BALTIMORE, April 15, 2004 (PRIMEZONE) -- Lexor Holdings, Inc. (OTCBB:LXRH) (Berlin Stock Exchange WKN 727489); (www.lexorholdings.com) today announced results for the year ended December 31, 2003.
The Company's net revenues for the year ended December 31, 2003 were $4,627,390 as compared to net revenues of $2,443,404 for the prior year. The 89% increase in revenues was primarily due to a combination of new product offerings, an expanded distributor network, and increased sales directly to end users.
The gross profit for the year ended December 31, 2003 was $282,371 as compared to $210,738 from the prior year.
Operating expenses consisted primarily of sales and marketing expense and general and administrative expense. Sales and marketing increased $14,740, to $204,028 for the year ended December 31, 2003 compared to $189,288 for the same period ended December 31, 2002. The Company increased overall sales and marketing expense by 8% in 2003, while attempting to direct the advertising dollars to the end user of the product.
General and administrative expense increased $223,664 to $342,660 in the year ended December 31, 2003 compared to the same period ended December 31, 2002. Interest expense increased $7,000 to $17,206 for the year ended December 31, 2003.
As a result of the above, the net loss for the year ended December 31, 2003 was $281,523 as compared to the net loss of $107,223 for the prior year. However, with its current pace of sales activities, the Company expects to post approximately $12,000,000 to $15,000,000 in revenues and be profitable for 2004.
Also, as a public company, Lexor Holdings has expanded its scope of business to pursue a selective acquisition strategy and to engage in beauty/spa supplies and distribution, manufacturing of equipment, owning and operating beauty schools, owning and operating beauty salons, and owning and operating nail salons and related beauty care businesses.
For more information please visit: www.lexorholdings.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many of which are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.