Orange 21, the parent company of Spy Optic, increased its...

Orange 21, the parent company of Spy Optic, increased its net loss to $4.6 million in 2010 from $3.4 million a year earlier. The bottom line was affected by a $1.4 million loss following the sale of a 90 percent stake in the Italian eyewear manufacturer LEM and an additional $1.2 million in operating expenses related to the newly acquired Margaritaville and Melodies by MJB eyewear brands, which generated minimal sales during the period. Revenues rose by 2.0 percent to $35 million in the full year and the gross margin widened to 48 percent from 40 percent thanks to more effective sourcing in Asia, improved corporate efficiency and a more favorable euro/dollar exchange rate on purchases from LEM.