GRNE Reports Operating and Net Income for the 3rd Quarter
GRNE Reports Operating and Net Income for the 3rd Quarter
SALT LAKE CITY, UT--(Marketwired - Nov 13, 2013) - Green Endeavors, Inc. (OTCQB: GRNE), a majority owned subsidiary of Nexia Holdings, Inc. (PINKSHEETS: NXHD), filed its Form 10Q for the 3rd Quarter ended September 30, 2013.
The 2013 third quarter report shows significant improvements in the operations of GRNE over the comparable periods in 2012. During the three and nine month periods ended September 30, 2013, GRNE's net sales were $2,646,259 and $877,462, respectively, compared to $2,273,266 and $780,597 for the comparable periods in 2012. Net sales increased by $372,993 or 16.4% for nine months ended September 30, 2013 and increased by $96,865 or 12.4% for the three months ended September 2013 as compared to the same periods in 2012.
Income from operations for the three and nine months ended September 30, 2013, were $106,348 and $148,175, respectively, compared to losses of $84,328 and $185,269 for the comparable periods in 2012.
GRNE recorded net income for the three months ended September 30, 2013 of $75,543 compared to a $140,038 loss for the same period in 2012. The net loss for the nine months ended September 30, 2013 was $37,461 compared to $527,304 for the same period in 2012, a decrease of over 92%.
Richard D. Surber, CEO of GRNE, noted, "GRNE's net profit for the 3rd quarter is a milestone. We are cash flow positive at this point. We managed to decrease operating expenses while increasing revenues. Satisfying debts at a discount in the fourth quarter coupled with higher sales may throw us into profitability for the fiscal year ending 2013. I am optimistic."
Mr. Surber continued, "If you read our Form 10Q's balance sheet carefully you should note, among other things, that the $2.2M liability for a convertible note is owed to our parent company Nexia Holdings. This is significant because no freely tradable shares will be able to hit the market under Rule 144 unless they are dribbled out (1% every 90 days which is an insignificant amount of shares in terms of dollar value) which management has no current intention of doing. Any payments on this liability have been in cash or restricted stock over the last 4 years. Theoretically, we could convert the entire debt to equity which would nearly resolve the working capital deficit and remove close to half of the liabilities on our balance sheet. My point is that the balance sheet is in pretty good shape when you take into consideration that our flagship salon was acquired at predecessor depreciated cost basis under GAAP because it was a related party transaction while the entire cost to purchase the salon was required to be recorded as a liability."
About Green Endeavors, Inc.:
Green Endeavors, Inc. (OTCQB: GRNE), headquartered in Salt Lake City, Utah, is a holding company with operations in health & beauty. GRNE's wholly owned subsidiaries, Landis Salons, Inc. and Landis Salons II, Inc. http://www.landissalons.com, operate hair salons built around the world-class AVEDA™ product line. Our newest wholly owned subsidiary Landis Experience Center, LLC http://www.avedaatcitycreek.com, sells a full array of Aveda™ products. For more information, visit http://www.green-endeavors.com. GRNE strongly encourages the public to read the above information in conjunction with its filings and disclosures filed in 2012 and 2013. GRNE's disclosures can be viewed at www.sec.gov and www.otcmarkets.com. Investors should not invest more than they can afford to lose in penny stocks.
FOR MORE INFORMATION, CONTACT:
Richard Surber
President
Green Endeavors, Inc.
801-575-8073 x 106
Email Contact
GRNE Reports Operating and Net Income for the 3rd Quarter
SALT LAKE CITY, UT--(Marketwired - Nov 13, 2013) - Green Endeavors, Inc. (OTCQB: GRNE), a majority owned subsidiary of Nexia Holdings, Inc. (PINKSHEETS: NXHD), filed its Form 10Q for the 3rd Quarter ended September 30, 2013.
The 2013 third quarter report shows significant improvements in the operations of GRNE over the comparable periods in 2012. During the three and nine month periods ended September 30, 2013, GRNE's net sales were $2,646,259 and $877,462, respectively, compared to $2,273,266 and $780,597 for the comparable periods in 2012. Net sales increased by $372,993 or 16.4% for nine months ended September 30, 2013 and increased by $96,865 or 12.4% for the three months ended September 2013 as compared to the same periods in 2012.
Income from operations for the three and nine months ended September 30, 2013, were $106,348 and $148,175, respectively, compared to losses of $84,328 and $185,269 for the comparable periods in 2012.
GRNE recorded net income for the three months ended September 30, 2013 of $75,543 compared to a $140,038 loss for the same period in 2012. The net loss for the nine months ended September 30, 2013 was $37,461 compared to $527,304 for the same period in 2012, a decrease of over 92%.
Richard D. Surber, CEO of GRNE, noted, "GRNE's net profit for the 3rd quarter is a milestone. We are cash flow positive at this point. We managed to decrease operating expenses while increasing revenues. Satisfying debts at a discount in the fourth quarter coupled with higher sales may throw us into profitability for the fiscal year ending 2013. I am optimistic."
Mr. Surber continued, "If you read our Form 10Q's balance sheet carefully you should note, among other things, that the $2.2M liability for a convertible note is owed to our parent company Nexia Holdings. This is significant because no freely tradable shares will be able to hit the market under Rule 144 unless they are dribbled out (1% every 90 days which is an insignificant amount of shares in terms of dollar value) which management has no current intention of doing. Any payments on this liability have been in cash or restricted stock over the last 4 years. Theoretically, we could convert the entire debt to equity which would nearly resolve the working capital deficit and remove close to half of the liabilities on our balance sheet. My point is that the balance sheet is in pretty good shape when you take into consideration that our flagship salon was acquired at predecessor depreciated cost basis under GAAP because it was a related party transaction while the entire cost to purchase the salon was required to be recorded as a liability."
About Green Endeavors, Inc.:
Green Endeavors, Inc. (OTCQB: GRNE), headquartered in Salt Lake City, Utah, is a holding company with operations in health & beauty. GRNE's wholly owned subsidiaries, Landis Salons, Inc. and Landis Salons II, Inc. http://www.landissalons.com, operate hair salons built around the world-class AVEDA™ product line. Our newest wholly owned subsidiary Landis Experience Center, LLC http://www.avedaatcitycreek.com, sells a full array of Aveda™ products. For more information, visit http://www.green-endeavors.com. GRNE strongly encourages the public to read the above information in conjunction with its filings and disclosures filed in 2012 and 2013. GRNE's disclosures can be viewed at www.sec.gov and www.otcmarkets.com. Investors should not invest more than they can afford to lose in penny stocks.
FOR MORE INFORMATION, CONTACT:
Richard Surber
President
Green Endeavors, Inc.
801-575-8073 x 106
Email Contact
