BOCA RATON, Florida, November 17, 2015 /PRNewswire/ --
Ovation Music & Studios, Inc. (PINKSHEETS: OVMS) (the "Company") announced on November 2, 2015 that its Gross Revenues and Profit for the 3nd quarter and nine month 2015 stub period are up over the previous year, and look to expansion to continue growth.
Ovation Music & Studios, Inc. http://ovationmusicstudios.com/index.php, Facebook page - https://www.facebook.com/Ovationmusicstudios, reported that its 3rd quarter 2015 Gross Revenue were up 3.8% and Gross Profit was up 14.1% over the same 2014 period and Gross Revenue is up 6.8% and Gross profit up 15.4% for the nine months ending September 30, 2015 from the comparable nine month period in 2014.
The Company's new location in Gallatin, Tennessee, has the potential to match sales with existing locations but return better profit margins due to lower fixed costs. The Company's net income was off in the 3rd quarter and nine months ending September 30 2015 due to expansion costs that include management training, construction for the new location and marketing costs.
Ovation Music & Studios is working to expand its music education and live performance business model into new markets with the Gallatin location the first step in the Nashville, Tennessee market. Gallatin, just outside of Nashville, TN, is its first step in expansion. Nashville's Music Row is home to hundreds of businesses related to the country music, gospel music, rock and roll, jazz as well as contemporary Christian music industries. Music Row is the heart of Nashville's entertainment industry. For more information on Gallatin TN, see, http://tennesseecentral.org/regional_data/regional_profile/sumner_county.
The Company is seeking to develop franchise and licensing opportunities in the South Florida and Nashville, Tennessee markets.
A comprehensive study of Nashville's music and entertainment industry shows a $10 billion annual economic impact on the Nashville region. The Nashville area has more music industry jobs than any other U.S. city in relation to population and total employment, even more than New York or Los Angeles. The music industry helps create and sustain more than 56,000 jobs in the Nashville area, supporting more than $3.2 billion of labor income annually. See, Music Council's New Report Says Industry Jobs Clustered in Nashville at Higher Rate Than in NYC or LA, http://www.nashville.gov/Mayors-Office/Priorities/Economic-Development/Programs-and-Services/Music-City-Music-Council.aspx.
About Ovation Music & Studios, Inc.
Ovation Music & Studios, Inc. is a music education company that provides individual and group lessons, rehearsal studios, professional recording studios, and live performances with its Rock Shop™ and Jazz Jam™ ensembles. Ovation Music & Studios is developed for students of all ages. Their unique method provides professional musicians and teachers in one-to-one voice and instrument lessons. When the students have developed skill in the instrument as well as in music theory and ear training they are combined into rock bands and/or jazz ensembles which perform in public venues.
This release may contain statements that are "forward-looking statements". Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. These statements are based on current estimates and projections about the Company's business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's limited operating history, ability to execute effectively its business plan, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantage, the Company's, the limited financial resources, and conditions of equity markets. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operation.
Ovation Music & Studios, Inc.
Contact Investor Relations at: +1-877-658-0376
SOURCE Ovation Music & Studios, Inc.