A reconciliation of gross profit to non-GAAP adjusted gross profit and the resulting non-GAAP adjusted gross margin is provided at the end of this press release.Net income attributable to FOX stockholders in the first six months of fiscal 2020 was $20.9 million, compared to $41.0 million in the first six months of the prior year. These non-GAAP financial measures are provided in addition to, and not as an alternative for, the Company’s reported GAAP results. (1) Represents various acquisition-related costs and expenses incurred to integrate acquired entities into the Company’s operations. For the three and six month periods ended July 3, 2020, $507 and $821 is classified as operating expense, and $592 and $879 is classified as cost of sales, respectively. (2) Represents the impact of the finished goods inventory valuation adjustment recorded in connection with our 2020 acquisition of SCA and our 2019 acquisition of Ridetech.The following tables provide a reconciliation of operating expense to non-GAAP operating expense (a non-GAAP measure) and the calculations of operating expense as a percentage of sales and non-GAAP operating expense as a percentage of sales (a non-GAAP measure), for the three and six months ended July 3, 2020 and June 28, 2019. In addition, our Specialty Sports Group was a standout success in the quarter, exceeding our pre-COVID expectations and delivering 10.0% growth. Non-GAAP adjusted earnings per diluted share is defined as non-GAAP adjusted net income divided by the weighted average number of diluted shares of common stock outstanding during the period. Inventory was $148.5 million as of July 3, 2020, compared to $128.5 million as of January 3, 2020.
The changes in accounts receivable, inventory and accounts payable reflect the SCA acquisition, seasonality, and the impacts of the COVID-19 pandemic on the Company's shipment, collection and payment cycles. The decrease in year-to-date gross margin was primarily due to factory costs incurred during the government mandated closures in response to the COVID-19 pandemic, partially offset by a change in product and channel mix, and the impact of the SCA acquisition. Air Force One will touch down in Cleveland Thursday afternoon. Live audio of the conference call will be simultaneously webcast in the investor relations section of the Company's website at Fox Factory Holding Corp. designs and manufactures performance-defining ride dynamics products primarily for bicycles, on-road and off-road vehicles and trucks, side-by-side vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications, motorcycles, and commercial trucks. (3) Tax impact calculated based on the respective year to date effective tax rate, including the full year impact of non-deductible transaction costs.The following tables provide a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to adjusted EBITDA (a non-GAAP measure), and the calculations of net income margin and adjusted EBITDA margin (a non-GAAP measure) for the three and six months ended July 3, 2020 and June 28, 2019. Non-GAAP adjusted gross margin increased 40 basis points to 33.1% from the same prior fiscal year period, excluding the effects of strategic transformation and acquisition related costs.
In particular, the exclusion of certain items in calculating non-GAAP operating expense, non-GAAP adjusted net income and adjusted EBITDA (and accordingly, non-GAAP adjusted earnings per diluted share and adjusted EBITDA margin) can provide a useful measure for period-to-period comparisons of the Company’s core business. 810,00 € Fox Racing Shox Fox 36 Factory Float Fit4 Gabel 2020. "FOX's resilient second quarter results reflect the strength of our diversified customer base and performance-defining product portfolio, as well as the commitment and dedication of our talented management team," commented Mike Dennison, FOX’s Chief Executive Officer. Earnings per diluted share for the second quarter of fiscal 2020 were $0.32, compared to earnings per diluted share of $0.59 for the second quarter of fiscal 2019.Non-GAAP adjusted net income was $19.7 million, or $0.50 of adjusted earnings per diluted share, compared to adjusted net income of $26.6 million, or $0.68 of adjusted earnings per diluted share in the same period of the prior fiscal year.
Adjusted EBITDA margin decreased to 17.7% in the first six months of fiscal 2020, compared to 19.3% in the first six months of fiscal 2019.
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