SPY Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014
For the year, the company's net sales were $37,782,000 against $35,609,000 a year ago, primarily as a result of increased sales of snow goggle and optical products. Profit from operations was $399,000 against loss of $5,033,000 a year ago. Loss before provision for income taxes was $2,862,000 against $7,234,000 a year ago. Net loss was $2,862,000 or $0.22 basic and diluted per share against $7,242,000 or $0.56 basic and diluted per share a year ago. The primary difference between the net loss and income and loss from operations was due to interest expense on long-term debt.
The company also provided earnings guidance for the year 2014. For the period, the company expected that annual operating expenses of approximately $19 million, slightly more weighted in the first quarter, which if achieved, would result in an annual operating profit of approximately $1 million and it remain confident in ability to manage ongoing cash requirements. Looking ahead in 2014, business model has targeting annual sales of $39 million to $40 million and a modest improvement in gross margin rate.