Signature Eyewear Reports Second Quarter Results; 22nd Consecutive Profitable Quarter
June 24 2011 - 9:30AM
Marketwired
Signature Eyewear, Inc. (OTCBB: SEYE) reported net income of $9,000
on net sales of $4.5 million for the quarter ended April 30, 2011,
its 22nd consecutive profitable quarter. This compares to net
income of $157,000 on net sales of $5.9 million for the second
quarter of fiscal year 2010.
For the six months ended April 30, 2011, Signature reported net
income of $96,000 on net sales of $9.2 million, as compared to net
income of $299,000 on net sales of $11.0 million for the six months
ended April 30, 2010.
The decrease in net sales in the second quarter of 2011 was due
primarily to the expiration of Signature's bebe and Hummer eyewear
licenses in June 2010. The lower bebe and Hummer eyewear sales was
offset in part by increases by the Company's other eyewear lines
and its new footwear line in the three and six months ended April
30, 2011 of $1.2 million and $2.5 million, respectively.
Signature's operating expenses decreased $743,000 and $1.1
million in the three months and six months ended April 30, 2011,
due primarily to reduced selling expenses.
Michael Prince, Signature's Chief Executive Officer, stated: "In
the second quarter, we launched our Rough Justice line of footwear
and are excited about the rave reviews we received in the fashion
press. Rough Justice eyewear and sunwear will launch this fall. We
are also expanding our eyewear lines with the launch of Hickey
Freeman eyewear and Bobby Jones sunwear this summer. The Men's
eyewear segment is Signature's fasting growing eyewear
category.
"In addition, we recently extended our Carmen Marc Valvo eyewear
license for three years, or until April 2016," noted Prince.
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
collections in the summer of 2011 with the introduction of Hickey
Freeman eyewear and Bobby Jones sunwear. Signature Eyewear's
proprietary brands include Dakota Smith, Rough Justice and The
Signature Collection. Signature recently introduced its Rough
Justice collection of fashion footwear. 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
sites 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
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