HOUSTON, April 17, 2013 (GLOBE NEWSWIRE) -- NightCulture Inc. (the "Company") (OTCBB:NGHT) announced 2012 year end operating results, including a 197% increase in revenues to a record $3,892,383 for the year ended December 31, 2012 compared to $1,308,339 for 2011. Gross margin increased 43.5% to $972,468 in 2012 compared to $677,778 in 2011. The Company's operating loss increased to $861,576 in 2012 from $428,722 in 2011 and net loss increased to $1,629,148 in 2012 from $511,711 in 2011.
Michael Long, CEO of NightCulture, stated, "Our strong sales growth was driven by continuing growth in the number of events promoted during the year which reflected both increases in events in our historical markets and our entry into the Dallas/Fort Worth market with our 2012 acquisition of Full Access as well as our 2012 acquisition of our Stereo Live venue."
Long also stated, "The increase in our losses reflects our continued investment in growth initiatives which brought added expenses from the acquisition of Stereo Live and entry into the Dallas/Fort Worth market, substantially higher promotional expense, non-recurring non-cash stock compensation expense of $340,000 and more than $600,000 of non-cash expenses associated with a financing transaction that provided funding to support our growth initiatives. We are encouraged that our growth initiatives have produced strong revenue growth and believe that our investments in growth, while elevating losses during 2012, are positioning us to support continued growth going forward and improving operating results."
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 two branded music festivals a year, Meltdown Music Festival in Dallas, TX http://www.meltdowndallas.com/ and Something Wicked Halloween Festival http://www.SomethingWickedFestival.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.