SAKL Reports Q3 Net Income of $142,983 on Revenues of $5.35M
SALT LAKE CITY, UT -- November 22, 2016 -- 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, 2016.
Revenues for the nine months ended September 30, 2016, increased
46% to $12,287,775 from $8,488,390 for the comparable period in
2015. Revenues of the three months ended September 30, 2016,
decreased 11% to $5,355,167 from $6,020,335 for the comparable
period in 2015. The quarterly revenues reflects a drop in the
number of participants attending Slide the City events in 2016
compared to 2015. Management believes that it has identified many
of the reasons behind the decrease and has plans to rectify those
issues in 2017.
Deferred revenues were $950,918 at the end of the third quarter
compared to $185,315 as of December 31, 2015. The Company expects
to recognize a majority of its prior period deferred revenues by
December 31, 2016. Thereby, decreasing the deferred revenue
liability while improving working capital and increasing revenues
by the same amount. Furthermore, management was able to
substantially increase the number Lantern Fest events held in the
fourth quarter which will offset a portion of the shortfall
experienced by Side the City as well as flatten out revenues over
the course of 2016.
Additional highlights contained in the report include:
- Net income attributable to stockholders for the three months
ended September 30, 2016 was $236,707.
- The Companys working capital deficit as of September 30, 2016
increased to $4.7 from $3.4 million at December 31, 2015, the
increase was due in part to the increase in the current portion of
notes payable during the quarter.
- Service Revenues from the Landis Salon operations increased for
the nine months ended September 30, 2016 to $1.9 million from $1.6
million for the same period in 2015 a 24% increase.
- For the nine month period ending September 30, 2016 revenues
from events increased 59% to $9.7 million from $6.1 million in 2015
due to the overall increase in number of events held.
Richard Surber, the CEO of Sack Lunch observed, "we have made
tremendous progress so far in 2016. There has been a steep
learning curve along with integration hurdles as a result of the
Springbok acquisition. I believe we have overcome most of those
hurdles. Sack Lunch remains on the right path boasting a 59%
increase in event revenues as of September 30, 2016."
Surber continued, "my immediate goals are to complete our
audited financial statements, and refinance unfavorable debt which
I expect to be coupled with another game changing acquisition of a
premier event consortium by the end of the first quarter in
2017."
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (OTC PINK: SAKL) is an
entertainment company that operates and franchises action oriented
events in the U.S. and internationally. SAKL's events include:
Slide the City (1,000 foot long water slide for families and kids),
Color Me Rad (5k color race), The Dirty Dash (mud and obstacle
run), The Lantern Fest (night-time party with lantern lighting and
launch), and Trike Riot. Learn more about SAKL's operations at
www.sacklunchproductions.com, www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, www.colormerad.com, www.trikeriot.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. The actual results that SAKL may
achieve could differ materially from any forward-looking statements
due to a number of risks and uncertainties, including but not
limited to insufficient working capital during the off season,
lawsuits involving delinquent creditors, adverse weather
conditions, equipment failure, state and local health code laws
which may impact obtaining permits and other risks associated with
judgment calls made by various government officials. 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