The Guitammer Company, a company well known for its low frequency audio transducers that provide an immersive “4D” entertainment experience, just reported strong financial results for the full year ending December 31, 2012.
Financial Highlights and Recent Developments
• Revenues totaled $2.13 million, up 64 percent year-over-year, with a gross margin of 40 percent.
• Gross profit rose 55 percent to approximately $850,000 as compared to FY2011.
• Approximately $1.7 million was raised in private placements in FY2012, providing Guitammer with capital for ambitious growth initiatives.
• Continued an expanding relationship with China-based Sichuan Lumiere Cinema Co. Ltd. (Lumière Pavilions) by adding ButtKicker “4D” experience seats and securing a recent agreement for an additional theater. Including an aggregate of previously completed and this new installation, Lumière Pavilions has increased its total to approximately 1,380 of Guitammer’s ButtKicker “4D” experience seats and intends to add additional seats in at least one auditorium at all new Lumière cinemas.
• Reinstallation of the ButtKicker “4D” cinema system for all 504 seats in the Kansas City Mainstreet Theatre, now operated by Alamo Drafthouse Cinema.
• Successful stage one, “Proof of concept” in-arena testing of the patented ButtKicker Live! broadcast technology with a major sports league during both the regular season and playoffs.
• Successful in-suite testing of ButtKicker Live! for patrons inside a glass-enclosed luxury box during a live major motorsports race.
“In 2012 we achieved significant and tangible milestones in sales growth, strengthening our balance sheet and the commercialization of our ButtKicker Live! broadcast technology,” Mark Luden, President of Guitammer, stated. “By reducing our debt, growing our sales, maintaining above industry average gross margins, continuing to win key customers, especially in the worldwide cinema market, and successfully testing ButtKicker Live! in two major venues, we believe we are positioned for a breakout year in 2013.”
Additional Financial Highlights and Recent Developments
• Nearly $1.5 million in debt was eliminated over the past 13 months.
• Interest expense decreased 40 percent, or approximately $187,000, year-over-year.
• Total debt decreased by approximately $689,000, or 28 percent, to approximately $1.78 million as compared to FY2011.
• Inventory increased to approximately $629,000 at December 31, 2012, compared to approximately $56,000 at December 31, 2011, reflecting the equity raised and improving operating results.
• Total current assets increased approximately 380 percent to approximately $861,000.
• The working capital deficit was cut to approximately $1.6 million at the end of FY2012, down from approximately $3.3 million year end 2011.
• International sales totaled approximately $1.17 million, or 55 percent, of total global sales.
• Formation of the ButtKicker Live! “Technical Advisory Group” to facilitate the broadcast testing and rollout of this patented technology.
“I believe our full year 2012 results give further credence to the remarks I made with last year’s Q3 release, when I said our improved balance sheet and financial flexibility are and will provide the company with a solid platform for sustainable growth in our ‘core’ business, and that we were continuing to make steady progress with the development and commercialization of our patented broadcast technology, ButtKicker® LIVE!,” concluded Luden.
For more information on the company, visit www.Guitammer.com
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