Leatt Corporation, a South African developer and marketer of protective equipment for high-velocity sports, reported revenue grew to $3.5 million in the quarter ended Sept. 30, versus $2.2 million for the third quarter of 2013.
Gross profit margins held steady from the second quarter at 54 percent, and were up from the 52 percent reported for the third quarter of 2013. The net loss dropped to $263,191, or $0.05 loss per share, from the third-quarter net loss in 2013 of $568,931, or $0.11 loss per share. The 2013 third-quarter loss included a tax credit of $253,785, so the improvement on an operating basis was even stronger than it appears.
The strong upsurge in sales was due to increased customer demand for the company’s Fusion 2.0 Junior and 5.5 Neck Brace product line in the United States and abroad. Neck Brace sales were $1.6 million, compared to $1.3 million in last year’s third quarter. Body Armor sales saw strong growth at $1.7 million, up from $720,000 in 2013, primarily because of the Company’s new C Frame Knee Brace, which has been enthusiastically accepted by the marketplace. The strong demand for Knee Brace has raised the Company’s overall Body Armor gross profit margin.
While best known among motor sports athletes, Leatt launched its first bicycle helmets at Eurobike and Interbike this year.
