Oakley Profit Up on Phone-Linked Eyewear
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Sunglasses maker Oakley Inc. said third-quarter net income rose 32% as new styles sold well and the company introduced glasses that link to a cellphone.
Net income increased to $15 million, or 22 cents a share, from $11.4 million, or 17 cents, a year earlier, the Foothill Ranch company said. Sales rose 16% to $173.4 million.
Oakley said its Crosshair, Gascan and Bottlecap sunglasses had higher sales than products introduced last year. The company also benefited from sales of the Razrwire, a sunglass developed with Motorola Inc. that has Bluetooth technology, which lets electronic devices communicate with one another wirelessly at short range.
The company reiterated its 2005 forecast for earnings to rise 25% to 30% from its 2004 profit of 60 cents a share.
Oakley reported after the market close. It shares, which fell 61 cents to $17.24 in regular trading, fell to $16.20 after hours. Before Thursday the stock was up 35% year to date.
Oakley also appointed as chief financial officer Richard Shields, a former CFO of Southwest Water Co., effective Nov. 3.
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