Dreams Inc. (DRJ), a company engaged in multiple aspects of the licensed sports products and autographed memorabilia industry through a range of distribution channels, said its first quarter loss shrank by nearly half as revenue growth was fueled by the Orange Bowl asset recovery project. Revenues increased to reach a new record of $18.5 million, a significant increase over the $14.6 million reported for the same quarter in the previous year.
The Plantation, Florida-based memorabilia company said it lost $240,000 on revenue of $18.5 million. In the prior-year quarter, the company lost $447,000 on revenue of $14.6 million. Dream had 37,703,211 weighted shares outstanding at the end of the quarter, up from 36,744,642 the year before. When the current year is compared to the previous statistics, it becomes clear that DRJ is on an upswing.
According to the President of Dreams, Ross Tannenbaum, the financial results were better than budget, with growth fueled by the high-profile Orange Bowl Stadium project, where Dreams was selected as the city of Miami’s asset recovery partner. Their team designed, manufactured and marketed a series of “one-of-a-kind” Orange Bowl Stadium items, along with dozens of uniquely designed, authentic collectibles commemorating the 70 historic years of Orange Bowl memories. Dreams’ Internet division also contributed to the revenue jump, whose sales rose 49 percent.
Let us hear your thoughts below:
