SAKL Reports Q3 Net Income of $718K on Revenue of $6M
Salt Lake City, UT -- November 30, 2015 -- InvestorsHub NewsWire
-- Sack Lunch Productions, Inc.
(OTC
PINK: SAKL) filed its quarterly report with OTC Markets for the three and
nine months ended September 30, 2015.
Revenue increased 445% to $6.0 million in the third quarter of
2015, up from $1.1 million in the year-ago period. Net income
attributable to stockholders increased to $717,982 in the third
quarter of 2015, up from a net loss of $348,981 in the year-ago
period.
Deferred revenues were $905,554 at the end of the third quarter,
compared to $1.8 million for the quarter ended June 30, 2015. The
Company recognized nearly all of its prior period deferred revenues
and recorded $390,117 for tickets pre-sold for The Lantern Fest
events held after September 30, 2015.
Additional highlights contained in the report include:
Net income
attributable to stockholders for the nine months ended September
30, 2015 was $755,261;
Revenue for the
nine months ended September 30, 2015 increased 145% to $8.4
million, up from $3.4 million in the
nine months ended September 30, 2014;
Hosted a record
number of events in the third quarter, generating $5.3 million from
tickets sales and other event
related fees;
Retired 331,753
shares of Series C Preferred shares with a stated value of $5.00
per share;
Closed upon
Acquisition of Springbok LLC and its operating subsidiaries Color
Me Rad, LLC, The Dirty Dash, LLC
and Springbok STC, LLC;
Obtained a
Secured Line of Credit for up to $5 million, with an initial draw
down of $1.8 million; and
Reduced
authorized shares from 25 billion to 990 million.
Richard Surber, CEO of Sack Lunch Productions, stated, I am
elated with our results. Record profits, record revenues, record
number of events held, closing upon a fantastic acquisition,
obtaining a $5 million credit line, and restructuring our equity
are all major milestones. With these results, were currently
trading for less than two-times earnings and at a small fraction of
our trailing 12-month sales.
Were now setting the stage for 2016, which will include an
estimated 156 events, over a 100% over the number of events we held
in 2015, continued Surber. We also intend to file a registration
statement with the SEC in 2016 and create and launch new events,
all of which should culminate into a record breaking year.
Please visit our websites to find the next event in your area:
www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, and
www.colormerad.com.
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (OTC
PINK: SAKL) is an entertainment company with operations that
include: event management, film production, and distribution
services. SAKL's subsidiaries include: Color Me Rad, LLC, Slide the
City, LLC, The Dirty Dash, LLC and The Lantern Fest, LLC. SAKL also
holds a majority interest in Green Endeavors, Inc. (OTC
PINK: GRNE). Learn more about SAKL's operations at www.sacklunchproductions.com, www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, www.colormerad.com, and www.green-endeavors.com.
SAKL strongly encourages the public to read the above
information in conjunction with its reports filed at
www.otcmarkets.com. SAKL will require a significant influx of
capital in order to effectively execute upon its various
operational plans. The actual results that SAKL may achieve could
differ materially from any forward-looking statements due to such
risks and uncertainties. Investors should not invest more than they
can afford to lose.
IR CONTACT:
Bruce Haase
RedChip Companies, Inc.
800.733.2447, ext. 131
bruce@redchip.com
CONTACT:
Richard Surber, President
Sack Lunch Productions, Inc.
801-575-8073 x 111
Richard@sacklunchproductions.com