Coastal Contacts' Online Eyeglasses Business Experiencing Rapid Growth
10 May 2010 - 9:17PM
Coastal Contacts Inc. (TSX:COA) (Stockholm:COA) ("Coastal
Contacts"or "Coastal"), the leading online retailer of contact
lenses and prescription eyeglasses, today announced that for the
second fiscal quarter, period ending April 30, 2010, the
Company shipped more than 60,000 pairs of eyeglasses and generated
eyeglasses revenue of approximately $4.7 million. This
represents an increase of 24% over the first fiscal quarter of
2010.
Coastal intends to provide full unaudited financials for the
second fiscal quarter of 2010 in June, 2010.
"Coastal's eyeglasses sales results in our second fiscal
quarter speak to the compelling business opportunity Coastal
continues to invest in," stated Steve Wallace, Coastal's Vice
President of Sales. "Since launching this category approximately
two years ago, we have received positive feedback from thousands of
customers who are delighted to know that it is now possible to buy
a high quality pair of eyeglasses at an affordable price and have
them delivered quickly. Coastal is well positioned to be a
leader in this emerging category."
As reported previously, Coastal Contacts is expanding its North
American eyeglasses manufacturing capacity to meet consumer
demand. By mid 2010, Coastal expects to be able to
produce up to 4,500 pairs of eyeglasses a day from its North
American facility. The Company also plans to expand
manufacturing capacity in its European facility.
Coastal sells a wide range of leading branded and private label
eyeglasses frames including Nike, Gucci, Calvin Klein, Armani,
and Tony Stewart Nascar. The Company also
recently added Transitions® Lenses to its offering.
Coastal's historical revenue for the eyeglasses category over
the past six fiscal quarters ($'000,000's):
Q1, 2009
|
1.3
|
Q2, 2009
|
1.9
|
Q3, 2009
|
2.7
|
Q4, 2009
|
3.2
|
Q1, 2010
|
3.8
|
Q2, 2010
|
4.7
|
About Coastal Contacts:
Coastal Contacts Inc. is the world's leading direct-to-consumer
vision products company which designs, produces and distributes a
diversified offering of contact lenses and
eyeglasses. Coastal's unique combination of branded and
private label products represent quality, value and above all,
service. Coastal sells into more than 150 countries through
proprietary web properties which reflect the culture and consumer
preference of the target market. As new markets for
eyeglasses and contact lenses evolve, the Company is positioned to
become the vision product consumer's retailer of choice owing to
its compelling value proposition combining value and service.
A leader in many of its markets, Coastal is rapidly advancing
toward its goal of becoming the "World's Optical Store".
Forward Looking Statements
All statements made in this news release, other than statements
of historical fact, are forward-looking statements. The words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect", "goal", "target", "should,"
"likely," "potential," "continue," "project," "forecast,"
"prospects," and similar expressions typically are used to identify
forward-looking statements.
Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about
our business and the industry and markets in which we operate.
Forward-looking statements are not guarantees of future performance
and involve risks, uncertainties and assumptions which are
difficult to predict.
Persons reading this news release are cautioned that
forward-looking statements or information are only predictions, and
that our actual future results or performance may be materially
different due to a number of factors. Reference should also be made
to the section entitled "Risk Factors" contained in our most
recently filed Annual Information Form dated January 29, 2010 and
in the NASDAQ OMX Stockholm listing prospectus dated October 14,
2009, as filed on Sedar and with the Swedish Financial Supervisory
Authority, for a detailed description of the risks and
uncertainties relating to our business. These risks, as well as
others, could cause actual results and events to vary
significantly. Accordingly, readers should not place undue reliance
on forward-looking statements and information, which are qualified
in their entirety by this cautionary statement. These
forward-looking statements are made as of the date of this news
release and we expressly disclaim any intent or obligation to
update these forward-looking statements, unless we specifically
state otherwise and except as required by applicable law.
CONTACT: Coastal Contacts Inc.
Terry Vanderkruyk , Vice President, Corporate Development
604.676.4498
terryv@coastalcontacts.com