Fox Racing Shox earned $34.4 million in the second quarter of 2008 compared with $26.7 million for the same period of 2007, according to a report released by Fox’s parent company, Compass Diversified Holdings.
Income from operations was also up, from $1.66 million during the second quarter of 2007 to $3.1 million in 2008.
James Bottiglieri, chief financial officer for Compass, says the higher revenue is attributed to increased sales in Fox’s bicycle and powersports division. Sales in those divisions rose by $5.7 million, while aftermarket and service sales increased by about $2 million, according to a quarterly report filed with the Securities Exchange Commission.
For the first six months of the year, Fox’s revenue was $57.9 million, up from $42.7 million during the first six months of 2007.
“Needless to say, we are excited about Fox’s growth for the first six months and are optimistic about the remainder of 2008 as well,” Bottiglieri said. “This performance both reaffirms our decision to acquire this business earlier this year as well as supports many of the initiatives [planned by] management to help them strategically manage their growth.”