Orange 21 Inc. saw sales increases for both the fourth quarter and full fiscal year, but both periods also saw net losses that widened compared to last year.
For the fourth quarter, net sales increased 5.7% to $12.0 million from $11.4 million for the year-ago period. However, the companys quarter net loss widened to a loss of $4.7 million from a loss of $4.0 million last year.
For the full year, consolidated net sales increased 9.8% to $46.5 million from $42.4 million a year ago. Sales to the U.S. and Canada increased 3.0% to $33.7 million from $32.8 million last year. Sales to Europe and Asia Pacific jumped 32.7% to $12.8 million from $9.7 million last year. The company reported that 95% of all sales were in eyewear in 2007, down from 99% in 2006.
Gross profit as a percentage of sales increased 770 basis points to 49.0% for the year from 41.3% for fiscal 2006. The company attributed the increase in gross profit to efficiencies achieved at LEM, its subsidiary and primary manufacturer, as well as a more favorable product mix.
The company lost $7.99 million, or 98 cents a share, in the period versus $7.2 million, or 89 cents, a year earlier.
