PR: Ride's Third Quarter Sales up 11 Percent Over Last Year
(October 28, 1996)

Consolidated sales for the third quarter amounted to $35,329,000, up 11% from $31,896,000 in the third quarter of 1995. Consolidated sales for the nine months ended September 30, 1996 increased 25% from $49,160,000 in 1995 to $61,606,000 in 1996.* Net income for the third quarter amounted to $3,642,000 ($0.32 per share), compared to net income of $3,577,000 ($0.33 per share) in the third quarter of 1995. Net income for the nine months ended September 30, 1996 amounted to $3,070,000 ($0.27 per share), compared to net income of $4,083,000 ($0.40 per share) for the same period in 1995.

"We are pleased with the Company's revenue growth and gross margin improvement," said Roger Madison, Ride chairman. "Delays in production of bindings and shipments of apparel from overseas suppliers somewhat dampened third quarter revenues. In addition, selling, general and administrative expenses were higher than some analysts' expectations, due largely to costs associated with our management transition and planned investments in brand marketing and research and development. We believe that these management changes and investments we are making now will continue to build on the brand equity that Ride has earned over the last four years."**

"We believe that Ride is well-positioned to profit from the snowboard industry growth we expect in 1997 and beyond,"** said Robert Hall, president and chief executive officer. "Efficiencies resulting from our recent management change and our recently-announced shift toward a functional organization structure should improve our operating margins in future periods, and we expect further gross margin improvements to be realized from our continuing increases in in-house snowboard production at Ride Manufacturing and from our recent sale of the close-out and brokered OEM business segments at C.A.S. Sports."**

The company earned $5.96 million ($0.57 per share) for the year ended December 31, 1995 on revenues of $74.8 million.

NOTE:

*Thermal Snowboards, Inc. ("Thermal") and SMP clothing, Inc. ("SMP"), the Company's subsidiaries acquired on September 1, 1995 and October 20, 1995, respectively, and the "5150" snowboard brand, also acquired on September 1, 1995, together generated $7,545,000 of the third quarter consolidated sales for 1996, up from $2,571,000 of the third quarter consolidated sales for 1995. Thermal, SMP and the "5150" snowboard brand together generated $13,620,000 of the consolidated sales for the nine months ended September 30, 1996, up from $2,571,000 of the consolidated sales for the same period in 1995.

Take a peek at the Ride Statistics and Balance Sheet