Printer Friendly

RENAISSANCE ENTERTAINMENT REPORTS HIGHER SECOND QUARTER RESULTS

 BOULDER, Colo., Nov. 16 /PRNewswire/ -- Renaissance Entertainment Corp. today announced higher results for its second quarter ended Sept. 30, 1993.
 Sales for the second quarter rose 4 percent to $1,672,152 from $1,606,835. Gross profit increased to $1,424,765 from $1,349,287. Net operating income also increased, advancing to $522,239 from $479,665.
 Net income from the quarter rose 14 percent to $520,326 from $457,109. After a 36 percent increase in weighted shares outstanding to 3,645,000 from 2,677,200, per share net income totaled 14 cents vs. 17 cents in the year-ago quarter. Additional shares are primarily due to a private placement to raise additional working capital that occurred in June 1993.
 For the six months, sales rose 3 percent to $1,842,586 from $1,781,068. Gross profit increased to $1,545,565 from $1,494,301. Net operating income was $339,078 compared to $364,231.
 Net income for the half was $316,104 compared to $314,412. Per share net income totaled 12 cents in both six-month periods.
 The company noted that second quarter results reflect the peak summer season which is especially significant for the company's performance on an annual basis.
 "The Bristol Renaissance Faire in Kenosha, Wis., which is our primary source of revenue, had a very good season," said Pete Leavell, chief executive officer. "Overall attendance was strong, and operating controls continued to increase profitability. It is even more significant that we produced these increased results despite the unusually high number of rainy days due to the massive storms that inundated the Midwest this past summer.
 "Our growth strategy is to become a national entertainment entity, and we are focusing on acquisitions and mergers of similar renaissance faires," Leavell said. "We are actively engaged in discussions with other faire owners to meet that objective."
 The Bristol Renaissance Faire is an outdoor event that recreates the ambiance of a renaissance village and is one of approximately 20 large faires operating in major metropolitan areas around the country. Craft shops, food and continuous street and stage entertainment featuring jugglers, dancers, jousters and musicians perform during a Faire day.
 -0- 11/16/93
 /CONTACT: Sherwood Wallace, The Investor Relations Co., 708-564-5610/


CO: Renaissance Entertainment Corp. ST: Colorado IN: ENT SU:

LM-EH -- LA037 -- 5216 11/16/93 16:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 16, 1993
Words:394
Previous Article:BIEBER AND YOKICH STATEMENT ON GM PROPOSAL TO CONTRIBUTE CLASS E STOCK TO PENSION FUND
Next Article:CLEAN-UP TECHNOLOGY INC. FILES REGISTRATION STATEMENT FOR PUBLIC OFFERING
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters