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Spy parent says gloomy weather hurt sales

By
November 15, 2010 6:49 AM

Press Release:

 

CARLSBAD, CA--(Marketwire - 11/15/10) - Orange 21 Inc. (Pinksheets:ORNG - News) (OTC.BB:ORNG - News), a leading designer, producer and distributor of sunglasses, prescription eyewear, snow and motocross goggles, and branded apparel and accessories for the action sports, motorsports, snowsports and lifestyle markets, today announced financial results for the quarter ended September 30, 2010.

 

Consolidated net sales decreased 6% to $8.2 million for the three months ended September 30, 2010 from $8.8 million for the three months ended September 30, 2009.

 

Consolidated net loss decreased to $0.9 million for the three months ended September 30, 2010 from $1.1 million for the three months ended September 30, 2009. The three months ended September 30, 2010 included approximately $0.4 million in additional direct operating expenses related to the addition of the Margaritaville™ and Melodies by MJB™ eyewear brands for which there were minimal sales during the period. There were no such expenses during the comparable period in 2009.

 

"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. We are especially pleased that these results were achieved even though we had substantial direct and indirect additional operating costs related to our two newest brands, Margaritaville™ and Melodies by MJB™, for which there have been minimal sales during this period. Our Melodies by MJB™ line began to sell in stores and online at www.melodiesbymjb.com during September and was promoted in cities that Mary J. Blige was touring. We expect our Margaritaville™ line to launch the later part of November in select stores and online at www.margaritavilleeyewear.com."

 

Investor Conference Call

 

We invite you to join us for an investor conference call on Wednesday, November 17, 2010 at 1:30 p.m. Pacific Time. The dial-in number for the call in North America is 1-866-730-5770 and 1-857-350-1594 for international callers. The participant pass code is 60970034. The call will also be webcast live on the internet and can be accessed by logging onto www.orangetwentyone.com.

 

The webcast will be archived on the Company's website for at least 60 days following the call. An audio replay of the conference call will be available for seven days beginning approximately two hours after the completion of the call on November 17, 2010. The audio replay dial-in number for North America is 1-888-286-8010 and 1-617-801-6888 for international callers. The replay pass code is 27158016.

 

About Orange 21 Inc.

 

Orange 21 designs, develops, markets and produces premium products for the action sports, motorsports, snowsports and lifestyle markets under the brands Spy Optic™, O'Neill™, Margaritaville™ and Melodies by MJB™.

 

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