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CAPE TOWN, South Africa, March 24, 2021 /PRNewswire/ -- Leatt Corporation (OTCQB: LEAT), a leading developer and marketer of protective equipment and ancillary products for many forms of sports, especially extreme high-velocity sports, today announced record financial results for the fourth quarter and full year ending December 31, 2020. All financial numbers are in U.S. dollars. 2020 Highlights Record Fourth quarter revenues of $12.7 million, up 75%, compared to 2019. Record Fourth quarter net income of $1.8 million, up 6444%, compared to 2019. Record full year revenues of $38.6 million, up 36%, compared to 2019. Record full year net income of $4.4 million, up 222%, compared to 2019. Record increase in earnings per share to $0.82 per basic share, up 215% compared to 2019. Total operating expenses increased 5%, while revenues increased by 36%. Income from operations of $5.8 million, up 195% compared to 2019. Cash and cash equivalents increased to $3.0 million, compared to $2.1 million in 2019. Design & Innovation Award 2021 for Velocity 4.0 MTB Goggles. Powersports Nifty 50 Award for X-Frame Hybrid Knee Brace. CEO Sean Macdonald commented: "By nearly every measure,2020 was our best year ever, topped off by a fantastic fourth quarter, the best quarter in our history in terms of revenue and profitability. Global revenues for the fourth quarter were $12.7million, an increase of $5.4 million or 75%, compared to the fourth quarter of 2019,driven by break-out sales of our innovative products for upper body and limb protection, and our off-road motorcycle boots and helmets for off-road motorcycle and mountain biking use. "Total revenues for 2020 were $38.6 million, up $10.3 million or 36% over 2019. The year saw strong double-digit growth in all our product categories,except neck braces, which were affected by conservative buying patterns with the Covid-19 outbreak at the start of the year. Net income for 2020 was $4.4 million, an increase of 222%, and earnings per share more than tripled, up 215% compared to 2019,highlighting our ability to operate efficiently whileachievingstrong revenue growth. Thanks to stellar work from our entire team, we only saw a 5%increase in operating costs. "We believe that these results demonstrate the resilience and agility of our business model in the midst of the turmoil brought on by the Covid-19 pandemic, as consumers continuedto participate in outdoor activities. Meanwhile, our expanding line of products have defined Leatt as a genuine 'head-to-toe' brand with a full offering of cutting-edge products that appeal to an increasingly wider rider audience around the world." Founder and Chairman Dr. Christopher Leatt remarked: "We are always at work refining our product categories and, thanks to the diligence and creativity of our engineering team and our professional riders, we have created a strong pipeline of innovative products going forward. We are especially proud of the recognition that some of our newest products have won in the marketplace, including the Powersports Business Nifty 50 Award,given to our X-Frame Hybrid Knee Brace,and the Design & Innovation Award,won byour Velocity 4.0 MTB Goggles." Financial Summary Total revenues for the fourth quarter of 2020 increased to $12.7 million, up 75%, compared to $7.3 million for the 2019 fourth quarter. Fourth quarter income from operations increased to $2.3 million, up 2173% compared to $101,000 in 2019. Net income for the fourth quarter of 2020 was $1.8 million or $0.33 per basic and $0.30 per diluted share, compared to a loss of $(28,000) or $(0) per basic and $(0) per diluted share, for the three months ended December 31, 2019. Revenues increased by $10.3 million or 36%, for 2020, to $38.6 million, up from $28.3 million for 2019. The increase during 2020 was driven by a 61% increase in body armor sales, a 34% increase in sales of other products, parts and accessories sales, and a 32% increase in helmet sales that were partially offset by a 17% decrease in neck brace sales. Gross profit for 2020 was $17.4 million, or 45% of revenues, up 34%, compared to $13.0 million, or 46% of revenues for 2019. Income from operations for 2020 was $5.8 million, a $3.9 million increase, compared to $2.0 million for 2019. Net income for 2020 increased 222% to $4.4 million, or $0.82 per basic share and $0.74 per diluted share, compared to $1.4 million, or $0.26 per basic share and $0.25 per diluted share, for 2019. Leatt continued to meet its working capital needs from cash on hand and internally generated cash flow from operations. At December 31, 2020, the Company had cash and cash equivalents of $3.0 million, a current ratio of 2.2:1 and there was no long-term debt. Business Outlook Mr. Macdonald added, "While we are achieving outstanding growth, and both ordering patterns and consumer demand are promising, we have a long runway ahead of us. Our market