Good news for fans of Big Green — Remington remains a going concern…
On 5/17/2018, Remington Outdoor Company (“Remington”) announced that it has emerged from Chapter 11 after successfully implementing the reorganization plan recently approved by the Delaware Bankruptcy Court. Basically, the bankruptcy proceeding has converted debt into equity allowing Remington to move forward with significantly reduced debt load and associated interest costs.
“The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity,” stated the Remington press release.
“In addition, the Plan provides the Company with a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan.” The Plan received support from over 97% of the voting Term Loan Lenders and all of the voting Third Lien Noteholders.
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. Mr. Acitelli continued, “We are excited about the future — producing quality products, serving our customers, and providing good jobs for our employees.”
Old Shared Cancelled, New Shares Issued to Previous Lenders
The bankruptcy essentially extinguished old Remington stock shares and replaced them with new shares: “As provided in the Plan, all shares of Remington’s common stock issued prior to the commencement of Remington’s bankruptcy proceeding were cancelled upon emergence, and Remington has issued new shares of common stock and, in some cases, warrants, to the holders of its previously outstanding funded debt in return for their allowed claims against Remington.”
Remington Has a Storied History
Founded in 1816 by Eliphalet Remington in New York, Remington is the oldest continuously-operating gun manufacturer in the United States. Even with its present difficulties, Remington still sells more sporting rifles and shotguns than any other American company. Remington has developed more cartridges than any other U.S. company. And it is the only American company that sells firearms AND ammunition under its own name.
A couple seasons back, PrecisionRifleBlog.com (PRB) published a significant field test of powder temperature stability. The test was designed to quantify the temperature stability of Hodgdon H4350 and Varget powders compared to IMR’s Enduron line of powders, specifically IMR 4166 and 4451. The results were very interesting, to say the least…
Hodgdon Extreme Series powders have attracted quite a fan base, with over 90% of the top shooters in the Precision Rifle Series choosing to run one of those powders. IMR offers a modern line of powders “with Enduron Technology” — which is also marketed to have “extreme temperature stability”. Sounds familiar! These new powders should compete directly with the Hodgdon Extreme Series, which gives shooters more temp-stable powder options to consider.
The top shooters in the PRS and veteran long-range shooters in other disciplines have learned to value a temperature-stable powder. That’s because a change in temperature can affect the trajectory or “flight path” of the bullet in two well-known ways:
1. Assuming all other environmental conditions remain the same, an increase in air temperature will cause a flatter trajectory due to a lower air density (easier for the bullet to cut through the air).
2. The same increase in temperature also causes the nitrocellulose-based powder inside the cartridge to burn at a higher rate, producing approximately four times the Point of Impact (POI) shift than just air temperature alone. (SEE: Temperature Effects On Zero on KestrelMeters.com.)
“The initial heat condition of your powder will affect the burn rate,” Bryan Litz explained at a recent Applied Ballistics Seminar. That means swings in ambient outside temperature can affect your internal ballistics, which will directly affect your muzzle velocity, which will change your bullet’s trajectory. Some powders are more affected by changes in temperature than others. So if your goal is first-shot hits and you may shoot in a variety of conditions — you should care about temperature stable powders.
The folks at PrecisionRifleBlog.com meticulously loaded 6.5×47 Lapua ammo with each powder using some of the best equipment available. This included the top-of-the-line Prometheus Gen II Powder Scale, which is capable of loading to the nearest kernel of powder. This ensured the powder charges were identical for each round of ammo. PRB’s testers explain the full set of equipment and steps in their loading process in the Full Test Report.
Once they had a couple dozen rounds loaded with each powder, they went and shot them with each powder at 25° F, 65° F, and 140° F. The muzzle velocity of each shot was recorded using BOTH a LabRadar Doppler Radar and a MagnetoSpeed Chronograph. That provided two sets of velocity numbers. When placed and configured optimally, the LabRadar can measure muzzle velocity with +/- 0.1% accuracy, according to the manufacturer.
Here are the results from the PRB Powder Temp Stability Tests:
You can see Hodgdon H4350 had the least variance in muzzle velocity, with just 25 fps over the 115° swing in temperature! That is very, very low. Hodgdon Varget was the second least temperature sensitive powder in this test, with 46 fps of variance in muzzle velocity between temperatures of 25° F and 140° F. IMR 4166 performed very similar to Varget, and proved to be fairly insensitive to large swings in temperature. IMR 4451 had the largest swing in muzzle velocity of the powders tested, but keep in mind just 68 fps over 115° F swing is still a good performance.
