You should continue to use UV-absorbing eyewear as
directed
.
The Company's net sales for the first quarter of 2005 were $8.
Investor Conference Call
Orange 21's quarterly earnings conference call is scheduled to
begin today, Monday, May 16, 2005
at 1:45 p. sunglass line. Because
forecasts are inherently estimates that cannot be made with precision
,
the company's performance may at times differ from its estimates and
targets.
protective effectively
(NASDAQ:ORNG
):
First quarter revenues of $ 8. The
company expects 2005 revenue growth of 25-30%, and net
income in the
range of $1.5 million. Fully diluted shares for 2005 are
estimated at $0. Actual
results may differ from current
expectations based on a number of factors affecting Orange 21's
businesses
including but not limited to adjustments made pursuant to
the final audit by our outside auditors;
uncertainties associated with
Orange 21's ability to maintain a sufficient supply of products and
to
successfully manufacture its products; the performance of new products
and continued acceptance
of current products; the execution of
strategic initiatives and alliances; Orange 21's product liability
claims or quality issues; litigation; and the uncertainties associated
with intellectual property
protection for the company's products.effectively titanium
* WARNING: UV-absorbing contact lenses are NOT substitutes
for
protective UV-absorbing eyewear such as UV-absorbing goggles or
sunglasses
because they do not completely cover the eye and
surrounding area. Consult your eye care
practitioner
for more information., Pacific Standard Time.----Orange 21 Inc.glasses ducal
, today introduced
ACUVUE(R) OASYS(TM)
Brand Contact Lenses with HYDRACLEAR(TM) PLUS, a breakthrough for contact lens
wearers when their eyes feel tired and dry in challenging environments, such
as long hours of
computer use, frequent ground or air travel, or everyday
exposure to heated or air conditioned surroundings
.
ACUVUE OASYS Brand Contact Lenses with HYDRACLEAR PLUS are indicated for
daily wear vision
correction.2 million. Buchholtz continued, "We are excited about the growth
opportunities for 2005
and beyond.17 EPS, on approximately 8 million average shares outstanding.08 $0.
(NASDAQ:ORNG
), a leading developer of brands that produce premium
optical products, today announced that the Company
's CEO, Barry
Buchholtz, and the Company's CFO, Michael Brower, will present a
corporate overview
today and tomorrow during institutional investor
meetings.
About Orange 21 Inc.prescription titmus
08 in the first
quarter of 2004
Orange 21 Inc. Therefore, the reader is
cautioned not to rely on
these forward-looking statements.
Balance Sheets for Q1 2005
December 31, March 31,
Assets
2004 2005
------------
------------
Current assets
Cash and cash equivalents $11,476,828 $3,336,720
Short-term investments - $10,907,191
Accounts receivable - net
8,244,910 6,458,807
Inventories 11,814
,846 13,111,937
Prepaid expenses and other current assets 1,073,181 1,841,272
Income
taxes receivable - 97,859
Deferred income taxes
1,074,000 857,000
------------ --
----------
Total current assets 33,683,765 36,610,786
Property and
equipment - net 3,687,907 3,863,641
Intangible assets, net of accumulated
amortization of $318,332 and $332,521
at 2004 and 2005, respectively 152,543
192,517
Deferred income taxes - 173,000
------------ ------------
Total assets
$37,524,215 $40,839,944
============ ============
Liabilities and Stockholders' Equity
Current liabilities
Current portion of notes payable
$125,000 $125,000
Current portion of capitalized leases 37,370
37,041
Accounts payable 2,243,955 2,584,549
Accrued expenses
and other liabilities 2,433,371 2,356,948
Income taxes payable
443,619 -
------------ ------------
Total current liabilities 5,283,315 5,103,538
Notes payable, less
current portion 166,667 135,417
Capitalized leases, less current portion
31,369 22,225
Deferred income taxes 143,000 -
------------ ------------
Total liabilities
5,624,351 5,261,180
Commitments and contingencies
Stockholders' equity
Preferred
stock; par value $0.06
=========== ===========
Diluted (a) $0.oberon lens
7 million people stop wearing contact
lenses
, with one in four (24 percent) citing dry, challenging environments or
wearing conditions as reasons
for discontinuing contact lens wear.4 million in the first quarter of 2004, an
increase of 32%.
