CEO comments on Annual Report> SALT LAKE CITY,
Post# of 140
Posted On: 04/25/2016 4:25:29 PM
CEO comments on Annual Report>
SALT LAKE CITY, UT, Apr 25, 2016 (Marketwired via COMTEX) -- Sack Lunch Productions, Inc. (otc pink:SAKL) is pleased to announce that it has filed its unaudited Annual Report for the period ended December 31, 2015 reporting strong revenue growth and improvements to its balance sheet.
Financial Statement Highlights:
-- Gross revenues of $10,662,551 compared to $4,824,241, an increase of
$5,838,310 or 121% over the comparable period in 2014.
-- Current assets of $3,165,744 compared to $1,892,926, an increase of
$1,272,818 or 67%
-- Total assets of $7,612,721 compared to $4,141,360, an increase of
$3,471,361 or 84%
-- Net Equity increased to $539,504 compared to a negative $868,919, an
improvement of $1,408,423 or 162%
-- Net income attributable to stockholders of $8,193 compared to
$1,122,443 for the comparable period in 2014.
.........................................................................................
CEO, Richard Surber, noted, "Our top line revenues came in at nearly $1M more than we projected for 2015. Even more impressive, SAKL posted a small net profit in the face of all the expenses related to the acquisition of Springbok Holdings and a number of extraordinary costs related to the start-up of our other event endeavors. One example of a non-reoccurring expense was a $425,000 charge related to financing the acquisition of Springbok. Other liabilities like a $215,802 derivative liability should also fall off of the balance sheet as a result of satisfying nearly all convertible notes held by Green Endeavors. On the other hand, we booked a $735,912 onetime gain as a bargain purchase relating to the Springbok acquisition. This big gain confirms that we picked up the Springbok entities at a very good price. We were also able to value trademarks, participant lists and other intangibles at $1.44M based upon an independent outside valuation which further bolstered our balance sheet."
Mr. Surber continued, "I expect that many of the expenses related to starting up our events in 2015 will not reoccur in 2016. Furthermore, economies of scale and efficiencies are already in effect as we progress through 2016, which is expected to significantly improve our profitability and net equity. With a strong foundation in place, we anticipate obtaining far more favorable terms for financing as we prove up our projections for 2016. We currently expect to nearly double our revenues to $18M or more in 2016."
Investors should note that the above financial results are unaudited and will be subject to audit adjustments upon completion of our audit which we expect to be completed in 2016.
SALT LAKE CITY, UT, Apr 25, 2016 (Marketwired via COMTEX) -- Sack Lunch Productions, Inc. (otc pink:SAKL) is pleased to announce that it has filed its unaudited Annual Report for the period ended December 31, 2015 reporting strong revenue growth and improvements to its balance sheet.
Financial Statement Highlights:
-- Gross revenues of $10,662,551 compared to $4,824,241, an increase of
$5,838,310 or 121% over the comparable period in 2014.
-- Current assets of $3,165,744 compared to $1,892,926, an increase of
$1,272,818 or 67%
-- Total assets of $7,612,721 compared to $4,141,360, an increase of
$3,471,361 or 84%
-- Net Equity increased to $539,504 compared to a negative $868,919, an
improvement of $1,408,423 or 162%
-- Net income attributable to stockholders of $8,193 compared to
$1,122,443 for the comparable period in 2014.
.........................................................................................
CEO, Richard Surber, noted, "Our top line revenues came in at nearly $1M more than we projected for 2015. Even more impressive, SAKL posted a small net profit in the face of all the expenses related to the acquisition of Springbok Holdings and a number of extraordinary costs related to the start-up of our other event endeavors. One example of a non-reoccurring expense was a $425,000 charge related to financing the acquisition of Springbok. Other liabilities like a $215,802 derivative liability should also fall off of the balance sheet as a result of satisfying nearly all convertible notes held by Green Endeavors. On the other hand, we booked a $735,912 onetime gain as a bargain purchase relating to the Springbok acquisition. This big gain confirms that we picked up the Springbok entities at a very good price. We were also able to value trademarks, participant lists and other intangibles at $1.44M based upon an independent outside valuation which further bolstered our balance sheet."
Mr. Surber continued, "I expect that many of the expenses related to starting up our events in 2015 will not reoccur in 2016. Furthermore, economies of scale and efficiencies are already in effect as we progress through 2016, which is expected to significantly improve our profitability and net equity. With a strong foundation in place, we anticipate obtaining far more favorable terms for financing as we prove up our projections for 2016. We currently expect to nearly double our revenues to $18M or more in 2016."
Investors should note that the above financial results are unaudited and will be subject to audit adjustments upon completion of our audit which we expect to be completed in 2016.
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