HOUSTON, May 15, 2013 (GLOBE NEWSWIRE) -- NightCulture Inc. (the "Company") (OTCBB:NGHT) announced operating results for the quarter ended March 31, 2013, including a 22.7% increase in revenues to a record $1,016,986 for the 2013 quarter compared to $829,033 in the first quarter of 2012. Gross margin increased 48.4% to $598,955 from $403,722 in the 2012 quarter. The Company reported its first quarterly operating profit of $94,000, compared to a loss from operations of $28,701 in the 2012 quarter, and its first quarterly net income of $683,696, compared to a net loss of $3,832,516 in the 2012 quarter.
Michael Long, CEO of NightCulture, stated, "We are excited by our recent growth and improving financial performance. Our 2012 acquisitions of our Stereo Live venue and the operations of Full Access, which gave us a presence in the Dallas/Fort Worth market, have served as a strong foundation for growth and a model for expansion within existing markets and into new markets. Those acquisitions, along with staffing additions to support expanded promotion and production activities, have served as a catalyst for an increase in events promoted by NightCulture and revenue growth."
Long also stated, "Operationally, improved efficiencies allowed us to reduce both our promotion expense and production costs allowing us to increase our gross margins to 58.9% from 48.7% in the first quarter of 2012. We intend to continue to focus on growing the number of events we promote and produce to drive top line revenue growth while controlling costs to maintain strong margins. With the noted success of our Stereo Live and Full Access acquisitions, we continue to actively seek accretive acquisition opportunities that offer both revenue growth and increased profitability while increasing our footprint and strengthening our position in the market."
ABOUT NIGHTCULTURE INC.
NightCulture Inc., "Concerts that Change Your Life", is a premier producer of live concerts and events. NightCulture operates in the following markets: Houston, TX, Austin, TX, Dallas, TX, San Antonio, TX, and Oklahoma City, OK. NightCulture is the first Electronic Music Company to trade in the public markets.
NightCulture Inc. produces three branded festivals a year, Meltdown Music Festival in Dallas, TX http://www.meltdowndallas.com/ , Something Wicked Halloween Festival http://www.SomethingWickedFestival.com in Houston, TX, and Houston Food Truck Fest http://www.HoustonFoodTruckFest.com in Houston, TX.
Stereo Live, LLC, a wholly-owned subsidiary of NightCulture, operates Stereo Live, a 25,000 square foot venue located on 2 1/2 acres of land at 6400 Richmond Avenue in Houston, Texas. http://www.StereoLiveHouston.com
Safe Harbor Statement
Statements in this release that relate to future plans or projected results of NightCulture Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission. Readers of this release are encouraged to study all of our filings with the Securities and Exchange Commission. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
CONTACT: Michael Long 832-535-9070 NGHT@NightCulture.com