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Nexia announces 2007 Annual revenue increase of 76% Y-O-Y

27
May '08
Nexia Holdings Inc recently filed its Annual Report on Form 10-K, which is available at www.sec.gov. Nexia also filed its Form 10-Q for the quarter ended March 31, 2008, bringing it into compliance with its filing obligations.

Richard Surber, CEO of Nexia, noted, “I am committed to improving the timeliness of its Securities Exchange Act of 1934 filings through the remainder of 2008.”

Select financial data for the 12 months ended December 31, 2007 reported total revenues increased by 76% to $3,232,488 from $1,834,245 versus the same period in 2006. The increase in revenues is attributed to the Company's successful growth of Landis Lifestyle Salon including the acquisition of a second salon location, a 33% growth in rental revenue, and additional growth of the Black Chandelier fashion retail operation.

A net loss of $8,498,219 for the year ended 2007 was reported compared to a net loss of $1,983,297 for the year 2006. The substantial increases in net losses were primarily attributable to non-cash charges which can be analyzed in more detail by viewing Nexia's audited financial statements.

The statement of cash flows reflects $3,644,078 for preferred and common stock issuances, $2,087,027 for preferred stock issuances, $500,000 for the issuance of Series A Preferred stock and $196,599 for stock options issued. These non-cash items total $6,427,704. The Company's losses reflect relatively large non-cash, and non-recurring items.

Richard Surber, CEO of Nexia Holdings, stated, “I am looking forward to growing Nexia in 2008 through acquisitions and building upon our experience in 2007. Our staff has a vested interest to work hard in making Nexia a success in the coming years.

Our accounting staff worked tirelessly to file the last two reports and is improving every day. I am encouraged by the fact that we have weathered turbulent times. In the coming weeks, expect more news on upcoming developments.”

Nexia Holdings Inc


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