Signature Eyewear Files 10-Q; Reports 17th Consecutive Profitable Quarter
08 3월 2010 - 11:00PM
Marketwired
Signature Eyewear, Inc. (OTCBB: SEYE) reported net income of
$143,000 on net sales of $5.2 million for the quarter ended January
31, 2010, its 17th consecutive profitable quarter. This compares to
net income of $199,000 on net sales of $6.0 million for the quarter
ended January 31, 2009.
The decrease in net sales was due primarily to the general
slowdown in the domestic economy and the optical frame market,
which adversely affected sales of Signature's higher priced eyewear
lines. The decrease in net income was due primarily to lower sales
and lower gross margin, which was offset somewhat by a decrease in
selling, general and administrative expenses. Selling, general and
administrative expenses declined $549,000 from the three months
ended January 31, 2009 to the three months ended January 31, 2010,
representing 58.2% of net sales in the 2010 quarter as compared to
59.8% of net sales in the 2009 quarter.
Gross profit decreased $601,000 from the 2009 Quarter to the
2010 Quarter due to decreased sales. Gross margin decreased
slightly to 62.8% in the 2010 Quarter from 64.6% in the 2009
Quarter due to competitive pricing and market conditions. Selling
expenses decreased $233,000 from the 2009 Quarter to the 2010
Quarter primarily due to decreases of $112,000 in compensation
expense for sales personnel, $90,000 in travel expense and $88,000
in advertising and promotional expense. General and administrative
expenses for the 2010 Quarter decreased $316,000 from the 2009
Quarter primarily due to decreases of $106,000 in international
general and administration expense resulting largely from closing
Signature's Belgium sales office in September 2009.
"We are pleased to have maintained profitability in this
recession and its downward pressure on sales by continuing to
reduce our operating expenses. Our balance sheet reflects the steps
we took last year to reduce inventories and the related current
liabilities to weather the current economic environment," stated
Michael Prince, Chief Executive Officer of Signature.
About Signature Eyewear
Signature Eyewear is a leading designer and marketer of
prescription eyeglass frames and sunglasses under
internationally-recognized brand names, including bebe eyewear,
Cutter & Buck Eyewear, Carmen Marc Valvo Eyewear, Dakota Smith
Eyewear, Hart Schaffner Marx Eyewear, Hummer Eyegear, Laura Ashley
Eyewear, Michael Stars Eyewear and Nicole Miller Eyewear. Signature
Eyewear's products are sold worldwide to opticians, optometrists
and ophthalmologists and to optical and retail chains. For
information about Signature Eyewear, visit the Company's website at
http://www.seye.com.
The above 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,
2009. 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.
FOR FURTHER INFORMATION, CONTACT: Devon Blaine The Blaine Group
310/360-1499 310/360-1498 (FAX) Email Contact
Signature Eyewear (CE) (USOTC:SEYE)
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Signature Eyewear (CE) (USOTC:SEYE)
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