While
we are not providing specific quarterly guidance, our
business is seasonal with approximately 40
% of sales occurring in the
first half of the year, and approximately 60% of sales occurring in
the
second half of the year.orangetwentyone.com.protective eyewear
Orange 21 disclaims any intent or
obligation to update
these forward-looking statements.eyeglass goggles
, VISTAKON(R), a division of
Johnson + Johnson Vision Care, Inc
. The Company reported a loss per share for
the first quarter of 2005 of $0.
The conference call
will be broadcast live over the Internet.
For those who are not available for the live broadcast
, the call will
be archived on Orange 21's investor website.
Orange 21 develops brands that
produce premium optical products.
Statements in this press release regarding financial guidance,
Mr.0001; 5,000,000
authorized - -
Common
stock; par value $0.bevel ducal
New ACUVUE(R) OASYS(TM) With HYDRACLEAR(TM) PLUS Helps Eyes in Dry Challenging
Environments
In the first quarter we launched
the Dale Earnhardt, Jr. Because
forecasts are
inherently estimates that cannot be made with precision,
the company's performance may at times differ
from its estimates and
targets.oberon shields
ACUVUE OASYS with HYDRACLEAR PLUS is the first daily wear
contact lens
made from senofilcon A, a new silicone hydrogel material that is 50 percent
smoother
than currently available silicone hydrogel lenses.5 million, a 32% year over year
increase
EPS for the first quarter of 2005 was a loss per share of
$0.06 compared to a loss
per share of $0.
"We are very pleased with our results for first quarter 2005, our
first full
quarter as a public company," said Barry Buchholtz, Chief
Executive Officer. We
continue to expand
global distribution, improve service levels, and
develop innovative sales and marketing programs
that reach our target
audience. All forward-looking
statements in this press release reflect Orange
21's current analysis
of existing trends and information and represent Orange 21's judgment
only
as of the date of this press release.goggles rudy
Dr.
Further information on potential risk factors
that could affect
Orange 21's business and its financial results are detailed in its
filings with
the Securities and Exchange Commission, including its
most recent annual report on Form 10-K, and
current reports on Form
8-K.aura lenses
"During certain activities, such as computer use or driving,
people spend
a lot of time concentrating and blink less frequently -- about three times
less than
normally," explains Michael Slusky, OD, a Chicago-based optometrist.acuvue.
ACUVUE(R), ACUVUE
(R) ADVANCE(TM), HYDRACLEAR(TM), ACUVUE(R) OASYS(TM),
ACUVUE(R) 2 COLOURS(TM), ULTRA COMFORT SERIES
(TM) and VISTAKON(R) are
trademarks of Johnson + Johnson Vision Care, Inc. However, clinical studies
have not been done to demonstrate
that wearing UV-Blocking contact lenses reduces the risk
of developing
cataracts or other eye disorders."
Mr.
About Orange 21 Inc. The accountants
' review was for
the six months ended June 30, 2004. The results above reflect
intra-period adjustments
of $154,000 net of income taxes between Q1
and Q2 of 2004 based on their review.glasses bouton
Slusky advises contact
lens wearers who frequently use rewetting drops
as part of a daily routine, or those who find that
certain activities or
environments make their eyes feel tired and dry, to talk to their eye care
professional. Some wearers may also experience mild
irritation, itching or discomfort.
