Nexia Holdings Inc a diversified holding company with operations in the fashion retail industry, health & beauty and real estate, announced its financial results for the three- and six-month periods ended June 30, 2007. The Company's second quarter results will be filed on Form 10Q-SB.
Gross revenues for the three- and six-month periods ended June 30, 2007 were $739,610 and $1,478,384, respectively, as compared to $365,107 and $676,552 for the same periods in 2006.
The increase in three- and six-months revenues of 103% and 119%, respectively, is due to inclusion of sales revenue from the operation of the Landis Salon in the sum of $899,999, an increase of $312,012 or 53% over Landis revenue from the first six months of 2006, and the inclusion of $486,055 in revenue from the Black Chandelier operations of Gold Fusion Laboratories Inc, which was acquired subsequent to the second quarter of 2006.
Nexia recorded net losses of $868,384 and $2,068,832 for the three- and six-month periods ended June 30, 2007, as compared to net income of $1,589,303 and $1,278,098 for the comparable periods in 2006.
The increase in the three- and six-month net losses compared to the same periods in 2006 were primarily attributable to a one-time gain recognized on the sale of marketable securities of $2,306,950 in 2006, which was not realized in 2007.
Other factors affecting the change were operating expenses recognized from the Landis Salon operations, the addition of the Gold Fusion Laboratories Inc operations, and other expenses relating to operation and growth of each entity.
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