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Spy parent swings to profit
August 18, 2010 08:00 AM
Sales and gross margins improved at Orange 21, Inc., the parent company of Spy Optic, and the company swung to a profit after reporting a loss in the same period last year.
Net sales rose 5% to $9.5 million.
Gross margins increased to 58% vs. 46% in the same period last year.
The company reported net income of $408,000 vs. a loss of $254,000 in the same period last year.
The company said it benefited from better sourcing costs in Asia and a more favorable Euro exchange rate. However, it still recorded a profit even with additional costs from its new brands, Margaritaville and Melodies by MJB, which have not realized sales yet.
The company's stock is now traded in the Pink Sheets under the symbol ORNG.
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