NexCen Brands Inc commented on financial results for the first quarter ended March 31, 2007. The Company's detailed results are included in its Quarterly Report on Form 10-Q which was filed with the SEC.
The results for the first quarter include: (a) The Athlete's Foot ("TAF") for the entire quarter, (b) Bill Blass from February 15 (date of acquisition), and (c) MaggieMoo's and Marble Slab from February 28 (their date of acquisition).
Licensing, royalty and franchise fee revenues totaled $3.9 million for the quarter.
Net loss, which includes income from discontinued operations of $447,000, was ($198,000). The net loss per share calculates to $0.00. Included in the net loss is stock compensation expense of $640,000, or $0.01 per share.
In a separate press release issued earlier this month, the Company announced that it has completed the acquisition of the Waverly brand for $36.75 million in cash and the issuance of a warrant for the purchase of 50,000 common shares.
Robert D'Loren, President and CEO of NexCen Brands, Inc commented, "I am pleased with the continued growth in our brand portfolio. We made great progress in the quarter in integrating our existing portfolio of brands, as well as, with respect to entering into a definitive agreement to acquire a leading home furnishings brand, Waverly."
On an annualized basis, Waverly generates $9 million in royalty revenue, diversifies our brand portfolio and compliments our Bill Blass home business. Also, we have new franchise agreements for The Athlete's Foot in 3 countries, Sweden, Egypt, and Lebanon.
marketing@alchempro.com
