Business
SAKL Files 2016 Annual Report: Revenues of $14.8M, Up 41%
SAKL Files 2016 Annual Report: Revenues of $14.8M, Up 41%.
About this update from Sack Lunch Productions, Inc.
[{"type":"text","content":"\n \n \n SAKL Files 2016 Annual Report: Revenues of $14.8M, Up 41%\n \n \nSAKL Files 2016 Annual Report: Revenues of $14.8M, Up 41%\n \n SALT LAKE CITY, UT--(Marketwired - May 8, 2017) - 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, 2016 reporting strong revenue growth.\n Financial Statement Highlights:\n \n \n Gross revenues of $14,784,911 compared to $10,472,854, an increase of $4,312,057 or 41.17% over the comparable period in 2015;\n \n2 subsidiaries on a combined basis generated net profits approaching $2M;\n \nCurrent assets of $2,439,080 compared to $2,890,042, a decrease of $450,962 or 16%;\n \nTotal assets of $5,772,181 compared to $6,414,544, a decrease of $642,363 or 10%;\n \nThe net loss for 2016 was $2,047,676 compared to $1,574,073 for 2015, an increase of $473,603 or 30.09%.\n \n \n \n \n CEO, Richard Surber, commented, \"I am excited to be able to report 3 years of strong top line revenue growth for SAKL. A few other bright spots included significant net income for our Lantern Fest® and Landis Salon, Inc. subsidiaries. Coming into 2017, we expect to dramatically cut expenses. Our operating strategy will build upon lessons learned in 2015 and 2016. Our accounting and reporting systems are dramatically improved and will allow for management to make better decisions on a timely basis.\"\n Mr. Surber continued, \"The annual report filed with OTC Markets reports the audited financial statements for 2015 and unaudited for 2016. We expect year end 2016 audited financial statements to be completed by the end of May. We will then be required to complete first quarter financial statements that are reviewed before we can file the Form 10 registration statement. The initial audit process has been a long and expensive process that appears to be coming to a conclusion. I expect administrative costs in 2017 related to accounting and audit fees to dramatically decrease as a result of efficiencies, continuity and retention of our staff. Upon completion of the audit, the plan is to aggressively reduce our debt load.\" \n Witness a recent Lantern Fest® event at: https://www.youtube.com/watch?v=LAj6RVCLqmc.\n Please visit our websites to find the next event in your area: w...