Dreams, Inc. Reports Third Quarter 2007 Financial Results
Last update: 2/15/2007 9:30:00 AM
3Q2007 Revenues up 36% to Record $24.8 Million; 3Q2007 Net Income Up 31% to Record $2.1 Million
PLANTATION, Fla., Feb 15, 2007 /PRNewswire-FirstCall via COMTEX/ -- Dreams, Inc. (OTC Bulletin Board: DRMN.OB) announced today its financial results for the third quarter of fiscal year 2007, and the nine-month period ending December 31, 2006. Revenues were up 36% to a record $24.8 million and net income increased 31% to a record $2.1 million for the quarter ending December 31, 2006, compared to revenues of $18.2 million and net income of $1.6 million for the comparable quarter of fiscal 2005. For the nine-month period ending December 31, 2006, revenues were up 32% to a record $41.3 million and net income was up 17% to a record $1.4 million compared to revenues of $31.2 million and net income of $1.2 million for the comparable nine-month period of fiscal 2005.
Chief Executive Officer Ross Tannenbaum commented, "These were record- breaking periods for Dreams, Inc. and we are quite pleased with our results and the ongoing operational improvements made throughout the organization. More importantly, our record financial improvements are a testament to the commitment and dedication of all of the associates on the Dreams' Team."
For the quarter, total revenues rose 36% to $24.8 million; with the largest component coming from e-commerce. This division produced another outstanding quarter with an 82% growth rate; achieving sales of $17.5 million as compared to the division's sales of $9.6 million in the fiscal third quarter 2006.
For the nine-month period, total revenue increased 32% to $41.3 million; again with the largest component coming from e-commerce. This division's sales rose 73% to $25 million compared to $14.4 million for the nine-month period last year.
Additional accomplishments and highlights include:
-- We were delighted to announce (2/2/07) the exclusive signing of Peyton Manning, superstar quarterback and MVP of the Super Bowl Champion Indianapolis Colts, to an exclusive autograph deal with Dreams' memorabilia subsidiary, Mounted Memories. As part of the agreement, Peyton will autograph helmets, jerseys, footballs and limited-edition collectibles designed by our team at Mounted Memories. Dreams partnered with Steiner Sports, a fully-integrated sports marketing agency in New York, to control the vast marketing and distribution opportunities of authentic, signed Peyton Manning memorabilia.
-- We announced (1/30/07) our plans to seek an American Stock Exchange listing for our common shares and believe this to be the next natural step in the company's maturation process.
-- We announced (1/3/07) our acquisition of 3 Field of Dreams(R) stores in the Las Vegas market as we believe this city offers unlimited potential for our concepts and products.
-- We announced (11/1/06) that Dr. Phillip Frost, through The Frost Group, LLC, had purchased a 14% equity position in Dreams as a result of his confidence in our business model.
"In all, we believe we have produced a winning combination to continue to grow our brands and financial performance versus the respective category results from the prior periods," Tannenbaum concluded.
