by The Editors on November 16, 2009
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]
by The Editors on May 18, 2009
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. [click to continue…]
by The Editors on January 5, 2015
What better way to kick off the new year that by diving deep into the action apparel-poloza that is the Agenda Show. It opens its two day run at the Long Beach Convention Center in Long Beach, California today at 9 AM. Over 500 brands are represented at the show. So don’t think you’re not going to find what you’re looking for.
And while you’re there you might want to try to snag one of these limited edition Agenda collab FlexFits designed by Eric Haze, Herschel Supply, Deathwish, and Master P. They will undoubtedly be in short supply. To check all the brands, follow the jump. [click to continue…]
by The Editors on November 15, 2010
One of the coldest Southern California summers on record apparently took it’s toll on Spy Eyewear parent Orange 21. The company said sales were down six percent to $8.2 million in the quarter ended September 30, 2010.
“We experienced a challenging quarter given the lack of sun in Southern California this summer, which negatively affected our net sales,” commented Stone Douglass, the Company’s Chief Executive Officer. “Gross margins increased to 47% for the three months ended September 30, 2010 from 33% during the comparable period in 2009, aided by more effective sourcing in Asia as well as improved operations and a more favorable Euro to U.S. Dollar exchange rate on purchases from LEM, our manufacturing subsidiary in Italy.
Follow the jump for the rest all the details.
[click to continue…]
by The Editors on March 29, 2010
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]
by The Editors on April 16, 2009
Spy Optic parent company Orange 21 announced yesterday financial results for the year ending December 31, 2008 and though net sales were up 2% over 2007 to $47.3 million, their losses increased from $8 million in 2007 to $15.2 million in 2008.
“The current recession continues to have a significant impact on our sales,” commented Stone Douglass, the Company’s Chief Executive Officer. “The impact is being felt not just in the US, but overseas as well. During these last few months we have reacted swiftly to reduce operating expenditures in all our companies and increase our sales and marketing efficiencies. In addition, we have been seeking new opportunities on a global basis.”
Douglass says that he is excited about some new opportunities in the future, but damn, that losing $23 million in two years seems like a pretty large wall to climb even with the office being closed on Fridays and cutting employee pay by 10 percent.
[click to continue…]
by The Editors on August 13, 2008
Looks like 2008 is shaping up pretty well for Spy Optic’s parent company Orange 21. In a financial report released yesterday the company showed that net sales increased 17% to $14.0 million for the three months ended June 30, 2008. That’s up $2 million over the same period in 2007. The company still had a net loss.
A net loss of $0.3 million was incurred for the three months ended June 30, 2008 compared to a net loss of $1.6 million for the three months ended June 30, 2007.
For all the details click the link.
[Link: Trading Markets]
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.
