DENVER–July 28, 1999–Bolle Inc. (Nasdaq:BEYE), today reported record financial results for the second quarterand six months ended June 30, 1999.
Net sales for the quarter ended June 30, 1999 increased 22% to$16.8 million compared to $13.7 million for the quarter ended June 30,1998. Earnings before interest, taxes, depreciation and amortizationfor the second quarter of 1999 were $2.2 million, a 10% increase from$2.0 million for the second quarter of 1998. Net income attributableto common stock, after accounting for preferred dividends and minorityinterests, was $569,000 or $0.08 per basic and diluted share for thequarter ended June 30, 1999. For the same quarter last year, netincome was $423,000 or $0.06 per basic and diluted share. The basicand diluted weighted average shares outstanding for the quarter endedJune 30, 1999 were 6.9 million and 7.1 million respectively, versusthe basic and diluted weighted average shares outstanding for thequarter ended June 30, 1998 of 6.7 million and 7.1 million shares.
For the six months ended June 30, 1999, net sales increased 28%to $31.4 million, compared to $24.5 million during the same period infiscal 1998. On a comparable basis, sales for the six months periodincreased 21% over the same period last year. Earnings beforeinterest, taxes, depreciation and amortization for the six monthsending June 30, 1999 were $3.7 million, a 13% increase from $3.3million for the same period in 1998. The Company reported net incomeof $638,000 or $0.09 per basic and diluted share in 1999, afteraccounting for preferred dividends, compared to a net income of$419,000 or $0.06 per basic and diluted share for the same period in1998., a 52% increase. The basic and diluted weighted average sharesoutstanding for the six months ended June 30, 1999 were 6.9 millionand 7.1 million respectively, compared to 6.6 million and 6.8 millionfor the six months ended June 30, 1998.
Gary Kiedaisch, Chief Executive Officer of Bolle Inc., commented,”We are very pleased with Bolle Inc.’s record performance for thequarter, especially as this highlights our second consecutive quarterof improved bottom line results. Of particular note, worldwide salesincreased 22% over prior year, a result of the continued strongsell-through our products enjoy at the retail level. Also, we continueto focus on leveraging our overhead expenses allowing us to drive moresales dollars to the bottom line.”
Mr. Kiedaisch noted, “We continue to move forward with ouroverall strategy of building Bolle brand awareness and as such, signedtwo new licensing agreements during the quarter. In addition, weagreed to leverage our technology and manufacturing expertise byentering into an exclusive agreement with Nike to manufacture a lineof ski and snowboard goggles under the Nike label which will belaunched in Fall 2000 by Nike. Furthermore, our product developmentfor fiscal 2000 remains on track and we will launch our exciting newsunglass models and ski and snowboard goggles at the October 1999Silmo International Optical trade show in Paris.”
Mr. Kiedaisch concluded, “Looking ahead to the balance of fiscal1999, we remain very encouraged about the overall level and tone ofour business. Our financial results indicate that the infrastructurewe have put in place is working, and we remain committed toidentifying additional ways to leverage the strength of the Bollename.”
Bolle Inc. (Nasdaq: BEYE), is a vertically integrated designer,manufacturer and marketer of Bolle(r) branded eyewear, includingBolle(r) premium sunglasses, goggles, and tactical and safety eyewear.Bolle Inc. is also the exclusive North American distributor of theReusch line of winter gloves for sports.
Forward looking statements (statements which are not historical)in this release are made pursuant to the safe harbor provisions in thePrivate Securities Litigation Reform Act of 1995. The Company’s actualresults could differ materially from those expressed or indicated byforward-looking stateements. Factors that could cause or contribute tosuch differences include but are not limited to, changes in fashiontrends, risks related to the retail industry, use of contractmanufacturing, foreign sourcing, import restrictions, competition,seasonality and other factors. Investors are cautioned that allforward-looking statements involve risks and uncertainties, includingthose risks and uncertainties detailed in the Company’s filings withthe Securities and Exchange Commission.