Roll out of luxury clothing line drives HHWW revenue
Horiyoshi Worldwide Inc announces its financial results for the year ended December 31, 2010. 2010 was a record year in revenue for HHWW driven by the international roll out of the company's luxury clothing line. The company focused its efforts in 2010 on the introduction of the Horiyoshi brand to the international design and retail communities. HHWW also improved its internal infrastructure to support future growth.
Full-Year 2010 Results
For the full year 2010, revenue increased 16 times to $496,083 from $30,633 in 2009. This significant increase in revenues was driven by an increase in the number of retail relationships the company has established and a greater sell through of product at those stores over the course of the year. During 2010 the company also increased its focus on and participation in a number of well-known industry retail shows that increased the awareness and visibility of the company. HHWW ended 2010 with an excess of $ 4 million in working capital.
• The Company achieved significant year over year growth in revenue
• Achieved public company status in November 2010
• Raised $5.0 million in equity capital in December 2010
• Significantly increased the number of retail distribution partners
• Ending balance sheet cash increased to $5.6 Million
Mitsuo Kojima, CEO of Horiyoshi Worldwide, Inc. had this to say about the year "We have all worked hard to position the company for future growth. Our development of the luxury line was a deliberate move to establish the Horiyoshi brand at a higher level in people's minds. We understood that this was a slower path to growth but believe it will allow us to realize the full potential of the Horiyoshi brand in the future. Our recent capital raise will enable us to undertake a number of well thought out initiatives to broaden our marketing and distribution capabilities with the focus on much larger markets".
Subsequent to the end of the year in December, HHWW closed the sale of 3,513,532 shares of common stock to an institutional investor in a private placement to raise a total of $5 million. The Company will use the net proceeds to fund its strategic initiatives and for general corporate purposes.
• Complimentary Line Extension catered towards the mass market
• On Line Store to focus on the existing interest related to Horiyoshi the Third
• Licensing agreements and partnerships
• Expansion of the marketing and service infrastructure of the firm
• Raymond Catroppa, CFO of Horiyoshi Worldwide, Inc. added this "The company has experienced a significant number of important events in a relatively short period of time".
• HHWW begins trading as a public company, November 2010
• Raises $ 5 million equity capital, December 2010
• oncludes year end 2010 audit as a public company in the first Quarter of 2011
"These events took up a significant amount of management's attention but the company is now positioned to focus on the implementation of its strategic initiatives to broaden its product offering, distribution network and customer base".
Horiyoshi Worldwide Inc