The VISTAKON division of Johnson + Johnson Vision Care, Inc.0001; 100,000,000
shares authorized;
7,491,218 and 8,012,483
shares issued and outstanding at 2004 and
2005, respectively
747 799
Additional paid-in capital 31,655,426
35,840,787
Accumulated other comprehensive income 437,673 426,221
Accumulated
deficit (193,982) (689,043)
------------ ------------
Total stockholders' equity 31,899,864 35
,578,764
------------ ------------
$37,524,215 $40,839,944
============ ============
Statements of Operations for Q1 2005
Three months ended
March 31,
-----------
------------
2004 2005
----------- -----------
Net sales
$6,403,416 $8,472,553
Cost of sales 3,244,365 4,397
,694
----------- -----------
Gross Profit
3,159,051 4,074,859
----------- -----------
Operating expenses:
Sales and marketing
2,265,365 2,868,516
General and administrative 984,526 1,299,926
Shipping and warehousing 162,360 292,189
Research and development
89,051 136,075
------
----- -----------
Total operating expenses 3,501,302 4,596,706
----------- -----------
Loss from operations
(342,251) (521,847)
Other expense
(53,585) (72,214)
----------- -----------
Loss before income taxes (395,836) (594,061)
Income tax benefit
(48,000) (99,000)
-----
------ -----------
Net loss (a) $(347,836) $(495,061)
=========== ===========
Net loss per common share
Basic $0.3 to $1.17-$0. Therefore, the reader is cautioned
not to rely on
these forward-looking statements.spectacles bevel
Contact lens provides wearers with exceptional
vision and comfort during
prolonged computer use, driving, air travel and other situations that
often
lead to dryness and discomfort
JACKSONVILLE, Fla. + *
Problems with discomfort due to dryness affect approximately 67 percent of
the more than 36 million
contact lens wearers in the United States, with about
four in ten (42 percent) wearers reporting
that they use rewetting drops at
least once a day to keep their eyes from feeling dry. And, while
three
million people a year become new contact lens wearers, studies suggest that
during the same
period approximately 2. As with all contact lenses, eye problems,
including corneal ulcers, can develop
. specializes
in disposable contact lens brands, including ACUVUE(R) ADVANCE(TM) Brand
Contact
Lenses with HYDRACLEAR(TM), ACUVUE(R) ADVANCE(TM) Brand Contact Lenses
for ASTIGMATISM for people
with astigmatism, ACUVUE(R) OASYS(TM) Brand Contact
Lenses with HYDRACLEAR(TM) PLUS, ACUVUE(R) Brand
and ACUVUE(R) 2 Brand Contact
Lenses; 1-DAY ACUVUE(R) Brand Contact Lenses ACUVUE(R) Brand BIFOCAL
Contact
Lenses; ACUVUE(R) Brand TORIC, and ACUVUE(R) 2 COLOURS(TM) Brand Contact
Lenses. "Our
results are a reflection of our commitment to
the execution of our growth strategy that is centered
around bringing
innovative, premium optical products to the market place."
Updated 2005 Guidance
Although our first quarter results exceeded the first call
consensus EPS estimate for the
quarter, we continue to remain
comfortable with our previously given annual guidance of revenue
growth
of 25% - 30%, and the current annual consensus estimate of
$0.19, based on 8 million average shares
outstanding.helmets bigline
For further information, call 1-800-843-2020 or visit
http://www.
Johnson
+ Johnson Vision Care Inc. NOTE: Long term exposure to UV radiation is one of the risk
factors
associated with cataracts.m. Actual results may differ
from current expectations based on a number
of factors affecting
Orange 21's businesses including but not limited to adjustments made
pursuant
to the final audit by our outside auditors; uncertainties
associated with Orange 21's ability to
maintain a sufficient supply of
products and to successfully manufacture its products; the performance
of new products and continued acceptance of current products; the
execution of strategic initiatives
and alliances; Orange 21's product
liability claims or quality issues; litigation; and the uncertainties
associated with intellectual property protection for the company's
products.
Statements in
this press release regarding financial guidance, and
any other statements in this press release that
refer to Orange 21's
estimated and anticipated future results, are forward-looking
statements
. All forward-looking statements in this press release
reflect Orange 21's current analysis of existing
trends and
information and represent Orange 21's judgment only as of the date of
this press release
.
glasses goggles
"
In clinical studies with more than 190 contact lens wearers, patients
wearing
ACUVUE OASYS reported consistently clear, crisp vision and noted that
their eyes remained fresh and
moist, even in challenging environments.08 on
approximately 4.
Orange 21's brands include Spy
Optic, which manufactures sunglasses
and goggles targeted towards the action sports and youth lifestyle
market, and E Eyewear, which manufactures the signature Dale
Earnhardt, Jr.08 $0.06
=========== ===========
Weighted average common shares
outstanding
Basic 4,434,067 8,012,483
=========== ===========
Diluted
4,434,067 8,012,483
=========== ===========
(a) The results for the first quarter of 2004 were not previously
reviewed by the Company
's accountants.Orange 21 to Hold Investor Meetings and Reiterates 2005 Guidance
solarshield glasses
The net loss for
the first quarter of 2005 was
approximately $495,000 versus a net loss of approximately $348,000
in
the first quarter of 2004. We are confident we have the right product portfolio to
successfully
reach our target audience and drive the growth of our
business.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release
contains forward-looking
statements and forecasts about Orange 21 and its business, such as
management
's net sales and earnings estimates for 2005. Buchholtz's statements and any other statements in this
press
release that refer to Orange 21's estimated and anticipated future
results, are forward
-looking statements. In addition, matters generally affecting the domestic and
global economy, such
as changes in interest and currency exchange
rates, can affect Orange 21's results.
