CAPE TOWN, South Africa (BRAIN) — Protective brand Leatt Corporation saw a 17.8 percent sales increase in its third quarter, which ended Sept. 30, as well as an increase in revenues in the year to date.
For the third quarter, revenues were $5.5 million, with net income of $293,289, or $0.05 per share, as compared to revenues of $4.6 million, with net income of $39,256, or $0.01 per share, for the 2016 third quarter.
For the nine months revenues were $14.8 million, with net income of $344,186, or $0.06 per share, as compared to revenues of $13.2 million, with net income of $140,780, or $0.03 per share, for the same period in 2016.
"We are very pleased by the results of the third quarter and the promise and potential that they represent for our future," said CEO Sean Macdonald. "Our global revenues in the third quarter were up 18% and our EBIDTA increased by 231%. Our new 2018 line of products that started shipping in the third quarter (is) being enthusiastically received by industry media and by our customers worldwide."
Macdonald continued, "We are especially encouraged by the market acceptance of our 2018 apparel line for bicycle and off-road motorcycle use. Apparel sales not only add revenue but are valuable in the promotion and visibility of the Leatt brand moving forward."
He said the company will begin to ship its Leatt 3.5 Neck Brace in the first quarter of 2018. The lightweight neck brace for bicycle use was introduced and won awards at Eurobike and Interbike this year.
Leatt, based in South Africa, is trade on the OTCQB market under the LEAT symbol. The stock was trading up at $2.10 midday Tuesday.
