Global Entertainment Corporation engages in sports management, arena and related real estate development, venue management, venue ticketing and branded licensing. The company today reported its fiscal 2010 second-quarter results for the period ended November 30, 2009, reflecting growth above prior-year results.
For the second quarter of fiscal 2010, Global Entertainment posted net income from continuing operations at $0.03 million, or $0.00 per share, up from a net loss of $0.3 million, or $0.04 per share in the same quarter ended November 30, 2008.
Revenue for the second quarter of fiscal 2010 increased 3.2 percent to $3.3 million compared to revenue of $3.2 million for the same period of 2008. The company attributes the increase to an 111 percent rise in facility management fees, rising costs to $1.5 million, as compared to $0.7 million for the same period last year.
Richard Kozuback, president and CEO of Global Entertainment, said the nation’s economic burdens have affected several areas of the company’s operations.
“Our revenues have continued to be impacted by the lingering high unemployment levels and overall fragility of the economy which have adversely affected the entertainment industry as a whole. In particular, our project development and management, ticketing and advertising businesses have all suffered due to the economic environment and decline in the number of events held, attendance at events and venues under contract,” Kozuback stated in the press release.
Despite the hardships of 2009, Kozuback said he anticipates continued growth based on hopes for turnaround in the overall economy, as well as company projects.
“We are optimistic, however, that the economy will show improvement during the 2010 calendar year and are hopeful that the mix of entertainment facilities and events we are involved with will continue to provide customers with high-quality alternatives if spending on entertainment increases. We are also proud to have completed construction in the second quarter on facilities in Allen, Texas, and Independence, Mo., and opened these buildings in November 2009. In addition, we are excited by the future facility in Dodge City, Kanas. The project broke ground in October 2009, and we are continuing to earn project management fees,” Kozuback stated.