ST. AUGUSTINE, Fla., March 7, 2018 /PRNewswire/ -- Creative Learning Corp (OTC: CLCN) –
The Company reported a net loss of $105,654 or $.01 per share, compared to a net loss of $20,538, or $.00 per share, in the same quarter last year. The Company will hold a conference call at 2:00 p.m. ET on March 12, 2018 to discuss these results.
Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 1 (669) 224-3412 and referencing participant code 686-018-861 or join the meeting at https://global.gotomeeting.com/join/686018861 approximately 10 minutes prior to the call. An audio file of the call will also be archived for one week, and may be accessed by on www.creativelearningcorp.com. If you would like to have a question answered on the call, please email it to firstname.lastname@example.org 48 hours prior to the call.
The Company experienced a reduction in new franchise sales revenue primarily due to fewer initial franchise sales in 2017. There were 1 domestic and -0- international sales during the 1st quarter ended December 31, 2017 as compared to -0- domestic and 2 international sales during the quarter ended December 31, 2016.
In addition, royalty fees decreased approximately $61,000 due to the reduction in active US franchisees in prior periods. There were 651 active franchise territories during the quarter ended December 31, 2017 as compared to 746 during the quarter ended December 31, 2016.
Operating Expenses decreased to approximately $702,670 in the quarter ended December 31, 2017 from approximately $778,095 in the quarter ended December 31, 2016, or $75,000, due to significant decreases in professional fees of $121,000 and in franchise consulting and commissions of $69,000 slightly offset by higher other general and administrative. The decrease in professional fees was due to less legal activity and a more streamlined approach to handling legal issues while the increase in general and administrative expenses related to higher travel and conference related costs.
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SOURCE Creative Learning Corporation