----

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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| California(State or Other Jurisdiction ofIncorporation or Organization) | 95-3876317(I.R.S. EmployerIdentification No.) |
|-------------------------------------------------------------------------|-----------------------------------------------|

----

| Large Accelerated Filer   o                                            | Accelerated Filer    ̈    |
|----------------------------------------------------------------------------------|-----------------------------------------|
| Non-accelerated Filer   o(Do not check if a smaller reporting company) | Smaller reporting company   x |

----

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| PART I  | FINANCIAL INFORMATION                                                                       | Page   |
|---------|---------------------------------------------------------------------------------------------|--------|
|    |                                                                                        |   |
| Item 1  | Financial Statements                                                                        | 3      |
|    |                                                                                        |   |
|    | Balance Sheets                                                                              | 3      |
|    |                                                                                        |   |
|    | Statements of Income                                                                        | 5      |
|    |                                                                                        |   |
|    | Statements of Cash Flows                                                                    | 6      |
|    |                                                                                        |   |
|    | Notes to the Financial Statements                                                           | 7      |
|    |                                                                                        |   |
| Item 2  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 11     |
|    |                                                                                        |   |
| Item 3  | Quantitative and Qualitative Disclosures About Market Risk                                  | 14     |
|    |                                                                                        |   |
| Item 4  | Controls and Procedures                                                                     | 14     |
|    |                                                                                        |   |
|    |                                                                                        |   |
|    |                                                                                        |   |
| PART II | OTHER INFORMATION                                                                           |   |
|    |                                                                                        |   |
| Item 1  | Legal Proceedings                                                                           | 15     |
|    |                                                                                        |   |
| Item 1A | Risk Factors                                                                                | 15     |
|    |                                                                                        |   |
| Item 2  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 15     |
|    |                                                                                        |   |
| Item 3  | Defaults upon Senior Securities                                                             | 15     |
|    |                                                                                        |   |
| Item 4  | Removed and Reserved                                                                        | 15     |
|    |                                                                                        |   |
| Item 5  | Other Information                                                                           | 15     |
|    |                                                                                        |   |
| Item 6  | Exhibits                                                                                    | 15     |

----

----

|                                              |   | April 30, |       |   | October 31, |   |
|---------------------------------------------------|--------|-----------|------------|--------|-------------|--------|
|                                              |   | 2010      |       |   | 2009        |   |
| Current assets                                    |   |      |       |   |        |   |
|                                              |   |      |       |   |        |   |
| Cash and cash equivalents                         |   | $         | 618,370    |   |        | $      | 431,037 |   |
| Accounts receivable - trade, net of allowance for |   |      |       |   |        |   |   |   |
| doubtful accounts of $42,163                      |   |      | 2,873,659  |   |        |   | 2,565,125 |   |
| Inventory                                         |   |      | 3,182,879  |   |        |   | 3,843,793 |   |
| Promotional products and materials                |   |      | 175,852    |   |        |   | 209,847 |   |
| Prepaid expenses and other current assets         |   |      | 265,864    |   |        |   | 263,594 |   |
| Deferred income taxes                             |   |      | 376,500    |   |        |   | 376,500 |   |
|                                              |   |      |       |   |        |   |   |   |
| Total current assets                              |   |      | 7,493,124  |   |        |   | 7,689,896 |   |
|                                              |   |      |       |   |        |   |   |   |
| Property and equipment, net                       |   |      | 323,470    |   |        |   | 313,324 |   |
| Deposits and other assets                         |   |      | 80,000     |   |        |   | 250,500 |   |
| Deferred income taxes                             |   |      | 2,600,700  |   |        |   | 2,600,700 |   |
|                                              |   |      |       |   |        |   |   |   |
| Total assets                                      |   | $         | 10,497,294 |   |        | $      | 10,854,420 |   |

