Artfest International Inc. today announced its financial results for the six months ended June 30, 2010, as well as emphasized previous announcements regarding its wholly owned subsidiaries.
The company reported $1.42 million in operating revenue for the six-month period, up 748 percent from $167,885 reported for the six months ended June 30, 2009.
Gross profit for the first half of 2010 was $834,124 as compared to $166,885 for the same period in 2009.
The company attributes the increase in operating revenue to ramped up sales of art and sports memorabilia through wholly owned subsidiary Charity Sports Distributor (CSD); through events held at Artfest International’s 52,000-square foot facility in Dallas, Texas; and direct sales activity through its Art Channel Inc. and Art Channel Galleries Inc. subsidiaries.
Artfest International said that CSD contributed to more than half of the company’s second-quarter revenue. The subsidiary’s distribution channels and sales model includes business to business and business to consumer sales, charity fundraising auctions, professional and college sports teams pro shops, e-stores, online auctions, and more.
The company also rehashed its recent announcement that its wholly owned subsidiary Art Channel TV has moved its production, master control and broadcast operations to Maximedia Studios, a leading recording production facility in the Dallas area.
“We are excited about the progress that Artfest has made during the first six months of this year and we look forward to continuing to increase shareholder value through sales and key acquisitions,” Edward Vakser, CEO of Artfest International stated in the press release.
For more information visit www.artfestinternational.com