Mossimo, Inc. reported total net revenues for the first quarter ended March 31, 2005 of $8.7 million, an increase of 40.3% compared to $6.2 million for the same period last year. The company reported first quarter net earnings rose 50% to $1.8 million compared to net earnings of $1.2 million for the same period last year, and diluted earnings per share of 12 cents compared to diluted earnings per share of 8 cents for the same period last year. Pre-tax net earnings were $3.0 million, or 20 cemts per diluted share in the first quarter of 2005, compared to pre-tax net earnings of $2.0 million, or 13 cents per diluted share in the first quarter of 2004.

Edwin Lewis, president and co-chief executive officer stated, “Our results for the first quarter were primarily driven by improvements in our Target business, partially offset by challenges at Modern Amusement and Zellers. We are working hard to fine-tune our merchandising and distribution strategies and we remain focused on executing our business plan.”

                          MOSSIMO, INC.
            CONDENSED / CONSOLIDATED STATEMENTS OF EARNINGS
                 (In thousands, except per share data)
                               Unaudited

                                            For The Three Months
                                               Ended March 31,
                                              2005              2004


Revenue from license royalties
 and design service fees                     $ 7,354          $ 6,223

Product Sales                                   1,310              -
Total Revenues                                  8,664           6,223

Operating Expenses:
  Cost of product sales                         1,038              -
  Selling, general and administrative           4,575           4,213
  Settlement costs of disputed commissions         -               -
        Total Operating Expenses                5,613           4,213

Operating Income                                3,051           2,010

Other (income) expense:
  Other, net                                       -               -
  Interest Income                                 (30)            (27)
  Interest Expense                                 -               -
  Other (income) expense, net                     (30)            (27)

Income before income taxes                      3,081           2,037

Income tax expense (benefit)                    1,260             930

Net income                                    $ 1,821        $  1,190

Net earnings per common share:
    Basic                                     $  0.12        $   0.08

    Diluted                                   -------        $   0.08