Most powders aren’t specially formulated to be temperature stable. So they would likely show much larger swings than what these four top-performing powders showed. However, Alliant’s relatively new Reloder 16 is an extremely temp-stable powder, with a burn rate that is a close match to H4350. Many F-Open competitors are now using Reloder 16 with considerable success.
PRB’s test team also noticed other interesting trends in the data. For example, variation in velocity does NOT appear to be linear across the full range of temperatures. By that, they mean the change per degree from 20° to 65° might be smaller or larger than the change per degree from 65° to 140°.
This is good news for gunsmiths and small manufacturers who have been threatened by onerous regulations (and huge fees), under ITAR. With a Republican President in the White House, it looks like the Departments of Commerce and State are moving towards removing common gunsmithing activities (such as threading barrels or fitting brakes) that were potentially under the purview of ITAR. In addition, possible Federal rule changes would broadly move firearms and ammunition out from ITAR regulation. Generally speaking, it appears that the proposed rule changes will make Federal law more tolerant, so that producers of small firearms accessory parts would no longer have to register as ITAR manufacturers (with hefty annual fees).
As part of the Export Control Reform (ECR) initiative and ahead of expected publication in the Federal Register this week, the Departments of Commerce and State have posted the new proposed rules transitioning export licensing of sporting and commercial firearms and ammunition from the ITAR-controlled U.S. Munitions List (USML) to the EAR-controlled Commerce Control List. Thus, items removed from the USML would become subject to the Export Administration Regulations (EAR).
The NSSF states: “The new proposed rules represent significant change in the regulations controlling exports of our products, and all exporters need to review these important proposed rules.
NSSF is preparing comments on the rules for formal submission. We will be sending out a recap of the changes in the next few days. Please make sure all your export specialists have a chance to review and provide comments. NSSF will be drafting a comments letter for both rules based on this review.”
SUMMARY: This proposed rule describes how articles the President determines no longer warrant control under United States Munitions List (USML) Category I – Firearms, Close Assault Weapons and Combat Shotguns; Category II – Guns and Armament; and Category III – Ammunition/Ordnance would be controlled under the Commerce Control List (CCL). This proposed rule is being published simultaneously with a proposed rule by the Department of State that would revise Categories I, II, and III of the USML to describe more precisely the articles warranting continued control on that list.
SUMMARY: The Department of State (the Department) proposes to amend the International Traffic in Arms Regulations (ITAR) to revise Categories I (firearms, close assault weapons and combat shotguns), II (guns and armament) and III (ammunition and ordnance) of the U.S. Munitions List (USML) to describe more precisely the articles warranting export and temporary import control on the USML. Items removed from the USML would become subject to the Export Administration Regulations (EAR).
At the 2018 NRA Show in Dallas last week, Trijicon unveiled a notable new scope that should interest Benchrest shooters and Long-Range competitors. The all-new Trijicon AccuPower 5-50x56mm Long Range Scope offers an impressive ten times zoom range, plus an illuminated reticle. This RS50 Series Second Focal Plane scope with 34mm main tube is offered in both MOA and MIL systems. The MOA version features 1/8 MOA clicks plus a reticle with 1 MOA subtensions at 40X power. The MIL version has 1/20 Milrad click values and a ranging style reticle with wind hold dot system. Both MOA and MIL versions have a full 100 MOA of elevation travel.
New Trijicon 5-50x56mm Scope Revealed at NRA Show in Dallas:
Credit Erik Cortina for providing this video.
With a $2700 MSRP, we expect Trijicon’s new 5-50X scope to have a “street price” of about $2400. That lines up with the NightForce 15-55x52mm Competition, now priced at $2352.00 on Amazon.
The new Trijicon 5-50x56mm (RS50 Series) scope boasts some nice features. Employing extra-low dispersion glass, the scope offers high light transmission with minimal chromatic aberration. The magnification control lever can be moved to two different positions to suit the operator. Both MOA and MIL reticle styles are illuminated with 5 red and 5 green user-selectable brightness settings.
We hope to get our hands on one of these new Trijicon 5-50X scopes soon for testing. We’ll let you know how it stacks up against other high-magnification zoom scopes, such as the Vortex 10-60x52mm Golden Eagle, the Nightforce 15-55x52mm, and the March 5-50x56mm.
