SALT LAKE CITY: Sack Lunch Productions, Inc. 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, we’re currently trading for less than two-times earnings and at a small fraction of our trailing 12-month sales.”
“We’re 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.”
