SPY Reports Financial Results for First Quarter of 2014

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CARLSBAD, Calif.— SPY Inc. (OTCBB: XSPY) has announced their financial results for the three months ended March 31, 2014.

Consolidated Spy sales increased by 2 percent or $0.2 million, to $9.2 million for the three months ended March 31, 2014, compared to $9.0 million during the same period in 2013. Sales included slightly lower closeout sales of $0.4 million in 2014, compared to $0.6 million in 2013. The increase in their net sales was primarily driven by their prescription frame product line, the company said.

"We are once again happy to report top line growth along with achieving our 12th quarter in a row of year over year growth of our Spy brand products," said Michael Marckx, president and CEO.

"We also increased our margin to 52 percent in 2014 from 51 percent in 2013, which continues to be a focal point for us. This directly reflects the strong demand for our product offering as well as the operational and manufacturing synergies that we created over the past year. The solid sales growth and margin expansion are direct results of our strong sales and marketing teams as well as a concerted effort across the organization to reduce operating costs.”

The company incurred a net loss of $0.7 million during the three months ended March 31, 2014 and 2013.

“Achieving operating profit along with our expanding portfolio of products, including our successful Happy Lens Collection, positions us well for the balance of 2014 as we continue to focus on disruptive strategies, driving sales, improving our product margins and managing our operating costs," Marckx concluded.