NightCulture Announces Record Revenue and Number of Events Produced in 1st Quarter
May 14 2014 - 03:32PM
NightCulture, Inc. (OTCBB:NGHT) (the "Company") announced operating
results for the quarter ending March 31, 2014, including a 24.4%
increase in revenues to $1,264,685 in Q1 2014 compared to
$1,016,986 during the same period in 2013. The Company reported an
operating loss of $197,136 in Q1 2014 compared to a profit from
operations of $94,000 in Q1 2013 reporting period. The operating
loss for the current quarter includes $76,921 of non-cash
non-recurring charges. The Company reported a net loss of $897,936
or ($0.02) per share, compared to a net profit of $683,696 or $0.01
per share in Q1 2013. The loss in Q1 2014 includes a loss on change
in fair value of derivative liability of $621,026 while the net
income for Q1 2013 included a gain on change in fair value of
derivative liability of $654,727.
NightCulture produced 48 events in Q1 2014 up from 17 in Q1
2013, a 182% increase.
Michael Long, CEO of NightCulture, stated, "We are extremely
pleased with our revenue growth as we increased the number of
events produced and look forward to the next few quarters as
festival season begins."
ABOUT NIGHTCULTURE INC.
NightCulture Inc. "Concerts that Change Your Life," is a premier
producer of live concerts and events. NightCulture operates in the
following markets: Houston, TX, Austin, TX, Dallas, TX, San
Antonio, TX, and Oklahoma City, OK. NightCulture is the first
Electronic Music oriented company to trade in the public
markets.http://www.NightCulture.com
Stereo Live, LLC, a wholly-owned subsidiary of NightCulture,
operates Stereo Live, a 25,000 square foot music and live events
venue located on 2 1/2 acres of land at 6400 Richmond Avenue in
Houston, Texas. http://www.StereoLiveHouston.com .
NightCulture Inc. produces Something Wicked Halloween Festival,
which drew over 20,000 fans in 2013 in Houston,
TX. http://www.SomethingWickedFestival.com
Safe Harbor Statement
Statements in this release that relate to future plans or
projected results of NightCulture Inc. are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended by the Private Securities Litigation Reform Act
of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange
Act of 1934, as amended by the PSLRA, and all such statements fall
under the "safe harbor" provisions of the PSLRA. Our actual results
may vary materially from those described in any "forward-looking
statement" due to, among other possible reasons, the realization of
any one or more of the risk factors described in our annual or
quarterly reports, or in any of our other filings with the
Securities and Exchange Commission. Readers of this release are
encouraged to study all of our filings with the Securities and
Exchange Commission. Readers of this release are cautioned not to
put undue reliance on forward-looking statements.
CONTACT: Michael Long
832-535-9070
NGHT@NightCulture.com