Signature Eyewear Inc reported increases in its net income and net sales for the three and six months ended April 30, 2007. This is the Company's tenth straight quarter of profitability.
Net income was $514,000 and $668,000 for the three and six months ended April 30, 2007 compared to net income of $306,000 and $426,000 for the three and six months ended April 30, 2006. These increases were due primarily to 10.2% and 8.7% increases in net sales for the 2007 quarter and 2007 six months. Net sales were $6.5 million and $12.4 million in the 2007 periods.
"Our net sales were higher as a result of an increase in net sales of bebe eyes and Nicole Miller Eyewear. Net sales in 2007 were positively affected by the introduction of Cutter & Buck Eyewear in October 2006 and the launch of the Nicole Miller Luxury collection in January 2007," explained Michael Prince, CEO of Signature Eyewear.
Prince also noted that, "We increased advertising and promotion expense by $225,000 and $325,000 for the three and six month periods, respectively. These increases were primarily for our sunwear and luxury collections, which are the fastest growing segments of the optical frame market."
The Company's general and administration expenses only increased $30,000 or 2% for the quarter and $40,000 or 1.5% for the six-month period. "We continue to actively manage our overhead while increasing sales," said Prince.
In the second quarter, the Company raised $206,250of capital through the sale to Ashford Capital, LLC of 300,000 shares of its common stock and warrants to purchase 300,000 shares of its common stock at 68.75 cents. These funds will be used for general working capital and to support growth.
The Company also entered into an exclusive license agreement with Carmen Marc Valvo, one of America's leading couture designers. Carmen Marc Valvo designs dresses and gowns for high profile celebrities and non-celebrity clients. The Company intends to launch this sunwear and ophthalmic collection in the first quarter of 2008. The collection will be sold at better department stores and optical venues.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
