SOURCE: Salon City, Inc.

May 14, 2008 07:50 ET

Salon City Files First SEC Form 10-Q as OTCBB Company

BEVERLY HILLS, CA--(Marketwire - May 14, 2008) - Salon City, Inc. (OTCBB: SLON), announced that its Form 10-Q filing was submitted to the SEC on Tuesday, May 13th for the quarter ending March 31, 2008. This was the company's first 10-Q filing since the SEC and FINRA both approved Salon City's securities for trading on the Over the Counter Bulletin Board.

The company also achieved its first positive gross profit since last year's planned deficit spending initiative to launch Salon City magazine on newsstands in 30 countries. Higher gross profits were a direct result of management's decision to reduce printing and distribution costs along with better distribution of Salon City's publication. Newsstand sales efficiencies have responded with 10% plus increases.

Steven Casciola, President and CEO of Salon City, Inc., commented, "Q1 2008 revenues were generally consistent with the previous period in 2007. Revenues were 52% higher than the previous quarter and 18% lower than the same period in 2007. Once our trade publication is available alongside Salon City magazine, we will be -- for the first time -- in position to attract both trade and consumer advertisers."

Casciola noted, "While expenses were noticeably reduced this first quarter, shareholders should still expect some deficit spending to continue until the company's revenues can fully support Salon City's 2007-8 milestone achievement of having become a recognized consumer brand and emerging media company with global appeal."

The complete financial details of Salon City's Form 10-Q filing may be accessed by visiting www.sec.gov.

ABOUT SALON CITY, INC.

Salon City, Inc., the leading media company for beauty entertainment and the first to brand the genre, publishes Salon City magazine, where Life is Beautiful(SM). It is distributed nationally by Time Warner Retail, a Time Warner Company (NYSE: TWX), and internationally by Kable Distribution Services, an AmRep company (NYSE: AXR), in over 30 countries.

Certain information contained in these materials is "forward-looking" information, such as projections, estimates, pro formas, or statements of intentions, expectations or plans. All forward-looking information is subject to known and unknown risks and uncertainties, many of which are outside of the control of the Company. Results may differ materially from the results contemplated in such forward-looking information.

Contact Information

  • CONTACT:
    Salon City, Inc.
    Steven G. Casciola
    President and CEO
    310/358-9017
    Renee Simone
    Communications
    310/402-2819