A rumor's been floating around that PMC was on the verge of closing (or already has, depending on who's telling the story.) One variation I heard at a gun show out here in WA was that they'd been crippled by losses due to an embezzler. I like some of their ammo (their .44 mag ammo is some of the hottest on the market) and quite a number of folks I shoot BE with like their .22LR ammo, so I decided to write and ask. I promptly got a very nice response. It was a private email, so I won't just post it, but I will paraphrase.
PMC is retrenching but they are not going out of business. They were hurt by what they describe as some poor business decisions but not by any embezzling. To survive, they are dropping their rimfire and shot shell product lines, at least for 2006 and maybe for good. But their centerfire pistol ammo will continue to be available and they're hoping to add rifle ammo from other manufacturers.
The .22LR ammo they were selling was actually made for them by Aguila. If you were using PMC-branded .22LR, Centurion Ordinance (tel 201-695-4602), the US importer for Aguila, can probably recommend a close replacement.
Reports of the demise of PMC greatly exaggerated
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Nicole Hamilton
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A number of years ago, PMC made some extremely consistant .22 ammo, then they went down hill. Shooters Choice discontinued to carry it in their competition catelog, but continue to sell it through their Sporting Goods Store. PMC went through yet another ownership change, and their consistancy went up with the ELEY primed cases that were loaded in Mexico. We had some initial success with it in some rifles, so we bought 2 cases. As it turned out, it did not shoot in the 513T, 540XR, or the 541X Remingtons, but had marginal success in the Mod 64 Anschutz, but failed in thour Mod 54's. Investigation with PMC revealed they were going through radical changes. As soon as the production run in Mexico was through, they were moving shop to an Eastern Bloc country (I forgot the name), for one lot of ammo, then were moving to Korea to set up shop again. Mind you, they knew of these 2 moves right then, yet they were still loading in Mexico. We immediately began useing up the PMC for practice ammo, and continued our testing of other brands of ammo. I tell you all this, to let you know about how PMC conducts business. We will not be useing anymore of their ammo, even for practice, unless we see some signs of permanent establishment, and see some PMC results at matches.