Orange 21 Inc., which owns Spy Optics, reported sales climbed 15.3% in the three months ended March 31, to $8.3 million from $7.4 million a year ago.
The company incurred a net loss of $0.9 million for the three months
ended March 31, 2010, compared to a net loss of $0.8 million for the
three months ended March 31, 2009. The net losses for the three months
ended March 31, 2010 and 2009 included $134,000 and $130,000,
respectively, in non-cash share-based compensation costs calculated in
accordance with FASB authoritative guidance
Domestic net sales, including net sales for the U.S. and
Canada, represented 79% and 78% of total net sales for the three months
ended March 31, 2010 and 2009, respectively, while foreign net sales
represented 21% and 22% of total net sales for the three months ended
March 31, 2010 and 2009, respectively. Sales were up for all customer
classes, especially for its key accounts and close out retailers.
“We believe that our cost cutting initiatives taken during late 2008 and throughout 2009 as a result of the economic downturn as well as our refocused sales and marketing and development initiatives are beginning to show some positive results,” commented Stone Douglass, the company's chief executive officer. Douglass added, “We believe our Spy brand remains strong and we are very excited about the release of our new O'Neill and Margaritaville brands, as well as other potential opportunities the Company is currently working on.”
Orange 21 designs, develops, markets and produces premium products for the action sports, motorsports, snowsports and lifestyle markets under the brands Spy Optic, O'Neill and Margaritaville.
