SALT LAKE CITY, UT--(Marketwired - Jul 20, 2016) - Sack Lunch Productions, Inc. (OTC PINK: SAKL) reports total sales of $10,015,813 across all subsidiaries, inclusive of corporate and franchised events in North America for the six months ended June 30, 2016. The $10,015,831 is comprised of the following components:
- Ticket sales for all North American corporate events: $4,681,288 (Tickets sales are booked as revenues and deferred revenues. Deferred revenues are booked as a liability until the event is held)
- Ticket sales by Franchisees: $2,966,164 (Franchisee sales are not reported as SAKL revenues.)
- Salon Revenues: $1,639,721
- Fees: $1,174,276 (of which $475,942 allocated to franchisees)
- Merchandise Sales: $262,193 (of which $10,933 are sales from franchisees)
- Sponsorship fees: $137,337
- Rental income: $31,255
The gross system wide sales figure of $10,015,813 does not include franchisee fees of $211,775 which will be recognized as revenues for the period ended June 30, 2016. Most of the franchise fees were collected from Color Me Rad events while a nominal amount of franchise fees were collected from Slide the City franchisees during the 6 months ended June 30, 2016. We expect to collect most franchisee fees in the third quarter. Furthermore, the above sales figures do not include international ticket sales outside of North America. Sales data and the collection of international franchise fees outside of North America tends to due to various international laws.
Richard Surber, CEO of SAKL, commented, "I am very pleased with the growth rate of our event companies. Our entire team is looking forward to further growing and improving efficiencies in the coming months. I continue to believe that our various businesses have a tremendous amount of room for growth and further development."
Mr. Surber continued, "Our team has made tough decisions over the last few months to improve operating results. Some of those decisions included expanding the number of events above and beyond our financial forecast for The Lantern Fest, Color Me Rad and The Dirty Dash as well as eliminating about 30 Slide the City. The Slide the City event were eliminated due to permitting issues and insufficient ticket sales in second tier markets. The adjustments to our initial schedule of events will improve profitability and will make for a stronger year in 2017. Based upon these adjustments, our revised top line revenues are forecast to be approximately $17.2 million for 2016, barring any additional acquisitions or other extraordinary events."
Readers should note that ticket sales are not recorded as realized revenues until the event(s) are held. Ticket sales made in advance of the event are booked as deferred revenues, a liability on the balance sheet, until the events are held. Furthermore, franchisee's ticket sales are not booked as SAKL revenues, only the franchise fees paid to SAKL will be booked as revenues.
Please visit our websites to find the next event in your area: www.slidethecity.com, www.thelanternfest.com, http://www.thedirtydash.com, www.trikeriot.com and www.colormerad.com.
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™ (nighttime 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 adverse weather conditions, equipment failure, state and local health code laws which may impact obtaining permits, low attendance and other risks associated with judgment calls made by various government officials. Investors should not invest more than they can afford to lose.