Signature Eyewear of Inglewood Plans IPO

Signature Eyewear Inc. filed with the Securities and Exchange Commission for the initial sale of 1.8 million shares of common stock. The Inglewood-based eyeglass-frame maker plans to sell 1.6 million shares at $9 to $11 a share, while 200,000 more shares will be sold by individual shareholders. An $11 share price for the company’s 5.2 million total shares outstanding would place Signature’s market value at $57.2 million. Signature holds exclusive licenses to sell frames under brand names such as Laura Ashley and Jean Nate Eyewear. It plans to launch the Eddie Bauer Eyewear collection in early 1998. Net income for the six months ended April 30 was $1.03 million, or 29 cents a share, compared with $761,000, or 22 cents a share, in the same period last year. Fechtor, Detwiler & Co. and Van Kasper & Co. will underwrite the offering for trading on Nasdaq.