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Renaissance Entertainment Reports 1996 Second Quarter Results

BOULDER, Colo., Nov. 20 /PRNewswire/ -- Renaissance Entertainment Corporation (Nasdaq: FAIR), today announced net income of $1,282,743 or $.29 per share on sales of $7,935,799 for its second quarter ended September 30, 1996. The results compare with a year-ago net income of $850,160 or $.22 per share on sales of $5,758,992. The 37% increase in revenues resulted from the additional operation of the New York Faire which was acquired in February 1996.

For the six months, revenues increased to $13,251,882 from $10,245,718 or 29%. Net operating income decreased to $34,996 from 1995's $1,625,320. Net income (loss) before taxes was ($22,291), compared to net income in 1995 of $1,605,487. The decrease in net income was due to losses incurred with the opening of the Virginia Faire, reflecting the industry experience that it can take several years for a new Faire to become profitable, and losses incurred in operating the New York Faire, which experienced adverse weather. Operating expenses increased by $3,783,064 for the six month period, compared to the same period last year, primarily due to the increased costs of starting a new Faire in Virginia and nine months of operating expenses for the New York Faire.

Total assets of $11,390,460 increased 21% from $9,443,238 last year, reflecting the acquisition of Creative Faires, Ltd., owner of the New York Faire. Total current assets were $2,294,692 with total current liabilities of 2,707,667. The changes in current assets and liabilities resulted in a working capital reduction of ($412,975). The decrease in working capital is attributable to capital improvements at the New York and Virginia Faires which are now substantially completed.

Charles Leavell, Chairman and CEO, said, "We are pleased that our revenues have increased this period as it demonstrates that we continue to meet our objectives of growing this company through the acquisition and development of additional Faires. Our goal for 1997 is to further consolidate our Faire operations, and to enhance the net operating income of each. We look forward to the creative challenges before us."

Renaissance Entertainment Corporation is the only publicly traded company in the Renaissance Faire industry. The Company's Faires currently serve five of the largest metro areas in the country including New York, Chicago/Milwaukee, Los Angeles, San Francisco, and the greater Washington, D.C. area.

The Renaissance Faire is an outdoor family-oriented event which romanticizes the ambience of a Renaissance era marketplace which includes craft shops, period food, dancers, jousters, musicians and historical characters from Elizabethan England. Fairegoers experience continuous entertainment from byways and multiple stages.
 1996 1995
 Sales $7,935,799 $5,438,449
 Net Operating Income 1,325,801 1,440,617
 Net Income Before Taxes 1,282,473 1,432,648
 Net Income to Common Shareholders 1,282,473 850,160
 Net Income Per Common Share $0.29 $0.22
 Weighted Average Number of Shares Outstanding 4,444,792 3,826,903

 1996 1995
 Sales $13,251,882 $10,245,718
 Net Operating Income 34,996 1,625,320
 Net Income (Loss) Before Taxes (22,291) 906,584
 Net Income (Loss) to Common Shareholders (22,291) 1,385,908
 Net Income (Loss) Per Common Share ($0.01) $0.24
 Weighted Average Number of Shares Outstanding 4,077,529 3,783,261


Sept. 30
 1996 1995
 Total Assets $11,390,460 $9,443,238
 Total Current Assets 2,294,692 3,536,130
 Total Current Liabilities 2,707,667 1,703,516
 Current Ratio .84-to-1 3.4-to-1
 Working Capital ($412,975) 1,832,614
 Total Stockholders' Equity 10,571,180 9,443,238

SOURCE Renaissance Entertainment Corp.
 -0- 11/21/96

/CONTACT: Gloria Constantin of Renaissance Entertainment, 303-444-8273 or or


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

TT-DP -- LATH032 -- 5366 11/21/96 12:13 EST
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Publication:PR Newswire
Date:Nov 21, 1996
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