Gargoyles Reports 1999 Earnings and Record Fourth Quarter Sales
KENT, Wash., March 10 /PRNewswire/ -- Gargoyles, Inc. (OTC Bulletin Board: GOYL - news) today reported consolidated net income of $77,000 for the 12-month period ended December 31, 1999, compared to a net loss of $21.6 million in 1998.
The company achieved record sales of $7.3 million for the fourth quarter of 1999, representing a 153% increase over sales of $2.9 million for fourth quarter 1998.
After an accrual for preferred stock dividends, 1999 earnings resulted in a $.05 loss per diluted common share compared to a loss of $2.77 per diluted common share in 1998.
Net sales for 1999 decreased 8.9% to $33.3 million from $36.6 million in 1998.
As of December 31, 1999, the Company had unused sources of liquidity of $2.3 million consisting of cash and available bank borrowings.
``We are very pleased with our 1999 results and with our prospects for 2000,' said Gargoyles CEO, Leo Rosenberger. ``Our relationships with our customers, vendors, and sponsors have never been better. We are now positioned to take advantage of opportunities in the marketplace, and we look forward to growing both our sales and earnings in 2000.'
Gargoyles, Inc., headquartered in Kent, Washington, is a designer and distributor of a broad range of sunglasses and eyewear products marketed under such brand names as Gargoyles Performance Eyewear, Gargoyles Protective Eyewear, Hobie Polarized Sunglasses, Stussy EyeGear, Anarchy and Angel Eyewear, Private Eyes, Tomichi Studio, and Wrangler Eyewear.
CONTACT: Leo Rosenberger, CEO and CFO, 253-796-2752, ext. 3405, or Cynthia Pope, EX. VP and General Counsel, 253-796-2752, ext. 3404, both of Gargoyles, Inc.
SOURCE: Gargoyles, Inc. |
