Fox Factory Holding Corp. Announces Third Quarter 2016 Financial Results

Third Quarter 2016 Sales Increased 2.7% to $109.0 Million  Achieves Earnings per Diluted Share of $0.36; Adjusted Earnings per Diluted Share of $0.44 Company Raises Fiscal 2016 Guidance

SCOTTS VALLEY, Calif., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ:FOXF) ("FOX" or the "Company") today reported financial results for the third quarter and nine months ended September 30, 2016.

Third Quarter Fiscal 2016 Highlights
  • Sales increased 2.7% to $109.0 million compared to $106.2 million in the same period last fiscal year
  • Gross margin decreased 80 basis points to 32.0% compared to 32.8% in the same period last fiscal year; non-GAAP gross margins decreased 40 basis points compared to the same period last fiscal year
  • Net income was $13.7 million, or $0.36 per diluted share, compared to $10.6 million, or $0.28 per diluted share in the same period last fiscal year
  • Non-GAAP adjusted net income was $16.6 million, or $0.44 adjusted earnings per diluted share, compared to $14.5 million, or $0.38 adjusted earnings per diluted share in the same period last fiscal year
  • Adjusted EBITDA was $20.9 million, or 19.2% of sales, compared to $20.7 million, or 19.5% of sales in the same period last fiscal year

"The diversification of our end markets and product applications helped us put together another solid quarter," stated Larry L. Enterline, FOX's Chief Executive Officer. "We benefited from growth across our powered vehicle products and are pleased with our bike products performance, particularly in the face of a challenging industry backdrop.  As we head into the fourth quarter, we are raising our fiscal year guidance as we expect to build upon our solid business momentum."

Sales for the third quarter of fiscal 2016 were $109.0 million, an increase of 2.7% as compared to sales of $106.2 million in the third quarter of fiscal 2015. This increase reflects a 6.6% increase in sales of powered vehicle products and bike product sales which were relatively unchanged from the prior year period.  The increase in sales of powered vehicle products was primarily due to continued high demand for on and off-road suspension products.

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