NexCen Brands Inc reported its financial results for the second quarter ended June 30, 2007.
Commenting on the quarter, Robert D'Loren, President and CEO of NexCen Brands Inc noted, "I am extremely gratified by the extent of our accomplishments and our ability to quickly become operationally profitable. During the quarter, we directed a considerable amount of effort toward building NexCen's operating infrastructure and improving the depth of our management team, including the addition of new presidents in our QSR and home businesses."
"It is important for shareholders to understand that our goal is to make accretive and synergistic acquisitions, and to support and grow each of our operating verticals. I believe that we made great strides in advancing these goals during the quarter."
Mr. D'Loren further stated, "I am pleased about the recent acquisition of Pretzel Time and Pretzelmaker, as these brands and their related products mark the beginning of the Company's revenue growth strategy for its ice cream QSR concepts."
For the quarter ended June 30, 2007, NexCen reported that total revenues increased to $8.9 million, compared to $3.9 million in the first quarter of 2007. Income from continuing operations was $650,000 or $0.01 per share, compared to a loss from continuing operations of ($645,000) or ($0.01) per share for the first quarter of 2007.
Income from continuing operations for the second quarter included stock-based compensation expense of $731,000 and transition costs of approximately $450,000 relating to the integration of the Company's franchising operations in it's Atlanta location, which reduced operating income by approximately $0.02 per share.
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