share potential is still in its infancy in the majority of categories thatwe sell. We are especially encouraged by the consumer demand, the reviews and the performance in the field of our recent product launches in goggles, boots, shoes, helmets and other protective gear.In particular, we believe that our investment in the re-engineering of our Moto helmet line will contribute to significant revenue gains. "Based on ourpromising2020results and the momentum that we have achieved, we will continue to do what we have been doing: investing in innovative 'head-to-toe' products and engaging marketing campaigns,and developing a professional, multi-channel sales organization. We believe that these investments are arming our dealers with the product and marketing tools that are key contributors to Leatt global brand recognition and revenuegrowth. "We are also excited by the acceptance our protective gear is receiving in the highly competitive professional racing marketplace. We recently signed a multi-year partnership with the SmarTop/BullFrogSpas/MotoConcepts Honda racing team, one of the leading teams in global motocross racing. The deal means that team riders will be outfitted in our 'head-to-toe' protective gear as they compete in elite racing around the world. We see this as a premium endorsement from the highest levels of the industry,that our products not only keep riders safe but also give them the confidence to pushfaster, harder, and further. We believe that the backing of some of the finest riders in the world will prove to be an important factor in consumer buying decisions." Conference Call The Company will host a conference call at 10:00 am ET on Wednesday, March 24, 2021, to discuss the 2020 fourth quarter and full year results. Participants should dial in to the call ten minutes before the scheduled time, using the following numbers: 1-877-407-9716 (U.S.A) or +1-201-493-6779 (international) to access the call. Audio Webcast 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. Replay An audio replay of the conference call will be available for seven days and can be accessed by dialing 1-844-512-2921 (U.S.A) or +1-412-317-6671 (international) and using passcode 13717624. 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. About Leatt Corp Leatt Corporation develops personal protective equipment and ancillary products for all forms of sports, especially extreme motor sports. The Leatt-Brace is an award-winning neck brace system considered the gold standard for neck protection for anyone wearing a crash helmet as a form of protection. It was designed for participants in extreme sports or riding motorcycles, bicycles, mountain bicycles, all-terrain vehicles, snowmobiles and other vehicles. For more information, visitwww.leatt.com. Follow LeattonFacebook and Instagram. Forward-looking Statements: This press release may contain forward-looking statements regarding Leatt Corporation (the "Company") within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the likelihood that the Company will continue to deliver, and financially benefit from global market acceptance of, its pipeline of new revolutionary branded products; the extent to which the Company's partnership with the SmarTop/BullFrogSpas/MotoConcepts Honda racing team will influence consumer buying decisions and positively impact onthe financial outlook of the Company; the impact of the Company's award-winning goggle range and knee braces on the Company's results of operation; the financial outlook of the Company; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries, including its ability to mitigate the future impact of COVID-19 on the Company's business operations; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "seeks," "should," "could," "intends," or "projects" or similar expressions, and involve known and unknown risks and uncertainties. These statements are based upon the Company's current expectations and speak only as of the date hereof. Any indication of the merits of a claim does not necessarily mean the claim will prevail at trial or otherwise. Financial performance in one period does not necessarily mean continued or better performance in the future. The Company's actual results in any endeavor may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, which factors or uncertainties may be beyond our ability to foresee or control. Other risk factors include the status of the Company's common stock as a "penny stock" and those listed in other reports posted on The OTC Markets Group, Inc. [FINANCIAL TABLES TO FOLLOW] LEATT CORPORATION CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2020 AND 2019 ASSETS 2020 2019 Current Assets Cash and cash equivalents $ 2,967,042 $ 2,072,864 Short-term investments 58,257 58,239 Accounts receivable, net 7,173,829 2,956,012 Inventory, net 9,670,036 8,655,176 Payments in advance 805,098 447,476 Income tax refunds receivable 2,964 - Prepaid expenses and other