Sales at Fox Factory Holding Corp. stretched to $121.5 million in the year ended Dec. 31, 2009, sliding 7.7% from 2008. However, the mountain bike components-maker ended the year with a 62% boost in firm back orders, indicating sales will recover in 2010. The increase of 62%, up from $14.9 million in 2008, will roll into the upcoming year, accounting for $24.1 million in backlog orders.
Based in Watsonville, CA, Fox designs, makes and sells suspension products to over 200 OEM customers and over 7,600 aftermarket customers across its market segments. In January, 2008, Compass Holding Group acquired a controlling interest (75.5%) in Fox for $80.4 million.
All in all, the company still relies heavily on single accounts as one customer accounted for approximately 10.8%, 10.7% and 12.8% of net sales for the years ended December 31, 2009, 2008 and 2007, respectively. Furthermore, Foxs top 10 customers accounted for approximately 50.0%, 48.1% and 47.1% of net sales in 2009, 2008 and 2007.
International sales accounted for $84.0 million, $92.5 million and $70.5 million in each of the years 2009, 2008 and 2007, respectively. That included sales to Taiwan of $35.6 million, $44.8 million and $37.3 million over the same time.
In addition, Fox invested $3.0 million in research and development in 2009, up from $2.6 million in 2008 and $2.0 million in 2007. The company maintained its spending on advertising and marketing at about 2% of sales.
