My Vintage Baby Inc announced financial results for the year ending December 31, 2007, which were closely in line with the Company's goal of $1.5 million in gross revenue.
Gross revenues for the year ended were $1.45 million, compared to $1.057 million for the same period of fiscal 2006. Jessica Wiswall, CEO, stated, “The large increase in gross revenue was primarily due to increased awareness of our product driven through new locations such as Neiman Marcus and other high visibility boutiques.”
CFO Jeff Welsh reported that gross margin improvement was achieved through a variety of means. Welsh indicated that margin improvement in the back half of 2007 positions the company for a significant narrowing of losses. Welsh stated, “The benchmarks have been established to reduce Company loss by almost 50% and keep us on plan to obtain profitability in 2009.”
2008 Revenue is projected to be $1.6M a year on year growth of 10% with a projected loss of approximately $400K.