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Spy continues to grow sales in Q3

Published November 5, 2013

CARLSBAD, CA (BRAIN) — Spy Inc. on Tuesday reported its 10th consecutive quarter of year-over-year sales growth, with third-quarter sales ticking up 3 percent to $10.2 million from $9.9 million a year earlier. The quarter included a record sales month for September, said president and CEO Michael Marckx.

For the year through Q3, sales totaled $29.2 million, an increase of 6 percent compared with the first nine months of 2012.

Income from operations improved by $1.7 million to $500,000 in the quarter, compared with an operational loss of $1.2 million a year earlier. For the nine months through Sept. 30, income from operations improved to $800,000 from a loss of $4.5 million in the comparable period a year earlier.

In an earnings call, Marckx singled out Spy’s Happy Lens collection and the company’s expansion in prescription product as performance drivers in the third quarter and year to date.

“We have improved our product mix through better brand positioning by higher quality of products, higher-priced product introductions and a reinvigorated brand profile that can support the more premium position,” he said.

Spy is publicly traded on the OTCBB under the symbol XSPY. Its stock performance is tracked on the BRAIN stock chart

Topics associated with this article: Earnings/Financial Reports

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