Dallas, Texas (June 24, 2011) – The StockGuru Spotlight is on Signature Eyewear, Inc. (OTCBB: SEYE) as the Company reports net income of $9,000 on net sales of $4.5 million for the quarter ended April 30, 2011, its 22nd consecutive profitable quarter. This compares to net income of $157,000 on net sales of $5.9 million for the second quarter of fiscal year 2010. Signature Eyewear, Inc. closed at $0.235 on June 23, 2011, trading in a 52 week range of $0.46 to $0.155.
For the six months ended April 30, 2011, Signature reported net income of $96,000 on net sales of $9.2 million, as compared to net income of $299,000 on net sales of $11.0 million for the six months ended April 30, 2010.
The decrease in net sales in the second quarter of 2011 was due primarily to the expiration of Signature’s bebe and Hummer eyewear licenses in June 2010. The lower bebe and Hummer eyewear sales was offset in part by increases by the Company’s other eyewear lines and its new footwear line in the three and six months ended April 30, 2011 of $1.2 million and $2.5 million, respectively.
The Carmen Marc Valvo eyewear license was extended for three years, or until April 2016.
Signature Eyewear is a leading designer and marketer of prescription eyeglass frames and sunglasses under internationally recognized brand names such as Carmen Marc Valvo, Cutter and Buck, Hart Schaffner Marx, Laura Ashley, Michael Stars and Nicole Miller. Signature will be expanding its men’s eyewear and sunwear collections in the summer of 2011 with the introduction of Hickey Freeman eyewear and Bobby Jones sunwear. Signature Eyewear’s proprietary brands include Dakota Smith, Rough Justice and The Signature Collection. Signature recently introduced its Rough Justice collection of fashion footwear. The Company’s products are sold in the United States and internationally to opticians, optometrists and ophthalmologists, optical retail chains, and department stores and fashion retailers.
This Signature Eyewear, Inc. news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance, and are subject to a wide range of business risks, external factors and uncertainties, including increasing market interest rates. Actual results may differ materially from those indicated by such forward-looking statements. For additional information, please consult the Company’s most recent public filings and Form 10-K for the year ended October 31, 2010. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise.
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