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Second Quarter Sales Increased 15.8% to $70.3 Million
Second Quarter Net Income Increased 32.5% to $5.7 Million and Adjusted EBITDA Increased 29.0% to $12.6 Million
SCOTTS VALLEY, Calif., Sept. 19, 2013 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (Nasdaq:FOXF) ("FOX") today reported financial results for the second quarter and six months ended June 30, 2013.
Second Quarter Fiscal 2013 Highlights
Sales increased 15.8% to $70.3 million compared to $60.7 million in the same period last fiscal year, driven by strong sales growth for both mountain bikes and powered vehicle products
Gross margin increased 190 basis points to 29.0% compared to 27.1% in the same period last fiscal year
Net income increased 32.5% to $5.7 million compared to $4.3 million in the same period last fiscal year
Non-GAAP adjusted net income increased 25.3% to $6.7 million compared to $5.3 million in the same period last fiscal year
Adjusted EBITDA increased 29.0% to $12.6 million compared to $9.8 million in the same period last fiscal year
"We are pleased to report solid second quarter financial results for FOX," said Larry Enterline, the Company's Chief Executive Officer. "Growing demand for our high-performance mountain bike and powered vehicle products enabled us to deliver double-digit growth for sales, adjusted EBITDA, and adjusted net income. We also improved our gross margin and adjusted EBITDA margin, underscoring our ability to leverage our operating platform and improve efficiency. We have identified several areas in our business for future margin improvement and expect to continue to improve our gross and operating margins as we go forward."
Sales for the second quarter of fiscal 2013 were $70.3 million, an increase of 15.8% from sales of $60.7 million in the second quarter of fiscal 2012. Sales of mountain bike and powered vehicle products increased 17.7% and 12.3%, respectively, for the second quarter of fiscal 2013 compared to the prior year period.