SCOTTS VALLEY, Calif. (BRAIN) — Fox Factory sales increased 2.2 percent to $56.1 million over the first quarter, up from $54.9 million last year. But sales of mountain bike products decreased 4.4 percent , offset by a 14.1 percent increase in sales of powered vehicle products.
Fox attributes the decline in mountain bike products sales to a planned shutdown of its factory in early January 2014, which caused some sales planned for the first quarter to be shipped in the fourth quarter of 2013.
Fox is in the process of moving about 85 percent of its bike fork capacity to its own factory in Taiwan by the end of 2014. Its production there will be all in-house, with no contracted manufacturing in Asia. In 2015 it plans to move 85 percent of its bike shock capacity to Taiwan.
The company will maintain pilot run capacity in the U.S. along with the ability to supply the North American aftermarket and OEMs still doing assembly in the U.S.
Fox Factory Holding Corp. is traded on the Nasdaq stock exchange under the ticker FOXF. Its performance is tracked on the BRAIN stock chart.