INGLEWOOD, Calif.—Signature Eyewear (OTC BB: SEYE.OB) had declines in both net sales and net income in its first fiscal quarter ended Jan. 31.

The company’s sales fell 7.3 percent, to $5.6 million, in the quarter, according to Signature’s 10K report, filed on March 18 with the Securities and Exchange Commission. Net income for the period was $150,000, down from net income of $154,000 in the prior year’s Q1.

Noting that this year’s first quarter was the company’s 13th consecutive quarter of profitability, chief executive officer Michael Prince said, “Although our net income was about the same in each of the quarters, approximately one-half of our net income in Q1 2007 was due to an income tax-benefit from the decrease in the valuation allowance on our deferred tax asset.”

Prince said Signature’s Laura Ashley Eyewear line experienced 27.8 percent growth in this year’s Q1. The company’s other primary lines—listed as bebe eyes, Nicole Miller Eyewear and “other”—saw their sales drop by 2.1 percent, 1.2 percent and 29.1 percent, respectively, in Q1, according to the SEC filing.