Spy Optic’s parent company Orange 21 announced financial results for the quarter ending March 31, 2009 and while sales were down 36 percent and they lost $804,000 it was still better than last year at this time when the company lost $851,000.
“As stated last month, the current recession continues to have a significant impact on our global sales,” commented Stone Douglass, the Company’s Chief Executive Officer. “During the first three months of 2009 compared to the first three months of 2008, we have reduced total operating expenses by approximately $1.8 million. In addition, we have been seeking new opportunities on a global basis.”
Looks like things are moving in the right direction for the company. For all the color tune into tomorrow May 19, 2008 at 1:30 PDT for the quarterly analyst’s call by clicking here.Orange 21 Inc. Reports Financial Results for the Three Months Ended March 31, 2009 and Announces Investor Conference Call
CARLSBAD, Calif.–(BUSINESS WIRE)–May. 15, 2009– Orange 21 Inc. (NASDAQ:ORNG), a leading developer of brands that produce premium products for the action sports and youth lifestyle markets, today announced financial results for the quarter ended March 31, 2009.
Consolidated net sales for three months ended March 31, 2009 were $7.4 million compared to net sales of $11.6 million for three months ended March 31, 2009. We incurred a net loss of $804,000 for the three months ended March 31, 2009, compared to a net loss of $851,000 for the three months ended March 31, 2008. The net loss for the three months ended March 31, 2009 included $130,000 in non-cash share-based compensation costs in accordance with FASB No. 123(R).
“As stated last month, the current recession continues to have a significant impact on our global sales,” commented Stone Douglass, the Company’s Chief Executive Officer. “During the first three months of 2009 compared to the first three months of 2008, we have reduced total operating expenses by approximately $1.8 million. In addition, we have been seeking new opportunities on a global basis.”
Jerry Collazo, the Company’s Chief Financial Officer, added, “During this period we have worked together with our vendors and customers and fully appreciate the difficulty everyone is undergoing and we believe that these efforts will enhance business relationships.”
Concluding, Stone Douglass added, “We continue to experience a soft economy and as such we are operating cautiously and managing expenses appropriately, but we are very excited about new opportunities that are unfolding for Orange 21 and its shareholders.”
Investor Conference Call
We invite you to join us for an investor conference call on Tuesday, May 19, 2009 at 1:30, p.m. Pacific Daylight time. The dial-in number for the call in North America is 1-800-700-7441 and 1-617-213-8839 for international callers. The participant pass code is 74464230. The call also will be webcast live on the Internet and can be accessed by logging onto www.orangetwentyone.com.
The webcast will be archived on the Company’s website for at least 60 days following the call. An audio replay of the conference call will be available for seven days beginning approximately two hours after the completion of the call on May 19, 2009. The audio replay dial-in number for North America is 1-888-286-8010 and 1-617-801-6888 for international callers. The replay pass code is 98831905.
About Orange 21 Inc.
Orange 21 designs, develops, markets and produces premium products for the action sport, motorsports, snowsports and youth lifestyle markets. Orange 21’s primary brand, Spy Optic (TM), manufactures sunglasses and goggles targeted toward the action sports, motorsports, snowsports and
