SUNNY ISLES BEACH, Fla., Jan. 19, 2017 /PRNewswire/ -- Joey New York, Inc. (OTC: JOEY), a health, beauty and medical company, reported revenue of $178,181 for the three-month period ended November 30, 2016.
On a pro-forma basis, for the nine months ended November 30, 2016, the Company generated revenue of $356,237. Pro-forma results are adjusted to reflect revenue earned by Reflex Productions ("Reflex") prior to its acquisition by JOEY on August 11, 2016, whereas GAAP revenue results are based only on consolidated operations from the date of acquisition.
Joey Chancis, CEO, says, "Our top line results, on a GAAP basis, provide a snapshot of the potential for our LABB business, our new injectable-only concept suites. It's important to note that Reflex only began significant operations during the August quarter, and our two new LABB locations in Florida opened in third quarter."
"Regarding our expansion efforts, we're accomplishing and meeting the goals on our checklist," continued Chancis. "We're executing on our growth strategy and we're enhancing overall operations with marketing campaign optimization, staff training, and the addition of top-level, seasoned executives. We believe we are on the right path to rapidly scale the business and boost profit margins higher."
The LABB opened its first location in South Beach / Miami, FL in May 2016, in a cool, hip and trendy neighborhood off Purdy Avenue. The Company has since opened additional locations in Daytona Beach, FL and Ft. Lauderdale, FL and expects to expand to Southern California, Las Vegas, and New York over the next 18 months.
The LABB's retail approach makes Injectables easy and affordable, enabling consumers to avoid invasive and costly surgical procedures.
About Joey New York, Inc.
Joey New York was founded in 1993. The company has had great success selling its beauty products in prestige department stores, salons and spas throughout the world.
Joey Chancis, the company's Founder and CEO decided to take her company into the Public Arena in 2013 for the sole purpose of acquiring small and innovative up and coming Beauty Brands to essentially being an incubator for them, while growing her own company at the same time. Chancis realized from her own experience how challenging the Beauty Industry could be when you don't have the Proper Capital and Infrastructure to compete with the major Beauty Brands. She felt that by having access to the capital markets they would give the Joey New York brand as well as all the brands in the JOEY Portfolio the opportunity and the ability to take their companies to a greater level along with hers.
This press release contains forward-looking statements which relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
For a description of such risks and uncertainties refer to our Registration Statement on Form S-1, on our Annual Report on Form 10-K and on our filings of Form 8-K with the Securities and Exchange Commission. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
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SOURCE Joey New York, Inc.