STURGIS, S.D., Dec. 2, 2010 (GLOBE NEWSWIRE) -- Monkey Rock Group, Inc. ("Monkey Rock" or the "Company") (OTCBB:MKRO), a retail leisure brand servicing the North American motorcycle rally industry, recently announced operating results for the three months ended September 30, 2010.1
- The Company recognized revenue of $651,075 for the three months ended September 30, 2010, as compared to $387,280 for the three months ended September 30, 2009 – a 68% increase.
- The Company recorded a gross profit of $502,128 for the three months ended September 30, 2010, as compared to $96,671 for the three months ended September 30, 2009 – a 519% increase.
"We like to think of Sturgis () as our laboratory for Monkey Rock research and development," stated Monkey Rock CEO John Dent. "Over the last two years, we have launched and polished our model for adult-themed entertainment at this event, and both the response and evolution has been extraordinary. As new participants in 2009, we achieved gross margins of 25%. In 2010, the Company achieved gross margins of 77%, more than tripling our margins from the prior year. We feel strongly that we have built and refined a brand positioned to succeed on a much broader scale. We intend to grow our business through the acquisition or creation of destination properties at motorcycle enthusiast hotspots across the country, and complement those brick-and-mortar assets with dynamic social media products. During the week of December 6, 2010, we plan on issuing an open letter to shareholders describing in detail our model and anticipated rollout timeline."
Please visit www.sec.gov to view the Company's complete financial results.
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About Monkey Rock Group, Inc. ()
Founded in 2009, Sturgis, SD-based Monkey Rock is a retail leisure brand positioned to service the greater North American motorcycle rally industry. Currently, the Company has retail business operations in the short-cycle food, beverage and entertainment industry. The Company's foundation is built upon a professional European-styled leisure concept that serves select North American markets with its unique delivery of food, beverage, and live adult-themed entertainment venues. The Company's traveling concept focuses on our goal to serve some of the country's largest social and sporting events to include motorcycle and auto rallies, rodeo events, and auto races.
1As the August Sturgis Motorcycle Rally was the only revenue generating event in both fiscal years 2009 and 2010, third quarter and year-to-date operating results are approximately equivalent.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
CONTACT: Cirrus Financial Communications Justin Davis (720) 489-4913 Justin.Davis@cirrusfc.com www.cirrusfc.com