Gatorz Inc.

Gatorz Inc.

May 30, 2012 09:00 ET

Gatorz Inc. Reports Financial Results For the First Quarter Ended March 31, 2012

ANCASTER, ONTARIO--(Marketwire - May 30, 2012) - Gatorz Inc. (TSX VENTURE:GTZ) ("Gatorz") today reported its financial results for the first quarter ended March 31, 2012.

First Quarter Results: (all amounts in US$)

  • Revenue was $320,924, a decrease of $77,552, which resulted from a decrease in sales of $80,061 to No Fear stores compared to the same quarter last year.
  • Gross profit percentage increased from 50.58% to 52.48% of sales due to the mix of sales between aluminum and plastic glasses.
  • Operating expenses increased by $171,780 to $369,266 as the company and No Fear terminated their shared services agreement and Gatorz has built infrastructure and personnel to facilitate growth.
  • Net loss for the period was $244,524 compared to $18,109 for the same quarter last year.
  • Total comprehensive loss for the quarter was $316,840 compared to comprehensive income of $3,791 in the same quarter of 2011.

Business Development in the Quarter:

  • Updated the web site and significantly increased its social media presence;
  • Converted $495,843 in convertible debentures to 1,068,186 common shares at the price of CDN$0.54 per share; and
  • Completed a convertible debt offering raising $255,000.

Gatorz CEO Kerry Lynch stated: "Retail sales are picking up and we are already starting to receive re-orders from customers which is an excellent sign for our brand. In addition our European Distributor recently placed a significant order as their dealers are also experiencing positive sell through."

You can view the complete financial statements along with the MD&A at

About Gatorz

Gatorz Inc. ( designs, develops, manufactures, and distributes performance eyewear, including sunglasses crafted from 7075 billet aircraft aluminum and from premium injection moulded Italian frames. 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, motorsports, skydiving, military, off-road, hunting & fishing, action sports, and youth lifestyle markets.

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.

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