15275 Wed, 09/24/2008 - 12:01pm
NEW YORK–Second-quarter revenues from continuing operations for NexCen Brands are expected to total $12 million, up 155.3 percent from the second quarter of last year.
Second quarter of 2008 results reflect the acquisitions completed in 2007, and the acquisitions of Shoebox New York and Great American Cookies completed in January 2008.
The company released its figures as “preliminary results” in a statement, which added that the company “is continuing to assess and quantify the impact on its financial results from asset-impairment charges, the costs associated with the special investigation by the audit committee, the restructuring of its credit facility, the planned disposition of the Bill Blass and Waverly businesses and the work-force reduction completed at the company’s New York headquarters.” The statement did not go into detail as to what the special committee is investigating, and NexCen spokespeople were unavailable for comment.
The statement said licensing revenues from the company’s Waverly and Bill Blass brands are expected to be about $2.4 million for the second quarter, a decrease of nearly 43 percent from last year’s second quarter. Earlier this year, NexCen had announced that it would look to sell both brands, and the statement said the company “is in active discussions” regarding the sale of both brands.