NexCen Brands, Inc., parent company to The Athlete's Foot, reported that full year 2006 revenue at The Athlete's Foot (“TAF”) for the full year was approximately $9.9 million. The Company owned TAF for less than two months in 2006 and recognized revenue of approximately $1.9 million in its financial results for the year.
NexCen reported a net loss of approximately $2.1 million for the full year of 2006, which includes income from discontinued operations. The Company reported a loss per share, which includes income from discontinued operations, of 4 cents for the full year.
Fourth Quarter Ended December 31, 2006
Revenue for the fourth quarter ended December 31, 2006, which includes less than two months of activity from TAF, was approximately $1.9 million. Net income and fully diluted earnings per share, which includes income from discontinued operations, were $355,000 and one penny, respectively.
2007 Guidance
As previously reported, the Company acquired Bill Blass on February 15, 2007, MaggieMoo's and Marble Slab Creamery on February 28, 2007 and signed a definitive agreement to acquire Waverly on March 13, 2007. The Waverly acquisition is expected to close by the end of April 2007.
Taking into account revenue generated by the Company's existing brands and assuming that Waverly is acquired at the end of April 2007, the Company is giving revenue guidance for the full year of 2007 of between $38 and $42 million and EPS guidance of 12 cents to 14 cents per fully diluted share. These amounts do not reflect any additional acquisitions that might be completed in 2007, although the Company anticipates that it will continue to make acquisitions through the remainder of 2007. Assuming completion of the Waverly acquisition at the end of April 2007, and assuming that no other acquisitions are completed, the Company estimates that EPS for the twelve months beginning May 1, 2007 would be 19 cents to 21 cents per fully diluted share.
