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Spy continues quarterly growth but posts loss for 2013

Published March 21, 2014

CARLSBAD, Calif. (BRAIN) — Optical supplier Spy Inc. reported its 11th consecutive quarter of sales growth for Spy brand products and posted an improved net loss for 2013 in year-end results.

Fourth-quarter Spy brand sales were up 7 percent, or $500,000, to $8.6 million. Annual sales of Spy brand products rose 8 percent, or $2.6 million, to $37.7 million in 2013.

Sales of products from discontinued licensed brands, which are no longer a focus for Spy, continued to decline last year. Those sales totaled less than $100,000, down from $500,000 in 2012.

Total company net sales rose 6 percent, or $2.2 million, to $37.8 million. Operating income for the year rose to $400,000, compared with a loss of $5 million in 2012, and the company posted an improved net loss of $2.9 million, compared with a loss of $7.2 million 2012. The gap between the net loss and operating loss was due to interest expense on long-term debt, Spy stated.

"With continued strong Spy brand sales and an annual Spy brand growth of 8 percent for 2013 over 2012, we are happy to once again generate annual growth and achieve our 11th quarter in a row of year-over-year growth of our Spy brand products," company president and CEO Michael Marckx 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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