NEW YORK, NY, July 08, 2014 /24-7PressRelease/
-- STUDIO 777 (CAPEX: FUN) today reported results for the month ended June 30, 2014. Since the Company's IPO application projections, FUN revenue surged over 50% from L$10,000,000 to L$15,148,396, and dividends increased 76% to L$353,192. This does not include the IPO proceeds of L$5,760,600; these funds have been allocated as restricted.
Management reports that due to IPO marketing and press coverage, there was an unprecedented increase of new players including new Second Life residents coming from all over the grid. Our Board of Directors has directed these profits be disbursed to Shareholders immediately because of the Company's dividend policy (see footnote 6 below). Management expects increased revenue and profit going forward.
Reflecting its positive long-term outlook and the momentum associated with growth initiatives, Shareholder dividends rose from a projected L$200,000 to L$353,192. The dividend will be paid 7/7 to all Shareholders of record, and it is intended that dividends will be paid on the 7th of the month thereafter.
"Woot! With huge thanks to over 200 Shareholders, we sold out CapEx's largest IPO and achieved some of our best results ever! It's been amazing and look for major FUN news coming soon," said Luke Slingshot, CEO. "Our IPO Thank You party at TREASURE with DJ Rainne & DJ Psi was epic with 94 guests on our land! The following night DJ Sasch from Germany rocked the party with 87 guests. Thanks Team. Please invite your friends and dance, party, play and win at your Club anytime! We're pumped to continue to share our success with you."
Glaznah Gassner, CEO of EARN and BOTS, and Board Member of FUN, commented, "It is a real pleasure to take part in the management of a successful company. I was expecting that FUN revenues would grow from month to month (I've ensured that before joining FUN's management), but I was really impressed by the *additional* boost FUN got from the press releases, SLCapEx announcements and IPO! With the company's long successful history I'm just happy to own FUN's shares and proud to be a Board member."
KariAnne Starsmith, President of STUDIO 777, explained, "This was an extraordinary time with national and international media covering the IPO. While we cannot guarantee results, our guidance and experience is we've reached a new revenue plateau that we are confident will continue. We are aggressively beginning to execute on the projects and concepts we introduced in the IPO application and look forward to continued sustained growth. We'd like to thank Skip Oceanlane, Capital Exchange and CERC for their support, along with our Shareholders, Team and Partners. More FUN to come!"
In other breaking news, FUN and EARN announced today that Luke Slingshot, CEO of FUN, has joined the Board of Directors of EARN with a focus on marketing and product development. Story at: http://slcapex.com/home/story/EARN/8325
STUDIO 777 (FUN) 2014 2nd Quarter Financial Statement **(June 1 - June 30)
Builds and Functional Objects L$250,000
Unique, Custom Made and Proprietary Objects L$250,000
Games, Contest Boards and Equipment L$30,000,000 (1)
Scripted objects L$250,000
Intellectual Property L$3,000,000 (2)
Transferable Objects L$100,000
Goodwill L$3,500,000 (3)
(1) The value of our Games, Contest Boards and Equipment increased proportionally with our revenue. Asset value was determined just as CapEx did in our IPO application.
(2) We created, produced and launched a Website, Twitter feed, and other social media accounts.
(3) Because of our five years of operations, our continuing growth and the international marketing and publicity we received during the IPO, we believe that our Goodwill is conservatively 10% of our total capitalization of L$30,000,000.
SHAREHOLDERS EQUITY L$45,261,968
STARTING L$ BALANCE L$2,000,000 (4)
(4) Non-dividend attributable revenue; working cash and reserve fund. This was our Cash on Hand June 1, prior to the completion of the IPO.
REVENUE L$15,148,396 (5)
(5) As indicated in the IPO Application, "Please note that many details related to skill gaming operations are confidential and proprietary. Some are covered under Non-Disclosure Agreements. We will provide as much information as possible but for competitive reasons figures won't be broken out."
