SOURCE: Nexia Holdings, Inc

Nexia Holdings, Inc

October 06, 2014 08:00 ET

Nexia Reports Revenue of $2.3M and $1.3M for Six and Three Months Ended June 30

SALT LAKE CITY, UT--(Marketwired - Oct 6, 2014) - Nexia Holdings, Inc. (PINKSHEETS: NXHD), parent company of Green Endeavors, Inc. (PINKSHEETS: GRNE), has filed with OTCMarkets its quarterly report for the three and six months ended June 30, 2014 and 2013. Nexia is reporting revenue of $1,313,854 in the second quarter of 2014, an increase of $198,412 or 17.8% over the second quarter of 2013. For the six months ended June 30, 2014, revenue was reported to be $2,323,520, an increase of $79,133 or 3.5% over the first six months of 2013.

The report also includes the following information:

  • Net income for the quarter was reported at $149,121 which included $204,200 of debt forgiveness. For the six months ended June 30, 2014, net income was $1,066,334; up from a loss of $157,834 for the comparable period in 2013.
  • Working capital deficit as of June 30, 2014 was reported at $2,332,373 which is an improvement of $355,160 or 13.2% from December 31, 2013.
  • The revenue numbers reflect the continuing performance of the Landis Lifestyle Salons that operate under Green Endeavors, Inc.
  • The Company's holdings in the entertainment industry, including the events held during the first quarter by Lantern Fest http://www.thelanternfest.com and the third quarter by Slide the City™ http://www.slidethecity.com, show great promise for additional events over the next 15 months.
  • Film related revenue for the quarter was $384,426 reflecting the growing presence of this segment for the Company's overall operations. For the six months ended June 30, 2014 film related revenue was $472,279 compared to $436,725 for the same period in 2013, a $35,554 increase.

Richard Surber, CEO of Nexia Holdings, Inc., stated, "I am very pleased with the progress Nexia is making. The reality is that we are finally in a place to make some serious progress. I believe that over the next 12 months my team will radically improve Nexia. I am feeling more optimistic about the future than I ever have. It is probable that we will as much as double the top line revenues by the end of 2015. I also expect a radical transformation of the balance sheet to include a substantial reduction in debt."

About Nexia Holdings, Inc.

Nexia Holdings, Inc. (PINKSHEETS: NXHD), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in entertainment, health & beauty, and real estate. Nexia owns a majority interest in Green Endeavors, Inc. (PINKSHEETS: GRNE), www.green-endeavors.com, which operates Landis Salons, Inc., Landis Salons II, Inc., and Landis Experience Center, LLC, www.landissalon.com, hair salons and hair product retail outlets built around the world-class AVEDA product line. Through WG Productions Company and Redline Entertainment, Inc., Nexia produces and distributes independent films for its own account and third parties. Learn more at www.nexiaholdings.com.

Nexia strongly encourages the public to read the above information in conjunction with its reports filed at www.otcmarkets.com. Nexia will require a significant influx of capital in order to effectively execute upon its various operational plans. The actual results that Nexia may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.