Reis & Irvy's Reports Record Bookings Aggregating 714 Robots and Approximately $29 Million in q3 Fy18
As Reis & Irvy’s Begins Its Installation Rollout, the Company Anticipates Generating Approximately $15 Million in Revenue During The Fourth Fiscal Quarter Ending June 30, 2018.
SAN DIEGO, CA -- April 02, 2018 -- InvestorsHub NewsWire -- Reis & Irvy’s, Inc. (www.reisandirvys.com), a subsidiary franchise concept of Generation NEXT Franchise Brands, Inc. (www.gennextbrands.com) (OTCB: VEND), announced today record bookings for its third fiscal quarter of 2018 aggregating 714 robots and approximately $29 million, compared to 155 robots and $6.1 million during the same fiscal quarter in the prior year.
Other notable items during the quarter are as follows:
The company completed the fiscal third quarter ending March 31, 2018 with $7.3 million in cash and restricted cash. This compares to total cash and restricted cash of $1.8 million at June 30, 2017
Customer advances and deferred revenue aggregated $38.7 million at March 31, 2018, prior to certain adjustments, compared to $25.0 million at June 30, 2017
Accounts receivable aggregated $15.7 million at March 31, 2018, prior to certain adjustments, compared to $12.9 million at June 30, 2017
Reis & Irvy’s total franchise network now totals over 210 franchisees representing over 1500 robots
The company raised proceeds totaling $5.7 million in the form of an equity offering during the quarter ending March 31, 2018 and has raised aggregate proceeds totaling $11.9 million
“We are very pleased with our efforts in Q3, fiscal 2018. The Reis & Irvy’s model is building more momentum as each month passes and we have an aggressive installation rollout scheduled for Q4 which will result in us recognizing significant revenue for the first time since we launched the program,” said Nick Yates, Chairman and Founder of Generation Next Franchise Brands. “In addition, we will be exhibiting at CinemaCon in April, National Restaurant Association in May and the International Franchise Expo in June, each show bringing attention to specific industries in which we are targeting for both existing and soon-to-be-launched programs.”
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