SPRINGFIELD -- Smith & Wesson parent American Outdoor Brands Corp. is warning shareholders that "actions of social activists" could cost the company by bringing stockholder proposals up for votes or by pressuring banks not to do business with the gun maker.

The warning was in AOBC's most recent annual report. The warning was not in the 2017 annual report.

"Such activities may adversely affect our business in a number of ways, since responding to such inquiries or proposals could be costly, time consuming, disruptive to our operations, and could meaningfully divert the attention of our resources, including those of our management team and our employees," the company said.

The warning comes at the same time American Outdoor Brands announced some bad news about its performance in the most recent fiscal year. Sales were down 33 percent last year, according to a disappointing earnings report issued after the close of the stock market Wednesday.

American Outdoor Brands said its full-year net sales for the fiscal year completed April 30 were $606.9 million, compared with $903.2 million a year ago. Fourth-quarter net sales were $172 million, compared with $229.2 million for the fourth quarter last year, a decrease of 24.9 percent.

Full-year net income was $20.1 million, or 37 cents per share, compared with $127.9 million, or $2.25 per share, last year. Fourth-quarter net income was $7.7 million, or 14 cents per share, compared with $27.7 million, or 50 cents a share, for the comparable quarter last year.

The gun business is cyclical. Often sales increase when Democrats are in power in Washington and gun enthusiasts fear more regulation. Then sales slump with a Republican in the White House because gun buyers are less apprehensive.

American Outdoor Brands' concerns are not coming out of the blue. In April, Bank of America said it would no longer finance makers of military-style firearms for the civilian marketplace.

In March, Citigroup told its business partners to stop firearm sales to customers under age 21 and not to sell high-capacity ammunition magazines and bump stock devices that make semiautomatic guns fire like automatics.

Amalgamated Bank said it would work with industry peers to regulate gun sales.

In May at Smith & Wesson competitor Sturm Ruger, a group of nuns and other faith-based investors won a shareholder vote telling management to prepare a report detailing financial and reputational risks associated with making guns.

Asset manger BlackRock, Ruger's largest shareholder through its index funds, voted in favor of the report, according to accounts at the time. In index funds, entities like the Dow Jones Industrial Average pick the stocks, not managers like BlackRock.

This activism followed the Feb. 17 mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida. A gunman is accused of killing 17 people. He used a rifle made by Smith & Wesson.

Since the Parkland shooting, protesters have regularly picketed outside Smith & Wesson. Management never meets with protesters.