CARLSBAD, Calif.--Orange 21 Inc. (NASDAQ:ORNG), owner of the Spy Optic brand of sunglasses and goggles, have announced their financial results for the year ended Dec. 31, 2008.

Orange 21’s consolidated net sales for 2008 were $47.3 million, up approximately 2 percent over net sales of $46.5 million for 2007. The company incurred a net loss of $15.2 million for the year ended Dec. 31, 2008, compared to a net loss of $8.0 million for 2007.

“The current recession continues to have a significant impact on our sales,” said Stone Douglass, CEO OF Orange 21. “During these last few months, we have reacted swiftly to reduce operating expenditures in all our companies and increase our sales and marketing efficiencies. In addition, we have been seeking new opportunities on a global basis. We are fortunate that the recent fundraising efforts have given us working capital to help ensure that our expense cuts will not be at the expense of our sales, margins, development efforts and the value of our brand. We expect that the current economy will remain soft and as such we are operating very cautiously, but we are very confident and excited about new opportunities that are starting to unfold for Orange 21 and its shareholders.”

The company will discuss their results in more detail during an investor conference call today at 1:30 p.m. PT. Access is available at 1-800-561-2601 and 1-617-614-3518 for international callers. The participant pass code is 97408241. The call also will be webcast live on the Internet and can be accessed by logging onto www.orangetwentyone.com.