LOS ANGELES—Signature Eyewear(OTC BB: SEYE.OB) achieved an increase in net income and net sales for its fourth quarter and full fiscal year ended Oct. 31, 2007. The company has achieved 12 straight quarters and three straight years of profitability, an announcement said.

For the full year, Signature's net sales reached $25 million, up 8 percent. Net income for the year was $2.7 million, up from income of $683,000 in FY 2006.

In Q4, Signature's sales were $6.4 million, up from $6 million in the same period in 2006. Net income in the quarter was $1.7 million, vs. net income of $27,215 in FY 2006's Q4.

"Our sales in 2007 were higher primarily due to an increase in sales of bebe eyes and Nicole Miller Eyewear,” said Michael Prince, Signature's chief executive officer. “Sales also increased from the introduction of Cutter & Buck Eyewear in October 2006 and the launch of the Nicole Miller Luxury Collection in January 2007. Both bebe and Nicole Miller Eyewear contributed to our international and domestic chain growth in 2007.”

The company attributed the increase in net income in 2007 to a $1.6 million reduction in Q4 in the valuation allowance on its deferred tax assets, compared to a reduction of $558,000 in 2006. The deferred tax assets were generated as a result of net operating losses sustained prior to 2003, the announcement said.

During FY 2007, Signature said, the company reduced its long-term debt from $6.5 million to $5.1 million.