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great report for 07. They made around 1cent EPS in 07 and they are fastly growing up...
Current price 17 cents.
Dale Jarrett Racing Adventure Announces Financial Results and Recaps Accomplishments for 2007 and Goals for 2008
NEWTON, N.C., March 25 /PRNewswire-FirstCall/ -- Dale Jarrett Racing Adventure, Inc. (OTC Bulletin Board: DJRT) a 'Full Throttle' lifetime experience company, today announced financial results for 2007 along with a recap of its 2007 accomplishments and its goals and objectives for 2008.
The company reported revenues of $2,738,000 for full year 2007, a 28% increase over full year 2006 revenue of $2,144,000. Gross profit for full year 2007 was $1,780,000, a 40% increase over full year 2006 gross profit of $1,271,000. Net Income, excluding non-cash items, for full year 2007 was $164,000, a 100% increase over full year 2006.
Tim Shannon, Dale Jarrett Racing Chairman and CEO, commented, 'We are excited to report our second straight year of record profitability. Our 40% increase in gross profit shows that we are getting smarter as we grow bigger. We expect record growth and profitability in 2008 as we expand our marketing initiatives, increase race days, and expand ancillary revenue sources.'
DJRT raced 50 days in 2007, and experienced higher gross margins mainly due to the company's rollout of DVD sales. During the fourth quarter the company completed an $800,000 private placement with accredited investors. The company has since expanded its radio, internet, and print marketing programs. DJRT also started work on the new corporate website in late 2007 with the completion and launch expected by the end of first quarter 2008. The company also purchased two additional racecars during the fourth quarter for expected expansion in 2008.
During 2008, the company plans on racing 75 days which would represent a 50% increase over the 2007 season. DJRT will race 40 days at the Talladega Super Speedway thus being the dominant racing school at the this highly popular and historic track. The company will also expand its market footprint and race for the first time at the Nashville Superspeedway. Further use of proceeds from the private placement will be used to boost ancillary DVD and merchandise sales as well as purchasing an additional eight race cars in 2008.
On any given race day, there are roughly 500 people at the race track and 75% of them are visitors who are 'watching' their friend(s) and/or family member(s) race that day. These non-drivers represent potential revenue sources, so DJRT will set up go cart tracks in the infield of the race track for visitors who wish to race them for a fee. This new product offering is expected to further boost sales and gross margins in 2008.
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