CARLSBAD, Calif.—SPY Inc. (OTCBB: XSPY) has released their financial results for the three and nine months ended September 30, 2015.

Third quarter sales were $9.4 million in 2015, a decrease of 14.6 percent or $1.6 million less than in the same period in 2014. The company incurred a net loss of $0.8 million and less than $0.1 million during the third quarter of 2015 and 2014, respectively.

First nine month sales were $26.6 million in 2015, a decrease of 6.1 percent or $1.8 million less than in the first nine months of 2014. Sales included higher closeout sales of $2.3 million in 2015, compared to $1.2 million in 2014. The company incurred a net loss of $1.7 million and $1.5 million during the nine months of 2015 and 2014, respectively.

“We are clearly disappointed by the quarter,” said Seth Hamot, interim CEO and chairman. “SPY continued to experience a challenging consumer environment. Key accounts and e-commerce business were able to generate modest top-line growth, while our smaller, independent retail account activities were challenged.”

“The higher mix of lower margin goggle business relative to higher margin sun and Rx as well the higher level of closeout sales combined to contract margins. Going forward, our focus is on expanding our base of customers, growing our e-commerce business, reducing inventory levels and a laser focus on controlling costs. Our Happy Lens Collection positions us well for the future, and we are leveraging this opportunity wherever possible,” he concluded.