----

----

|                                             |   | April 30, |        |   | October 31, |   |
|--------------------------------------------------|--------|-----------|-------------|--------|-------------|--------|
|                                             |   | 2010      |        |   | 2009        |   |
| Current liabilities                              |   |      |        |   |        |   |
| Accounts payable - trade                         |   | $         | 3,448,098   |   |        | $      | 3,532,159 |   |
| Accrued expenses and other current liabilities   |   |      | 1,511,074   |   |        |   | 1,538,516 |   |
| Current portion of long-term debt                |   |      | 415,000     |   |        |   | 415,000 |   |
|                                             |   |      |        |   |        |   |   |   |
| Total current liabilities                        |   |      | 5,374,172   |   |        |   | 5,485,675 |   |
|                                             |   |      |        |   |        |   |   |   |
| Long-term debt, net of current portion           |   |      | 3,260,000   |   |        |   | 3,805,000 |   |
|                                             |   |      |        |   |        |   |   |   |
| Total liabilities                                |   |      | 8,634,172   |   |        |   | 9,290,675 |   |
|                                             |   |      |        |   |        |   |   |   |
| Commitments and contingencies                    |   |      |        |   |        |   |   |   |
|                                             |   |      |        |   |        |   |   |   |
| Shareholders' equity                             |   |      |        |   |        |   |   |   |
| Preferred stock, $0.001 par value                |   |      |        |   |        |   |   |   |
| 5,000,000 shares authorized                      |   |      |        |   |        |   |   |   |
| Series A 2% convertible preferred stock, $0.001  |   |      |        |   |        |   |   |   |
| par value; liquidation preference (approximately |   |      |        |   |        |   |   |   |
| $924,000 and $915,000 at April 30, 2010          |   |      |        |   |        |   |   |   |
| and October 31, 2009 respectively);              |   |      |        |   |        |   |   |   |
| 1,360,000 shares authorized;                     |   |      |        |   |        |   |   |   |
| 1,200,000 issued and outstanding                 |   |      | 1,200       |   |        |   | 1,200 |   |
| Common stock, $0.001 par value;                  |   |      |        |   |        |   |   |   |
| 30,000,000 shares authorized;                    |   |      |        |   |        |   |   |   |
| 6,955,639 shares issued                          |   |      |        |   |        |   |   |   |
| and outstanding                                  |   |      | 6,956       |   |        |   | 6,956 |   |
| Additional paid-in capital                       |   |      | 15,656,812  |   |        |   | 15,656,812 |   |
| Accumulated deficit                              |   |      | (13,801,846 | )      |        |   | (14,101,223 | ) |
|                                             |   |      |        |   |        |   |   |   |
| Total shareholders' equity                       |   |      | 1,863,122   |   |        |   | 1,563,745 |   |
|                                             |   |      |        |   |        |   |   |   |
|  Total liabilities and shareholders' equity |   | $         | 10,497,294  |   |        | $      | 10,854,420 |   |

