Gargoyles, Inc. Ticker: GOYL Dilutd EPS Incl XOrd .15 first 6 months Page 1 of 10
Complete Financials: June 1999 Exchange OTC
FY END DEC
ISSUE DATA (10/15/99) PER SHARE DATA RATIOS
Price $ 0.17 EPS (TTM) $ -2.45 P/E (TTM) NM
52W High $ 0.88 Div. Rate $ 0.00 Yield 0.00 %
52W Low $ 0.09 Book Value $ -1.66 Price/Book NM
Shrs Out 7.82 Mil Cash $ 0.05 ROE (TTM) NM %
Float 3.10 Mil Rev (TTM) $ 3.11 ROA (TTM) -54.69 %
Mon. Vol 0.34 Mil Curr. Ratio 1.22
Beta 2.69 LT Dbt/Eqty NM
BRIEF: Gargoyles Inc. designs, manufactures and markets a
range of sunglasses and eyewear products, sold mainly
through sunglass specialty, sport specialty, department and
optical stores. For the six months ended 6/30/99, revenues
fell 21% to $19.7M. Net income totalled $1.3M vs. a loss of
$1.8M. Revenues reflect the disposition of various
unprofitable businesses. Earnings benefitted from lower
S/G/A expenses, cost cutting measures, & lower debt levels.
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Gargoyles, Inc. QUARTERLY SUMMARY Page 2 of 10
HISTORICAL QUARTERLY RESULTS(Thousands of U.S. Dollars)
REVENUE 1996 1997 1998 1999
1st Qtr MAR 7,155 8,308 11,479 9,530
2nd Qtr JUN 10,766 16,088 13,367 10,213
3rd Qtr SEP 9,004 11,183 9,161
4th Qtr DEC 6,649 5,944 3,565
EPS (U.S. Dollars per share)
1st Qtr MAR 0.000 0.060 -0.200 0.030
2nd Qtr JUN -0.460 0.140 -0.030 0.060
3rd Qtr SEP 0.000 -0.220 -1.540
4th Qtr DEC -0.020 -1.920 -1.000
6/95 Q=7 months. FY'95=13 mos. due to FYE change from NOV
to DEC. 2/96, acq. H.S.I. for $4M. Shs & fncls prior to IPO
are pro forma. FY'97 Qs restated. FY'98 Q's being reclass.
DIVIDENDS EMPLOYEES
Last Dividend Decl. $ NA # Employees 187
Last Div Ex-Date NA Sales/Employee (TTM) 173,631
Last Div Pay Date NA Net. Income/Empl.(TTM) NM
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Gargoyles, Inc. COMPANY COMPARISON Page 3 of 10
TO THE APPAREL AND S&P 500 AGGREGATES
VALUATION RATIOS: COMPANY INDUSTRY S&P 500
P/E Ratio NM 23.59 33.95
Dividend Yield 0.00 1.07 1.32
Price to Tangible Book -0.05 10.76 11.52
Price to Book NM 9.27 8.08
Price to Free Cash Flow -5.37 41.21 41.04
GROWTH STATISTICS:
3 Yr Rev Growth 25.63 16.95 14.68
3 Yr EPS Growth NM 16.20 17.55
3 Yr Div Growth NM 22.92 11.54
Reinvestment Rate 100.00 81.82 71.81
PROFITABILITY RATIOS:
Net Profit Margin -57.08 6.44 11.39
Return on Equity NM 28.05 22.08
Interest Coverage NM 15.07 9.81
FINANCIAL STRENGTH RATIOS:
Current Ratio 1.22 2.32 1.46
LT Debt to Equity NM 0.37 0.83
Total Debt to Equity NM 0.54 1.05
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Gargoyles, Inc. TRADING & PRICE PERFORMANCE Page 4 of 10
INSTITUTIONAL OWNERSHIP INSIDER TRADING (Prev. 6 months)
% Shares Out. Owned 0.36 % Net Insider Trades 0
# of Institutions 4 # Buy Transactions 0
Total Shs Held 0.028 Mil # Sell Transactions 0
3 Mo. Net Purch. -0.366 Mil Net Shares Bought 0.000 Mil
3 Mo. Shs Purch. 0.000 Mil # Shares Bought 0.000 Mil
3 Mo. Shs Sold 0.366 Mil # Shares Sold 0.000 Mil
4 Week Price % Change -21.5% 4 Week Rel. Price % Change -15.9%
13 Week Price % Change -65.6% 13 Week Rel. Price % Change -60.9%
26 Week Price % Change 0.0% 26 Week Rel. Price % Change 5.7%
52 Week Price % Change -31.2% 52 Week Rel. Price % Change -41.7%
YTD Week Price % Change -31.2% YTD Week Rel. Price % Change -32.2%
MARKET MAKERS: HRZG NITE HILL SHRP WIEN FRAN MASH
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Gargoyles, Inc. EQUITY, OFFICERS & ADDRESS Page 5 of 10
Common Stock no Par, 6/99, 40M auth., 7,822,191 issd.
Insiders control 3%. Five others owns 57%. IPO: 10/96,
1,954,465 shares @ $16.00 by Smith Barney, Inc. (As of
12/98) LTD: $8.3M @ Prime, $16.5M @ Prime + .75%, $3.7M @
Prime + .25%. Pfrd. Stk. no Par, 10M auth./issd. & o/s.
*7/98,Company delisted from NASDAQ to Pink Sheets.
OFFICERS: Robert G. Wolfe, Chmn., Leo Rosenberger,
CEO/CFO/Treas., Cynthia L. Pope, VP/Counsel/Secy., Bruce E.
