Variflex CEO in Running for Entrepreneur of Year Honors
Raymond H. Losi II, president and CEO of the Moorpark-based sporting goods company Variflex Inc., is among 29 regional finalists in the Greater Los Angeles Entrepreneur of the Year Awards program.
Losi and his father started Variflex in 1977, manufacturing skateboards and roller-skates, with an investment of a mere $10,000.
Riding on the wheels of its popular in-line skates, which it introduced in 1990, the company reported sales of $80 million for the 1994 fiscal year.
Variflex in-line skates are sold through K mart, Target, Toys R Us and other mass-market discount stores.
This summer, however, the company plans to introduce a new, higher-end line of skates at major sporting goods outlets. Last week, Variflex acquired Huntington Beach-based Plunkett Snowboards Inc., and Losi hopes to manufacture a line of snowboards.
Losi credits the success of Variflex to his ability to keep pace with the fickle interests of children.
“They are our market,” he said. “I started this business because I was able to produce products that I enjoyed as a kid.”
He said the company’s success is also a testament to its about 130 employees.
“I’ve surrounded myself with good people who are willing to go that extra mile,” Losi said. “They are the type of people who don’t run out the door at 4:30 when the bell rings.”
Daniel Love, director of entrepreneur services for the accounting firm of Ernst & Young, a co-sponsor of the Entrepreneur of the Year Awards, said the contest judges, Los Angeles-area business people, were impressed by the company’s innovative approach to sporting goods.
“They really followed the trend in sports and came upon line skating at the right time,” he said. “Variflex has had strong sales growth and financial performance; they’ve demonstrated strong employee relations, and they are continuing to grow and broaden into other areas.”
Regional winners of the Entrepreneur awards will be announced June 22. Winners will advance to the national level of competition.
