FAIRC yikes
RENAISSANCE ENTERTAINMENT CORP - Third Quarter Results
New York, New York, Nov. 22, 2000 (Market News Publishing via COMTEX) --
Renaissance Entertainment Corporation announced a net income of $1, 924,830 or
$0.90 per share on sales of $7,083,007 for the third quarter ended September 30,
2000. Results compare with a year-ago net income of $1,193,733 or $0.56 per
share on sales of $7,232,739.
For the nine months, revenues decreased $1,627,584 or 13% from $12,565, 151 in
1999 to $10,937,567 in 2000. This decrease is largely attributable to the
closure of the Company's Virginia Faire, which contributed revenue in the amount
of $1,154,174 in the first three quarters of 1999. The Company's Southern
California Faire experienced decreased attendance and revenues due to a very hot
weather season while the Bristol and New York Faires exceeded their revenue
expectations.
"The dramatic increase in net income for the first three quarters of our fiscal
year as compared to the same period last year is an affirmation of the
cost-cutting measures that were implemented in the latter part of 1999," stated
Charles Leavell, Chairman and CEO. "The closure of our operation in Virginia,
while painful, has allowed us to concentrate on our core business and return the
company to profitability. While the extremely hot weather in Southern California
affected our attendance this past year, the long-term outlook there is very good
with the consummation of our lease with the County of San Bernardino. I am proud
to be a part of this team as we are now reaping the anticipated benefits of our
hard work."
Renaissance Entertainment Corporation is the only publicly traded company in the
Renaissance Faire industry. The Company's Faires currently serve four of the
largest metro areas in the country including New York, Chicago/Milwaukee, Los
Angeles, and San Francisco/Sacramento metropolitan areas.
The Renaissance Faire is an outdoor family entertainment event which
romanticizes the ambience of a Renaissance era marketplace and includes craft
shops, period food, dancers, jousters, musicians and historical characters from
Elizabethan England.
FINANCIAL SUMMARY (UNAUDITED)
Renaissance Entertainment Corporation
Three Months Ended September 30 2000 1999
Sales $7,083,007 $7,232,
739
Net Operating Income (Loss) $2,037,903 $1,287,
061
Net Income (Loss) Before Taxes $1,924,830 $1,193,
733
Net Income (Loss) to Common Shareholders $1,924,830 $1,193,
733
Net Income (Loss) Per Common Share $0.90
$0.56
Weighted Average Number
of Shares Outstanding 2,144,889 2,144,
889
Nine Months Ended September 30 2000 1999
Sales $10,937,567 $12,565,
151
Net Operating Income (Loss) $1,832,518 $524,
190
Net Income (Loss) Before Taxes $1,319,553 $168,
857
Net Income (Loss) to Common Shareholder $1,319,553 $168,
857
Net Income (Loss) Per Common Share $0.62
$0.08
Weighted Average Number
of Common Shares Outstanding 2,144,889 2,143,
542
Balance Sheet Data Sept. 30, 2000 Dec. 31,
1999
Total Assets $8,885,860 $7,108,
820
Total Current Assets $3,149,759 $1,515,
134
Total Current Liabilities $3,133,641 $2,789,
676
Working Capital Surplus (Deficit) $16,116 ($1,274,
542)
Total Shareholders' Equity $1,300,033 ($19,
520)
______________________________________
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