Revenues at Main Event Entertainment rose 45 percent to $1.59 billion for the nine months to July from $1.09 billion in 2022 but took a 29 percent hit in the third quarter to $428 million from $602 million in 2022 with profit reflecting the same pattern with $216 million for the nine months up 208 percent from $104 million and fell 85 percent from $124 million in 2022 down to a paltry $23 million.
Direct Expenses fell 33 percent in the July quarter to $204 million from $304 million in 2022 and rose 28 percent from $583 million to $748 million in 2023. Gross profit slipped 25 percent to $224 million from $298 million in the quarter and jumped 64 percent to $839 million from $511 million for the nine months.
Administrative and general expenses climbed 34 percent to $162 million in the quarter from $121 million in 2022 and from $284 million to $495 million. Depreciation charges remained fairly constant at just over $29 million versus just under $29 million in 2022 and for the nine months $81 million compared with $86 million in 2022.
Accordingly, ICInsider.com forecast is for earnings of 90 cents per share for the current year ending October, compared with 72 cents per share for the nine months to July this year and 8 cents per share for the July quarter. The stock traded at $14.11, on Friday with a PE ratio of 17.2 times ICInsider.com’s latest projected earnings of 90 cents per share. The earnings value the stock at the higher end of the Junior Market average PE of 11 times current years’ earnings.
The company generated gross cash flows of $340 million and after purchasing of fixed assets and loan repayment net cash amounts to $62 million and ended the period with cash and cash equivalent of $190 million.
The company’s finances remain b with current assets of $799 million and current liabilities of $330 million with net working capital of $469 million. Funds borrowed to help finance operations totalled $100 million and shareholders’ equity stood at $857 million.
In February 2017, the company’s shares were listed on the Junior Market of the Jamaica Stock Exchange and entitled them to a reduction of income tax for ten years with 100 percent tax free up to January 2022 and 50 percent to January 2027.