Leatt Corporation Announces Profit in First Quarter FY 2009
CAPE TOWN, SOUTH AFRICA, Jun 08, 2009 (MARKETWIRE via COMTEX) -- Leatt Corporation (PINKSHEETS: LEAT) (Company), a Nevada corporation, today announced unaudited financial results for its fiscal 2009 first quarter ended March 31, 2009. The Company posted net quarterly profit of $502,862 on gross revenues of $4,345,323. These results compare to revenues of $5,996,039 and net quarterly profit of $1,308,388 in the year-ago quarter. Gross average margin on our neck braces was 68.3% compared to 68.0% a year-ago quarter. International sales accounted for 59% of the quarter's revenues. Financial results are posted on our corporate web site at www.leatt-corp.com. Reported results are unaudited for the First Quarter FY 2009.
CEO Chris Leatt stated that: "Despite the drop in profitability on a quarter-to-quarter year ago basis, we still made a profit in what we believe is one of the worst financial periods in modern history with our new marketing efforts to penetrate new market niches in the United States and Europe in 2009. While an improvement in the world economy is essential to any significant improvement of our financial results, we are not waiting for such a turnaround. Instead, we are pursuing an aggressive new market penetration and expansion into new geographic markets. We will keep you posted on our web site about our progress in this challenging endeavor. "
About the Company: The Company is the exclusive global maker and distributor of the Leatt-Brace(R), a Neck Brace designed to prevent or lessen the severity of potentially devastating motor sport injuries to the cervical spine (neck). The Company's operations and research and development of the core products currently take place at the Company's offices in Cape Town, South Africa.
For more information on the Leatt-Brace(R), please visit the Company web site at www.leatt-brace.com. Any web site or any portion thereof referenced herein is not part of this press release. |
