Losses are up, but not to worry says Dreams, Inc. The parent company of Mounted Memories is still optimistic.
Dreams, Inc., parent company of sports memorabilia entities like Mounted Memories, ProSportsMemorabilia.com and Schwartz Sports, has announced its six-month and quarterly financial results for the period ending September 30.
Over the six month time frame, the company says total revenues increased 40% to $23.1 million, versus $16.5 million reported during the same period last year. For the quarter, revenues rose 47% to $12.6 million compared to $8.6 million in the same quarter last year. Net losses for the six months ended September 30, 2007 were $1.6 million, versus $655,000 in net losses for the same period in 2006. Net losses for the quarter ended September 30, 2007 were $784,000, versus $302,000 in net losses for the same quarter last year.
Chief Executive Officer Ross Tannenbaum said the losses were not a surprise. “As we continue to move toward our objective of being a profitable company in each and every quarter, the nominal losses sustained for the six months ended September 30, 2007, fell within our internal budgets," he said in a news release.
"We are on target to achieve our projected financial goals of $56 million in revenues and $1.4 million in net income for the nine-months ending December 31, 2007. Our historical business model generates a greater portion of our annual revenues and profits in the all important holiday quarter. We were pleased to continue to experience meaningful revenue growth from our retail segment, comprised of on-line and brick & mortar sales."
“Manufacturing and distribution revenue decreased 10% to $5.6 million in the six months ended September 30, 2007, versus $6.1 million during the same six months in 2006. This decrease is a result of more sales being provided to our own retail operations, which for accounting purposes are termed “inter company” and eliminated for reporting purposes. Revenues for this segment were $3.1 million for the three months ended September 30, 2007, versus $2.7 million for the same quarter last year. This 15% increase was partly attributable to our addition of the Schwartz Sports results for 2 months of this quarter,” concluded Tannenbaum.
Dreams has been busy lately, with the company pointing to several milestones:
- Signing of Jacoby Ellsbury, Kevin Youkilis and Matt Holiday to exclusive autograph deals through Mounted Memories.
- Signing Chicago Bears linebacker Brian Urlacher to a multi-year, exclusive autograph deal through Mounted Memories and Schwartz Sports.
- Purchase of the Chicago Sun-Times Collectible Shows from Sportsnews Productions, Inc.
- Hiring of Jon Steinberg, former ten-year Director of Retail Marketing for Major League Baseball Properties, to become a V.P. of Business Development for Dreams Retail operations.
- Acquisition of Schwartz Sports, a Chicago based sports memorabilia company providing authentic autographed items from all professional sporting teams and players.