Dec. 17 - The U.S. gun business has been growing and there is no evidence that the recent shooting will have a major impact on sales. Bobbi Rebell reports.
PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL The horrific school shooting in Connecticut has put the spotlight on the business of guns. And it is big business: Albany Law School Professor Timothy Lytton has studied the gun industry: SOUNDBITE: TIMOTHY LYTTON, PROFESSOR, ALBANY LAW SCHOOL (ENGLISH) SAYING: "U.S. sales of guns and ammunition are about $2.3 billion; that is about a third hand guns, a third rifles and a third ammunition. Most of that is for the U.S. market and you have to add to that about $3.2 million in imports each year. " Gun sales are on the rise. Last year 2.5 million pistols were put out on the market. That's up from 2.3 million the previous year, according to the Bureau of Alcohol, Tobacco, and Firearms or ATF. For rifles, 2.3 million rifles were made and sold in the U.S. in 2011. That's up from 1.8 million in 2010. And in its most recent earnings report, Smith and Wesson reported record quarterly profits up 48 percent from the previous year, citing strong sales across all of its product lines. And there is no evidence that the latest tragedy will dampen gun sales or have a material impact on the industry. SOUNDBITE: TIMOTHY LYTTON, PROFESSOR, ALBANY LAW SCHOOL (ENGLISH) SAYING: "I would be surprised if there came out of this, major restrictions on the types of weapons that could be sold. And on that basis I would expect that there wouldn't be a lot of change in the current situation in the industry in terms of sales or marketing or the demand for weapons." In fact, gun store owner Karl Durkheimer said the weekend after the shooting his business increased. SOUNDBITE: GUN STORE OWNER KARL DURKHEIMER (ENGLISH) SAYING: "Yesterday was the biggest day we have ever done in 20 years, today will probably eclipse that." The reason? buyers fear new regulations and are stocking up.