Net revenues declined by 5.7 percent to $8.99 million in the second quarter ended June 30 for Orange 21, the parent company of Spy Optic, but on a pro forma basis, they increased by $0.6 million or 7 percent during the period. The company booked an operating loss of $618,000 for the quarter, against a profit of $108,000 in the year-ago period. It posted a net loss of $2,948,000, compared with net income of $455,000. The latest losses included a provision of $2.0 million in relation to the company's decision to terminate its eyewear licensing deal for the Melodie by MJB brand of Rose Colored Glasses next March 31. The progress made in the latest quarter contrasts with a big plunge in the first quarter. The new management team recently put in place at Orange 21 is focusing on marketing, product development and sales programs to leverage its core Spy brand, and these efforts have started to pay off on several fronts. In particular, the second half is expected to show strong performance for Spy's snow goggles (more in EyeWear Intelligence).

Topics