Spy releases preliminary sales estimates for the quarter ended June 30, 2012
Preliminary net sales estimates for the quarter ended June 30, 2012 are anticipated to be approximately $9.5 million, an increase of $0.5 million or 5%, compared with total net sales of $9.0 million for the quarter ended June 30, 2011.
Preliminary sales estimates of core SPY® brand products for the quarter ended June 30, 2012 are anticipated to be approximately $9.3 million, an increase of $1.1 million or 13%, compared with core SPY® brand sales of approximately $8.2 million during the quarter ended June 30, 2011.
Preliminary estimates of other sales were approximately $0.2 million during the quarter ended June 30, 2012, consisting of licensed brand products which are no longer a focus of the Company, compared with licensed brand product sales of approximately $0.8 million during the quarter ended June 30, 2011.
"We are pleased to have achieved our 5th consecutive quarter of year over year growth of our core SPY® brand products, including preliminary SPY® brand product growth estimates of 17% in the first half of 2012 compared to the first half of 2011," said Michael Marckx, President and CEO.
We design, market and distribute premium products for hard core participants in action sports, motorsports, snow sports, cycling and multi-sports markets, which embrace their attendant lifestyle subcultures, crossing over into more mainstream fashion, music and entertainment markets. We believe a principal strength is our ability to create distinctive products for active people within the youthful demographics of these subcultures. Our principal products -- sunglasses, goggles and prescription frames -- are marketed under the SPY® brand. During 2011 and 2010, we also designed, manufactured and sold eyewear under the O'Neill®, Melodies by MJB® and Margaritaville® brands. In 2011, we decided to cease any new purchase orders of additional inventory for these licensed eyewear brands and do not expect any significant sales from these brands in the future.