OAKVILLE, ONTARIO – June 29, 2011 – (Motor Sports Newswire) – Gatorz Inc. (TSX VENTURE:GTZ) (“Gatorz”) today reported its financial results for the first quarter ended March 31, 2011.
- In the fourth quarter of 2010 the company developed 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 targeted in the range of $85 – $120 for these frames opens a new demographic which hasn’t been available in the past. This new line of glasses were introduced in the first quarter of 2011 in conjunction with a new corporate branding strategy which includes a new Gatorz logo, company color and an exciting new web-site platform that interacts with today’s youthful lifestyle.
- On April 5, 2011, the Company completed a private placement of 1,804,403 common shares at CDN$0.25 for total proceeds of CDN$460,101 (US$455,500).
First Quarter Results: (all amounts in US$)
- Revenue increased by $54,740 to $398,479 from the same quarter last year primarily due to introduction of a new plastic line of sunglasses;
- Gross profit increased by $13,754 to $201,561 (50.58%) compared to the same period last year; and
- Total comprehensive income for the quarter improved by $47,116 to $3,791 compared to a loss of $43,325 for the same period last year.
You can view the complete financial statements along with the MD&A at www.sedar.com.
Gatorz CEO Kerry Lynch states, “with the introduction of our premium Italian frames combined with our new corporate branding strategy including our new interactive web site we are starting to see substantial gains in this tough economic environment. I am extremely excited about the future!”
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.