WESTPORT, CT (BRAIN)—First quarter revenue soared almost 63 percent for Fox Racing Shox due in part to strong sales of mountain biking product, according to earnings figures reported Monday by the company’s parent, Compass Diversified Holdings.
Net sales for the suspension manufacturer came in at $32.7 million for the first three months of the year, compared with $20.1 million for the same time period in 2009.
Of those sales, $21.4 million were to locations outside the U.S., primarily to Asia, compared with $13.3 million in 2009.
Income from operations increased to $2.8 million, an improvement from the $850,000 loss experienced during the first quarter of 2009.
The jump in net sales is attributed to increases in both the mountain biking and powered vehicles sector, the company said in a quarterly earnings report filed with the Security Exchange Commission.
“Sales increases in the mountain biking sector were due to strong sales at the end of Fox’s prior model year compared to seasonably weak sales in 2009,” the report said. Sales increases in the powered vehicle sector were due to sales of suspension products to Ford Motor Company for use in its F-150 Raptor off-road pickup, and sales to ATV OEMs.
Compass Diversified Holdings owns six other middle market businesses.
—Nicole Formosa
