Orange 21, the parent company of Spy Optics reported a net sales of $34.2 million compared to net sales of $47.3 million for the year ended December 31, 2008, according to a post on 8264.com, however, their loses dropped from $15.2 million in 2008 to $3.2 million in 2009.
“The current recession continues to have a significant impact on the retail environment and our global sales. As such we will continue to control costs and improve operational efficiencies where possible to minimize future possible losses,” commented Stone Douglass, the company’s Chief Executive Officer. “During the year ended December 31, 2009, we reduced total operating expenses by approximately $7.6 million from 2008, excluding the $8.4 million goodwill impairment charge recorded in 2008, and expect to continue to benefit from these cost savings efforts during 2010.”
Losing money is bad, right?
[Link: 8264.com]