Please note, along with this 5-50x56mm scope, Trijicon has also introduced a 4.5-30x56mm RS30 Series scope. This 4.5-30X optic will be offered in both First Focal Plane and Second Focal Plane versions. SEE AccuPower Scope Brochure.
Product Tip from EdLongrange. Video and Trijicon Brochure from Erik Cortina.
You probably know by now that the CMP has been authorized to distribute U.S. Army surplus 1911 pistols. These were the actual .45 ACP handguns issued to American troops for most of the 20th Century. The first 8,000 pistols have been released from the U.S. Army to the CMP. The very best examples will be auctioned, while the rest will sold in three classes: Service Grade ($1050); Field Grade ($950); and Rack Grade ($850). Interest has been high in these historic 1911 service pistols, with demand expected to exceed supply. Now the CMP has set up the purchase procedure and pricing.
NOTE: The CMP 1911 Order Form Packet can be downloaded from TheCMP.org starting June 4, 2018. Only ONE CMP 1911 Order Form Packet per customer may be submitted.
IMPORTANT: To purchase one of these pistols, you must submit a “hard copy” application, and pass two NICS background tests. Potential purchasers must provide the CMP with a set of documents including: 1) proof of U.S. Citizenship; 2) proof of membership in a CMP-affiliated club; 3) proof of participation in a marksmanship activity; 4) a completed 1911 order form, including a notarized form 2A; 5) a signed copy of the 01, or 02, or 07 Federal Firearms License to which the 1911 will be transferred. All qualifying documents must be included in your order packet.
Designed by J.M. Browning, the M1911 is a single-action, semi-automatic, magazine-fed, recoil-operated pistol chambered for the .45 ACP cartridge. It served as the standard-issue sidearm for the United States Armed Forces from 1911 to 1986. It was widely used in World War I, World War II, the Korean War, and the Vietnam War.
CMP 1911 Pistol Purchasing Procedure
While the National Defense Authorization Act granted transfer of a maximum of 10,000 1911s per year to the CMP, the Secretary of the Army allowed only 8,000 1911s to be transferred to the CMP for sale and distribution this fiscal year. Some of those are anticipated to be unusual and worthy of being auctioned. The remaining number will be sold based on a computerized Random Number Generator.
Order Packet Availability: CMP 1911 Order Form Packet will be posted on the CMP website on June 4, 2018. Only ONE CMP 1911 order form packet per customer may be submitted. Hand delivered, emailed, and faxed orders will not be accepted. CMP 1911 order form packet must be mailed to the following address: CMP 1911, 1800 Roberts Drive, Anniston, AL 36207.
One-Month Order Window: Orders must be postmarked NOT PRIOR TO 4 September 2018 and NOT AFTER 4 October 2018. Any orders received postmarked prior to September 4 will not be accepted. Hand delivered, emailed, and faxed orders will not be accepted.
CMP 1911 Pistol Pricing
CMP has priced the 1911 type pistols at fair market value in accordance with CMP’s enabling legislation. The shipping cost is included in the price.
Service Grade $1050. Pistol may exhibit minor pitting and wear on exterior surfaces and friction surfaces. Grips are complete with no cracks. Pistol is in issuable condition.
Field Grade $950. Pistol may exhibit minor rust, pitting, and wear on exterior surfaces and friction surfaces. Grips are complete with no cracks. Pistol is in issuable condition.
Rack Grade $850. Pistol will exhibit rust, pitting, and wear on exterior surfaces and friction surfaces. Grips may be incomplete and exhibit cracks. Pistol requires minor work to return to issuable condition.
Auction Grade. The condition of the auction pistol will be described when posted for auction. Note: If you have already purchased a 1911 from CMP you will NOT be allowed to purchase an auction 1911. If you purchase an auction 1911, your name will be pulled from the sequenced list. No repeat purchasers are allowed until all orders received have been filled.
The NRA has announced that Lt. Colonel Oliver North, USMC (Ret.) will become President of the NRA within a few weeks, a process the NRA Board of Directors initiated Monday morning.
North said he was eager to take on this new role. North is retiring from Fox News, effective immediately. “I am honored to have been selected by the NRA Board to soon serve as this great organization’s President,” North said. “I appreciate the board initiating a process that affords me a few weeks to set my affairs in order, and I am eager to hit the ground running as the new NRA President.”
The NRA Board acted quickly to begin the process for North to become President, after former NRA President Pete Brownell announced that, in order to devote his full time and energy to his family business, he had decided not to seek election to a second term.
