NightCulture, Inc. Announces Stereo Live Results And Pro Forma Revenue Growth
HOUSTON, Aug. 7, 2012 /PRNewswire/ -- NightCulture, Inc. (OTCBB: NGHT) announced operating results for its recently acquired Stereo Live, LLC subsidiary and pro forma results reflecting the acquisition of Stereo Live, LLC.
Revenues of Stereo Live, LLC increased by 36.2% to $866,572 for 2011 from $636,250 in 2010 and increased by 138.9% to $386,757 for the quarter ended March 31, 2012 from $161,916 in the quarter ended March 31, 2011. Pro forma to give effect to the acquisition of Stereo Live, LLC, the consolidated revenues of NightCulture, Inc. increased 66.2% to $1,308,339 for 2011 from $787,080 in 2010 and increased 60% to $553,052 for the quarter ended March 31, 2012 from $345,573 in the quarter ended March 31, 2011.
Stereo Live, LLC was acquired by NightCulture, Inc. in May 2012.
Michael Long, President and CEO of NightCulture, stated, "The strong revenue growth of Stereo Live over 2011 and continuing into 2012 evidences the validity of our decision to acquire a dedicated venue as a centerpiece of our strategy to expand our position in the event market. Stereo Live continues to establish itself as a premier live music and event venue in the Houston market. With Stereo Live enjoying continued growth in popularity and resulting revenues, bringing the venue under our umbrella allows us to broaden our operations, add revenue and profit centers and improve operating efficiencies while serving as a focal point for our branding and promotion initiatives."
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, San Antonio, TX, & Oklahoma City, OK. NightCulture events are primarily in the Electronic Dance Music (EDM) genre. Hundreds of thousands attendees have experienced our events and the number continues to grow with every show. With the decline in album sales and the emergence of online music downloading, touring and live performance is now a vital revenue stream for artists and musicians. NightCulture, Inc. is uniquely positioned to take advantage of this monumental shift in the music industry and is the first Electronic Music oriented company to ever trade in the public markets. http://www.NightCulture.com
NightCulture, Inc. has produced hundreds of concerts featuring world class artists such as: Tiesto, David Guetta, Deadmau5, Skrillex, Armin van Buuren, Benny Benassi, Kaskade, Infected Mushroom, Afrojack, Above & Beyond, Will.i.am from the Black Eyed Peas, Paul van Dyk, Rusko, Axwell from Swedish House Mafia, Ferry Corsten, Flux Pavilion, Gareth Emery, Markus Schulz, ATB, Sasha, John Digweed, Cosmic Gate, Pretty Lights, Paul Oakenfold, Calvin Harris, Carl Cox, Pete Tong, Richie Hawtin, Avicii, Bob Sinclar, Boys Noize, Hernan Cattaneo, Wolfgang Gartner, Bonobo, Deep Dish, plus many many more!
About Stereo Live
Stereo Live, LLC, a wholly-owned subsidiary of NightCulture, operates Stereo Live, a 25,000 square foot venue located on 2 ½ acres of land at 6400 Richmond Avenue in Houston, Texas. Stereo Live hosts music and cultural events in three distinct rental spaces with event capacities ranging from 100 to 3,000 and featuring state-of-the-art sound and lighting and 7 bar areas strategically located throughout the venue.
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.
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