GRNE Reports Operating and Net Income for the 3rd Quarter
November 13 2013 - 8:00AM
Marketwired
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