Orange 21, the parent company of Spy Optic filed their Form 10-Q today for the quarter ended September 20, 2009 and reported drops across the board.
- Consolidated gross profit decreased 52% to $2.9 million compared to 2008
- Consolidated net sales decreased 27% to $8.8 million
- A net loss of $1.1 million was incurred for the quarter
- Sales have decreased across all lines including snow and motocross goggles and sunglasses and amongst all customer classes.
- Sales and marketing expense decreased 41% to $1.8 million
- US employees are currently under a temporary 10% reduction in pay
Looks like management is pulling in the belt right along with the sales drop. But then what?
[Link: Guru Focus]
