Signature Eyewear Reports Increase in Net Income, Sales; 11th Straight Quarter of Profitability
Net income was $256,000 and $924,000 for the three and nine months endedJuly 31, 2007, compared to net income of $230,000 and $656,000 for the threeand nine months ended July 31, 2006. Net sales were $6.2 million and $18.6million for the 2007 quarter and 2007 nine months, compared to net sales of$5.7 million and $17.1 million for the three and nine months ended July 31,2006.
"Our net sales were higher as a result of an increase in net sales of bebeeyes and Nicole Miller Eyewear. Net sales in 2007 were positively affected bythe introduction of Cutter & Buck Eyewear in October 2006 and the launch ofthe Nicole Miller Luxury Collection in January 2007," noted Michael Prince,CEO of Signature Eyewear. "We also experienced growth in international anddomestic chain sales."
During the quarter and nine months, the Company's general andadministrative and selling expenses remained relatively constant. "We continueto actively manage our overhead while increasing sales," said Prince. "Ourgross profit margin declined slightly due to the higher concentration ofinternational and chain sales."
On September 17, 2007, Signature Eyewear entered into a $4.8 millionrevolving line of credit with Comerica Bank to replace its existing term loanswith Home Loan Investment Corporation. The facility will have a positiveimpact on the Company as it provides greater borrowing capacity at a lowercost while providing working capital for growth.
Signature Eyewear is a leading designer and marketer of prescriptioneyeglass frames and sunglasses under internationally-recognized brand names,including bebe eyes, Cutter & Buck Eyewear, Dakota Smith, Hart Schaffner Marx,Hummer Eyegear, Laura Ashley Eyewear, Nicole Miller Eyewear and the soon to beintroduced Carmen Marc Valvo Eyewear. Signature Eyewear's products are soldworldwide to opticians, optometrists and ophthalmologists and to major retailchains. For information about Signature Eyewear, visit the Company's web siteat http://www.seye.com.
The above news release contains forward-looking statements. Thesestatements are based on assumptions that management believes are reasonablebased on currently available information, and include statements regarding theintent, belief or current expectations of the Company and its management.Prospective investors are cautioned that any such forward-looking statementsare not guarantees of future performance, and are subject to a wide range ofbusiness risks, external factors and uncertainties, including increasingmarket interest rates. Actual results may differ materially from thoseindicated by such forward-looking statements. For additional information,please consult the Company's most recent public filings and 10-K. The Companyassumes no obligation to update the information contained in this pressrelease, whether as a result of new information, future events or otherwise.CONTACT: Devon Blaine The Blaine Group 310/360-1499 310/360-1498 (FAX) email@example.com
SOURCE Signature Eyewear, Inc.
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