Artfest International Inc., the Dallas based art community marketing and services company, today announced financial results for the third quarter ending 9/30/09, including a huge jump in operating revenue. The company generated $896,404 in operating revenue for the quarter, as compared to $4,000 for the same quarter in 2008, representing an increase of 22,310%.
The company also reported an important move into positive territory for net income, declaring a net income of $7,397 for the quarter, as compared to a net loss of $29,862 for the same quarter 2008.
In addition, Artfest International experienced a jump in total assets. The company reported total assets of $3,421,019 for the quarter, as compared to $537,445 for the same quarter 2008, an increase of 536%.
Operating revenue increase was credited to the upswing in sales of art and sports memorabilia through the company’s wholly owned subsidiary, Charity Sports Distributor (CSD), as well as from events held at the company’s 52,000 square foot facility in Dallas, and direct sales activity through its Art Channel, Inc., and Art Channel Galleries, Inc., subsidiaries. Artfest’s direct sales model, combined with the acquisition of CSD, allowed Art Channel Galleries to increase sales through the addition of sports and memorabilia territory rights.
CSD, a custom framing company specializing in the design, production, and distribution of framed autographed sports and entertainment collectibles and art pieces, accounted for nearly half of Artfest International’s quarterly revenue. CSD’s distribution avenues include business to business and business to consumer sales, charity fundraising auctions, professional and college sports teams pro shops, e-stores, online auctions, and a revolutionary in-game silent auction concept known as Home Game Auction.
Through Artfest, CSD has expanded its business model beyond its pro and college team home auction relationship, with the signing of an agreement with Jump TV USA Holding Company to provide major college alumni player autographed memorabilia for Jump TV’s online auctions.
Artfest CEO, Edward Vakser, stated: “We are excited about the progress that Artfest International has made during the third quarter and we look forward to continuing to increase shareholder value through strengthening our relationships with both artists and sports teams in order to increase sales of our artwork and sports memorabilia.”