A big rebound in orders from OEMs pushed up sales at Fox Factory Holding Corp. 40.7% to $171.0 million for the fiscal year ended Dec. 31 from a year earlier, according to the annual report released by its parent company Compass Diversified Holdings.
International sales, which are primarily to overseas bike manufacturers, reached $113.6 million in 2010, or 67% of sales, compared to $84.0 million, or 69% in 2009. Sales to Taiwan totaled $49.5 million in 2010 versus $35.6 million in 2009.
Gross profit as a percentage of sales remained flat at approximately 28.4%.
Selling, general and administrative expenses increased approximately $5.1 million over the corresponding period in 2009. The increase was attributed to increases in marketing costs of $700,000, engineering costs of $1.3 million, and other administrative costs of $2.4 million, compared to 2009. Research and development costs totaled $4.2 million, up from $3.0 million in 2009 and $2.6 million in 2008.
Operating income at Fox, reached $19.6 million, up 83% from $10.7 million in 2009.
The Watsonville, CA company closed out 2010 with approximately $34.7 million in firm backlog orders, up 44.0% from $24.1 million at the end of 2009.
Mountain biking products declined as a percentage of the company’s gross sales for the third consecutive year. They now account for 75% of sales compared to 79% in 2009 and 84% in 2008, when CODI acquired the company. The balance come from sales to snowmobiles, all terrain vehicles, motocross motorcycles and off-road vehicles.
