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Spy parent company sales up 17 percent

Spy parent company sales up 17
By Tiffany Montgomery
August 13, 2008 7:17 AM

Orange 21 Inc. said yesterday that sales increased 17 percent to $14 million in the second quarter.


The company narrowed its net loss to tiny_mce_marker.3 million vs. $1.6 million for the same quarter last year.


Gross profit as a percentage of sales decreased to 50 percent vs. 59 percent in the second quarter of 2007. Profits were hurt by rising gas and oil prices, which increased material costs, and an increase in Euro exchange rates.


Total operating expenses fell 20 percent to $7 million, with sales and marketing expenses decreasing 37 percent.


While Orange 21 results improved for the quarter, Co-Chairman and CEO Mark Simo sounded cautious about the economic climate in the company's press release.


He said the weakening dollar, the high cost of oil, and the slowdown in the global economy could impact results in the future. To counter those forces, Orange 21 plans to make its sales and marketing efforts more "efficient and effective" and reduce operating expenses.


The company's goal is to continue to show revenue growth over the prior year, Simo said.

 


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