Gatorz Inc.
TSX VENTURE : GTZ

Gatorz Inc.

May 02, 2011 16:17 ET

Gatorz Inc. Reports Financial Results for the Fourth Quarter and Fiscal 2010 Year End

OAKVILLE, ONTARIO--(Marketwire - May 2, 2011) - Gatorz Inc. (TSX VENTURE:GTZ) ("Gatorz") today reported its financial results for the fourth quarter and year ended December 31, 2010.

Fourth Quarter: (all amounts in US$)

  • Revenue decreased by $154,569 to $114,970 from the same quarter last year primarily due to product returns from No Fear Retail, Inc. which went into Chapter 11 protection in California;
  • The company reduced the number of SKU's related to its aluminum sunglasses and developed a line of plastic sunglasses with higher margins and a lower retail price; and
  • One time charges resulting from the termination of the No Fear Retail merger were $1,284,237, without this one time charge the net loss for the quarter was $381,687.

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

  • Revenue decreased by $154,582 to $1,511,556 due to decreases in sales to the travel retail sector of $182,805. Sales to international distributors increased by $55,125;
  • Gross Profit percentage increased by 1.6%% to 43.4%;
  • Without the one time charges associated with the terminated merger agreement, net loss for the year was $431,959 an improvement of $262,178 or 37.8% over last year; and
  • Net loss per share for the year was $0.04 vs. $0.02 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 Mike Dianna
    760-931-9550
    mdianna@gatorz.com