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Third Quarter Sales Increased 12.9% to $82.3 Million Third Quarter Net Income Increased 81.5% to $9.9 Million and Adjusted EBITDA Increased 29.8% to $17.3 Million
SCOTTS VALLEY, Calif., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (Nasdaq:FOXF) ("FOX") today reported financial results for the third quarter and nine months ended September 30, 2013.
Third Quarter Fiscal 2013 Highlights
Sales increased 12.9% to $82.3 million compared to $72.9 million in the same period last fiscal year, driven by strong sales growth for both mountain bike and powered vehicle products
Gross margin increased 320 basis points to 30.8% compared to 27.6% in the same period last fiscal year
Net income increased 81.5% to $9.9 million compared to $5.5 million in the same period last fiscal year
Non-GAAP adjusted net income increased 94.2% to $12.1 million compared to $6.2 million in the same period last fiscal year
Adjusted EBITDA increased 29.8% to $17.3 million compared to $13.4 million in the same period last fiscal year
"Continued growing demand for our high-performance mountain bike and powered vehicle products enabled us to report third quarter results at the high-end of our expectations," said Larry Enterline, the Company's Chief Executive Officer. "Our team continued to execute on our long-term strategy to improve our operating efficiencies across our global infrastructure with solid gross and operating margin improvement in the third quarter. We remain optimistic about our future growth prospects given our established, premium brand and strong OEM relationships along with our track record of successful innovation."
Sales for the third quarter of fiscal 2013 were $82.3 million, an increase of 12.9% from sales of $72.9 million in the third quarter of fiscal 2012. Sales of mountain bike and powered vehicle products increased 10.8% and 18.2%, respectively, for the third quarter of fiscal 2013 compared to the prior year period.