STOCKHOLM (BRAIN) — Led in part by the 12th consecutive quarter of growth in its Sports sub-category, MIPS' net sales increased 59% year-over-year in the third quarter.
For the quarter, overall net sales were SEK 215 million ($21.7 million), compared with SEK 135 million at the same time last year. In the Sports sub-category, which includes bike helmets, net sales were SEK 164 million, compared with SEK 120 million year-over-year. The North American market had net sales of SEK 125 million, an increase of 95% compared with the same time last year.
Body and head impact protection brand Koroyd, which MIPS acquired last year and operates separately, contributed 30% of the quarter's net sales.
Net income was SEK 39 million, up 14.7% from SEK 34 million year-over-year. Earnings per share increased from SEK 1.29 to SEK 1.48. Operating profit increased from SEK 44 million to SEK 60 million.
MIPS' stock is traded on the Nasdaq Stockholm exchange. Stock quotes are available at nasdaq.com.
