SMITHFIELD, R.I.--FGX International (NASDAQ:FGXI), a designer and marketer of non-prescription reading glasses, sunglasses and costume jewelry, released their financial results for the fourth quarter and fiscal year ended Dec. 29, 2007.

Net sales for the fourth quarter of 2007 were $62.8 million compared to $70 million in the fourth quarter of 2006. In the fourth quarter of 2006, FGX International reported $18 million worth of incremental sales to a retailer for a new reading glasses and sunglasses program which were not anniversaried in the fourth quarter of 2007. Absent this program, sales increased $10.8 million, led by higher overall sales of non-prescription reading glasses and sunglasses to existing retail accounts. Net income for the fourth quarter of 2007 was $1.5 million, compared to $5.9 million in the fourth quarter of 2006.

“We experienced very strong sales and earnings growth during the quarter excluding the effect of the year ago roll-out of major new programs to a large retailer,” said FGX International CEO, Alec Taylor. “This growth was primarily driven by our Foster Grant and Magnivision brands. We also had excellent gross margin improvement and we substantially reduced our debt versus the prior year.”

Net sales for the full year 2007 increased 14.9 percent, from $209.2 million in 2006 to $240.5 million in 2007. Net income was $4.9 million in 2007 versus a net loss of $3 million in 2006. ■