WESTPORT, CT (BRAIN)—Fox Racing Shox reported net sales of $131.7 million in 2008, up from $105 million the year before, according to earnings released on Friday by its parent company, Compass Diversified Holdings, Inc.
Sales from the Watsonville, California-based suspension company represented 8.6 percent of Compass’ consolidated sales for the year.
Despite the economic downturn during the fourth quarter last year, Fox was able to increase in sales during that period from $30 million in 2007 to $30.6 million.
“We are very pleased with Fox’s growth during the quarter and the year,” said Jim Bottiglieri, chief financial officer for Compass. “A number of opportunities outside the company’s mountain biking sector including military and the well-publicized partnership with Ford on the F150 Raptor should materialize over the course of 2009. We believe these opportunities will mostly offset potential declines in sales as a result of a slowing economy in 2009.”
The rise in Fox’s revenue can be attributed to an increase in OEM sales on the bike and powersports side, as well as increases in aftermarket sales, Bottiglieri said.
Fox sells to 134 OEM and 6,875 aftermarket customers, according to earnings filings with the Security Exchange Commission. Last year 76 percent of the company’s sales were from OEM customers, compared with 75 percent in 2007.