CAPE TOWN, South Africa (BRAIN) — Protective products manufacturer Leatt Corporation announces on Friday that its first half sales totaled $9.3 million, up from $8.5 million in the first half last year. In the half, the company registered net income of $101,000.
The company’s second quarter saw revenues of $3.5 million, with a net loss of $221,063, compared to revenues of $3.7 million, with a net loss of $11,456, or $0.00 per share, for the 2016 second quarter.
“The second quarter is traditionally a challenging quarter for Leatt as our customers receive their primary stocking orders in Q1 and Q3, respectively, in line with industry seasonality,” said CEO Sean Macdonald.
“Furthermore, although U.S. sales continued to grow during the period, 2017 second quarter international sales were also depressed by higher recorded revenues during the 2017 first quarter, as our international customers replenished their inventory to meet increased market demand resulting from easing currency fluctuations.
“However, we received orders during the 2017 second quarter that we expect to ship during the second half of the year.So, our outlook for the third quarter and the remaining year continues to be very positive.”
Macdonald said Leatt continues to see increases in neck brace, body armor and …read more