Colt is exiting the consumer market for modern sporting rifles, the company confirmed on its site with a letter from CEO and president Dennis Veilleux.

The letter from Veilleux, published to the Colt News section on colt.com, describes Colt's focus moving forward will be on its significant military and law enforcement contracts. Veilleux dispells reports questioning Colt's commitment to the Second Amendment. He said the move is due to a saturated market and financial outlook,...