CAPE TOWN, South Africa, May 13, 2015 - Leatt Corporation (LEAT) today announced its financial results for the first quarter ended March 31, 2015. Leatt Corporation develops and markets protective equipment and ancillary products for all forms of sports, especially extreme high-velocity sports. All financial numbers are in US dollars.
First Quarter Highlights
"The first-quarter growth and profit continues the upward growth trend reported over the past few quarters," said Leatt CEO, Sean Macdonald. "And while the first quarter has historically been our weakest quarter, we were able to achieve a modest profit in the first quarter for the first time in 6 years. We are pleased with the enthusiastic acceptance of our new C Frame Knee Brace, and by the successful registration with the United States Food and Drug Administration (FDA) of our knee and shoulder brace as Class 1 Medical Devices in the USA. Not only is revenue increasing overall, but growth is continuing to build for our higher margin products."
In spite of higher revenues and a modest increase in R&D expense, the Company kept a careful watch on expenses resulting in a 5.3% decline in overall operating expenses during the quarter, aided by a decline in litigation expenses year-to-year.
Cash and equivalents grew to $893,165 at March 31, 2015, compared to $724,707 at December 31, 2014. There were no long-term liabilities as of March 31, 2015, and stockholders' equity was $7.2 million.
"We are proud of these first fruits of our product expansion strategy, which we believe are significant improvements on existing products in the market," added Dr. Christopher James Leatt, Leatt's Head of Research and Development. "We are particularly proud of our innovative, lightweight and maximally-ventilated DBX and GPX helmets which we expect will be game-changers for the Company and its customers as they launch us, for the first time, into the arena of helmeted sports. We believe that our helmet design will help protect against concussion more effectively than other designs currently available on the market. We intend our helmets to follow in the footsteps of our neck braces to become the gold standard for sport safety worldwide."
The Company will host a conference call at 11:00 am Eastern Time on May 13, 2015, to discuss the first quarter 2015 results.
Participants should dial in to the call ten minutes before the scheduled time, using the following numbers: 1-888-348-8777 (USA) or +1-412-902-4245 (international) to access the call.
There will also be a simultaneous live webcast through the Company's website, www.leatt-corp.com. Participants should register on the website approximately ten minutes prior to the start of the webcast.
An audio replay of the conference call will be available for seven days and can be accessed by dialing 1-877-870-5176 or +1-858-384-5517 (international) and using passcode 10065530.
For those unable to attend the call, a recording of the live webcast, will be archived shortly following the event for 30 days on the Company's website.