iPic Entertainment Inc (NASDAQ:IPIC) Announces Its First Quarter Results For 2018
iPic Entertainment Inc (NASDAQ:IPIC) recently announced its financial results for the first quarter ended March 31, 2018. The company also highlighted its expectations and full year outlook for 2018 including its four key strategic programs that will enable the firm to impact positively on its long-term value for shareholders and other interested parties.
According to Hamid Hashemi, Founder, and CEO of iPic Entertainment, the company is still at its growth stage and currently focused on undertaking key global opportunities to enhance its competitive advantage.
Hashemi believes that the company has remarkable growth potential to expand both internationally and domestically. For instance, the firm intends to launch its first theatre in Saudi Arabia before the end of the year.
The Company’s Financial Results
IPic Entertainment reported total revenue of $37.3 million, a decrease of 5.1% comparable store sales with 2.5% lost capacity due to ongoing renovations of the company’s two stores. The firm also reported a net loss of $21.8 million, in addition, $8.6 million in stock-based compensation.
For the full year 2018 financial outlook, iPic Entertainment expects to record at least a total revenue growth of 3% to 7% increment, the comparable-store growth of 5% increase. The company is also planning to upgrade its five stores with Generation I auditoriums, two locations have already been remodeled.
The Four Key Strategic Initiatives
ipic is focusing on executing the following four key strategic programs as part of its long-term strategy to improve its financial results and enhance its stockholders’ value. The four strategic initiatives include: Improving Profitability from Existing Locations; Opening New iPic Locations Domestically; Pursuing International Growth Opportunities; Pursuing International Growth Opportunities and Increasing Digital Growth Options (Membership and Sponsorship.
Upgrading of Auditoriums
iPic announced recently that it’s upgrading the movie auditoriums with unique features including the iPic®’s patent-pending intimate Pods and Chaise Lounges with enhanced service delivery to give its moviegoers an opportunity to experience an exceptional service.
The upgraded auditoriums will serve as the benchmark for the company’s future development of movie theatres. The auditoriums will have an in-built Premium Plus seating Pods with courtesy blankets and pillows to provide an intimate seating and sound customer experience.
Furthermore, the company recently signed a contract to build a new eight-screen, with 400-seat capacity movie theater attached with a City Perch Kitchen and a spacious roof-top bar and lounge in Downtown Fort Lauderdale location. The facility will become the region’s leading destination for entertainment, dinning, and shopping for residents and visitors.