Spy Inc. reported consolidated Spy sales increased by 2 percent to $9.2 million for the three months ended March 31, 2014, compared to $9.0 million during the same period in 2013. Sales included slightly lower closeout sales of $0.4 million in 2014, compared to $0.6 million in 2013. The increase in our net sales was primarily driven by our prescription frame product line.
“We are once again happy to report top line growth along with achieving our 12th quarter in a row of year over year growth of our Spy® brand products,” said Michael Marckx, President and CEO. “We also increased our margin to 52 percent in 2014 from 51 percent in 2013, which continues to be a focal point for us. This directly reflects the strong demand for our product offering as well as the operational and manufacturing synergies that we created over the past year. The solid sales growth and margin expansion are direct results of our strong sales and marketing teams as well as a concerted effort across the organization to reduce operating costs. Achieving operating profit along with our expanding portfolio of products, including our successful Happy Lens Collection, positions us well for the balance of 2014 as we continue to focus on disruptive strategies, driving sales, improving our product margins and managing our operating costs.”
During 2014, the Company had income from operations of $84 thousand during the three months ended March 31, 2014 compared to $29 thousand during the same period in 2013.
The Company incurred a net loss of $0.7 million during the three months ended March 31, 2014 and 2013.
Spy Inc. invites you to join the investor conference call on Tuesday, May 6, 2014, at 1:30 p.m. PDT. The dial-in number for the call in North America is 1-866-318-8618 and 1-617-399-5137 for international callers. The participant pass code is 74411610. The call will also be webcast live on the internet and can be accessed by logging on at investor.spyoptic.com.
The company's principal products — sunglasses, goggles and prescription frames — are marketed with fun and creativity under the Spy® brand. It develops, produces and markets premium eyewear, apparel and accessories for the action sports, motorsports, snow sports, endurance sports and fashion-lifestyle markets.
