Artfest International, Inc., based in Dallas, TX, is focused on bringing together artists, investors, decorators, designers, private collectors and art galleries. They achieve this by not only using their corporate website, www.artfestinternational.com, but also through their subsidiaries, www.artchannel.tv and www.ArtChannelGalleries.com, to offer the most exciting product and rewards program in the history of direct sales marketing.
Artfest announced yesterday that they increased revenues for the fourth quarter ending December 31, 2009 by 5,400 percent as compared to the same period in the prior year. Revenues for the quarter ending December 31, 2008 were $20,000. Revenues for the same quarter in 2009 were $1.1 million. Net income was also increased substantially for the same quarters. Net income reported for the quarter in 2008 was a loss of $290,157 while net income reported for quarter in 2009 was a gain of $116,300.
In July 2009, Artfest acquired Charity Sports Distributor who has agreements with both professional and college sport teams around the country and is partially responsible for the drastic change in revenues and income. Charity Sports Distributor is in the gift, novelty, collectable and memorabilia business and operates souvenir shops and game day auctions at college sport venues and Pro Sports Stadiums. Through Legends Hospitality Management, who manages silent auctions at Dallas Cowboys home games, Charity Sports Distributor is able to offer autographs and memorabilia from Dallas Cowboys and other celebrities.
Showing his zest for the positive change of financial direction, Edward Vakser, CEO of Artfest International, Inc., was quoted as saying, “I am excited about the strong financial performance of the Company in the fourth quarter this year as compared to the fourth quarter of last year. The increase in sales will bring increased value to our loyal shareholders,”
ARTS closed yesterday .005 with 46 million shares traded.