Business
SAKL Reports $10.015M in System-Wide Sales for 6 Months Ended 6/30/16
SAKL Reports $10.015M in System-Wide Sales for 6 Months Ended 6/30/16.
About this update from Sack Lunch Productions, Inc.
[{"type":"text","content":"\n \n \n SAKL Reports $10.015M in System-Wide Sales for 6 Months Ended 6/30/16\n \n \nSAKL Reports $10.015M in System-Wide Sales for 6 Months Ended 6/30/16\n \n 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:\n \n \n 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)\n Ticket sales by Franchisees: $2,966,164 (Franchisee sales are not reported as SAKL revenues.)\n Salon Revenues: $1,639,721 \n Fees: $1,174,276 (of which $475,942 allocated to franchisees)\n Merchandise Sales: $262,193 (of which $10,933 are sales from franchisees)\n Sponsorship fees: $137,337\n Rental income: $31,255\n \n \n 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.\n 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.\"\n 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 S...