Sales at mountain bike components maker Fox Factory Holding Corp. reached $121.5 million in the year ended Dec. 31, 2009, down 7.7% from 2008, the companys parent company reported. However, the company ended the year with a 62% increase in firm back orders, indicating sales will rebound in 2010.
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, which include motocross, mountain biking, snow mobile and all-terrain vehicles.
Compass Holding Group acquired a controlling interest in Fox in January, 2008 for $80.4 million and currently owns 75.5% of the company. Compass other companies make printed circuit boards, furniture, medical devices and provide staffing services.
Compass reported that Fox ended 2009 with approximately $24.1 million in firm backlog orders, up 62% from $14.9 million at the end of 2008.
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. Foxs top 10 customers accounted for approximately 50.0%, 48.1% and 47.1% of net sales in 2009, 2008 and 2007.
International sales totaled $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 in 2009, 2008 and 2007, respectively.
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.
Fox ended the year with 408 employees, including approximately 56 in sales, marketing and customer service, 38 were in engineering and 285 in operations and IT with the remainder serving in executive and administrative capacities.
