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House of Taylor Jewelry reports year end financial results
02 May '06
2 min read
International multi-brand jewelry marketing company House of Taylor Jewelry Inc reported sales of $5,613,379 and a net loss of $3,529,872 for the year ended December 31, 2005, as compared to sales of $6,417,421 and net income of $292,341 for the corresponding period in 2004 in its Form 10-KSB filed on April 17, 2006.
The Company was restructured in late May 2005, when the current entity secured the licenses to market jewelry under the brands "Elizabeth" and "House of Taylor Jewelry," designed by Dame Elizabeth Taylor and "Kathy Ireland Jewelry, exclusively for House of Taylor Jewelry," designed by Kathy Ireland.
House of Taylor Jewelry introduced the concept and held a soft launch with limited new product at the June 2005 JCK show.
From May 2005, House of Taylor Jewelry has been designing and sourcing new products and developing sales and marketing strategies while reducing inventory of discontinued product. The decrease in sales, and the increase in research, development and marketing costs are a result of those activities.
Also contributing to the net loss were one-time expenses associated with the reorganization of approximately $656,000 and non-cash amortization of approximately $590,000.
As the Company used approximately $4.9 million of cash in operating activities in 2005 and has an accumulated deficit of approximately $2.9 million as of December 31, 2005, the Report of Independent Registered Public Accounting Firm contained a going concern explanatory paragraph.
The Company was restructured in late May 2005, when the current entity secured the licenses to market jewelry under the brands "Elizabeth" and "House of Taylor Jewelry," designed by Dame Elizabeth Taylor and "Kathy Ireland Jewelry, exclusively for House of Taylor Jewelry," designed by Kathy Ireland.
House of Taylor Jewelry introduced the concept and held a soft launch with limited new product at the June 2005 JCK show.
From May 2005, House of Taylor Jewelry has been designing and sourcing new products and developing sales and marketing strategies while reducing inventory of discontinued product. The decrease in sales, and the increase in research, development and marketing costs are a result of those activities.
Also contributing to the net loss were one-time expenses associated with the reorganization of approximately $656,000 and non-cash amortization of approximately $590,000.
As the Company used approximately $4.9 million of cash in operating activities in 2005 and has an accumulated deficit of approximately $2.9 million as of December 31, 2005, the Report of Independent Registered Public Accounting Firm contained a going concern explanatory paragraph.
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