CARLSBAD, Calif. (BRAIN) — Optical brand Spy Inc. on Tuesday reported its 12th consecutive quarter of revenue growth as sales ticked up 2 percent in the first quarter of 2014.
Sales rose $200,000, to $9.2 million, primarily on the strength of Spy's prescription frame business, which almost doubled to $1 million for the three months ended March 31, the company said in its Form 10-Q filing with the Securities and Exchange Commission.
In an earnings conference call, president and CEO Michael Marckx said the result was particularly encouraging because Spy has stopped shipping to one of its biggest customers from last year and did not ship to its largest moto customer during the quarter due to credit concerns. The company also shipped virtually no premium goggles during the quarter after selling through product in Q4, he added.
Operating income came in at $84,000, compared with $29,000 a year earlier, and the company posted a net loss of $700,000 due to interest expense on long-term debt.
Looking forward, Spy is targeting full-year 2014 sales of $39 million-$40 million, driven largely by its prescription and snow-goggle businesses, Marckx said.
Spy is publicly traded on the OTC Bulletin Board under the symbol XSPY. Its stock performance is tracked on the BRAIN stock chart.