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NexCen prelim Q3 revenues nearly double
November 16, 2008
NEW YORK — NexCen Brands Inc. revenues from continuing operations of its franchise business is nearly double that of last year, according to preliminary results for the third quarter ended Sept. 30, the company announced.
NexCen, franchisor of Marble Slab Creamery, MaggieMoo's, Pretzel Time, Pretzelmaker, and Great American Cookies, expects to report revenues of approximately $12 million in the third quarter of 2008, compared with $6.5 million in the third quarter 2007, an increase of approximately 85 percent. Third quarter 2008 results fully reflect the acquisitions completed in 2007 and the acquisitions of Shoebox New York and Great American Cookies completed in January 2008.
"We have reduced operating expenses and improved cash flows through the quarter," said Kenneth J. Hall, CEO of NexCen. "In addition, our sales pipeline of Letters of Intent and Franchise Agreements has continued to grow as the year has progressed. Overall, we are encouraged by our performance in our franchise business, despite a difficult economic environment."
The company remains focused on the execution of its previously announced business restructuring plan, centered on its franchising businesses. The number total franchised locations at the end of the third quarter increased 19 percent, with 1,862 stores compared to 1,562 stores at the end of the third quarter last year.
NexCen sold its Waverly consumer products line to Iconix Brand Group Inc. at the end of the third quarter, and the company continues to pursue the sale of its Bill Blass business.
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