----

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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.) |
|-------------------------------------------------------------------------|-----------------------------------------------|

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

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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     |

----

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|                                              |   | April 30, |       |   | October 31, |   |
|---------------------------------------------------|--------|-----------|------------|--------|-------------|--------|
|                                              |   | 2011      |       |   | 2010        |   |
| Current assets                                    |   |      |       |   |        |   |
|                                              |   |      |       |   |        |   |
| Cash and cash equivalents                         |   | $         | 407,258    |   |        | $      | 429,824 |   |
| Accounts receivable - trade, net of allowance for |   |      |       |   |        |   |   |   |
| doubtful accounts of $42,163                      |   |      | 2,104,894  |   |        |   | 2,503,331 |   |
|     Inventory                      |   |      | 3,725,835  |   |        |   | 3,943,377 |   |
| Promotional products and materials                |   |      | 155,122    |   |        |   | 171,185 |   |
| Prepaid expenses and other current assets         |   |      | 590,742    |   |        |   | 290,230 |   |
| Deferred income taxes                             |   |      | 376,500    |   |        |   | 376,500 |   |
|                                              |   |      |       |   |        |   |   |   |
| Total current assets                              |   |      | 7,360,351  |   |        |   | 7,714,447 |   |
|                                              |   |      |       |   |        |   |   |   |
| Property and equipment, net                       |   |      | 222,386    |   |        |   | 261,096 |   |
| Deposits and other assets                         |   |      | 154,665    |   |        |   | 121,304 |   |
| Deferred income taxes                             |   |      | 2,600,700  |   |        |   | 2,600,700 |   |
|                                              |   |      |       |   |        |   |   |   |
| Total assets                                      |   | $         | 10,338,102 |   |        | $      | 10,697,547 |   |
|                                              |   |      |       |   |        |   |   |   |

----

----

|                                                                                                       |   | April 30, |        |   | October 31, |   |
|------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|-------------|--------|
|                                                                                                       |   | 2011      |        |   | 2010        |   |
| Current liabilities                                                                                        |   |      |        |   |        |   |
| Accounts payable - trade                                                                                   |   | $         | 3,771,347   |   |        | $      | 4,213,364 |   |
| Accrued expenses and other current liabilities                                                             |   |      | 223,392     |   |        |   | 447,851 |   |
| Current portion of long-term debt                                                                          |   |      | 290,000     |   |        |   | 290,000 |   |
|                                                                                                       |   |      |        |   |        |   |   |   |
| Total current liabilities                                                                                  |   |      | 4,284,739   |   |        |   | 4,951,215 |   |
|                                                                                                       |   |      |        |   |        |   |   |   |
| Long-term debt, net of current portion                                                                     |   |      | 3,931,228   |   |        |   | 3,720,360 |   |
|                                                                                                       |   |      |        |   |        |   |   |   |
| Total liabilities                                                                                          |   |      | 8,215,967   |   |        |   | 8,671,575 |   |
|                                                                                                       |   |      |        |   |        |   |   |   |
| Commitments and contingencies                                                                              |   |      |        |   |        |   |   |   |
|                                                                                                       |   |      |        |   |        |   |   |   |
| Shareholders' equity                                                                                       |   |      |        |   |        |   |   |   |
| Preferred stock, $0.001 par value                                                                          |   |      |        |   |        |   |   |   |
| 5,000,000 shares authorized                                                                                |   |      |        |   |        |   |   |   |
| Series A 2% convertible preferred stock; liquidation preference                                            |   |      |        |   |        |
| (approximately $942,000 and $933,000 at April 30, 2011 and                                                 |   |      |        |   |        |
| October 31, 2010, respectively); 1,360,000 shares authorized, 1,200,000 shares issued and outstanding |   |      | 1,200       |   |        |   | 1,200 |   |
| Common stock, $0.001 par value30,000,000 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                                                                                        |   |      | (13,542,833 | )      |        |   | (13,638,996 | ) |
|                                                                                                       |   |      |        |   |        |   |   |   |
| Total shareholders' equity                                                                                 |   |      | 2,122,135   |   |        |   | 2,025,972 |   |
|                                                                                                       |   |      |        |   |        |   |   |   |
|  Total liabilities and shareholders' equity                                                           |   | $         | 10,338,102  |   |        | $      | 10,697,547 |   |

