LOS ANGELES, May 17 /PRNewswire-FirstCall/ - Horiyoshi Worldwide, Inc. (OTCBB: HHWW - News) announces its financial results for the quarter ending March 31, 2011. The first quarter ending March 31, 2011 was a record quarter in revenue for HHWW driven by the continued international roll out of the company's luxury clothing line. The company focused its efforts in Q1, 2011 on further developing its distribution relationships and continuing to build brand recognition within the international design and retail communities.
First Quarter 2011 Results
For the first quarter ending March 31, 2011, revenue increased 50% to $228,828 from $152,176 in the first quarter March 31, 2010. This significant increase in revenues was driven by an increase in the number of retail relationships the company has established, a greater sell through of product at those stores during the quarter and an overall increasing awareness of the Horiyoshi brand. During Q1 2011 the company continued its program of public outreach through various outlets to increase the visibility of the line. The company ended the first quarter of 2011 with an excess of $ 3.8 million in working capital.
Mitsuo Kojima, CEO of Horiyoshi Worldwide, Inc. had this to say about Q1, March 31, 2011, "We are all pleased with the momentum we are building and how that is translating into interest in the Horiyoshi brand. This momentum is not only evidenced in the record quarter we just reported, but in the number of features and profiles we are receiving from the media. We continue to focus on creating new clothing lines, developing exciting new channels to deliver our products and building important distribution relationships. We believe as the year progresses, there will be many new opportunities that will present themselves and we will be positioned to take advantage of them".
Strategic Initiatives
• Continued development of our Line Extension aimed at a lower price point and mass market retailers
• Introduction of On Line Store during Q2
• Focus on developing licensing agreements and partnerships
Raymond Catroppa, CFO of Horiyoshi Worldwide, Inc. added this "With record first quarter revenues of $228,828 the company has produced almost 50% of the revenue it recorded for the entire year of 2010, which was $496,083. The luxury clothes line still has a seasonal sales component, but the strategic initiatives the company is undertaking should help to smooth out this seasonality. In this quarter the company has chosen to make important investments in itself and will continue to do so to increase shareholder value in the future".
About Horiyoshi Worldwide Inc.
Horiyoshi Worldwide Inc., designs, manufactures, and markets Horiyoshi the Third - a luxury clothing and accessories product line based on the artistry of World renowned Japanese Tattoo Artist, Yoshihito Nakano (Horiyoshi III). The Company is rapidly expanding its distribution platform and its products are being marketed worldwide. The Horiyoshi the Third Collection has been featured in leading fashion publications such as the New York Times, International Herald Tribune, the Los Angeles Times, Anotherman Magazine, Marie Claire, Vogue and Style.com.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, HHWW's ability to design and manufacture its products following the acquisition, the ability of the products to gain market acceptance, and the difficulties faced by an early stage retail fashion company in the competitive retail fashion industry. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the Company's recent current reports on Form 8-K, our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic and current reports filed from time to time with the Securities and Exchange Commission.
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