Gatorz Inc.
TSX VENTURE : GTZ

Gatorz Inc.

November 30, 2010 16:54 ET

Gatorz Inc. Reports 3rd Quarter Financials

OAKVILLE, ONTARIO--(Marketwire - Nov. 30, 2010) - Gatorz Inc. ("Gatorz") (TSX VENTURE:GTZ) today reported its third quarter results for the period ended September 30, 2010. The full financial results along with the MD&A can be viewed on SEDAR. The Company received conditional listing approval from the TSX Venture on November 25, 2010 and filed a revised prospectus with the Ontario Securities Commission on the same date.

Third Quarter Highlights:

  • Overall revenue decreased by 13%, or $71,160, from $554,926 in the same period last year to $483,766 due to the decrease of $95,550 in sales to the travel retail segment;
  • Gross profit decreased by 23%, or $68,364, from $299,664 to $231,300 and gross profit margin for the quarter was 48%, a decrease of 6% from the same period last year;
  • Operating expenses decreased by $118,519 from $335,925 to $217,406 as a result of decrease in occupancy costs and salaries & wages due to the physical integration with No Fear Retail Stores, Inc ("No Fear Retail"), along with reduced sponsorships of certain athletes; and
  • Net loss for the quarter was $27,742, a decrease of $40,053 from a loss $67,795 in the same period last year.

Gatorz capitalized on the synergies of its proposed merger with No Fear Retail and continues to work closely with the management of No Fear Retail to capture new revenue opportunities in the marketplace.

Nine Months Highlights:

  • Overall revenue was flat year over year from $1,396,599 to $1,396,586;
  • Gross profit decreased by 2%, or $15,452, from $728,195 to $712,743 and gross profit margin for the period decreased 1% to 51% from the same period last year; and
  • Net loss for the period decreased by $257,189 from $312,461 in the same period last year to $55,272.

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 distribution markets include motorcycling and other motorsports, skydiving, military, off-road, action sports, and hunting & fishing.

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. The risks going forward remain adding production capacity and the ability to meet this demand, controlling costs and sourcing ongoing funds to meet increased growth targets. Gatorz is also subject to the general economic conditions in the domestic and international markets it operates in. 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.

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