Losses at Orange 21, the parent of Spy Optic, increased $1.2 million in 2010 to $4.6 for the Carlsbad, California based eyewear marketer, according to financial repors for the year ended December 31, 2011. But some of those losses were actually investments according to CEO Stone Douglass.
“We are pleased with our results for 2010 even though we had substantial direct and indirect additional operating costs related to our two newest brands, Margaritaville and Melodies by MJB, for which there have been minimal sales during this period,” commented Stone Douglass, the Company’s Chief Executive Officer. “Gross margins increased to 48% for the year ended December 31, 2010 from 40% during the comparable period in 2009, aided by more effective sourcing in Asia, and improved operations and a more favorable Euro to U.S. Dollar exchange rate on purchases from our Italian manufacturer, LEM.”
To get the full story tune in to Orange 21 investor conference call on March 30, 2011 at 1:30 PM PST. Just dial 1-866-711-8198Orange 21 Inc. Reports Financial Results For The Year Ended December 31, 2010 And Announces Investor Conference Call
CARLSBAD, CA — 03/25/11 — Orange 21 Inc. (OTCBB: ORNG) announced today it released financial results for the year ended December 31, 2010.
Consolidated net sales increased 2% to $35.0 million for the year ended December 31, 2010 from $34.2 million for the year ended December 31, 2009. Our consolidated gross profit increased 21% to $16.8 million for the year ended December 31, 2010 from $13.8 million for the year ended December 31, 2009.
Consolidated net losses of $4.6 million and $3.4 million were incurred for the years ended December 31, 2010 and 2009, respectively. The year ended December 31, 2010 included (1) a $1.4 million loss on the deconsolidation of LEM as a result of the sale of 90% of our equity interest in LEM on December 31, 2010 and (2) $1.2 million in additional direct operating expenses related to the addition of the Margaritaville™ and Melodies by MJB™ eyewear brands for which there have been minimal sales during this period.
“We are pleased with our results for 2010 even though we had substantial direct and indirect additional operating costs related to our two newest brands, Margaritaville™ and Melodies by MJB™, for which there have been minimal sales during this period,” commented Stone Douglass, the Company’s Chief Executive Officer. “Gross margins increased to 48% for the year ended December 31, 2010 from 40% during the comparable period in 2009, aided by more effective sourcing in Asia, and improved operations and a more favorable Euro to U.S. Dollar exchange rate on purchases from our Italian manufacturer, LEM.”
Investor Conference Call
We invite you to join us for an investor conference call on Wednesday, March 30, 2011 at 1:30, p.m. Pacific Time. The dial-in number for the call in North America is 1-866-711-8198 and 1-617-597-5327 for international callers. The participant pass code is 34128218. The call will also be webcast live on the internet and can be accessed by logging onto www.orangetwentyone.com.
