Signature Eyewear Reports 21st Consecutive Profitable Quarter
March 16 2011 - 3:22PM
Marketwired
Signature Eyewear, Inc. (OTCBB: SEYE) reported net income of
$82,546 on net sales of $4.7 million for the quarter ended January
31, 2011, its 21st consecutive profitable quarter. This compares to
net income of $143,000 on net sales of $5.2 million for the quarter
ended January 31, 2010.
The 8.4% decrease in net sales was due primarily to the
expiration of Signature's bebe and Hummer eyewear licenses in June
2010 and the continuing recession. The decline in sales of bebe and
Hummer eyewear was offset by increases in net sales of the
Company's other eyewear lines.
Net Income in the first quarter decreased due to lower sales and
gross margin. The decrease in gross margin was attributed to
competitive conditions in the optical industry and the impact of
private label footwear sales, which have lower gross margins than
eyewear sales.
Michael Prince, Signature's Chief Executive Officer, stated: "We
are pleased to have maintained profitability as high unemployment
and consumer uncertainty have adversely affected the optical
industry. We achieved this through the exceptional efforts of our
sales force in promoting our other brands, revenues generated by
our new women's footwear division, and our continued emphasis on
efficiencies to reduce costs."
In the first quarter Signature launched its new division,
Signature Fashion Group, to focus on women's footwear and fashion
accessories. This division will bring Signature's expertise in
brand management to the development and marketing of these new
product lines. In the first quarter, this division generated its
first revenues from the sale of private label footwear. Signature
Fashion Group will launch its own Rough Justice brand of footwear
in the second fiscal quarter of 2011.
Prince also stated: "We look forward to the launch of our 2 new
men's collections, Hickey Freeman and Bobby Jones in the late
Spring. This will greatly enhance our men's portfolio in both
eyewear and sunwear."
About Signature Eyewear
Signature Eyewear is a leading designer and marketer of
prescription eyeglass frames and sunglasses under
internationally-recognized brand names such as Carmen Marc Valvo,
Cutter and Buck, Hart Schaffner Marx, Laura Ashley, Michael Stars
and Nicole Miller. Signature will be expanding its men's eyewear
and sunwear in late Spring with the introduction of Hickey Freeman
and Bobby Jones collection. Signature Eyewear's proprietary brands
include Dakota Smith, Rough Justice and The Signature Collection.
Signature recently introduced a Rough Justice collection of fashion
footwear that will launch in the second fiscal quarter of 2011. The
Company's products are sold in the United States and
internationally to opticians, optometrists and ophthalmologists,
optical retail chains, and department stores and fashion retailers.
For information about Signature Eyewear call 1-800-765-EYES or
visit the company's web site at www.seye.com and
www.roughjustice.com.
This news release contains forward-looking statements. These
statements are based on assumptions that management believes are
reasonable based on currently available information, and include
statements regarding the intent, belief or current expectations of
the Company and its management. Readers are cautioned that any such
forward-looking statements are not guarantees of future
performance, and are subject to a wide range of business risks,
external factors and uncertainties, including increasing market
interest rates. Actual results may differ materially from those
indicated by such forward-looking statements. For additional
information, please consult the Company's most recent public
filings and Form 10-K for the year ended October 31, 2010. The
Company assumes no obligation to update the information contained
in this press release, whether as a result of new information,
future events or otherwise.
Contact: Signature Eyewear 1.800.765.3937
Signature Eyewear (CE) (USOTC:SEYE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Signature Eyewear (CE) (USOTC:SEYE)
Historical Stock Chart
From Apr 2023 to Apr 2024