CARLSBAD, Calif.—SPY Inc. (OTCBB: XSPY) have announced their financial results for the three months ended March 31, 2015.

First quarter sales were $9.1 million in 2015, a decrease of 0.7 percent or $0.1 million less than in the first quarter of 2014. The decrease in net sales was primarily driven by lower sales of the company’s sunglasses, partially offset by higher sales in their goggle and prescription frame product lines, Spy said. The company incurred a net loss of $0.4 million and $0.7 million during the first quarter of 2015 and 2014, respectively.

“I am quite happy with our results this first quarter, with only a slight dip in our sales trend despite the continued contraction of the action sports retail sector and the detrimental shift in global exchange rates,” said Michael Marckx, SPY president and CEO. “In fact, excluding those areas impacted by the very negative exchange rate changes, our business would have once again enjoyed substantial growth in the first quarter. We are very excited about the increases in our optical channel and the tremendous growth in the pre-orders for our snow business, which will have a very positive bearing on our second half results this year."

Marckx continued, “For the remainder of 2015, we will continue to focus on our growing e-commerce business, expanding key accounts in the sporting goods and outdoor channels, as well as the new opportunities through our Powdr and Boyne resort partnerships. And, as I mentioned, growing our optical business is very important for our business as well as effectively sharing our Happy Lens story. Finally, we will continue to create ways to support our existing core action sports retail partners.”