NexCen Brands, Inc., the parent of The Athlete's Foot, cuts its loss in the third quarter ended Sept. 30, to $1 million, or 1 cent a share, from $38.4 million, or 68 cents, in the year-ago period. Excluding businesses that have been sold, the year-ago loss from continuing operations was $32.3 million, or 57 cents a share.
Sales dropped 11% to $10.8 million. Royalty income slid to $5.9 million from $6.7 million a year ago.
Excluding restructuring charges in the year-ago period, adjusted operating income for the third quarter of 2009 increased 66% to $1.9 million from adjusted operating income of $1.2 million a year ago, primarily due to lower expenses.
Kenneth Hall, CEO, noted on a conference call with analysts that NexCen recorded its third consecutive quarter of operating income and positive cash flow from operations since it began executing its strategic plan to turn around the business last year.
Besides TAF, NexCen owns Great American Cookies, MaggieMoo's, Marble Slab Creamery, Pretzelmaker and Shoebox New York.