BOLDFACE Group, Inc. Reports Results for its Third Quarter and Nine Months Ended March 31, 2013; Doubles Revenue Quarter over Quarter; Company Renames Brand "Kardashian Beauty"
SANTA MONICA, Calif., May 14, 2013 /PRNewswire/ -- BOLDFACE Group, Inc. (OTCQB: BLBK), a celebrity beauty licensing company (the "Company") founded by beauty industry veterans focused on top tier entertainment and designer brands for opportunities in the beauty, fragrance and home care markets, today reported its financial results for its third quarter and nine months ended March 31, 2013.
The Company continues to build on the successful Holiday introduction of its Kardashian Beauty brand. The Company renamed its beauty line "Kardashian Beauty" to reflect the input and imprint of the Kardashian sisters on the Company's flagship brand. The Company expanded distribution into Duane Reade, Ricky's NYC and Bartell Drugs while maintaining its presence in CVS, Ulta Beauty, Fred Meyer, Meijer and H.E. Butt Grocery. During the three and nine months ended March 31, 2013, the Company achieved gross revenues of $3.608 million and $5.362 million, respectively, and gross profit margins of 54% and 46%, respectively.
Highlights for the third quarter and nine months ended March 31, 2013 include:
- Gross revenues of $3.608 million for the third quarter, compared to $1.754 million for the second quarter.
- Net revenues of $3.023 million for the third quarter, compared to $1.526 million in the second quarter.
- Gross profit of $1.618 million for the third quarter or 53.5% of net revenues, compared to $0.469 million for the second quarter or 30.8% of net revenues.
- Net loss was $(1.344) million or $(0.02) per fully diluted share for the nine-month period, including $0.5 million in stock-based compensation expense and non-cash interest expense of $0.6 million, and a derivative liability gain of $3.3 million during the period.
- During the third quarter, the Company raised $1.13 million in convertible debt and $0.025 million in equity in its private placement offerings.
"We are pleased with the revenue and gross margin increase we have achieved this quarter and a successful comprehensive launch of our Kardashian Beauty brand," said Nicole Ostoya, CEO of the Company. "We look forward to continuing our growth and to develop the brand domestically and internationally."
Most recently, the Company also changed the name of its first cosmetics/beauty brand to "Kardashian Beauty" and entered into a licensing agreement with Pretty Ugly, LLC, the creators of the popular UglyDoll brand, acquiring the exclusive right to use certain UglyDoll characters to expand our category of beauty and personal care line of products, including bath, soap, shower and body care products and lip balms, fragrance, bath accessories and more.
BOLDFACE is a Santa Monica, California based celebrity beauty licensing company founded by beauty industry veterans Nicole Ostoya and Robin Coe-Hutshing. BOLDFACE sells the cosmetics and beauty products under the "Kardashian Beauty" brand, and will sell fragrance products by Mario Lopez and beauty and personal care products by Ugly Dolls. Please visit www.boldfacegroup.com for further information.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the availability of additional funding; and the Company's business, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the United States Securities and Exchange Commission, including the Company's Current Reports on Form 8-K. The Company does not undertake to update these forward-looking statements.
SOURCE BOLDFACE Group, Inc.
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