CARLSBAD, CA (BRAIN) — Spy Inc. reported overall first-quarter sales of $9 million, up 11 percent from $8.1 million a year earlier, and narrowed its net loss as the eyewear supplier’s Happy Lens Collection got off to strong launch.
Income from operations rose by $2.2 million to $29,000 for the quarter, compared with a loss from operations of $2.2 million in the same period in 2012. The $2.2 million improvement was partially due to the increase in sales combined with gains in gross profit as a percentage of sales. Additionally, total operating expenses in the first quarter of 2013 fell by $1.4 million compared with a year earlier due to restructuring measures taken in the third quarter of 2012.
The company’s net loss improved to $700,000 from $2.6 million in the first quarter of 2012.
“On top of our successful Happy Lens launch, we are even more enthralled with the combination of things we accomplished this quarter: solid sales growth, improved gross margins, lower operating expenses, positive cash flow from operations and a break-even income from operations. We believe this solid first quarter of the year helps to position us well for the balance of 2013," Spy president and CEO Michael Marckx said in a release.
Spy is publicly traded on the OTCBB under the symbol XSPY. Its stock performance is tracked on the BRAIN stock chart.