----

----

|                                                                            |   | For The Three Months Ended |      |   | For The Six Months Ended |   |
|---------------------------------------------------------------------------------|--------|----------------------------|-----------|--------|--------------------------|--------|
|                                                                            |   | 2011                       |      |   | 2010                     |   |   | 2011 |   |   | 2010 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |
| Net sales                                                                       |   | $                          | 4,509,836 |   |                     | $      | 5,858,595 |   |   | $ | 9,244,471 |   |   | $ | 11,027,475 |   |
| Cost of sales                                                                   |   |                       | 1,726,946 |   |                     |   | 2,176,887 |   |   |   | 3,654,694 |   |   |   | 4,097,684 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                                    |   |                       | 2,782,890 |   |                     |   | 3,681,708 |   |   |   | 5,589,777 |   |   |   | 6,929,791 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                              |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|      Selling                                                |   |                       | 1,617,493 |   |                     |   | 2,245,840 |   |   |   | 3,130,670 |   |   |   | 4,151,476 |   |
|      General and administrative                             |   |                       | 1,090,363 |   |                     |   | 1,186,604 |   |   |   | 2,205,557 |   |   |   | 2,295,195 |   |
|      Depreciation and amortization                          |   |                       | 30,550    |   |                     |   | 48,759 |   |   |   | 85,976 |   |   |   | 93,688 |   |
|           Total operating expenses |   |                       | 2,738,406 |   |                     |   | 3,481,203 |   |   |   | 5,422,203 |   |   |   | 6,540,359 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income from operations                                                          |   |                       | 44,484    |   |                     |   | 200,505 |   |   |   | 167,574 |   |   |   | 389,432 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                                |   |                       | (33,228   | )      |                     |   | (43,785 | ) |   |   | (67,321 | ) |   |   | (89,620 | ) |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                                      |   |                       | 11,256    |   |                     |   | 156,720 |   |   |   | 100,253 |   |   |   | 299,812 |   |
| Income taxes                                                                    |   |                       | 2,285     |   |                     |   | - |   |   |   | 4,090 |   |   |   | 435 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                      |   |                       | 8,971     |   |                     |   | 156,720 |   |   |   | 96,163 |   |   |   | 299,377 |   |
| Preferred stock dividend                                                        |   |                       | (4,669    | )      |                     |   | (4,577 | ) |   |   | (9,314 | ) |   |   | (9,130 | ) |
| Net income available to common shareholders                                     |   | $                          | 4,302     |   |                     | $      | 152,143 |   |   | $ | 86,849 |   |   | $ | 290,247 |   |
| Basic earnings per share                                                        |   | $                          | 0.00      |   |                     | $      | 0.02 |   |   | $ | 0.01 |   |   | $ | 0.04 |   |
| Diluted earnings per share                                                      |   | $                          | 0.00      |   |                     | $      | 0.02 |   |   | $ | 0.01 |   |   | $ | 0.04 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average common shares                                                  |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|    outstanding - Basic                                                |   |                       | 6,955,639 |   |                     |   | 6,955,639 |   |   |   | 6,955,639 |   |   |   | 6,955,639 |   |
|                                                                            |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average common shares                                                  |   |                       |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|    outstanding - Diluted                                         |   |                       | 8,362,258 |   |                     |   | 8,334,591 |   |   |   | 8,362,258 |   |   |   | 8,334,591 |   |

