VANCOUVER, British Columbia, Dec. 16, 2010 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal" or "the Company") (TSX:COA) (Stockholm:COA) today announced its financial results for the fourth quarter and fiscal year ended October 31, 2010.
Sales for the fourth quarter of 2010 increased 7% to $40.5 million versus $37.7 million in the fourth quarter of 2009, and include $6 million from the eyeglasses segment. Adjusted EBITDA during the quarter was $2.0 million compared to $2.8 million in the fourth quarter of 2009. Net income for the fourth quarter of 2010 was $1.4 million or $0.03 per share, compared with $0.6 million, or $0.01 per share in the fourth quarter of 2009. Sales for the fourth quarter increased 9% compared with the fourth quarter of 2009 exclusive of exchange rate fluctuations.
Sales for the 2010 fiscal year increased 10% to a record of $153 million compared with $140 million in 2009. Sales of eyeglasses totaled $20 million, a 113% increase over Coastal's fiscal year 2009 eyeglasses sales. Revenue grew 15% excluding the effects of foreign exchange rate fluctuations. Adjusted EBITDA for fiscal 2010 was $7.8 million compared with $8.0 million for fiscal 2009. Net income for the fiscal year increased to $3.1 million or $0.05 per share compared with $2.7 million or $0.05 per share in fiscal 2009.Mr. Roger Hardy, Coastal's President and CEO, commented, "We are pleased with our strong fourth quarter results and progress we have made throughout the year. Our emerging eyeglasses category is driving top line growth, increasing 113% over 2009. Sales of eyeglasses were $20 million in 2010 and we expect this growth trend to continue in the coming year. Investments we have made in the eyeglasses category over the past two years are showing positive signs as we have quickly become one of the leaders in the online eyeglasses channel. We are at the leading edge of a very interesting market transition that is extremely receptive to our offering and unique value proposition. It remains day one in terms of the impact that online retailing will have on the $37 billion eyeglasses market. We are positioned to make significant advancements this year as we continue to make strategic investments to expand our manufacturing, warehousing, and distribution capabilities.