House of Taylor Jewelry Inc announced financial results for the first quarter ended March 31st 2006.
The international jewelry company saw first-quarter revenue rise 29 percent to $1.4 million from $1.1 million reported in the same period a year ago, reflecting demand for the company's branded products that were introduced late last year, as well as sales of the company's discontinued non-branded products.
House of Taylor Jewelry posted a net loss of $2.0 million compared with a net loss of $348,000 in the year-ago period. For the three months ended March 31st 2006, the company used $523,000 for its operating activities.
"The first quarter was a milestone period for us, as we began trading on NASDAQ on March 1," said Jack Abramov, President and CEO of House of Taylor Jewelry.
Subsequent to the close of the period, the company secured gross proceeds of $11.6 million in a private placement. Abramov said funds will be used for inventory purchases, marketing strategies, corporate partnering initiatives and general working capital.
"We are delighted that our licensor and the creative inspiration of our magnificent designs, Dame Elizabeth Taylor, was featured in the June 2006 UK issue of Conde Nast's Vanity Fair Plus Jewellery," Abramov said. "This truly underscores her international acclaim, her association with quality jewelry and the significant brand recognition her name affords House of Taylor Jewelry."
Two pieces from the world renowned private collection of Elizabeth Taylor will be featured at the House of Taylor Jewelry salon during the upcoming, private Couture Jewelry Collection and Conference, May 31 - June 2, at the Wynn Hotel in Las Vegas.
House of Taylor Jewelry is a Los Angeles-based international jewelry company whose principal shareholders include entities owned by Dame Elizabeth Taylor and Kathy Ireland, along with members of the Abramov family.
House of Taylor Jewelry Inc
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