CEO of gunmaker that produced Florida shooter's weapon: 'I share nation's grief'
James Debney, boss of former Smith & Wesson, offers remarks as he blames ‘challenging market conditions’ for nosedive in profits
James Debney, the British-born chief executive of the company that made the rifle used by the gunman in the school shooting in Florida last month, on Thursday said he “shared the nation’s grief” over the massacre.
Announcing American Outdoor Brands’ (AOB) latest results, Debney called the shooting, which killed 17 at the Marjory Stoneman Douglas high school in Parkland, an “incomprehensible loss of life” but said the company would continue to support the right of Americans to carry firearms.
“We share the nation’s grief over this incomprehensible and senseless loss of life, and we share the desire to make our community safer,” said Debney, adding the company would “continue to support the development of effective solutions that accomplish that objective, while protecting the rights of the law-abiding firearm owner.”
His comments came as Debney blamed “challenging market conditions” for a dramatic slump in the company’s profits and sales.
AOB, formerly known as Smith & Wesson, saw its share price collapse as it reported a $4.7m profit over the quarter compared with $37.6m a year earlier. Sales revenue fell close to a third, down to $157.4m compared with $233.5m for the same period the previous year.
“Our results for the third quarter reflected a continuation of challenging market conditions in the consumer market for firearms,” said Debney.
Like its rivals, AOB has experienced a sharp drop in sales since Donald Trump was elected president. One gun manufacturer, the 200-year-old Remington, has filed for bankruptcy. The so-called “Trump slump” comes after a gun-buying bonanza during the Obama presidency, when buyers feared legislation would curtail their gun-buying activity.
Last month, a 19-year-old former student at the high school in Florida used a legally bought Smith & Wesson M&P 15 .223 semi-automatic rifle to kill 17 students and teachers.
The killing has led to furious calls for gun reform from students at the school, some politicians, and the public. Major gun retailers including Dick’s Sporting Goods and Walmart have changed their gun sales policies, with Dick’s no longer stocking assault-style rifles and both companies raising the age for buying guns to 21.
Debney, a University of Manchester Institute of Science and Technology graduate who formerly ran Presto, a company making garbage bin liners and plastic wrap, is a major supporter of the National Rifle Association (NRA), the gun lobby group.
Although he has admitted never having fired a gun before he took the job, Debney was awarded the NRA’s Golden Ring of Freedom, a badge of honor that comes with a yellow blazer and is given only to those who have raised over a million dollars for the organization.
