pair of Aai.Foster Grant
sunglasses. (PBN file photo)
SMITHFIELD, R.I. — AAi.FosterGrant, the company largely known for its sunglasses, reported a profit after two years of net losses.
The company saw earnings of $3.7 million for 2000, compared to a loss of $29.4 million in 1999. For the fourth quarter of 2000, the company earned $800,000, compared to a loss of $21.9 million during the same period a year ago.
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“The year 2000 was a major turnaround year where we focused on our core product lines –jewelry, sunglasses and reading glasses — and where we fixed operating expenses to better match the sales volume of this company.” Mark Kost, AAi.FosterGrant’s CFO told PBN.com.
Prior to two years of losses, the company had “for all intents and purposes, broke even,” Kost said. He added that the goal for 2001 is to continue a focus on turning AAi.FosterGrant into a profitable jewelry, sunglasses and reading glasses company.
