CAPE TOWN, South Africa (BRAIN) — Leatt Corporation, a maker of protective gear for motorsports and bicycling, announced 2014 revenues of $18.5 million, up 24 percent over its 2013 sales.
The company, which is headquartered in Durbanville, South Africa, is traded on the OTC QB over-the-counter market (OTCQB: LEAT). While its primary business is in motorsports, it is expanding its mountain bike and BMX protective gear line, which is distributed in the U.S. by BTI. The company launched a new mountain bike helmet last year at Eurobike and Interbike.
In a fourth quarter and fiscal year financial statement, Leatt attributed the sales increase to "enthusiastic uptake of new products, including new neck and knee braces, and Fusion upper-body brace and body armor for children and for adults."
Neck brace sales increased by 17 percent, or $1.4 million year-to-year. Gross profit margin increased to 53 percent from 52 percent in 2013, due largely to a larger percentage of premium products in the overall product mix, combined with cost reductions in materials.
The company reported net income of $418,351, or $0.08 per share.
CEO Sean Macdonald said, "We believe that our investments in marketing and R&D, as evidenced by the radical innovation and continued excellence of products developed by the R&D team led by Dr. Chris Leatt, will continue our transition to a more diverse, all-sports oriented company."
More information: leatt-corp.com.
