Just got off the phone with Doug.
Earnings report will be out May 14th. He said that all 4 division are profitable, but not exactly dialed in to exact numbers yet. Expect a break even to a little bit into the black.
The financing is not dependent on share price. The Voodoo Daddy's acquisition is dependent on .47 a share. The company in the AR was behind 60 to 90 days behind on debt, that was September '98, but that is no longer the situation.
The news release today is bigger than the volume suggests. Doug said that the Air Force Professional Entertainment Office has a budget of $7 to $8 million and Vision Quest has designs on $3 to $5 million of that. This is for the Kosovo operation.
The Waterpark has developed into quite a nice facility. It opens May 12. Doug describes the refurbishing of the park as an effective use of capital. There is a night and day difference in the before and after pictures of the park. It is now visually pleasing and all of the health and safety concerns have been successfully addressed. The pool holds 1500 people. WOW! There have been 3 TV interviews in regards to the park. The game room is 5,000 sq. ft. Plenty of room for the divisions virtual reality games. ETPI has 23 offers for sponsorship for the park. Several are well known companies.
Next, the restaurants are a very nice piece of news as well. April will set a sales record for the eateries. Sales results by month are: Nov - 110k, Dec - 125k, Jan - 125k, Feb - 130k, Mar - 134k and April - 160k (EST). More importantly expenditures for the restaurant have dropped, Oct-26.5k, Nov-20k, Dec-14k, Jan-18k, Feb-17k and $0 spent in March and April. That should help earnings, wouldn't you agree?
In regards to hiring a CFO; it doesn't make financial sense right now, but once the capital growth projects are finished the idea will be seriously considered.
I hope all this helps my long term holders.
safecents@aol.com
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