Brownell wrote to the NRA Board: “Discussing this with Wayne LaPierre, he suggested we reach out to a warrior amongst our board members, Lt. Colonel Oliver North, to succeed me. Wayne and I feel that … a leader with his history as a communicator and resolute defender of the Second Amendment is precisely what the NRA needs. After consulting with NRA-ILA Executive Director Chris Cox, First Vice President Childress and Second Vice President Meadows, I can report there is extraordinary support for Col. North.”
“Pete has served the NRA with great courage and distinction,” LaPierre said. “I am grateful that he joined me in enthusiastically recommending Oliver North to the Board of Directors.”
Carolyn Meadows Will Serve as Interim NRA President
After the announcement, NRA First Vice President Richard Childress informed the board that he had multiple commitments in the next several weeks and was unable to be immediately available to serve as interim President. The Board then selected Second Vice President Carolyn Meadows to serve as its interim President. Meadows will step aside in a few weeks, when Lt. Col. North is prepared to take on his new role as NRA President.
Friday was a notable day for the NRA, with the President of the United States, Donald Trump, addressing the faithful at the NRA-ILA Forum. Trump gave a stirring speech in Dallas, renewing his administration’s commitment to the Second Amendment and the rights of law-abiding citizens to own firearms.
This morning the major event of the NRA Annual Meetings and Exhibits (NRAAM) takes place — the Annual Meeting of Members at 10:00 am Central Time in Ballroom A of the Kay Bailey Hutchison Convention Center. After that, there is a very full schedule of events, seminars, and celebrity appearances all day. This evening there is a big concert, featuring Travis Tritt and the Gatlin Brothers. For the full schedule of events, visit www.NRAAM.org.
Annual Meeting of Members
Open to All NRA Members
Kay Bailey Hutchison Convention Center, Ballroom A
Event starts at 10:00 am
Country Music Event
Honoring Charlie Daniels with Guests Travis Tritt and the Gatlin Brothers.
Kay Bailey Hutchison Convention Center, Arena
Event starts at 7:00 pm
The main action is in the Exhibit Hall — with over 800 exhibitors including big companies like Ruger, Smith & Wesson, and Remington. If you thought yesterday had a jam-packed schedule, check out what’s going on today at the NRA Annual Meetings and Exhibits The show opens at 9 a.m. and there’s plenty more to do and explore! Don’t forget to download the show’s MOBILE APP to have everything accessible at your fingertips.
Show Features
NRA Booth, Booth #8833
NRATV, Booth #8839
Pyramid Air Air Gun Range, Ballroom C2
NRA Store, Ballroom C3 & C4
Wall of Guns, Lobby C – Booth #109
Featured Product Center, Lobby D
NRA Country Sound Stage, Lobby F
The National Shooting Sports Foundation (NSSF), the trade association for the firearms, ammunition, hunting and shooting sports industries, Board of Governors today unanimously voted to expel Dick’s Sporting Goods from membership for conduct detrimental to the best interests of the Foundation.
Dick’s Sporting Goods recently hired a Washington D.C.-based government affairs firm, for “[l]obbying related to gun control.” Dick’s Sporting Goods CEO Edward W. Stack announced earlier this year the retail chain would end sales of modern sporting rifles, voluntarily raise the age to 21 to purchase firearms in their stores and called for more restrictive legislation. Dick’s later announced they would destroy the remaining modern sporting rifle inventory. NSSF responded that business decisions should be individually made, but was nonetheless disappointed and the decision does not reflect the reality of the vast majority of law-abiding gun owners.
It’s Friday, which means the exhibit hall of the 147th NRA Annual Meetings and Exhibits (NRAAM) opened today at 9:00 am at the Kay Bailey Hutchison Convention Convention Center in Dallas, Texas. Check out the 800+ exhibitors, seminars, workshops, special events, and celebrity meet and greets all in one spot. Here’s a quick glimpse of what’s happening today, Friday, May 4. The NRA Show runs Friday through Sunday. The Exhibit Hall is open 9:00 am – 6:00 pm on Friday and Saturday, and then 10:00 am through 5:00 pm on Sunday, May 6th.
For more info on events and exhibitors, visit www.nraam.org or download the NRAAM Mobile App.
President Donald Trump will speak today at the NRA-ILA Leadership Forum.
