HOUSE OF TAYLOR JEWELRY REVENUE UP 29% IN Q1

HOUSE OF TAYLOR JEWELRY REVENUE UP 29% IN Q1
Tacy, Israel /1 June 2006

Los Angeles-based international jewelry company House of Taylor Jewelry, Inc. saw revenue for the first quarter ended March 31, 2006 rise 29 percent to US$1.4 million from US$1.1 million reported in the same period a year ago. The increase reflects demand for the company’s branded products that were introduced late last year, as well as sales of the company’s discontinued non-branded products.
 
The company recorded significantly higher selling, shipping and general administrative expenses due to higher professional fees, depreciation and amortization expenses involving intellectual property and license agreements, along with costs associated with the company’s move to NASDAQ.
Accordingly, House of Taylor Jewelry posted a net loss of US$2.0 million compared with a net loss of $348,000, or $0.01 per share, in the year-ago period.
 
“The first quarter was a milestone period for us, as we began trading on NASDAQ on March 1. Additionally, we made tremendous progress strengthening the company’s infrastructure in preparation for our product launches at major industry trade shows throughout the year. We expect our participation in these trade shows will contribute to a significant expansion of the company’s distribution channel through independent retailers of fine jewelry across the U.S. Moreover, with our financing completed, we now have the wherewithal to execute our strategic growth plans,” says Jack Abramov, President and Chief Executive Officer of House of Taylor Jewelry.