Mossimo, Inc. reported first quarter 2003 revenue increased to 6.3% to $6.2 million compared to $5.9 million for the same period last year. The Company reported first quarter net earnings of $1.2 million compared to net earnings of $1.4 million for the same period last year, and diluted earnings per share of 8 cents compared to diluted earnings per share of 9 cents for the same period last year. Pre-tax net earnings were $2.0 million, or 13 cents per diluted share in the first quarter of 2004, compared to pre-tax net earnings of $2.3 million, or 15 cents per diluted share in the first quarter of 2003.

Mossimo Giannulli, Chairman and Chief Executive Officer stated, “We are pleased with our performance during the quarter and current momentum of our business. We continue to make positive strides at Target and Zellers and the recent launch of Mossimo in Mexico was very well-received. In addition, the initial feedback from retailers regarding Modern Amusement has been very encouraging and we are excited about the brand's potential for growth.”

Edwin Lewis, Vice Chairman and President concluded, “These results represent a solid start to the new year and underscore the positive trends in our business. We are enthusiastic about our prospects and remain focused on further capitalizing on the many opportunities we have created in the marketplace.”


                             MOSSIMO, INC.
                CONDENSED / CONSOLIDATED BALANCE SHEETS
                   (In thousands, except share data)
                               Unaudited

                                               March 31,  December 31,
                                                 2004         2003
                                              ----------- ------------
ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                   $    6,628  $     9,707
  Restricted cash                                     --        4,585
  Accounts receivable                              5,464        2,007
  Deferred income taxes                            2,307        3,071
  Prepaid expenses and other current assets          602          282
                                              ----------- ------------
    Total current assets                          15,001       19,652

PROPERTY AND EQUIPMENT, net                          998          480
DEFERRED INCOME TAXES                              5,973        6,037
GOODWILL                                             324           --
OTHER ASSETS                                          46          244
                                              ----------- ------------
                                              $   22,342  $    26,413
                                              =========== ============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                            $      211  $       525
  Accrued liabilities                                532        1,513
  Accrued commissions                                745        5,251
  Accrued bonuses                                    652          112
                                              ----------- ------------
    Total current liabilities                      2,140        7,401
                                              ----------- ------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  Preferred stock, par value $.001;
    authorized shares 3,000,000; no shares
    issued or outstanding                             --           --
  Common stock, par value $.001; authorized
    shares 30,000,000; issued and outstanding 
    15,738,442 at March 31, 2004 and at 
    December 31, 2003                                 15           15
  Additional paid-in capital                      39,763       39,763
  Accumulated deficit                            (19,576)     (20,766)
                                              ----------- ------------
    Stockholders' equity                          20,202       19,012
                                              ----------- ------------
                                              $   22,342  $    26,413
                                              =========== ============


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


                                                For The Three Months
                                                   Ended March 31, 
                                                   2004       2003  
                                                ---------  --------- 

REVENUE FROM LICENSE ROYALTIES AND
     DESIGN SERVICE FEES                         $ 6,210    $ 5,868  

RETAIL REVENUES                                       26          - 
                                                ---------  --------- 
  Total Revenues                                   6,236      5,868   

COST OF RETAIL REVENUES                               13          -
                                                ---------  --------- 
                                                   6,223      5,868  
                                                =========  =========

OPERATING EXPENSES: 
    
Selling, general and administrative                4,213      3,526
                                                ---------  --------- 
  
Operating earnings                                 2,010      2,342   

INTEREST INCOME (EXPENSE), net                        27       (14)
                                                ---------  --------- 
   
Earnings before income taxes                       2,037      2,328

Provision for income taxes                           847        930
                                                ---------  --------- 
 
Net earnings                                     $ 1,190    $ 1,398
                                                =========  =========

Net earnings per common share:
    Basic                                        $  0.08    $  0.09  
                                                =========  =========
    Diluted                                      $  0.08    $  0.09
                                                =========  =========

Weighted average common shares outstanding:
    Basic                                         15,738     15,491
                                                =========  =========

    Diluted                                       15,771     15,657
                                                =========  =========