Oakley Posts $2.5-Million Loss in 4th Quarter
- Share via
Oakley Inc., the Foothill Ranch maker of sunglasses, apparel and accessories, reported a fourth-quarter net loss of $2.5 million, or 4 cents a share, which included a charge of $8.2 million from the restructuring of its footwear operations.
Net income for the previous year’s fourth quarter totaled $3.4 million, or 5 cents a share. Sales increased 24% to a record $66.3 million.
Net income for the year declined 18% to $19.8 million, or 28 cents a share, from $24.1 million, or 34 cents a share, for 1998. Sales rose 11% to $257.9 million.
The company, though still posting red ink, said the improved results came mainly from the successful launch of several new sunglass products in the second half of the year and by strong demand from international markets. But all aspects of the business are improving, said spokesman Lance Allega.
Oakley’s stock slipped 19 cents a share Tuesday to close at $6.25.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
