Net income rose 4% to $10,291,000 from $9,924,000 for the period ended Sep. 30. Revenues were 10% higher at $90,148,000 versus $82,293,000 as gross margins improved 90 b.p. to 31.6%. During the period, FOXF continued to make progresson moving its bike production to Taiwan in a project that should be completed by the end of 2015. Approximately 50% of the company's bike forks were produced in Taiwan in Q3. Mountain bike revenue, meanwhile, came in lower than expected during the period. Current Q4 guidance is calling for non-GAAP adjusted EPS of $0.15-20 a share of $69-75 million.
In a separate development, Fox Factory announced that its board authorized a share repurchase program of up to $40 million in outstanding common stock
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