Orange
21 develops brands that produce premium optical products.ducal helmets
+ Helps protect against transmission
of harmful UV radiation to the
cornea and into the eye.
Cash, cash equivalents, and short
term investments at March 31,
2005, totaled $14.lens solarshield
In addition to its
smooth feel, the new lens
also features an improved formulation of the unique
HYDRACLEAR(TM) technology that combines high
performance base materials with a
moisture-rich wetting agent.com. Exposure is based on a number
of
factors such as environmental conditions (altitude, geography, cloud
cover
) and personal factors (extent and nature of outdoor activities). As part of the presentation, the Company
will confirm its
2005 annual guidance as given in February and reiterated on its fourth
quarter
and fiscal year 2004 earnings call on March 30, 2005. Undue reliance should not be placed on forward
-looking
statements.lens glasses
(NASDAQ:ORNG), a leading developer of brands that
produce premium optical
products, today announced financial results
for the three months ended March 31, 2005.
As previously
stated, this excludes the impact of legal costs
associated with the Oakley and the class action law
suits, which based
on our legal counsel's estimates, could affect net income by as much
as $150
,000 in 2005.
Investors may listen to the live webcast at www.lens eyewear
Three
in four (75 percent) study
participants also noted that they did not need
rewetting drops while wearing ACUVUE OASYS. Consult
the package insert for
complete information.
Business Editors/Financial Analysts
CARLSBAD, Calif.----Orange 21 Inc. sunglass line. Undue reliance should not be placed on
forward
-looking statements.rudy ducal
ACUVUE OASYS block greater than 96 percent of UVA
rays and 99 percent of UVB
rays, meeting the highest UV-blocking standards for
contact lenses.
"For contact lens wearers
, long non-blinking phases may cause the surface of
their contact lenses to dry quickly, which can
lead to discomfort and a loss
of visual clarity.
ACUVUE OASYS with HYDRACLEAR PLUS is available
in the offices of eye care
professionals throughout the United States.
UV-Blocking contact
lenses help provide protection against harmful UV
radiation.4 million average shares outstanding
in the same
period a year ago. Orange 21
disclaims any intent or obligation to update these forward
-looking
statements.
Further information on potential risk factors that could affect
Orange
21's business and its financial results are detailed in its
filings with the Securities and Exchange
Commission, including its
Registration Statement on Form S-1 declared effective on December 13,
2004
and its most recent annual report on Form 10-K, and current
reports on Form 8-K. In
addition,
matters generally affecting the domestic and global economy,
such as changes in interest and currency
exchange rates, can affect
Orange 21's results.shields effectively
ACUVUE OASYS with HYDRACLEAR PLUS is the third
entry in the ULTRA COMFORT
SERIES(TM) family of products, following the introduction of ACUVUE(R
)
ADVANCE(TM) Brand Contact Lenses with HYDRACLEAR(TM) and ACUVUE(R) ADVANCE(TM)
Brand Contact
Lenses for ASTIGMATISM.5
million compared to $6.06 on approximately 8 million average
shares outstanding
compared to a loss per share of $0.lens aura
Lenses should not be prescribed if patients
have any eye infection
, or experience eye discomfort, excessive tearing,
vision changes, redness or other eye problems.
signature sunglass series, which is being
marketed under the "E Eyewear" brand, as well as the new
Handcrafted
Eyewear Collection which is being produced in limited quantities.
Business Editors
CARLSBAD, Calif.prescription lampworking
The ULTRA COMFORT SERIES offers
exceptional comfort to wearers of all ages
by providing all-day moisture,
smooth fit, and soft and flexible feel.Orange 21 Reports First Quarter
Results
Orange 21's brands include Spy Optic, which manufactures sunglasses
and goggles targeted
towards the action sports and youth lifestyle
market, and E Eyewear, which manufactures the signature
Dale
Earnhardt, Jr.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities
Litigation
Reform Act of 1995: This press release contains forward-looking
statements and forecasts
about Orange 21 and its business, such as
management's net sales and earnings estimates for 2005
.titmus titanium
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