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Women's apparel firm to focus on international expansion

01
Apr '08

OmniaLuo Inc, a China-based company engaged in the business of designing, developing, marketing and distributing fine women's apparel under the brand name OMNIALUO, has announced operating results for the quarter and year ended December 31, 2007.

OmniaLuo reported revenue of approximately $2.7 million for the quarter ended December 31, 2007, compared to approximately $1.5 million for the quarter ended December 31, 2006 -- an 80% increase. OmniaLuo reported revenue of approximately $7.9 million for the year ended December 2007.

Since the Company was incorporated on August 11, 2006 and only began sales in the fourth quarter of 2006, a year-on-year comparison is not meaningful. The increase in revenue was attributable to the increase in the number of retail stores from 84 at year end 2006 to 184 at year end 2007.

OmniaLuo also reported operating income of approximately $0.5 million for the quarter ended December 31, 2007, compared to approximately $0.5 million for the quarter ended December 31, 2006. OmniaLuo reported operating income of approximately $1.2 million for the year ended December 31, 2007.

Excluding approximately $1.0 million of charges associated with its 2007 reverse acquisition through a share exchange with Wentworth II Inc and private placement transactions, OmniaLuo would have reported operating income of approximately $2.2 million for the year ended December 31, 2007.

OmniaLuo reported net income of approximately $0.5 million for the quarter ended December 31, 2007, compared to net income of approximately $0.4 million for the quarter ended December 31, 2006 -- a 25% increase. The Company reported a net loss of approximately $1.1 million for the year ended December 31, 2007.

Excluding approximately $1.0 million of charges associated with its 2007 reverse acquisition through a share exchange with Wentworth II Inc and private placement transactions and $2.3 million of non-cash charges arising from the return of escrowed shares from escrow to the Company's chief executive officer and another stockholder (explained below), OmniaLuo would have reported net income of approximately $2.2 million for the year ended December 31, 2007.

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