----

----

|                                        |   | For The Three Months Ended |      |   | For The Six Months Ended |   |
|---------------------------------------------|--------|----------------------------|-----------|--------|--------------------------|--------|
|                                        |   | 2010                       |      |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |
| Net sales                                   |   | $                          | 5,858,595 |   |                     | $      | 6,111,339 |   |   | $ | 11,027,475 |   |   | $ | 12,070,694 |   |
| Cost of sales                               |   |                       | 2,176,887 |   |                     |   | 2,204,263 |   |   |   | 4,097,684 |   |   |   | 4,314,979 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                |   |                       | 3,681,708 |   |                     |   | 3,907,076 |   |   |   | 6,929,791 |   |   |   | 7,755,715 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                          |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Selling                                     |   |                       | 2,245,840 |   |                     |   | 2,220,120 |   |   |   | 4,151,476 |   |   |   | 4,358,937 |   |
| General and administrative                  |   |                       | 1,186,604 |   |                     |   | 1,379,957 |   |   |   | 2,295,195 |   |   |   | 2,804,082 |   |
| Depreciation and amortization               |   |                       | 48,759    |   |                     |   | 36,838 |   |   |   | 93,688 |   |   |   | 71,666 |   |
| Total operating expenses                    |   |                       | 3,481,203 |   |                     |   | 3,636,915 |   |   |   | 6,540,359 |   |   |   | 7,234,685 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income from operations                      |   |                       | 200,505   |   |                     |   | 270,161 |   |   |   | 389,432 |   |   |   | 521,030 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense/other, net                 |   |                       | (43,785   | )      |                     |   | (52,734 | ) |   |   | (89,620 | ) |   |   | (103,777 | ) |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                  |   |                       | 156,720   |   |                     |   | 217,427 |   |   |   | 299,812 |   |   |   | 417,253 |   |
| Income taxes                                |   |                       | -         |   |                     |   | 1,067 |   |   |   | 435 |   |   |   | 2,148 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                  |   |                       | 156,720   |   |                     |   | 216,360 |   |   |   | 299,377 |   |   |   | 415,105 |   |
| Preferred stock dividend                    |   | $                          | (4,577    | )      |                     | $      | (4,486 | ) |   | $ | (9,130 | ) |   | $ | (8,950 | ) |
| Net income available to common shareholders |   | $                          | 152,143   |   |                     | $      | 211,874 |   |   | $ | 290,247 |   |   | $ | 406,155 |   |
| Basic earnings per share                    |   | $                          | 0.02      |   |                     | $      | 0.03 |   |   | $ | 0.04 |   |   | $ | 0.06 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share                  |   | $                          | 0.02      |   |                     | $      | 0.03 |   |   | $ | 0.04 |   |   | $ | 0.05 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average common shares              |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| outstanding - Basic                         |   |                       | 6,955,639 |   |                     |   | 6,955,639 |   |   |   | 6,955,639 |   |   |   | 6,955,639 |   |
|                                        |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average common shares              |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| outstanding - Diluted                       |   |                       | 8,334,691 |   |                     |   | 8,307,472 |   |   |   | 8,334,591 |   |   |   | 8,307,472 |   |

----

----

|                                                                                                        |   | 2010   |     |   | 2009   |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Cash flows from operating activities                                                                        |   |   |     |   |   |   |
|     Net income                                                                          |   | $      | 299,377  |   |   | $      | 415,105 |   |
|     Adjustments to reconcile net income                                                 |   |   |     |   |   |   |   |   |
|         to net cash provided by                                          |   |   |     |   |   |   |   |   |
|         operating activities:                                            |   |   |     |   |   |   |   |   |
|        Depreciation and amortization                                     |   |   | 93,688   |   |   |   | 71,666 |   |
|        (Increase) decrease in:                                           |   |   |     |   |   |   |   |   |
|            Accounts receivable - trade                    |   |   | (308,534 | )      |   |   | (234,976 | ) |
|            Inventories                                    |   |   | 660,914  |   |   |   | 877,851 |   |
|            Promotional products and materials             |   |   | 33,995   |   |   |   | (82,677 | ) |
|            Prepaid expenses and other current assets      |   |   | (2,270   | )      |   |   | 97,138 |   |
|        Increase (decrease) in:                                           |   |   |     |   |   |   |   |   |
|            Accounts payable - trade                       |   |   | (84,061  | )      |   |   | (769,354 | ) |
|            Accrued expenses and other current liabilities |   |   | (27,442  | )      |   |   | (253,966 | ) |
|                                                                                                        |   |   |     |   |   |   | . |   |
| Net cash provided by operating activities                                                                   |   |   | 665,667  |   |   |   | 120,787 |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Cash flows from investing activities                                                                        |   |   |     |   |   |   |   |   |
|     Purchase of property and equipment                                                  |   |   | (103,834 | )      |   |   | (46,698 | ) |
|     Deposits and other assets                                                           |   |   | 170,500  |   |   |   | (670 | ) |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                                         |   |   | 66,666   |   |   |   | (47,368 | ) |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Cash flows from financing activities                                                                        |   |   |     |   |   |   |   |   |
|     Net borrowings (payments) on lines of credit                                        |   |   | (400,000 | )      |   |   | 100,000 |   |
|     Payments on long-term debt                                                          |   |   | (145,000 | )      |   |   | (145,000 | ) |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Net cash used in financing activities                                                                       |   |   | (545,000 | )      |   |   | (45,000 | ) |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Net increase in cash and cash equivalents                                                                   |   |   | 187,333  |   |   |   | 28,419 |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                              |   |   | 431,037  |   |   |   | 305,628 |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                    |   | $      | 618,370  |   |   | $      | 334,047 |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
| Supplemental disclosures of cash                                                                            |   |   |     |   |   |   |   |   |
| flow information                                                                                            |   |   |     |   |   |   |   |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
|     Interest paid                                                                       |   | $      | 46,573   |   |   | $      | 62,194 |   |
|                                                                                                        |   |   |     |   |   |   |   |   |
|     Income taxes paid                                                                   |   | $      | 435      |   |   | $      | 2,148 |   |

