Gatorz Inc.
TSX VENTURE : GTZ

Gatorz Inc.

September 02, 2011 09:33 ET

Gatorz Inc. Reports Financial Results for the Second Quarter and Year to Date Periods Ended June 30, 2011

OAKVILLE, ONTARIO--(Marketwire - Sept. 2, 2011) - Gatorz Inc. (TSX VENTURE:GTZ) ("Gatorz") today reported its financial results for the second quarter and year to date periods ending June 30, 2011.

Second Quarter Results: (all amounts in US$)

  • Revenue decreased by $42,957 to $526,117 from the same quarter last year. This is primarily due to the introduction of our new premium Italian sunglass line with a lower average sale price compared to the aluminum sunglass line. Overall unit sales increased by over 10% for the quarter from the same quarter 2010.
  • Income from operations was $25,665. Total comprehensive (loss) for the quarter was ($49,983) which was due to foreign exchange charges of $55,933 from the weakening US dollar in comparison to the Canadian dollar and Euro.

Six – Month Year To Date Results: (all amounts in US$)

  • Revenue increased by $11,772 to $924,592 from the same period last year.
  • Income from operations was $29,740, an increase of $6,267 from the same period last year. Total comprehensive (loss) for the period was ($46,192) which included foreign exchange charges of $34,033.

Business Development since year end:

  • Introduced a line of premium Italian made injection moulded sunglasses combined with optical lens technology to convey performance, style, quality and value with higher margins. Retail pricing is in the range of $85 - $120 for these frames. This opens a new demographic, which is more attractive to Retail Chains and is expected to lead to increased sales once the Retail Chains are penetrated.
  • Adopted a new corporate branding strategy, which includes a new Gatorz logo, new G Icon, new company color (red) and an exciting new web-site platform (www.gatorz.com) that interacts with today's youthful lifestyle.
  • Moved Gatorz head offices to Murrieta California and terminated the shared services agreement with No Fear.
  • Added a number of key employees, including a sales and design team, who bring with them extensive knowledge and experience in the sunglass industry. This new team along with the added relationships will lead Gatorz as it expands its product offerings and drives sales growth into new Retail Chains.

Gatorz CEO Kerry Lynch states "we have entered into an exciting time for the Gatorz brand.

With the introduction of our premium Italian frames, new branding strategies and the addition of our new sunglass industry team, we are well positioned to better penetrate new Retail opportunities. Combine that with our interactive web site and social media recognition we are on target to capture a whole new demographic for Gatorz."

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

About Gatorz

Gatorz Inc. (www.gatorz.com) 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.

Contact Information

  • Investor Relations Inquiries:
    All Gatorz investor relations inquiries should be
    directed to Mike Dianna at (800) 767-4287
    or mike@gatorz.com.