ST. AUGUSTINE, Fla., Aug. 13, 2018 /PRNewswire/ -- Creative Learning Corporation (OTCPK: CLCN)
Creative Learning Corporation recorded its second consecutive profitable quarters for the first time since 2015. For the quarter, the Company reported revenues of $618,047 compared to $551,657 in the same quarter of 2017. This was due to an increase in initial franchise sales. The Company generated a net profit of $114,172 compared to an $831,524 loss in the same quarter in 2017, which is an improvement of $945,696. The results were due to higher revenue, lower professional fees and valuation allowance entry in 2017.
Christian Miller, COO and CFO stated, "We are pleased with the progress we have made in the past year. In addition to higher revenue, we were able to continue to reduce our professional fees. We believe we are on the right growth track to expand our business and improve shareholder value. During the quarter we relaunched the sales and marketing initiative of our other franchise concept, Sew Fun Studios. We are encouraged by the initial response by prospective franchisees and believe that the concept will add to our growth."
The Company will hold a conference call on August 16, 2018 at 2:00 p.m. EDT to discuss these results.
Shareholders and interested participants may listen to a live broadcast of the conference call by dialing +1 (312) 757-3121 with the following access code 338-660-125. Please join my meeting from your computer, tablet or smartphone https://global.gotomeeting.com/join/338660125 approximately 10 minutes prior to the call. An audio file of the call will also be archived for one week, and may be accessed on www.creativelearningcorp.com. If you would like to have a question answered on the call, please email it to [email protected] 48 hours prior to the call.
About Creative Learning Corporation
Creative Learning Corporation is the owner and developer of two unique and successful franchised children's enrichment programs: Bricks 4 Kidz® and Sew Fun Studios®. Both concepts are STEM-based educational programs offered as after-school enrichment classes, summer camps, day camps, in-school workshops and birthday parties. For additional information visit the Company's website at: www.creativelearningcorp.com.
Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect Creative's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Creative with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Creative does not intend and does not assume any obligation to update these forward-looking statements.
SOURCE Creative Learning Corporation