SALT LAKE CITY, UT--(MARKET WIRE)--Jan 5, 2009 -- Nexia Holdings, Inc. (OTC BB:NXHD.OB - News) (Other OTC:GRNE.PK - News) reported that it generated a total of $2,113,943 (unaudited) in gross salon revenues for the year 2008.
Landis Salons, Inc. now held by Green Endeavors Ltd. (Other OTC:GRNE.PK - News), www.green-endeavors.com, a majority owned subsidiary of Nexia, reported gross revenue growth of 4.2% to $2,113,943 in 2008 compared to $2,025,281 reported for the same period of 2007.
The Salt Lake City Landis salon generated revenues of $1,829,381 (unaudited), a 2.7% decrease for 2008 compared to $1,879,798 reported the same period in 2007. The Bountiful Landis Salon's revenues for 2008 were $284,562 (unaudited), a 48.9% increase from the reported 2007 revenues of $145,483; this salon was acquired by Nexia during August of 2007.
Richard Surber, President and CEO of Nexia, stated, "I am pleased to report that our salon operations have shown resilience during an economically challenging time. The number of services performed actually increased during 2008. We did see a dip in product sales. We are laying the groundwork for expansion and profitability in 2009 for our salons. More information will be forthcoming as our accounting staff gears up for filing Nexia's annual report."
About Nexia Holdings, Inc.
Nexia Holdings, Inc. (OTC BB:NXHD.OB - News), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in real estate, health & beauty, and fashion retail. Nexia, through its subsidiary Green Endeavors Ltd (Other OTC:GRNE.PK - News) www.green-endeavors.com, owns a majority interest in Landis Lifestyle Salon, www.landissalons.com, a hair salon built around the world-class AVEDA(TM) product line. Through its Style Perfect, Inc. subsidiary, Nexia owns the innovative retail and design firm Black Chandelier and its related brands. Black Chandelier currently operates one retail location and online store at www.blackchandelier.com. For more information, visit www.nexiaholdings.com.
Nexia strongly encourages the public to read the above information in conjunction with its Form 10-K for December 31, 2007 and the subsequent quarters of 2008. Nexia's disclosures can be viewed at www.nexiaholdings.com and www.sec.gov.
This press release reports information gathered on a preliminary basis for the salon operations during 2008, the numbers are not audited, have not been reviewed by an independent accountant and are subject to change and further review as more information is gathered. The information does not reflect costs of operations and does not predict profitable operations for Nexia and its subsidiaries. This press release also contains forward-looking statements. There are no assurances that such assumptions will prove correct. These forward-looking statements involve a number of risks and uncertainties, including an expectation of substantial increase in sales. The actual results that Nexia Holdings may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
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