Icon's net sales up 10 percent in quarter ended November

In its 10Q filing with the SEC, Icon Health & Fitness has reported net sales for the three months ended Nov. 30, 2002 (its FY second quarter) to be up $28.1 million or 10.6 percent, reaching $292.7 million from the comparable period a year ago of $264.6 million. (Two years earlier in the same quarter for 2001, net sales were $267.6 million.) The company stated in the filing dated Jan. 14 that sales increased primarily due to increased customer demand. Cardiovascular sales led the charge for the Logan, Utah-based company with an increase of 12.1 percent ($246.3 million in total sales), while strength product sales increased 3.3 percent ($46.5 million total sales). Gross profit in the quarter was $82.0 million or 28 percent of net sales, compared to $69.0 million, or 26.1 percent of net sales. This 18.8 percent increase the company attributed to increased direct-to-consumer sales, as well as changes in product mix and increased efficiency in manufacturing.

As a result of this plus expenses, EBITDA was $32.7 million, or 11.2 percent of net sales, in the second quarter, compared to $31.3 million, or 11.8 percent of net sales, in the comparable quarter a year earlier. All the details plus charts are available in the company’s filing: www.sec.gov/Archives/edgar/data/934798/000093479803000005/e10q2qf03i.txt