CAPE TOWN, South Africa (BRAIN) — Leatt Corp. continued its record-setting financial year with second-quarter revenue increasing 32% year-over-year with net income spiking 815%.
This follows its best first quarter in company history.
Leatt CEO Sean Macdonald noted revenue growth from its Head-to-Toe product categories and cited demand for helmet and footwear products, especially mountain bike shoes and motorcycle boots.
"... The sustained strong demand from a wider rider audience that we are seeing for our line of body protection is particularly encouraging," Macdonald said.
For the second quarter ending June 30, revenues for the protective equipment manufacturer were $6.9 million for the quarter, and net income was $675,000, or $0.12 per diluted share.
U.S. revenue rose 51%, with international revenue increasing 16% in the quarter.
"We believe that this strong demand is in part due to the growth experienced in the outdoor industry at large, as a result of consumer preference for being outdoors during the pandemic," Macdonald said. "This trend is especially noticeable in the bicycle industry, which has helped drive demand for our mountain biking products."
Gross profit was $3.3 million, compared to $2.6 million for the same time last year. Total operating expenses were $2.3 million, down 7%.
Leatt's corporate headquarters are in Cape Town. Its stock is traded on the OTCQB exchange under the LEAT symbol. Leatt stock quote at Marketwatch.com.
