HOUSTON, May 17, 2016 (GLOBE NEWSWIRE) -- NightCulture, Inc. (OTCQB:NGHT) (the "Company") announced operating results for the quarter ending March 31, 2016, including a 25.2% increase in revenues to a record $1,464,999 for Q1 2016 compared to $1,170,084 during the same period in 2015.
The Company reported a 245.4% increase in operating profit of $152,870 in Q1 2016 compared to an operating loss of ($105,132) in the Q1 2015 reporting period.
The Company reported a net income of $155,504 or $0.00 per share, compared to a net income of $796,454 or $0.01 per share in Q1 2015. The fluctuation of derivative liability was the major contribution to the variations in the net income between periods.
Q1 Highlights
- Announcement of expansion for Stereo Live Dallas
- 57 shows completed in Q1, with 11 sold out shows
- Three consecutive sold out shows with Diplo
- Other notable artists playing in Q1 include Deorro, Excision, W&W, Carnage, Benny Benassi, Madeon, & Oliver Heldens
About NightCulture Inc.
NightCulture Inc. (OTCQB: NGHT) is a premier producer of Electronic Dance Music (EDM) shows and festivals. NightCulture operates in the following markets: Houston, San Antonio, Austin, & Dallas/Ft. Worth, TX. NightCulture was the first Electronic Music company to trade in the public markets. http://www.NightCulture.com
NightCulture Inc. produces two major music festivals. "Something Wicked" Halloween Festival, which drew over 40,000 fans in 2014 in Houston, TX http://www.SomethingWicked.com and "Something Wonderful" Festival in Dallas/Ft. Worth, TX which debuted in 2015. http://www.SomethingWonderful.com
Stereo Live, LLC, a subsidiary of NightCulture, operates Stereo Live, a 25,000 square foot music and live events venue located 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