----

| Office furniture and equipment | 7 years                                                                                   |
|--------------------------------|-------------------------------------------------------------------------------------------|
| Computer equipment             | 3 years                                                                                   |
| Software                       | 3 years                                                                                   |
| Machinery and equipment        | 5 years                                                                                   |
| Leasehold improvements         | Term of the lease or the estimated life of the related improvements, whichever is shorter |

----

| Three months ended April 30, 2010 |   | Income(Numerator) |    |   | Shares(Denominator) |   |      | Per ShareAmount |   |
|-----------------------------------|--------|-------------------|---------|--------|---------------------|--------|-----------|-----------------|--------|
|                              |   |              |    |   |                |   |      |            |   |
| Basic earnings                    |   | $                 | 152,143 |   |                |   | 6,955,639 |            |   | $ | 0.02 |   |
| Conversion of preferred stock     |   |              | 4,577   |   |                |   | 1,378,952 |            |   |   | 0.00 |   |
| Diluted earnings                  |   | $                 | 156,720 |   |                |   | 8,334,591 |            |   | $ | 0.02 |   |

| Three months ended April 30, 2009 |   | Income(Numerator) |    |   | Shares(Denominator) |   |      | Per ShareAmount |   |
|-----------------------------------|--------|-------------------|---------|--------|---------------------|--------|-----------|-----------------|--------|
|                              |   |              |    |   |                |   |      |            |   |
| Basic earnings                    |   | $                 | 211,874 |   |                |   | 6,955,639 |            |   | $ | 0.03 |   |
| Conversion of preferred stock     |   |              | 4,486   |   |                |   | 1,351,833 |            |   |   | 0.00 |   |
| Diluted earnings                  |   | $                 | 216,360 |   |                |   | 8,307,472 |            |   | $ | 0.03 |   |

----

| Six months ended April 30, 2010 |   | Income(Numerator) |    |   | Shares(Denominator) |   |      |  Per ShareAmount |   |
|---------------------------------|--------|-------------------|---------|--------|---------------------|--------|-----------|-----------------------|--------|
|                            |   |              |    |   |                |   |      |                  |   |
| Basic earnings                  |   | $                 | 290,247 |   |                |   | 6,955,639 |                  |   | $ | 0.04 |   |
| Conversion of preferred stock   |   |              | 9,130   |   |                |   | 1,378,952 |                  |   |   | 0.00 |   |
| Diluted earnings                |   | $                 | 299,377 |   |                |   | 8,334,591 |                  |   | $ | 0.04 |   |

| Six months ended April 30, 2009 |   | Income(Numerator) |    |   | Shares(Denominator) |   |      |  Per ShareAmount |   |
|---------------------------------|--------|-------------------|---------|--------|---------------------|--------|-----------|-----------------------|--------|
|                            |   |              |    |   |                |   |      |                  |   |
| Basic earnings                  |   | $                 | 406,155 |   |                |   | 6,955,639 |                  |   | $ | 0.06 |   |
| Conversion of preferred stock   |   |              | 8,950   |   |                |   | 1,351,833 |                  |   |   | (0.01 | ) |
| Diluted earnings                |   | $                 | 415,105 |   |                |   | 8,307,472 |                  |   | $ | 0.05 |   |

|                    |   | 2010   |    |   | 2009   |   |
|-------------------------|--------|--------|---------|--------|--------|--------|
|                    |   |   |    |   |   |   |
| Stock options           |   |   | -       |   |   |   | 32,900 |   |
| Warrants                |   |   | 300,000 |   |   |   | 300,000 |   |
|    Total |   |   | 300,000 |   |   |   | 332,900 |   |

