South Africa-based Leatt Corporation (OTCQB: LEAT) announced its financial results for the first quarter ended March 31, 2017.
For the three months ended March 31, revenues were $5.82 million, with a net income of $272,000, or $0.05 per share, as compared to revenues of $4.83 million, with a net income of $113,000, or $0.02 per share, for the 2016 first quarter.
“We had an excellent first quarter, our best since the company’s inception in terms of revenue, which made for a very strong and promising start to 2017,” said CEO Sean Macdonald. “Our global revenues were up 21 percent, and our EBIDTA increased by 82 percent. Our entire team was delighted to see apparel sales — a relatively new category for us — gaining traction, and increases in sales of neck braces, body armor and knee braces during the quarter. While our revenues may fluctuate from quarter to quarter at this stage of our development, we are all energized by the promise and potential for the rest of the year. We continue to build on our strategic goal of expanding our pipeline of unique, precision engineered, extraordinary protective gear designed to enable riders at all levels to push themselves to more physical heights.”
Neck brace revenues increased 26 percent, with growth in both U.S. and international markets.