Press Release:
Spy releases preliminary sales estimates for the quarter ended June 30, 2012
Preliminary net sales estimates for the quarter ended June 30, 2012 are anticipated to be approximately $9.5 million, an increase of $0.5 million or 5%, compared with total net sales of $9.0 million for the quarter ended June 30, 2011.
Preliminary sales estimates of core SPY® brand products for the quarter ended June 30, 2012 are anticipated to be approximately $9.3 million, an increase of $1.1 million or 13%, compared with core SPY® brand sales of approximately $8.2 million during the quarter ended June 30, 2011.
Preliminary estimates of other sales were approximately $0.2 million during the quarter ended June 30, 2012, consisting of licensed brand products which are no longer a focus of the Company, compared with licensed brand product sales of approximately $0.8 million during the quarter ended June 30, 2011.
“We are pleased to have achieved our 5th consecutive quarter of year over year growth of our core SPY® brand products, including preliminary SPY® brand product growth estimates of 17% in the first half of 2012 compared to the first half of 2011,” said Michael Marckx, President and CEO.
SPY Inc.:
We design, market and distribute premium products for hard core participants in action sports, motorsports, snow sports, cycling and multi-sports markets, which embrace their attendant lifestyle subcultures, crossing over into more mainstream fashion, music and entertainment markets. We believe a principal strength is our ability to create distinctive products for active people within the youthful demographics of these subcultures. Our principal products — sunglasses, goggles and prescription frames — are marketed under the SPY® brand. During 2011 and 2010, we also designed, manufactured and sold eyewear under the O’Neill®, Melodies by MJB® and Margaritaville® brands. In 2011, we decided to cease any new purchase orders of additional inventory for these licensed eyewear brands and do not expect any significant sales from these brands in the future.