----

|                                                   |   | April 30,2010 |      |   | October 31,2009 |   |
|--------------------------------------------------------|--------|---------------|-----------|--------|-----------------|--------|
| Revolving line of credit from Comerica Bank            |   | $             | 2,100,000 |   |            | $      | 2,500,000 |   |
| Revolving line of credit from Bluebird Finance Limited |   |          | 1,450,000 |   |            |   | 1,595,000 |   |
| Term note payable to Ashford Capital, LLC.             |   |          | 125,000   |   |            |   | 125,000 |   |
|                                                   |   |          | 3,675,000 |   |            |   | 4,220,000 |   |
|                                                   |   |          |      |   |            |   |   |   |
| Less current portion                                   |   |          | (415,000  | )      |            |   | (415,000 | ) |
| Long-term portion                                      |   | $             | 3,260,000 |   |            | $      | 3,805,000 |   |

----

| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

----

|                          |   | Three Months Ended |   |   | Six Months Ended |   |
|-------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                          |   | April 30,          |   |   | April 30,        |   |
|                          |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
| Net sales                     |   |               | 100.0  | %      |             |   | 100.0 | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Cost of sales                 |   |               | 37.2   |   |             |   | 36.1 |   |   |   | 37.2 |   |   |   | 35.7 |   |
| Gross profit                  |   |               | 62.8   |   |             |   | 63.9 |   |   |   | 62.8 |   |   |   | 64.3 |   |
| Operating expenses:           |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Selling                       |   |               | 38.3   |   |             |   | 36.3 |   |   |   | 37.6 |   |   |   | 36.1 |   |
| General and administrative    |   |               | 20.3   |   |             |   | 22.6 |   |   |   | 20.8 |   |   |   | 23.2 |   |
| Depreciation and amortization |   |               | 0.8    |   |             |   | 0.6 |   |   |   | 0.8 |   |   |   | 0.6 |   |
| Total operating expenses      |   |               | 59.4   |   |             |   | 59.5 |   |   |   | 59.2 |   |   |   | 59.9 |   |
| Income from operations        |   |               | 3.4    |   |             |   | 4.4 |   |   |   | 3.6 |   |   |   | 4.4 |   |
| Interest expense/other, net   |   |               | (0.7   | )      |             |   | (0.9 | ) |   |   | (0.8 | ) |   |   | (0.9 | ) |
| Income before income taxes    |   |               | 2.7    |   |             |   | 3.5 |   |   |   | 2.8 |   |   |   | 3.5 |   |
| Income taxes                  |   |               | 0.0    |   |             |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Net income                    |   |               | 2.7    | %      |             |   | 3.5 | % |   |   | 2.8 | % |   |   | 3.5 | % |

----

----

----

----

|                                                        | SIGNATURE EYEWEAR, INC. |                    |
|-------------------------------------------------------------|-------------------------|-------------------------|
|                                                        |                    |                    |
|                                                        |                    |                    |
|                                                        |                    |                    |   |
| Date:       June 3, 2010 | By:                     | /s/ Michael Prince |   |
|                                                        |                    | Michael Prince          |   |
|                                                        |                    | Chief Executive Officer |   |
|                                                        |                    | Chief Financial Officer |   |

----

| Exhibit Number |   | Exhibit Description                                    |
|----------------|--------|--------------------------------------------------------|
|           |   |                                                   |
| 31.1           |   | Certification Pursuant to SEC Rule 13a-14(a)/15d-14(a) |
|           |   |                                                   |
| 32.1           |   | Certification Pursuant to 18 U.S.C. § 1350   |

----