Green Endeavors, Ltd. (PINKSHEETS: GRNE), a majority owned subsidiary of Nexia Holdings, Inc. (PINKSHEETS: NXHDD), announced that its salon operations estimated net sales for the year ended December 31, 2009 were $2,044,351. Combined net income for the salon entities, which includes Landis Salons, Inc. and Newby Salons LLC, for the year ended December 31, 2009, is currently estimated at $162,419 compared to $38,577 for year end 2008, an increase of 321% or $123,842. This increase was the result of the reduction in various expenses related to the salon operations from 2008 to 2009.
GRNE's flagship salon located at 1298 South 900 East in Salt Lake City, Utah reported net sales of $1,880,545 for the 2009 year as compared to net sales of $1,843,963 for 2008, a 2% or $36,582 increase. While revenues for both locations on a combined basis decreased by $83,494 or 4% in 2009 compared to sales of $2,127,845 for the year ended December 31, 2008, the number of services at the Salt Lake City Salon increased by 1,557 in 2009. The reason for the decrease in sales is attributable to its Bountiful location, which management considers an underperforming location.
Despite the underperforming location, our salon operations were able to improve net income and increase the total number of services provided substantially at our flagship location while decreasing our price point per service to accommodate for a sluggish economy. Mr. Richard Surber, President of GRNE, commented, "Our research has indicated that over 2,000 salons have closed over the last two years which our organization intends to capitalize on in the future by hopefully attracting new clients from those salons that have closed. We are continuing our efforts to staff up in anticipation of opening additional locations in the Salt Lake Valley."
Mr. Surber further commented, "I have identified an additional or alternative location which we anticipate opening prior to the 2010 Holiday season. This new location may replace the underperforming Bountiful location, in the event we are unable to make substantial improvements in sales at that location prior to June 30. More details on the potential new location will be forth coming in the weeks ahead."
About Green Endeavors, Ltd.
Green Endeavors, Ltd. (PINKSHEETS: GRNE), headquartered in Salt Lake City, Utah, is a holding company with operations in health & beauty. GRNE owns a majority interest in Landis Salons, Inc., http://www.landissalons.net, hair salons built around the world-class AVEDA™ product line. 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 2009 and 2010. GRNE's disclosures can be viewed at www.green-endeavors.com and www.pinksheets.com.
This press release reports information gathered on a preliminary basis for select points in time. 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. This press release also contains forward-looking statements. There are no assurances that such assumptions will prove correct with regard to potential additional location(s). The actual results that GRNE may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.
FOR MORE INFORMATION, CONTACT:
Richard Surber, President
Green Endeavors, Ltd.
801-575-8073 x 106