SAKL Files 2016 Annual Report: Revenues of $14.8M, Up 41%
(firmenpresse) - SALT LAKE CITY, UT -- (Marketwired) -- 05/08/17 -- (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.
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;
2 subsidiaries on a combined basis generated net profits approaching $2M;
Current assets of $2,439,080 compared to $2,890,042, a decrease of $450,962 or 16%;
Total assets of $5,772,181 compared to $6,414,544, a decrease of $642,363 or 10%;
The net loss for 2016 was $2,047,676 compared to $1,574,073 for 2015, an increase of $473,603 or 30.09%.
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."
Mr. Surber continued, "The 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."
Witness a recent Lantern Fest® event at: .
Please visit our websites to find the next event in your area: , , , and .
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 , , , , , and .
SAKL strongly encourages the public to read the above information in conjunction with the complete December 31, 2016 report filed at . The actual results that SAKL may achieve could differ materially from any forward-looking statements due to a number of risks and uncertainties. The financial results are unaudited and will be subject to adjustments upon completion of the audit for the year ended December 31, 2016. Investors should not invest more than they can afford to lose.
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IR CONTACT:
Richard Surber
CEO
Sack Lunch Productions, Inc.
801-575-8073 Ext 111
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Datum: 08.05.2017 - 12:00 Uhr
Sprache: Deutsch
News-ID 540819
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SALT LAKE CITY, UT
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