Ride, Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RIDE)") else Response.Write("(Nasdaq: RIDE)") end if %>
8529 154th Avenue NE
Redmond, WA 98052

Alexandria, VA, July 18, 1996/FOOLWIRE/ - - - Ride, Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: Ride)") else Response.Write("(Nasdaq: Ride)") end if %>, manufacturer and worldwide marketer of snowboards and snowboard products, reported 2Q 1996 results today. Ride is pleased with its performance in sales and earnings which are ahead of schedule.

The company's consolidated sales increased 10% to $13,501,000 from $12,278,000. The consolidated sales for the recent 6 months ended June 30, 1996 increased 52% from $17,264,000 in 1995 to $26,278,000 in 1996. Thermal Snowboard Inc. and S&P Clothing Inc., acquired in September and October of 1995 respectively, and 5150 Snowboard Brand also acquired in September of 1995 accounted for $3,575,000 of the $13,501,000 in consolidated sales.

Net Income for the quarter was $411,000 or 4 cents per share as compared to net income of $914,000 or 9 cents per share in second quarter of 1995. The loss for the 6 months ended June 30, 1996 is $571,000 or 6 cents per share as compared to a net income $505,000 or 5 cents per share for the same period in 1995. The results for 6 month ended reflect the seasonal nature of the business. Historically, Ride generates up to 75% of its sales in the third and forth quarter of the year. Thermal Snow Board and S&P also generate a majority of their sales in the second half of the year.

Gross margins for the quarter were 5 percentage points higher than last year's 2Q. This was mainly due to the additional manufacturing facilities of Thermal Snow Board and higher margins of S&P. SG&A expenses were up $1.7 million from same the quarter of last year due to the additional overhead from Thermal and S&P. However, expenses were down as compared to the first quarter. In the first quarter, there were more front end expenses as a result of trade show operations. In addition, the first quarter is more loaded with commissions from domestic sales.

Inventory was up from the first quarter. This is typical as the company is preparing for shipping in the third quarter. The inventory balance was $11.8 million as of June 30. Ride had a big domestic shipment on July 15.

The search for the new CEO has been extensive. The company has interviewed many candidates and has been able to reduce the list to a few of the most qualified. The secondary interviews are coming up and the company hopes to have a new CEO with in the end of the month.

The litigation with Switch over a binding patent continues. A hearing in court took place on July 16; however, no decision was made. The hearing was mostly for procedural purposes.

International sales are up this quarter accounting for between 60-75% of sales in the cast division. In relation to Japanese sales, the business looks relatively the same as last year. In June, the company had a $6 million shipment to Japan.

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