their products have always been, and still are, a good combination of quality and price. In fact, if Remington truly is in trouble, then we might want to get even more worried about the future of guns in America. If Remington isn't selling enough, then people simply aren't buying enough.
bogie
Sadly, "Political Correctness" is the most powerful religion in America, and it has ruined our society.
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