Sales of Spy products rose in Q4, the 11th straight quarter branded sales have grown, Spy reported Thursday.
The company also grew sales for all of 2013, while cutting costs and improving margins.
“Achieving operating profit along with our expanding portfolio of products, including our successful Happy Lens Collection, positions us well for 2014 as we continue to focus on disruptive strategies, driving sales, improving our product margins and managing our operating costs,” CEO Michael Marckx said in a press release.
Marckx said 2013 margins improved to 50% vs. 46% in 2012.
2013 financial results
Net sales: up 6% to $37.8 million, with the increase driven by increases in snow goggles and optical products
Spy brand sales: rose 8% to $37.7 million
Income from operations: improved to $0.4 million vs. a loss from operations of $5.0 million in 2012
Net loss: narrowed to $2.9 million vs. a net loss of $7.2 million in 2012.
Spy said the primary difference between the net loss and income and loss from operations was due to interest expense on long-term debt.
Q4 financial results
Net sales: up by 6% to $8.6 million
Spy brand sales: rose 7% to $8.6 million
Loss from operations: improved to $0.4 million vs. a loss from operations of $0.6 million in Q4 2012
Net loss: increased to $1.3 million vs. a net loss of $1.2 million
