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Sunglasses maker Orange 21 sales up 8.4 in Q3

Nov '05
Premium products developer Orange 21 Inc announced financial results for the three months ended September 30, 2005.

The Company's net sales for the third quarter of 2005 increased 8.4 percent to $10.8 million compared to $10.0 million in the third quarter of 2004, meeting the high end of the Company's previously announced estimate.

The Company reported net income for the third quarter of 2005 of approximately $192,000, compared to net income of approximately $517,000 in the third quarter of 2004. Earnings per diluted share for the third quarter were $0.02 on approximately 8.3 million weighted average shares outstanding compared to $0.10 per share on approximately 5.1 million weighted average shares outstanding in the same period a year ago.

Cash, cash equivalents, and short term investments at September 30, 2005, totaled approximately $10.8 million.

Although our earnings for the third quarter were less than expected they are pleased with the year to date increase in revenue of approximately 24 percent.

Barry Buchholtz, Chief Executive Officer stated that while the third quarter results were adversely impacted by delays in manufacturing, lower than expected sales in their E Eyewear product line, changes to several international distributors, and continued weakness in the U.S. dollar relative to the Euro, we are excited about the continuing global sales growth in the brand.

Sunglasses and goggles maker Orange 21 develops brands that produce premium products for the action sport and youth lifestyle markets. It designs, develops, and markets premium products for the actions sports and lifestyle markets. The principal products, sunglasses and goggles, are marketed under their brand Spy Optic ("Spy") and E Eyewear, the signature Dale Earnhardt, Jr. sunglass line.

Orange 21 Inc

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