KENT, Wash., Nov. 13 /PRNewswire/ — Gargoyles, Inc. (OTC Bulletin Board: GOYL) reported continued growth in consolidated net sales with net sales up 9.6% to $29 million for the first nine months of 2000 from $26 million for the first nine months of 1999 despite disappointing third quarter sales. Net sales decreased 13.7% to $5.7 million for third quarter 2000, from net sales of $6.6 million for third quarter 1999.
Income from operations was $2.9 million for the first nine months of 2000 compared to income from operations of $2.6 million for the same period in 1999. Loss from operations was $850,000 for third quarter 2000, compared to loss from operations of $110,000 for third quarter 1999. Income before income taxes for the first nine months of 2000 was $703,000, compared to income of $1.2 million for the first nine months of 1999. The company incurred a loss before income taxes of $1.8 million in third quarter 2000, compared to a loss of $175,000 in third quarter 1999. After an accrual for preferred stock dividends, the company’s net loss available for common shareholders for the first nine months of 2000 was $254,000, or $.03 per diluted common share.
Gargoyles, Inc., headquartered in Kent, Washington, is a designer and distributor of a broad range of sunglasses and eyewear products marketed under such brand names as Gargoyles Performance Eyewear, Gargoyles Protective Eyewear, Hobie Polarized Sunglasses, Stussy EyeGear, Anarchy and Angel Eyewear, Private Eyes, Tomichi Studio, Static Eyewear (formerly Fusion Eyewear), Idol-Eyez and Wrangler Eyewear.