Orange 21, parent company of Spy Optic, is warning investors that it will need to raise more equity in the current quarter after posting a net loss of $1.3 million in the first one. Sales declined to $6.7 million from $8.3 million a year ago. The drop was only partly due to the divestiture of the company's Italian manufacturing unit, LEM: Excluding its results, the turnover fell by 9.0 percent. Gross margins improved by 5.9 percentage points to 50.9 percent, but a big jump in operating expenses caused the operating loss to grow to $1.3 million (more in EyeWear Intelligence).

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