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Spy continues sales growth, makes exec changes

Published August 7, 2013

CARLSBAD, CA (BRAIN) — Eyewear maker Spy Inc. on Wednesday reported its ninth consecutive quarter of growth with sales of $10 million for the three months ended June 30, up 6 percent from the second quarter a year earlier. Sales for the full first half of 2013 totaled $19 million, up 8 percent from the year-ago period.

Sales of licensed product, which Spy has been winding down, totaled just $50,000 during the quarter, compared with $400,000 in the same period in 2012. “All sales of licensed brands during the six months ended June 30, 2013 and 2012 were considered to be closeout sales based on our decision during 2011 to cease making purchases of licensed brand inventory,” Spy said in its 10-Q filing.  

Sales of Spy brand sunglasses represented 95 percent of sales during the quarter, with goggles making up the remainder of net sales for the period.

Income from operations improved by $1.4 million to $300,000 in the second quarter, compared with an operational loss from of $1.1 million a year earlier. Spy’s Q2 net loss improved to $600,000 million from $1.6 million in the second quarter of 2012. The improved net loss stemmed from a reduction in the company’s loss from operations, partially offset by higher interest expense, Spy said in a statement.

Spy also announced two senior executive changes Wednesday.

Jim McGinty will join the company as chief financial officer effective Aug. 19. McGinty’s retail experience includes stints with Victoria’s Secret, clothing chains Structure and Express and, most recently, 13 years with teen specialty retailer Hot Topic, where he served as finance chief.

Additionally, David Rane has joined Spy’s board of directors, bringing with him 30 years of senior financial experience in the hard goods, tech and financial management sectors. He most recently served as a board member and audit committee chairman at communications technology firm Telanetix Inc.

Topics associated with this article: Earnings/Financial Reports

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