Daily Events NRA Booth, Booth #8833 NRATV, Booth #8839 Pyramid Air® Air Gun Range, Ballroom C2 NRAstore, Ballroom C3 & C4 Eddie Eagle, Lobby D – Booth #130 Wall of Guns, Lobby C – Booth #109 Featured Product Center, Lobby D NRA Country Sound Stage, Lobby F
Celebrity Appearances Lena Miculek – Booth #6220 – 11:30am-12:00pm, 2:30pm-3:00pm, 5:00pm-5:30pm Max Michel – Booth #6220 – 10:30am-11:00am, 1:30pm-2:00pm, 4:00pm-4:30pm Sergeant Sammy L. Davis – Booth #10150– 10:00am-6:00pm Mykel Hawke – Booth #10150 – 12:00pm-6:00pm Norris Jernigan – Booth #10163– 9:00am-6:00pm Lou Ferrigno – Booth #8627 – 12:00pm-1:15pm John “Tig” Tiegen – Booth #8627 – 1:30pm-3:00pm Valentina “Bullet” Shevchenko – Booth #8627 – 10:00am-11:30am John Correia – Booth #8623 – 2:00pm-3:00pm Corinne Mosher – Booth #4323 – 1:00pm Jerry Miculek – Booth #8555 – 11:00am-12:00pm, 2:00pm-3:00pm Jim & John Scoutten – Booth #8555 – 10:00am-11:00am Cheyenne Dalton – Booth #9556 – 10:00am-11:00am Anthony Amantine – Booth #9556 – 11:00am-12:00pm Jerry Miculek – Booth #9556 – 1:00pm-2:00pm The Gould Brothers – Booth #9556 – 2:00pm-3:00pm Black Rifle Coffee Company – Booth #7733 – 9:00am-6:00pm
Click here for a complete list of celebrity appearances!
Vista Outdoor Announces Strategic Business Transformation Plan
Big news. Vista Outdoor Inc. (NYSE: VSTO) may be selling off gun-makers Savage and Stevens, declaring it will “explore strategic options” for those brands. However, Vista Outdoor will retain its businesses that produce ammunition and reloading components: Alliant Powder, CCI, Federal Premium, and Speer. The sell-off of Savage and Stevens is not a sure thing yet, but Vista’s new CEO Chris Metz has been looking hard at the “bottom line” and he says that the gun-making brands have not been as profitable as expected. This is not just an exit from gun-making. Vista Outdoors executives have analyzed the company’s full portfolio of brands, and decision-makers have targeted other brands for sell-off. READ Vista Outdoor News Release.
The Wall Street Journal reported: “The company [Vista Outdoor, VSTO, -13.07% on 5/1/18] said Tuesday it would pare its brands to focus on business lines including ammunition and shooting accessories, water bottles and packs and outdoor cooking ware. It will explore the sale of several brands including Bell bike helmets, Giro snow goggles, Blackburn handlebar tape, Jimmy Styks paddle boards, and Savage and Stevens firearms[.]”
Notably, Vista Outdoor remains fully committed to the ammunition and components businesses. In an official news release, CEO Metz stated: “Vista Outdoor is excited about the potential of each of our core businesses, particularly ammunition, which is our largest core business. An increased focus on our heritage ammunition business will manifest itself in more innovative and breakthrough new products introduced over the next few years. We also anticipate that by prioritizing this business, we will be able to invest more capital to further enhance and expand our global leadership position.” Metz denied that the sell-of of Savage and Stevens was a response to a boycott by the REI outdoor retail chain. The CEO said that REI represents less than 1% of the company’s total sales.
CEO Metz acknowleged that revenues were down substantially for the past fiscal year (ending 3/31/18), and reduced gun sales were one reason: “Sales were $2.3 billion, down 9% from the prior year. The decline was caused by lower volume in Shooting Sports across all ammunition categories, lower pricing across the portfolio, and lower firearms sales as a result of decreased demand impacting the shooting sports industry. Additionally, Outdoor Products declines were caused by market conditions affecting shooting-related categories, including hunting and shooting accessories, optics, and tactical products.”
Vista Outdoor currently has a large portfolio of brands, including guns, gear, eyewear, ammunition, camping equipment, and much more. Top brands for guns and shooting, after Savage and Stevens, are: Alliant Powder, American Eagle, Blazer Ammunition, Bushnell, CCI, Federal Premium, RCBS, and Speer.
The NRA Board acted quickly to begin the process for North to become President, after former NRA President Pete Brownell announced that, in order to devote his full time and energy to his family business, he had decided not to seek election to a second term.
