The North Carolina-based manufacturer of Remington and Bushmaster guns reported a first-quarter decline in sales and a loss, which it blamed on the 2016 presidential election, according to an filing Friday with the Securities and Exchange Commission.

Madison, North Carolina-based Remington Outdoor Co. had a loss of $35.0 million in the first three months of the year compared to net income of $14.4 million in the first quarter of 2016.

Revenue declined by more than 25 percent to $157.6 million from $218 million in the first quarter last year.

“Our firearms, ammunition and related accessory products are experiencing an anticipated post-election reduction in demand, which started in the middle of our first quarter,” the company said in its filing.

The privately held company, which dates by back to 1816, is owned by Cerberus Capital Management LC. It is one of two major U.S. companies that manufactures both guns and ammunition.

Since 2008, the company has held the No. 1 or No. 2 market positions in the United States for many long gun categories and modern sporting rifles and the No. 3 market position for ammunition.

Firearm sales declined 27.1 percent to $84 million in the first quarter from $115.3 million in the first quarter of 2016. Sales of handguns, rimfire and centerfire rifles decreased $3.8 million. Shotgun sales increased by $800,000.

Ammunition sales also declined by 27.3 percent to $62.6 million in the first quarter from $86.1 million in the first three months of 2016.

In the first quarter of 2017, the company recorded impairment charges of $28.6 million related to goodwill and $4.5 million related to trademarks in its firearms business.

Chief Executive Officer Jim Marcotuli and Chief Financial Officer Steve Jackson will host a conference call on Thursday, May 18 at 2 p.m. EST to discuss the financial results.

Interested parties may participate by dialing 1-888-430-8690 (U.S. and Canada) or 1-719-325-2366 (International), and providing the conference ID number 9954799.