----

----

|                                                                                                                                      |   | 2011   |     |   | 2010   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Cash flows from operating activities                                                                                                      |   |   |     |   |   |   |
|     Net income                                                                                                             |   | $      | 96,163   |   |   | $      | 299,377 |   |
|     Adjustments to reconcile net income to net cash (used in) provided by                                                  |   |   |     |   |   |   |   |   |
|          operating activities:                                                                    |   |   |     |   |   |   |   |   |
|              Depreciation and amortization                                    |   |   | 85,976   |   |   |   | 93,688 |   |
|              (Increase) decrease in:                                          |   |   |     |   |   |   |   |   |
|                 Accounts receivable - trade                    |   |   | 398,437  |   |   |   | (308,534 | ) |
|                 Inventories                                    |   |   | 217,542  |   |   |   | 660,914 |   |
|                 Promotional products and materials             |   |   | 16,063   |   |   |   | 33,995 |   |
|                 Prepaid expenses and other current assets      |   |   | (300,512 | )      |   |   | (2,270 | ) |
|              Increase (decrease) in:                                          |   |   |     |   |   |   |   |   |
|                 Accounts payable - trade                       |   |   | (442,017 | )      |   |   | (84,061 | ) |
|                 Accrued expenses and other current liabilities |   |   | (193,591 | )      |   |   | (27,442 | ) |
|                                                                                                                                      |   |   |     |   |   |   | . |   |
| Net cash (used in) provided by operating activities                                                                                       |   |   | (121,939 | )      |   |   | 665,667 |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Cash flows from investing activities                                                                                                      |   |   |     |   |   |   |   |   |
|     Purchase of property and equipment                                                                                     |   |   | (46,485  | )      |   |   | (103,834 | ) |
|     Deposits and other assets                                                                                              |   |   | (34,142  | )      |   |   | 170,500 |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Net cash (used in) provided by investing activities                                                                                       |   |   | (80,627  | )      |   |   | 66,666 |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Cash flows from financing activities                                                                                                      |   |   |     |   |   |   |   |   |
|     Net increase (decrease) in lines of credit                                                                             |   |   | 325,000  |   |   |   | (400,000 | ) |
|     Payments on long-term debt                                                                                             |   |   | (145,000 | )      |   |   | (145,000 | ) |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                                                                       |   |   | 180,000  |   |   |   | (545,000 | ) |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents                                                                                      |   |   | (22,566  | )      |   |   | 187,333 |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                            |   |   | 429,824  |   |   |   | 431,037 |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                                  |   | $      | 407,258  |   |   | $      | 618,370 |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
| Supplemental disclosures of cash                                                                                                          |   |   |     |   |   |   |   |   |
|     flow information                                                                                                       |   |   |     |   |   |   |   |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
|        Interest paid                                                                                        |   | $      | 41,766   |   |   | $      | 46,573 |   |
|                                                                                                                                      |   |   |     |   |   |   |   |   |
|        Income taxes paid                                                                                    |   | $      | 4,090    |   |   | $      | 435 |   |

----

----

| 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, 2011 |   | Income(Numerator) |    |   | Shares(Denominator) |   |      | Per ShareAmount        |   |
|-----------------------------------|--------|-------------------|---------|--------|---------------------|--------|-----------|------------------------|--------|
| Basic earnings                    |   | $                 | 4,302   |   |                |   | 6,955,639 |                   |   | $ | 0.00 |   |
| Conversion of preferred stock     |   |              | 4,669   |   |                |   | 1,406,619 |                   |   |   | 0.00 |   |
| Diluted earnings                  |   | $                 | 8,971   |   |                |   | 8,362,258 |                   |   | $ | 0.00 |   |
|                              |   |              |    |   |                |   |      |                   |
|                              |   |              |    |   |                |   |      |                   |
| 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 |   |

