SHELBYVILLE, Ky., April 12, 2012 /PRNewswire/ -- (OTC Bulletin Board: FLCR) FullCircle Registry, Inc. is pleased to announce that the preliminary unaudited financials for the March 31, 2012 Quarter show that its FullCircle Entertainment, Inc. subsidiary (which operates the Georgetown 14 theater property) achieved a profit for the quarter.
In January 2012 the company received funding of $790,000 for the conversion of the theater to all-digital from the 35 mm projection reel equipment. The conversion was completed and operational on January 27, 2012. FullCircle believes that the quality of the enhanced visual experience and the capability for 3-D movies is having a positive impact on attendance.
The profitability achievement in the first quarter at Georgetown 14 was a strong showing as the theater property and operations had to cover $47,077 in depreciation expenses, $80,590 in interest and $16,155 in property taxes during the period. The Gross Profit margin before operating expenses (unaudited) was $255,874 or 58%. Historically, the March Quarter is not usually expected to perform this well in the theater business, but because of management, the nice weather and our improvements it turned out to be rewarding.
During 2011 revenues from the theater complex were severely impacted by major street construction that obstructed access to the complex for most of the year. In late December 2011 the construction was completed, access was restored, and attendance increased significantly.
FullCircle Registry, Inc. (FLCR), the parent company, achieved an EBIT profit of approximately $12,347 (before interest and taxes) for the quarter. Complete quarterly financials, in the Report on Form 10-Q, will be filed with the Securities and Exchange Commission shortly.
Norman Frohreich, President and CEO of FullCircle Registry, stated, "This year has gotten off to an exciting start for Georgetown 14 with ticket sales and revenues up significantly over last year. With the summer blockbuster season set to kick off next month, we have every reason to anticipate much more growth and profits for the remainder of the year."
Information Contact: Rich Inza, RMJ Consulting, LLC, Kentucky, Phone: 502-275-FLCR (3527).
Information Contact: Norman L. Frohreich, President and CEO, FullCircle Registry, Inc., Direct line: 574-238-3699.
Forward-Looking Statements - This release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements as to future operating results and plans that involve risks and uncertainties. We use words such as "expects", "anticipates", "believes", "estimates", the negative of these terms and similar expressions to identify forward looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason.
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SOURCE FullCircle Registry, Inc.