Events and Comps L$372,600
Games, contests, incentives L$13,533,974
Percentage to Dividend (6): 70%
Dividends to Shareholders L$353,192
Retained Earnings L$151,368
(6) In accordance with our IPO application, our Board of Directors has established that our dividend policy is intended to be that shareholders will receive 70% of the Company's monthly profits.
ENDING BALANCE L$2,151,368
STARTING RESTRICTED BALANCE L$5,760,600 IPO Proceeds (7)
ENDING RESTRICTED BALANCE L$5,760,600
(7) STUDIO 777's IPO sold out less than two weeks ago. Hence, the earnings and spending listed above in part relate to pre-IPO activity, and funds raised have not yet been disbursed as discussed in our IPO Application (see http://slcapex.com/forums/topic/FUN/9405
). For more information about Restricted Assets, please see http://wiki.fool.com/Restricted_vs._Unrestricted_Net_Assets
Number of Shares Outstanding 20,000,000
Net Value Per Share L$2.26
Earnings Per Share L$0.03
Dividends Per Share L$0.0177
Dividends Paid To Date L$353,192
** STUDIO 777 (FUN) listed on CapEx during June 2014. This is our June 2014 monthly report, but in order to conform to the same time period for all listed companies, this can also be considered our Q2 report.
ABOUT STUDIO 777: Since 2009, STUDIO 777 (CAPEX: FUN) has welcomed over 1 million Guest visits with over 50 million minutes spent at 777 in the Second Life virtual world. With 30,000 Group Members, over 1,400 Live Events with international DJs & L$ prizes, 50 Mall Stores, and L$250 Million Linden won by Players and Guests, STUDIO 777 has gained a reputation for trust, integrity and fun. 777 has been ranked third highest in traffic in Second Life and honored to be named Second Life's #1 Skill Gaming Nightclub & Resort. Visit STUDIO 777 in Second Life at http://slurl.com/secondlife/Sol%20Hermosa/114/93/35
Twitter @Studio777Club and on the web at http://www.Studio777s.com
ABOUT EARN2LIFE: Earn2Life.com (CAPEX: EARN) is one of the first professional marketing companies in Second Life. Since 2007, with more than 500,000 Second Life residents participating, Earn2Life.com provides advertising, marketing and business research services for owners of virtual business. The services include games, opinion polls, direct marketing and customer behavior analysis tools. Advertisers from all over Second Life use Earn2Life.com to boost the popularity of their ventures and attract new customers. Earn2Life.com maintains the most comprehensive Second Life business directory since 2007. Visit the website for more information about running advertisement campaigns in virtual worlds, and for actual reviews of EARN's Second Life businesses: http://www.metabizlist.com
ABOUT CAPITAL EXCHANGE: Capital Exchange (www.slcapex.com
) is Second Life's largest stock market simulation game. In the last 12 months over L$120,000,000 of virtual stock within the game has been traded. Skip Oceanlane has been the Capital Exchange CEO since January, 2011.
ABOUT LINDEN LAB: Founded in 1999 and headquartered in San Francisco, Linden Lab makes shared creative spaces that inspire and empower users to explore and share their creativity with others. For more about Linden Lab, its products, and career opportunities please visit LindenLab.com.
Safe Harbor Statement:
This document contains statements which may constitute forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of STUDIO 777, members of management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Capital Exchange is a fictional stock market simulation game operating for entertainment and educational purposes only. All activity regarding Capital Exchange is governed by CapEx's disclosure statement at http://www.slcapex.com/content/disclosure
and full rules for CapEx participation are at http://slcapex.com/content/info
Copyrights and trademarks are STUDIO 777 Partners. All worldwide rights reserved. Second Life is a registered trademark of Linden Research, Inc. All trademarks, product data, logos and copyrights are the property of their respective Companies and no endorsement is implied. STUDIO 777 is proud to be equal opportunity and welcomes all applicants.
For STUDIO 777: Luke Slingshot, KariAnne Starsmith
In world: Luke Slingshot, KariAnne Starsmith
Email: Mr. Slingshot: lukeFLLgmail.com, Ms. Starsmith: karianneinslgmail.com
SOURCE: STUDIO 777
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