XGEN.0071.HUGE NEWS OUT.THIS WILL GO BALLISTIC SOON IMO.
NexGen Holdings Reports a 61% Increase in Quarterly Revenues to $2,661,000 and Its First Quarterly Profit Since Its Acquisition of Paddock Pools for the Quarter Ended December 31, 2014
SCOTTSDALE, AZ--(Marketwired - Feb 19, 2015) - NexGen Holdings Corp. (OTC PINK: XGEN) reported $2,661,000 in revenue for the quarter ended December 31, 2014 up 61% ($1,011,000) from the same quarter last year of $1,650,000. Net income for the quarter was $88,000.
This increase in revenue for the 3 months ended December 31, 2014 was primarily a result of the Company's acquisition in May 2014 of Camelback Pools, LLC d/b/a Paddock Pools and the addition of its retail Scottsdale Super store and maintenance and repair division. During this quarter in 2014 the Company earned $88,000 in net income which is slightly less than the $115,000 in net income earned in the comparable quarter in 2013 but includes the costs associated with consolidating the Company's two swimming pool operations in Scottsdale and closing the Company's Mesa location. Management believes that the savings created from these moves should show positive results in future quarters. Consolidated Gross Margins for the quarter, including the retail and repair businesses, remained robust at a combined 30.6%.
John Myers, NexGen's CEO, stated, " As with any acquisition it takes time to fully realize the benefits of the consolidation of operations and integration of corporate cultures but as the results of this quarter suggest we are swiftly making significant strides across the board."
Charles D. Brown, independent director of the board, added, "I believe that Mr. Myers is building a team of professionals around the Paddock brand that will burnish our image, furnish quality products and services to our customers and add significant value to our shareholders, over time."
The Company will continue to look to acquire additional synergistic businesses and continue to enhance its management team.
About NexGen Holdings, Inc.
NexGen Holdings, Inc. is a public holding company that is an acquirer and operator of fundamentally sound subsidiaries that are market accepted, scalable and demonstrate a quantifiable value proposition. To enhance shareholder value our focus is on establishing a foot print in a specific industry through the acquisition of a subsidiary that has strong market presence, brand awareness, talented and dedicated management teams with the potential to achieve exceptional performance over time. Once acquired, these companies can expand through additional acquisitions, aggressive marketing and access to our operational support, management approach, and ability to access financial markets for operational and growth capital to build a market leader. NexGen Holdings, Inc. currently has four subsidiaries: WindPower Solutions, Inc., which repairs and remanufactures wind power turbines and solar power plants for operators across the U.S., and its backyard products subsidiaries Cameo Pools, Paddock Pools and Cameo Landscape, that builds and renovates swimming pools landscape design and maintenance and markets outdoor products to consumers in the Phoenix, Arizona Metropolitan Area. For more information go to our websites www.nexgenholdingscorp.com, www.cameopools.com, www.paddockpoolsaz.com
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding NexGen Holdings, Inc. expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to NexGen Holdings, Inc.'s management as of this date. The business and operations of the Company are subject to substantial risks which increase the uncertainty that forward-looking results will be achieved and actual events or results may vary materially as a result of various important factors including those which management has little or no control. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
Investor Relations Information:
Contact
Carole Myers
480-363-2300
