Nexia Holdings Reports Revenues
Group Reports Revenues of $1,502,805
SALT LAKE CITY, UT--(Marketwire - July 15, 2008) - Nexia Holdings, Inc. (OTCBB: NXHL) reported that it generated a total of $1,502,805 (unaudited) in gross revenues for the six months ended June 30, 2008.
Landis Salons Inc. now held by Green Endeavors Ltd. (PINKSHEETS: GRNE), a majority owned subsidiary of Nexia, reported net sales growth of 24.5% to $1,120,637 in the first half of 2008 compared to $899,999 reported for the same period of 2007. The Salt Lake City Landis salon generated revenues of $961,116, a 6.8% increase for the six months ended June 30, 2008 compared to the same period in 2007. The Bountiful Landis Salon's revenue for the same period in 2008 was $159,521.
All revenues from Nexia Holdings' operations totaled $1,502,805, for the period ended June 30, 2008, compared to total revenue of $1,478,384 for the comparable period in 2007, a 1.7% increase.
For the first half of 2008, Black Chandelier reported net retail revenues decreased 43.8% to $273,273 from $486,055 reported in the first six months of 2007. The decrease in sales reflect the closing of two retail outlets this year and the recent closing of the Trolley Square location due to the renovations being conducted at that site. Retail sales of Black Chandelier reported for 2008 include the stores and online sales at www.blackchandelier.com.
Rental revenue for the first half of 2008 grew by 15.4% to $106,528 from $92,330 during 2007.
Richard Surber, President and CEO of Nexia, stated, "We have improved the financial condition of Nexia by closing 3 non-producing Black Chandelier retail stores. Our focus will shift to online sales for that segment of our business. Our big picture plans will focus on growth through acquisitions of additional salons licensed to sell Aveda™ products throughout the United States. I have reviewed about a dozens prospective salons that have an interest in being bought out."