FINANCIAL San Francisco Giants SUMMARYThe Company reported

admin - Friday, 18 June 2010 11:32

FINANCIAL reports at&t park concerts SUMMARYThe Company autographed baseball uncovers reported revenue of $641,347 for the three months ended March 31,2009 compared to $797,888 during the same period in 2008, a decrease of $156,541or 20%. The Company reported an operating loss of $167,790 or $(0.03) per share for thethree months ended March 31, 2009 as compared to a net loss of $194,051 or$(0.04) per share during the same period in 2008. The loss for the period endedMarch 31, 2009 is attributed primarily to a loss from operations of $62,338 fromthe Company`s auction broadcast services, a loss of $39,789 from its liquidationservices, and depreciation in the amount of $16,408 FINANCIAL DETAILS:Revenues. During the three months ended March 31, 2009, the Company had revenuesof $641,347 compared to revenues of $797,888 during the same period in 2008, adecrease of $156,541 or 20%. The decrease in revenues is a result of a 2%increase in revenues from the Company`s liquidation services business and a 65%decrease in revenues from the Company`s auction broadcast services. Revenues from the Company`s liquidation services totalled $443,450 (or 69% ofits total revenue) compared to revenues of $433,245 (or 54% of its totalrevenue) during the same period in 2008.

Revenues from the Company`s auction broadcast services totalled $71,002 (or 11%of its total revenue) compared to revenues of $201,980 (or 25% of its totalrevenue) during the same period in 2008 at&t park events . The decrease in revenues is a directresult of the termination of eBay`s Live Auction platform barry bonds autograph . The number of auctionsessions facilitated during the three months ended March 31, 2009 decreased byapproximately 73% to 90 compared to 338 auction sessions for the same period in2008 barry bonds autographs . The Company`s liquidation services accounted for 69% of total revenue for thethree month period ending March 31, 2009 baseball managers . The Company anticipates that revenuesfrom its liquidation sector will continue to represent a significant percentageof overall revenues. The Company believes that the results of its liquidationbusiness and the number of antique and collectible auctions it manages isdirectly related to the general economy of the US, and that the current economicdown-turn in the US could continue to have a dampening effect on the Company`srevenues in those two areas of its business. During the three months ended March 31, 2009, the Company had investment incomeof $81,024 compared to $35,002 for the same period in 2008.

The investment inproperty development is long term in nature and, as a result, returns will berealized on completion of projects att park . As of March 31, 2009, the Company`s holdingsin real estate totalled approximately $14,482,269, representing the lower ofcost or market for these assets autographed baseball . The Company`s development project in Surrey,British Columbia is expected to be completed on or about September 30, 2009 andis expected to generate revenue before expenses in excess of $25 million CAD ifthe Company is successful in completing the project on schedule and withinbudget Cost of Revenue barry bonds autograph . Cost of revenue was $406,678 or 63% of total revenues for thethree months ended March 31, 2009, compared to $414,510 or 52% of total revenuesduring the same period in 2008 Gross Profit . Gross profit was $234,669 or 37% of total revenues for the threemonths ended March 31, 2009, compared to gross profit of $383,378 or 48% oftotal revenues for the three months ended March 31, 2008. Future gross profitmargins may vary considerably from quarter-to-quarter depending on theperformance of the Company`s various divisions Operating Expenses.

Comments are closed.

Categories