Industry sunglass company Spy Inc.’s sales rose 6% to $10 million in the quarter ended June 30.
The company narrowed its net loss to $0.6 million vs. a net loss of $1.6 million during the same period last year.
It was the ninth consecutive quarter that the Spy brand has recorded year-over-year sales growth.
Going forward, Spy is expanding its Happy Lens technology into prescription, performance and goggle styles.
For the first six months of the year, company sales rose 8% to $19 million. Spy’s net loss narrowed to $1.3 million vs. a net loss of $4.2 million in the first half of 2012.
“On top of our successful Happy Lens launch, we are even more pleased with the combination of things we accomplished this half: solid sales growth, improved gross margins, lower operating expenses, positive cash flow from operations and income from operations,” CEO Michael Marckx said in a press release. “We believe this solid first half of the year helps to position us well for the balance of 2013.”
Spy also announced that Jim McGinty is the company’s new CFO. McGinty most recently worked at Hot Topic for 13 years as CFO. Prior to that, we worked at several large retailers under the Limited Inc. umbrella.
In addition, Spy is adding David Rane to the board of directors.
