|By Marketwired .||
|August 29, 2013 09:31 PM EDT||
CARLSBAD, CALIFORNIA and TORONTO, ONTARIO -- (Marketwired) -- 08/30/13 -- Pacific Vector Holdings Inc. (TSX VENTURE:PVH) ("Pacific Vector" or the "Company") a leading specialty retailer of action sports brands annouced today that net revenues for the second quarter and year to date periods ended July 7, 2013 were $4.3 million and $4.7 million which are increases of $3.97 million and $4.01 million respectively over the same periods last year. The increases in revenue were a result of the acquisition of Ryderz Compound retail stores which was completed April 8, 2013.
The Company lost $2.3 million and $2.5 million during the second quarter and year to date periods respectively. The loss included non-cash expenses and one time costs associated with the Ryderz transaction that totalled $748 thousand in the quarter and $755 thousand year to date.
"The full extent of the cost synergies such as: labor, occupancy savings, etc. were not fully realized during the first quarter following the acquisition of Ryderz," said Robert Reynolds, Chief Executive Officer of Pacific Vector, Holdings, Inc. "The company is now well positioned with existing infrastructure that will allow us to operate up to 60 retail locations without us adding any significent costs. Current new store initiatives are underway to build our retail presence in the action sports lifestyle category."
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About Pacific Vector
Pacific Vector is a premier action sports retail and consumer brands company. www.pacificvector.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Pacific Vector.