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Canadian online eyewear retailer Coastal Contacts Inc. has secured a $5 million line of credit from Bank of America to help fund its current operations and new business development. Coastal Contacts also continues to add new product lines.
Canadian online eyewear retailer Coastal Contacts Inc. has secured a new line of credit to help fund its current operations and new business development.
Coastal Contacts, No. 118 in the Internet Retailer Top 500 Guide, obtained the $5 million secured revolving line of credit from Bank of America to help the company diversify into new lines of contacts and eyewear and expand globally. “We are pleased with establishing a banking relationship with a reputable and global institution such as Bank of America," says CEO Roger Hardy. “This relationship represents another important step in the development of our world class organization.”
With more credit and capital to work with, Coastal Contacts also continues to diversify its product line. Earlier this month the company launched a line of lenses from Transitions Optical Inc. that reduce glare by turning from clear to dark when exposed to sunlight. “In just one week we have already seen approximately 15% of eyeglasses customers upgrade to Transitions lenses,” says Coastal Contacts vice president of North American sales Steve Wallace. “We had multiple requests for Transitions lenses and once we offered them, the sales were immediate.”
Coastal Contacts, which is scheduled to report fiscal 2010 second quarter earnings on June 9, in the first fiscal quarter reported:
- Sales increased 14.7% to C$35.9 million (US$35.2 million) from C$31.3 million (US$30.7 million) in the prior year.
- Net earnings declined year over year 22.5% to C$750,000 (US$736,045) from C$968,000 (US$950,034) in Q1 of fiscal 2009.