Carlsbad-based Spy Inc., which produces sunglasses and goggles for youthful consumers and action sports enthusiasts, reported a net loss of $721,000 on net sales of $9 million during the first quarter of 2013.
The company cut its loss by 72 percent and increased sales 11 percent from the like quarter one year ago, when it reported a net loss of $2.6 million on net sales of $8.1 million.
Spy was able to turn in such first quarter results, in part, because it cut a variety of operating expenses. Interest expense rose due to greater indebtedness, the company said.
Spy CEO Michael Marckx noted that the first quarter was the eighth consecutive quarter of year-over-year growth. Sales of a new product, the Spy Happy Lens, made a significant contribution to first quarter success, he said.
Shares of Spy trade over the counter. Their symbol is XSPY.
— SDBJ Staff Report