SOURCE: Leatt Corporation

August 17, 2009 12:12 ET

Leatt Corporation Announces Financial Results for Quarter Ending June 30, 2009

VALENCIA, CA--(Marketwire - August 17, 2009) - Leatt Corporation, a Nevada corporation (PINKSHEETS: LEAT) (Company) announced its unaudited financial results for the quarter ending June 30, 2009 (Q2-09). Gross revenues for Q2-09 were $3,106,200, compared to $5,243,113 for fiscal quarter ending June 30, 2008 (Q2-08); Cost of Revenues was $1,322,810, compared to $1,677,796 for Q2-08; and Net Loss was ($390,138), compared to Net Income of $775,017 for Q2-08. The Company has intensified its marketing and sales efforts in response to reduced sales and has a new product line introduction scheduled for 2010.

"We have become more aggressive in marketing and sales in response to the slow down in sales and our new product line will hopefully increase sales in 2010 which will optimistically be complemented by a more robust worldwide economy," said Dr Christopher Leatt, the Company's Chief Executive Officer.

The complete financial report for Q2-09 is posted on the Company's Website at http://www.leatt-corp.com.

About Leatt: The Leatt Corporation is the exclusive global distributor of the Leatt-Brace® Prophylactic Neck Brace designed to prevent potentially devastating motor sport injuries to the cervical spine (neck). The inventor of the brace, Dr. Chris Leatt, is the Chief Executive Officer and Founder of the Leatt Corporation and is responsible for executing the company's global strategy. Dr. Leatt is a qualified medical doctor with experience in trauma and neurosurgery. For more information on the Company and its products, please visit the company website at www.leatt-brace.com. The contents of any referenced Web Site or links therein are expressly not incorporated into this press release.

The Consolidated Statements of Operations (unaudited) for the period ending June 30, 2009 are:

                            LEATT CORPORATION
                   CONSOLIDATED STATEMENT OF OPERATIONS

                              Three Months Ended       Six Months Ended
                                    June 30                 June 30
                               2009        2008       2009         2008
                            Unaudited   Unaudited   Unaudited   Unaudited

Revenues                    $3,106,200  $5,243,113  $7,451,523 $11,239,152

Cost of Revenues             1,322,810   1,677,796   2,699,568   3,596,529
                            ----------  ----------  ---------- -----------

Gross Profit                 1,783,390   3,565,317   4,751,955   7,642,623
                            ----------  ----------  ---------- -----------

Operating Expenses
   Salaries and wages          830,903     603,019   1,733,241   1,193,642
   Commissions and
    consulting expenses        103,892     164,665     218,473     366,107
   Professional fees           215,314     390,629     621,642     868,936
   Advertising and marketing   454,711     692,224     739,196   1,108,145
   Office rent and expenses     57,817      43,139     112,609      86,097
   Research and development
    costs                       23,515      33,569      41,838      49,106
   General and
    administrative expenses    387,184     332,468     670,739     767,001
   Depreciation                112,318     103,680     224,910     196,984
                            ----------  ----------  ---------- -----------
       Total operating
        expenses             2,185,654   2,363,393   4,362,648   4,636,018
                            ----------  ----------  ---------- -----------

Income/(Loss) from
 Operations                   (402,264)  1,201,924     389,307   3,006,605
                            ----------  ----------  ---------- -----------

Other Income (Expense)
   Fair value adjustment
    relating to obligation
    to issue preferred and
    common shares                    -    (132,370)          -    (264,739)
   Interest and other
    income, net                 12,126       5,963      27,920      51,038
                            ----------  ----------  ---------- -----------
      Total other income
       (expense)                12,126    (126,407)     27,920    (213,701)
                            ----------  ----------  ---------- -----------

Income/(Loss) Before Income
 Taxes                        (390,138)  1,075,517     417,227   2,792,904

Income Taxes                         -     300,500     308,504     709,500
                            ----------  ----------  ---------- -----------

Net Income/(Loss) Available
 to Common Shareholders     $ (390,138) $  775,017  $  108,723 $ 2,083,404
                            ==========  ==========  ========== ===========

Notice: Statements in this press release that relate to future results and events (including statements about our future financial and operating performance) are forward-looking statements based on our current expectations. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including: weakening global economic conditions and instability in financial markets; our ability to establish an advantage over competitors; our ability to generate substantial U.S. and non-U.S. net revenue; our ability to accurately predict product, customer and geographic sales mix and seasonal sales trends; production delays or failures; our ability to effectively manage periodic product transitions; disruptions in component availability; our reliance dealers and contract manufacturers; our ability to access the capital markets; risks relating to our internal controls; unfavorable results of legal proceedings; our ability to properly manage the distribution of our products; the success of any cost-cutting measures; our ability to attract, retain and motivate key personnel; and the effect of armed hostilities, terrorism, natural disasters and public health issues. For a discussion of those and other factors affecting our business and prospects, see our website at http://www.leatt-corp.com. We assume no obligation to update forward-looking statements.

Contact Information