ANCASTER, ONTARIO--(Marketwire - April 30, 2012) - Gatorz Inc. (TSX VENTURE:GTZ) ("Gatorz") today reported its financial results for the fourth quarter and fiscal year ended December 31, 2011.
Fourth Quarter Results: (all amounts in US$)
- Revenue was $259,838, which is flat compared to that in 2010 when one includes the return of $146,285 from No Fear that occurred in the fourth quarter of 2010.
- Loss from operations was $405,130 an increase of $88,903 from the same period last year primarily due to an increase in personnel costs associated with the cancellation of the shared services agreement with No Fear in 2011.
- Total comprehensive loss for the quarter was $445,693 compared to $1,660,924 in 2010, which had $1,284.237 in one time costs associated with the failed No Fear transaction included.
Year end Results: (all amounts in US$)
- Revenue increased by $121,926 to $1,633,482 due to an increase in sales of the new plastic glass line;
- Loss from operations was $571,338 an increase of $75,195, mostly due to the increases in personnel and costs in transitioning to a new location; and
- Total comprehensive loss for the period was $672,007 or $0.01 per share compared to the same period last year when the total comprehensive loss was $1,716,196 or $0.04 per share.
Business Development since year end:
- Updated the web site and significantly increased its social media presence;
- Converted $495,843 in convertible debentures to 1,068,186 common shares at the price of CDN$0.54 per share; and
- Completed a convertible debt offering raising $255,000.
Gatorz CEO Kerry Lynch states "we have just entered into the sunglass selling season and we have already seen momentum building with our current distribution base and are in the process of entering a couple of large premium accounts. We have also just launched our new web site which features our new women's line and our social media recognition continues to grow helping increase our brand recognition."
You can view the complete financial statements along with the MD&A at www.sedar.com.
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.