current assets 2,109,190 1,129,067 Total current assets 22,786,416 15,318,834 Property and equipment, net 3,052,276 2,431,061 Operating lease right-of-use assets, net 285,932 411,956 Deferred tax asset, net 78,700 - Other Assets Deposits 33,699 26,642 Total Assets $ 26,237,023 $ 18,188,493 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $ 8,008,925 $ 5,425,681 Note payable to bank - 300,000 Operating lease liabilities, current 207,824 190,765 Income taxes payable 1,654,200 592,661 Short term loan, net of finance charges 677,601 576,474 Total current liabilities 10,548,550 7,085,581 Deferred compensation 240,000 160,000 Operating lease liabilities, net of current portion 78,108 221,191 Commitments and contingencies Stockholders' Equity Preferred stock, $.001 par value, 1,120,000 shares authorized, 120,000 shares issued and outstanding 3,000 3,000 Common stock, $.001 par value, 28,000,000 shares authorized, 5,430,374 and 5,386,723 shares issued and outstanding 130,111 130,068 Additional paid - in capital 8,338,158 8,079,774 Accumulated other comprehensive loss (562,700) (529,045) Retained earnings 7,461,796 3,037,924 Total stockholders' equity 15,370,365 10,721,721 Total Liabilities and Stockholders' Equity $ 26,237,023 $ 18,188,493 LEATT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 2020 2019 Revenues $ 38,604,289 $ 28,317,817 Cost of Revenues 21,215,669 15,311,013 Gross Profit 17,388,620 13,006,804 Product Royalty Income 88,748 46,460 Operating Expenses Salaries and wages 3,480,181 3,271,018 Commissions and consulting expenses 586,509 357,460 Professional fees 793,859 725,986 Advertising and marketing 2,167,445 1,989,959 Office lease and expenses 306,855 279,827 Research and development costs 1,522,758 1,491,155 Bad debt expense 71,862 203,253 General and administrative expenses 1,879,286 1,952,121 Intangible asset write-off - 41,511 Depreciation 832,216 760,217 Total operating expenses 11,640,971 11,072,507 Income from Operations 5,836,397 1,980,757 Other Income (Expenses) PPP loan forgiveness income 210,732 - Interest and other income (expenses), net (4,724) (38,300) Total other income (expenses) 206,008 (38,300) Income Before Income Taxes 6,042,405 1,942,457 Income Taxes 1,618,533 566,729 Net Income Available to Common Shareholders $ 4,423,872 $ 1,375,728 Net Income per Common Share Basic $ 0.82 $ 0.26 Diluted $ 0.74 $ 0.25 Weighted Average Number of Common Shares Outstanding Basic 5,390,420 5,385,249 Diluted 5,990,798 5,546,098 Comprehensive Income Net Income $ 4,423,872 $ 1,375,728 Other comprehensive income (loss), net of $20,500 and $8,600 deferred income taxes in 2020 and 2019 Foreign currency translation (33,655) 80,258 Total Comprehensive Income $ 4,390,217 $ 1,455,986 LEATT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 2020 2019 Cash flows from operating activities Net income $ 4,423,872 $ 1,375,728 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 832,216 760,217 Deferred income taxes (78,700) (170,900) Stock-based compensation 242,093 196,670 Bad debts reserve (2,819) 21,305 Inventory reserve 7,464 26,123 Gain on sale of property and equipment (22,189) (2,592) PPP loan forgiveness income (210,732) - Intangible asset write-off - 41,511 (Increase) decrease in: Accounts receivable (4,214,998) (927,986) Inventory (1,022,324) (3,866,084) Payments in advance (357,622) 25,810 Prepaid expenses and other current assets (980,123) 118,166 Income tax refunds receivable (2,964) - Deposits (7,057) (1,262) Increase (decrease) in: Accounts payable and accrued expenses 2,599,578 2,646,499 Income taxes payable 1,061,539 522,403 Deferred compensation 80,000 80,000 Net cash provided by operating activities 2,347,234 845,608 Cash flows from investing activities Capital expenditures (1,477,454) (874,104) Proceeds from sale of property and equipment 25,713 11,088 Increase in short-term investments, net (18) (7) Net cash used in investing activities (1,451,759) (863,023) Cash flows from financing activities Issuance of common stock - 15,000 Proceeds from note payable to bank, net (300,000) 300,000 Proceeds from Paycheck Protection Program Loan 210,732 - Proceeds from (repayments of ) short-term loan, net 101,127 (5,654) Net cash provided by financing activities 11,859 309,346 Effect of exchange rates on cash and cash equivalents (13,156) 71,033 Net increase in cash and cash equivalents 894,178 362,964 Cash and cash equivalents - beginning of year 2,072,864 1,709,900 Cash and cash equivalents - end of year $ 2,967,042 $ 2,072,864 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest $ 32,015 $ 22,814 Cash paid for income taxes $ 617,282 $ 264,381 Other noncash investing and financing activities Common stock issued for services $ 242,093 $ 196,670 Common stock issued for accrued leave $ 16,334 $ - SOURCE Leatt Corporation Related Links http://www.leatt.com

Answer: Leatt Corp Announces Record Breaking Year; Reports Results for Fourth Quarter and Full Year 2020