Leatt Corp (LEAT) Reports Q1 EPS of $0.07

Leatt Corp (LEAT) reported Q1 EPS of $0.07, versus $0.00 reported last year. Revenue for the quarter came in at $7.54 million, versus $6.09 million reported last year.

First Quarter 2020 Highlights

• Best First Quarter in Company History; Revenues up 24% as compared to First Quarter 2019
• Successful global launch of mountain biking shoe line (MTB)
• Continued strong sales of upper body protection and motorcycle boots

Leatt CEO Sean Macdonald said: "Despite the severe economic conditions presented by the COVID-19 pandemic, particularly in the last three weeks of the first quarter, we are pleased to report a record-breaking quarter, our best first quarter ever in terms of revenue. Total worldwide revenues were up 24% over the first quarter of 2019, to $7.5 million. Sales in our newest cutting-edge body armor products led the way, with increases in sales of our off-road motorcycle boots and initial global shipments of our mountain bike shoe line. Body armor sales, which now make up 55% of our revenue, were up 69%, to $4.1 million.

"With global headwinds from the COVID-19 pandemic expected to affect our revenues in the next several quarters, we are focused on operating more efficiently while continuing to develop our pipeline of innovative, medically-proven products that define Leatt as a premium 'Head to Toe' brand. With revenue increasing by 24% and costs increasing by only 6%, we believe we can continue to build on the tremendous momentum that we have achieved across our core markets."

Founder and Chairman, Dr. Christopher Leatt, added, "Our new line of MTB shoes, first introduced to the market in February 2020, was created to be durable and to combine the style, comfort and control demanded by mountain bike riders around the world. Hidden above the soles of our shoe line lies our core technology – shanks with variable flex optimized based on riding style, terrain and pedal efficiency requirements."

For earnings history and earnings-related data on Leatt Corp (LEAT) click here.

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