BOCA RATON, FL--(Marketwired - Nov 10, 2016) - Ovation Music & Studios, Inc. (OTC PINK: OVMS) (the "Company") http://ovationmusicstudios.com/index.php, and https://www.facebook.com/OvationMusicBoca, 3rd Q financial results:
The Company reports that its Ovation Music & Studio Boca Raton, Florida location has streamlined its operations and has increased its Gross Profit and is saving 34.7% that shows up on its Net Income bottom line.
Gross revenue year over year is down slightly due to the termination of management over the summer and its disruption of business and clients. That resolved, the Ovation Music & Studios Boca Raton is on schedule for a profitable year.
Ovation Music & Studios Boca Raton has over the years produced some of the top local youth music talent and bands.
It has begun the roll out of its first of a kind recording studio.
The Company expects the new recording studio to generate another fifty to seventy five percent (50-75%) in additional income pushing the gross revenue to over $400,000 per location with approximately 25% Net Income. The Net Income projections are based on approximately 1,800-2,500 sq/ft per location and the fixed costs associated with each location. Increasing single store revenue, with a larger footprint and the capacity to manage more students and live acts, will dramatically increase the gross revenue per location.
The recording studios may be used to record musicians, voice-over artists for advertisements or dialogue replacement in film, television or animation, or to record their accompanying musical soundtracks. A typical recording studio consists of a room called the "studio" or "live room", where instrumentalists and vocalists perform; and the "control room", where sound engineers operate consoles or computers with specialized software suites to manipulate and route the sound for analogue or digital recording, with smaller rooms called "isolation booths" present to accommodate loud instruments such as drums or electric guitar, to keep these sounds from being audible to the microphones that are capturing the sounds from other instruments, or to provide "drier" rooms for recording vocals or quieter acoustic instruments.
The next project on the Company's agenda is preparing an offering document with a completed business plan for distribution to raise the capital required for the initial buildout of the restaurant pizzeria footprint location and frozen pizza.
About Ovation Music & Studios, Inc.
The Company develops businesses for future franchise opportunities and is currently developing Ovation Music & Studio Boca Raton as a potential franchise. The Company is preparing to enter the restaurant pizzeria space with a developed business model as a franchise opportunity.
This release may contain statements that are "forward-looking statements". Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. These statements are based on current estimates and projections about the Company's business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's limited operating history, ability to execute effectively its business plan, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantage, the Company's, the limited financial resources, and conditions of equity markets. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. No information in this press release should be construed as an indication of the Company's future revenues or financial results.