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My Vintage Baby, Inc. Reports Fiscal 2007 Financial Results and 2008 Forecast
Wednesday February 20, 2:51 pm ET
MCKINNEY, Texas--(BUSINESS WIRE)--My Vintage Baby, Inc. (Pink Sheets:MVBY - News) announced financial results for the year ending December 31, 2007, which were closely in line with the Company's goal of $1.5 million in gross revenue.
Gross revenues for the year ended were $1.45 million, compared to $1.057 million for the same period of fiscal 2006. Jessica Wiswall, CEO, stated, “The large increase in gross revenue was primarily due to increased awareness of our product driven through new locations such as Neiman Marcus and other high visibility boutiques.”
CFO Jeff Welsh reported that gross margin improvement was achieved through a variety of means. Welsh indicated that margin improvement in the back half of 2007 positions the company for a significant narrowing of losses. Welsh stated, “The benchmarks have been established to reduce Company loss by almost 50% and keep us on plan to obtain profitability in 2009.”
2008 Revenue is projected to be $1.6M a year on year growth of 10% with a projected loss of approximately $400K.
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," which are statements related to future, not past, events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.
Contact: My Vintage Baby Morgan Boatwright, 972-548-9850 ext. 3 invest*myvintagebaby.com
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