Celebrity beauty licensing and branding company Boldface Group has updated its shareholders on its financial results for the first quarter 2014 ended September 30, 2013.

Highlights for the quarter and last twelve months ended (“LTM”) September 30, 2013 include:
First quarter 2014 gross revenues of $1.552 million and net revenues of $1.269 million, compared to no revenues in the first quarter 2013. LTM gross and net revenues of $8.218 million and $6.600 million, respectively.

First quarter 2014 gross profit of $0.512 million or 40% of net revenues, including $0.050 million of inventory reserves for future write-offs. Gross profit was depressed due to the associated costs with the re-labeling and rebranding of existing inventory to Kardashian Beauty.

GAAP net loss / (gain) of $0.791 million or $0.01 per fully diluted share for the quarter, including non-cash expenses of $0.209 million in stock-based compensation expense / shares issued for services and non-operating expense / (gain) including $(0.871) million for derivative liability gains.
Successful launch of our Kardashian Beauty products in Australian markets at exclusive retailers MeccaMaxima and Kit Cosmetics.

Nicole Ostoya, CEO, Boldface, commented, “To date, our holiday sales of Kardashian Beauty products have been incredibly strong with exclusive holiday items in Ulta Beauty and a diverse offering in CVS, Duane Reade, Fred Meyer, Meijer and many other of our retail partners.”

Ostoya continues, “The consumer reaction has been equally as strong as our social media following has shown a lot of love for our products. Our results reflect an enthusiasm for Kardashian Beauty products and the current success of operational controls within the company. As we turn the corner to spring, we look forward to sharing new product concepts and new items to get that coveted Kardashian Beauty look.”