Meckling, Sr. VP. TRANSFER AGENT: First National Bank of
Boston. Company incorp. 1983 in WA. Direct inquiries to:
Director of Investor Relations.
ADDRESS & PHONE NUMBERS
Gargoyles, Inc.
5866 South 194th Street
Kent, WA 98032
PHONE: (253) 796-2752
FAX: (253) 872-3317
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Gargoyles, Inc. ANNUAL INCOME STATEMENT Page 6 of 10
(Thousands of U.S. Dollars)
13M 12/31/95 12M 12/31/96 12M 12/31/97 12M 12/31/98
Net Sales 18,471 33,094 40,997 36,606
License Income 480 480 526 966
Total Revenue 18,951 33,574 41,523 37,572
Cost of Sales 7,255 14,231 18,797 16,226
Sales and Marketing 6,143 9,481 19,370 14,441
General/Admin. 3,265 4,233 7,884 7,033
Shipping/Warehousing 0 1,489 1,960 2,253
Research/Develpoment 312 947 1,358 761
Other Operating 2,386 5,987 5,280 18,211
Severance/Relocation 0 0 1,256 260
Total Expenses 19,361 36,368 55,905 59,185
Operating Income -410 -2,794 -14,382 -21,613
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Gargoyles, Inc. ANNUAL INCOME STATEMENT Page 7 of 10
(Thousands of U.S. Dollars)
13M 12/31/95 12M 12/31/96 12M 12/31/97 12M 12/31/98
Operating Income -410 -2,794 -14,382 -21,613
Other, Net -2,163 0 0 0
Income Before Taxes -2,573 -2,794 -14,382 -21,613
Income Taxes -114 0 0 0
Income After Taxes -2,459 -2,794 -14,382 -21,613
Pri/Bas EPS Ex. XOrd -0.431 -0.470 -1.936 -2.766
Pri/Bas EPS In. XOrd -0.431 -0.470 -1.936 -2.766
Primary/Basic Avg Sh 5,707.08 5,946.36 7,428.06 7,812.89
Common Dividends/Shr 0.0000 0.0000 0.0000 0.0000
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Gargoyles, Inc. SELECTED INCOME STATEMENT Page 8 of 10
(Thousands of U.S. Dollars)
QUARTERS YEAR TO DATE
3M 06/30/98 3M 06/30/99 6M 06/30/98 6M 06/30/99
Revenue 13,367 10,213 24,846 19,743
Operating Expenses 13,579 9,119 26,600 18,417
Operating Income -212 1,094 -1,754 1,326
Non-Operating Income 0 0 0 0
Non-Operating Expenses 0 0 0 0
Income Before Taxes -212 1,094 -1,754 1,326
Income Taxes 0 0 0 0
Adjustments to Income 0 0 0 0
Inc. for Primary EPS -212 1,094 -1,754 1,326
Pri/Bas EPS Ex. XOrd -0.027 0.140 -0.225 0.170
Disc Opns + Xord Items 0 0 0 0
Pri/Bas EPS In. XOrd -0.027 0.140 -0.225 0.170
Primary/Basic Avg Sh 7,837.19 7,822.19 7,806.08 7,822.19
Dilutd EPS Excl XOrd -0.027 0.060 -0.225 0.090
Dilutd EPS Incl XOrd -0.027 0.060 -0.225 0.090
Common Dividends/Shr 0.000 0.000 0.000 0.000
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Gargoyles, Inc. SELECTED BALANCE SHEET Page 9 of 10
(Thousands of U.S. Dollars)
YEAR ENDING QUARTER ENDING
12/31/97 12/31/98 06/30/98 06/30/99
RSTD12/31/98
Cash & ST Investments 892 194 798 378
Receivables 10,527 2,251 10,690 5,481
Total Current Assets 26,268 13,034 25,334 14,125
LT Investments 0 0 0 0
Fixed Assets 2,441 1,510 2,085 1,233
Total Assets 50,613 28,007 49,380 28,356
Accounts Payable 6,487 5,923 7,493 4,059
ST Debt & Curr LTD 0 28,526 32,056 2,438
Total Current Liab. 14,876 41,579 43,712 11,537
LT Debt & Cap Leases 29,161 0 0 19,500
Total Liabilities 44,037 42,179 43,712 31,606
Preferred Stock 0 0 0 9,700
Common/Paid In Capital 25,712 26,529 26,574 26,529
Retained Earnings -19,122 -40,735 -20,876 -39,478
Total Equity 6,577 -14,172 5,668 -3,249
Shares Outstanding 7,437 7,822 7,837 7,822
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Gargoyles, Inc. SELECTED STMT OF CASH FLOWS Page 10 of 10
INDIRECT METHOD (Thousands of U.S. Dollars)
ANNUAL YEAR TO DATE
12M 12/31/97 12M 12/31/98 6M 06/30/98 6M 06/30/99
Net Income -14,382 -21,613 -1,754 1,326
Depreciation & Amort. 1,927 2,081 1,149 777
Non Cash Items 3,590 13,192 0 -100
Total Operating CF -10,947 -7 -2,902 -3,125
Capital Expenditures -1,411 -104 -70 -68
Total Investing CF -21,760 -104 -70 -68
Dividends Paid 0 0 0 0
Sale (Purch.) of Stock 68 0 0 0
Net Borrowings 29,161 -634 2,895 3,412
Total Financing CF 29,229 -634 2,895 3,412
Exchange Rate Effect -13 47 -17 -34
Net Change In Cash -3,490 -698 -94 184
Oper CF-Cap Exp-Div Pd -12,358 -111 -2,972 -3,193
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