Spy Inc. continued on its turn around by reporting sharply lower operating losses in both the fourth quarter and year ended Dec. 31 thanks in large part to a much reduced level of close-outs sales of its sunglasses.
Annual sales of its Spy brand products were $35.1 million in 2012, an increase of 13 percent or $4.0 million, compared to $31.1 million in 2011. Spy brand annual sales included lower closeout sales of $2.6 million in 2012, compared to $3.0 million in 2011. Sales from discontinued licensed brand products, which are no longer a focus of the company, were $0.5 million in 2012, compared with licensed brand product sales of $2.2 million in 2011.
Total company net sales increased by  … More
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