Gatorz Inc.
TSX VENTURE : GTZ

Gatorz Inc.

April 23, 2010 12:03 ET

Gatorz Inc. Reports Financial Results for the Fourth Quarter and Fiscal 2009 Year End

OAKVILLE, ONTARIO--(Marketwire - April 23, 2010) - Gatorz Inc. (TSX VENTURE:GTZ) ("Gatorz") today reported its financial results for the fourth quarter and year ended December 31, 2009.

Highlights – Fourth Quarter: (all amounts in US$)

  • The Company completed a non-brokered private placement at CDN$0.25 per share for proceeds of $431,000.00, issuing 1,930,880 common shares;
  • The Company converted outstanding shareholder loans of $839,581 into 2,298,352 common shares at CDN $0.40 per share;
  • Revenue decreased by $92,549 to $269,539 from the same quarter last year primarily from the decrease in sales to International distributors ($58,230); and
  • Net loss for the quarter increased by $110,015 over the same period last year to $370,333 as a result of management's decision to eliminate certain underperforming models, frames, and lens colors which resulted in an inventory write down of $118,412 in the quarter.

Highlights – Year End: (all amounts in US$)

  • Revenue decreased by $321,614 to $1,666,138 due to decreases in sales to the travel retail sector of $84,689, international distributors of $188,828, and certain one time sales to two customers that totaled $93,254 in the prior year;
  • Internet sales from the Company's new website (started in January 2009) generated sales of $143,637 for the year and helped keep domestic sales at the same levels as last year despite the state of the US economy;
  • Gross Profit percentage increased by 3.03% to 41.82%;
  • Net loss for the year decreased by $274,855 from the prior year as a result of management's cost cutting measures and improved inventory management processes. This decrease would have been higher by $118,412, if not for write down of inventory in the fourth quarter; and
  • Net loss per share for the year was $0.02 vs. $0.03 in the prior year.

You can view the complete financial statements along with the MD&A at www.sedar.com

About Gatorz

Gatorz Inc. (www.gatorz.com) designs, manufactures, and distributes performance eyewear, including sunglasses crafted from 7075 billet aluminum and from acetate. Gatorz precision built aluminum eyewear is proudly made in the USA, offering superior craftsmanship, performance and durability. Gatorz proprietary technologies include the ability to customize the frame to the wearer's specific facial features. In addition, the Company's lens technology, TruRay Optics, offers a comprehensive assortment of ballistic impact-proof lenses which are 100% UV blocking, optically correct and distortion free. Gatorz distribution markets include motorcycling and other motorsports, skydiving, military, off-road, action sports, hunting & fishing, and others.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Gatorz Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Gatorz Inc.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Investor Relations Inquiries:
    All Gatorz investor relations
    inquiries should be directed to: Mark Di Cristofaro
    905.339-7999 ext.224
    mdicristofaro@gatorz.com