HHWW inches up after big slide
Posted on: December 16th, 2010Written by:
Shares of Horiyoshi Worldwide, Inc. (OTCBB: HHWW) showed signs of life on Thursday after slipping as much as 67 percent from last week’s high of $3.14 earlier this week. Shares rallied almost 8 percent from Wednesday’s closing price in morning trading on Thursday, after the high-end clothing company announced the addition of fashion executive Michelle Stein to its Advisory Board.
A scathing article by Citron Research published last Friday, could’ve played a role in the sharp decline in HHWW’s share price earlier this week.
HHWW is aiming to expand their growth through new categories like Denim and also is looking into getting involved with what’s called “Bridge” or “Complimentary” categories like undergarments (ooh la la), leather goods, footwear, active wear, etc. The company’s near-term plans for growth call for an expansion of its current collection, solidifying their alliances with key retailers, and appointing a leading management team.
For the quarter ended September 30, 2010 Horiyoshi reported a net loss of $32,476, and no revenue. HHWW had revenues of $30,633 for the year ended December 31, 2009 and revenues of $153,087 for the six months ended June 30, 2010. As at June 30, 2010 the company had incurred a cumulative net loss of $376,306, had cash of $233,462, and a working capital deficit of $3,690
Shares of HHWW have been up as much as 190 percent over the past three months, and recently traded for $1.95 per share.
