NexCen Brands, Inc. today reported the following business update.
Selected Preliminary Third Quarter Results
The Company (“NexCen”) reported preliminary unaudited financial results for the third quarter ended September 30, 2008. Kenneth J. Hall, Chief Executive Officer of NexCen, stated, “Revenues from continuing operations are expected to have almost doubled compared to the same period of 2007. We have reduced operating expenses and improved cash flows through the quarter. 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.”Continuing Operations: Franchise Business
NexCen expects to report revenues from continuing operations of its franchise business of approximately $12.0 million in the third quarter of 2008 compared with $6.5 million in the third quarter of 2007, an increase of approximately $5.5 million or 85%. 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…