Fox Factory Holding Corp. Announces Voluntary Recall of Certain Model Year Suspension Forks

Fox Factory Holding Corp. Announces Voluntary Recall of Certain Model Year
Suspension Forks

Company Expects Third Quarter Fiscal 2013 Financial Results at High End of
Guidance

SCOTTS VALLEY, Calif., Oct. 22, 2013 (GLOBE NEWSWIRE) -- Fox Factory Holding
Corp. (Nasdaq:FOXF) ("FOX" or the "Company") today announced it has initiated
a voluntary recall of certain model year 2013 32 and 34 Evolution Series
suspension forks having 120mm – 160mm of travel with certain open cartridge
dampers manufactured by the Company between March 1, 2012 and November 30,
2012.

The Company has determined that a small percentage of the forks manufactured
during the period have the potential to fail under a specific set of
circumstances. The forks affected by this recall were assembled in the
Company's Watsonville California facility. The Company has initiated the
recall to assure that consumers will obtain a free damper upgrade that will
resolve the concern. The recall does not involve any of the Company's current
model year 2014 suspension forks.

FOX previously disclosed that in 2012 it increased its warranty reserve in
connection with certain dampers, which dampers are the ones used in the forks
that are the subject of the recall. Based on the Company's current estimates,
the existing warranty reserve is anticipated to be adequate to cover the
repair related costs FOX expects to incur as a result of the recall. In
addition, the Company expects that the miscellaneous other costs which it
anticipates incurring as a result of the recall and which cannot be charged
against the warranty reserve will not be material.

Updated Fiscal 2013 Guidance

Additionally, based on its financial results to date, the Company expects that
its third quarter fiscal 2013 financial results will be at the high end of its
previously disclosed expected range of sales of $79 to $82 million for the
quarter and of its previously disclosed earnings per diluted share range of
$0.23 to $0.27, based on a projected 36.9 million diluted shares outstanding.

For the full fiscal 2013 year, the Company today reaffirms its prior guidance
that it expects that its sales for 2013 will be in the range of $264 to $270
million and that its earnings per diluted share for the year will be in the
range of $0.61 to $0.67, based on a projected 36.1 million diluted shares
outstanding. Included in the Company's earnings per diluted share guidance is
approximately $1.4 million of non-cash expense related to unamortized loan
origination costs that the Company will record in the third quarter of fiscal
2013 in connection with the termination of its prior credit facility. The
Company does not plan to provide preliminary financial information in the
future other than in unique circumstances or in the event of a material event
that requires disclosure.

About Fox Factory Holding Corp.(Nasdaq:FOXF)

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.
For more than three decades, FOX's team of enthusiasts and professional
athletes has been improving vehicle performance through a unique commitment to
redefining ride dynamics.

FOX is a registered trademark of Fox Factory Inc. NASDAQ Global Select Market
is a registered trademark of The NASDAQ OMX Group, Inc. All rights reserved.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. The Company intends that all such
statements be subject to the "safe-harbor" provisions contained in those
sections. Such forward-looking statements include, but are not limited to, the
Company's statement that the existing warranty reserve is anticipated to be
adequate to cover the repair related costs FOX expects to incur as a result of
the recall; the Company's statement that it expects that the miscellaneous
other costs which it anticipates incurring as a result of the recall and which
cannot be charged against the warranty reserve will not be material; and the
Company's statements about its expected sales and earnings per share for the
third quarter of fiscal 2013 and the full 2013 fiscal year and the projected
number of diluted shares outstanding. Many important factors may cause the
Company's actual results, events or circumstances to differ materially from
those discussed in any such forward-looking statements, including but not
limited to: the recall completion rate may be different than anticipated; the
total costs the Company incurs as a result of the product recall could be
higher than expected; while FOX has been in contact with the Consumer
Protection Safety Commission ("CPSC"), the CPSC has not given final approval
to FOX's recall plan and aspects of the plan may be subject to change; the
warranty reserve previously established by the Company may be insufficient to
cover the repair related costs FOX actually incurs as a result of the recall;
the product recall could adversely impact the Company's brand image,
relationships with its sponsored athletes and race teams or otherwise have a
negative effect on the Company's business, financial condition and results of
operations or have other negative consequences; the Company's third fiscal
quarter of 2013 has not ended and the Company's future financial performance,
including its sales, cost of sales, gross profit or gross margins, operating
expenses, ability to generate positive cash flow and profitability could be
adversely impacted by a number of factors; factors which impact the
calculation of the number diluted shares of common stock outstanding,
including the market price of the Company's common stock, grants of
equity-based awards and the vesting schedules of equity-based awards; and the
other risks and uncertainties described in Part II, Item 1A."Risk Factors" in
the Company's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on September 19, 2013 or described in the Company's other
filings with the Securities and Exchange Commission. New risks and
uncertainties emerge from time to time and it is not possible for the Company
to predict all risks and uncertainties that could have an impact on the
forward-looking statements contained in this Current Report. In light of the
significant uncertainties inherent in the forward-looking information included
herein, the inclusion of such information should not be regarded as a
representation by the Company or any other person that the Company's
expectations, objectives or plans will be achieved in the timeframe
anticipated or at all. Investors are cautioned not to place undue reliance on
the Company's forward-looking statements and the Company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by law.

CONTACT: ICR
         Katie Turner
         646-277-1228
         Katie.Turner@icrinc.com
 
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