Gargoyles First Quarter Sales Up 29%
Operating Income Up 113%
KENT, Wash., May 11 /PRNewswire/ -- Gargoyles, Inc. (OTC Bulletin Board: GOYL) today reported consolidated net sales increased 29.5% to $12.1 million for the first quarter of 2000 from net sales of $9.3 million in first quarter 1999.
First quarter 2000 income from company operations increased 113% to $2.2 million compared to operating income of $1 million in first quarter 1999.
The company achieved net income of $1.53 million for the three-month period ended March 31, 2000, compared to net income of $232,000 in the same period in 1999. After an accrual for preferred stock dividends, earnings of $1.3 million, or $.04 per diluted common share, was available for common shareholders.
"We are very pleased with our first quarter results," said Gargoyles CEO, Leo Rosenberger, "Our strong first quarter sales results reflect the sales practices and initiatives we began in 1999 which positioned us to capitalize on opportunities 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.
Three Months Ended
March 31
2000 1999
Net sales $12,103,400 $9,348,011
Cost of sales 4,993,892 4,117,786
Gross profit 7,109,508 5,230,225
License income 50,262 182,233
Operating expenses 4,984,540 4,393,151
Income from operations 2,175,231 1,019,307
Interest expense (643,763) (787,648)
Net income 1,531,467 231,659
Preferred stock dividends accrued (254,325) --
Net income available for common
Shareholders $1,277,142 $231,659
Basic net income per share $.16 $.03
Diluted net income per share $.04 $.03
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.
CO: Gargoyles, Inc.
ST: Washington
IN: HOU
SU: ERN
05/11/2000 20:01 EDT prnewswire.com |
