Coastal Contacts, Inc. Announces First Quarter 2014 Financial Results

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VANCOUVER, British Columbia—Coastal Contacts, Inc. (NASDAQ:COA) (TSX:COA), which is in the midst of being acquired by Essilor International SA, last week announced its financial results for the first quarter ended Jan. 31, 2014. Total sales for the 2014 first quarter were $52.1 million, down 5 percent when compared with $54.9 million in total sales for the same period in 2013. Net loss for the first quarter of 2014 totaled $4.2 million, up 24 percent when compared with a net loss of $3.4 million in the first quarter of 2013.

On Feb. 27, 2014, the company entered into an acquisition agreement with Essilor, which will acquire all of Coastal’s outstanding common shares, as reported by VMail. The transaction is expected to be complete by the end of April 2014.