----

| Six months ended April 30, 2011 |   | Income(Numerator) |    |   | Shares(Denominator) |   |      | Per ShareAmount        |   |
|---------------------------------|--------|-------------------|---------|--------|---------------------|--------|-----------|------------------------|--------|
| Basic earnings                  |   | $                 | 86,849  |   |                |   | 6,955,639 |                   |   | $ | 0.01 |   |
| Conversion of preferred stock   |   |              | 9,314   |   |                |   | 1,406,619 |                   |   |   | 0.00 |   |
| Diluted earnings                |   | $                 | 96,163  |   |                |   | 8,362,258 |                   |   | $ | 0.01 |   |
|                            |   |              |    |   |                |   |      |                   |   |
|                            |   |              |    |   |                |   |      |                   |   |
| 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 |   |

|                       |   | 2011   |    |   | 2010   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
|                       |   |   |    |   |   |   |
|    Warrants |   |   | — |   |   |   | 300,000 |   |

----

|                                                   |   | April 30,2011 |      |   | October 31,2010 |   |
|--------------------------------------------------------|--------|---------------|-----------|--------|-----------------|--------|
| Revolving line of credit from Comerica Bank            |   | $             | 2,175,000 |   |            | $      | 1,850,000 |   |
| Revolving line of credit from Bluebird Finance Limited |   |          | 2,046,228 |   |            |   | 2,160,360 |   |
|                                                   |   |          | 4,221,228 |   |            |   | 4,010,360 |   |
|                                                   |   |          |      |   |            |   |   |   |
| Less current portion                                   |   |          | (290,000  | )      |            |   | (290,000 | ) |
| Long-term portion                                      |   | $             | 3,931,228 |   |            | $      | 3,720,360 |   |

----

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

----

|                          |   | Three MonthsEnded |   |   | Six MonthsEnded |   |
|-------------------------------|--------|-------------------|--------|--------|-----------------|--------|
|                          |   | April 30,         |   |   | April 30,       |   |
|                          |   | 2011              |   |   | 2010            |   |   | 2011 |   |   | 2010 |   |
| Net sales                     |   |              | 100.0  | %      |            |   | 100.0 | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Cost of sales                 |   |              | 38.3   |   |            |   | 37.2 |   |   |   | 39.5 |   |   |   | 37.2 |   |
| Gross profit                  |   |              | 61.7   |   |            |   | 62.8 |   |   |   | 60.5 |   |   |   | 62.8 |   |
| Operating expenses:           |   |              |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Selling                       |   |              | 35.9   |   |            |   | 38.3 |   |   |   | 33.9 |   |   |   | 37.6 |   |
| General and administrative    |   |              | 24.2   |   |            |   | 20.3 |   |   |   | 23.9 |   |   |   | 20.8 |   |
| Depreciation and amortization |   |              | 0.7    |   |            |   | 0.8 |   |   |   | 0.9 |   |   |   | 0.8 |   |
| Total operating expenses      |   |              | 60.8   |   |            |   | 59.4 |   |   |   | 58.7 |   |   |   | 59.2 |   |
| Income from operations        |   |              | 0.9    |   |            |   | 3.4 |   |   |   | 1.8 |   |   |   | 3.6 |   |
| Interest expense              |   |              | (0.7   | )      |            |   | (0.7 | ) |   |   | (0.7 | ) |   |   | (0.8 | ) |
| Income before income taxes    |   |              | 0.2    |   |            |   | 2.7 |   |   |   | 1.1 |   |   |   | 2.8 |   |
| Income taxes                  |   |              | 0.1    |   |            |   | 0.0 |   |   |   | 0.1 |   |   |   | 0.0 |   |
| Net income                    |   |              | 0.1    | %      |            |   | 2.7 | % |   |   | 1.0 | % |   |   | 2.8 | % |

----

----

----

----

|                            | SIGNATURE EYEWEAR, INC. |                    |
|---------------------------------|-------------------------|-------------------------|
|                            |                    |                    |
|                            |                    |                    |
|                            |                    |                    |   |
| Date:   June 20, 2011 | By:                     | /s/ Michael Prince |   |
|                            |                    | Michael Prince          |   |
|                            |                    | Chief Executive Officer |   |
|                            |                    | Chief Financial Officer |   |

----

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

----