Fox said it closed the Sport Truck transaction March 31. Sport Truck is a full service, globally recognized distributor of aftermarket suspension solutions. It primarily designs, markets, and distributes high quality lift kit solutions through its brands, BDS Suspension and Zone Offroad Products.
"We are very excited to have closed the previously announced Sport Truck acquisition and welcome the Sport Truck team to the Fox (Fox-Retired) family,” stated Larry L. Enterline, Fox's Chief Executive Officer. "We look forward to leveraging our global marketing, engineering, distribution, and supply chain resources to collectively develop next-generation, lifted truck ride dynamics solutions."
Mr. Enterline continued, "Looking ahead, we are well positioned to build off of our positive momentum and continue to deliver strong results in 2014. We believe industry dynamics continue to favor our product categories in premium mountain bikes and powered vehicles. This, along with a shifting consumer preference toward higher performance products will help fuel our growth long-term."
Fox acquired the assets of Sport Truck for approximately $43 million including approximately $1 million of estimated closing adjustments. The transaction was financed with debt and includes a potential earn-out opportunity of up to a maximum of $29.3 million payable over the next three years contingent upon the achievement of certain performance-based financial targets. Sport Truck generated approximately $34 million in unaudited net sales and Adjusted EBITDA of approximately $7 million in calendar 2013.
The company is reaffirming its first quarter guidance previously provided March 11, 2014. The Company expects first quarter fiscal 2014 sales in the range of $53 million to $57 million, earnings per diluted share in the range of $0.07 to $0.10, and non-GAAP adjusted earnings per diluted share in the range of $0.09 to $0.12. The first quarter guidance excludes the after-tax impact of approximately $0.02 per share of transaction costs related to the acquisition of Sport Truck.
For the fiscal year 2014 the company expects sales in the range of $300 million to $320 million, earnings per diluted share in the range of $0.70 to $0.80, and non-GAAP adjusted earnings per diluted share in the range of $0.85 to $0.95 based on 38 to 39 million weighted average diluted shares outstanding. The full year GAAP guidance excludes $0.04 per share of after-tax transaction and related costs associated with the acquisition of Sport Truck.
Headquartered in Scotts Valley, CA, Fox designs and manufactures high-performance suspension products primarily for mountain bikes, side-by-side vehicles, on-road and off-road vehicles and trucks, all-terrain vehicles, snowmobiles, specialty vehicles and applications, and motorcycles.
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