Main Event is reporting a fourth consecutive quarter of top-line growth and the highest revenue recorded in a quarter as the entertainment industry recovers from the lockdowns associated with the COVID-19 pandemic.
The company, which provides large stage equipment for large events, reported net profits of $123.7 million for the three months ended July 2022, an increase of $95 million over the corresponding period.
Main Event said the improved performance for its third quarter was underpinned by increased activity in its core business.
“The entertainment industry has seen a strong return to outdoor events and lifestyle experiences after a two-year hiatus,” it said.
Revenues of $601.528 million for the quarter represent a growth of 147 per cent over the $243.352 million recorded in the third quarter of 2021.
The quarter is a historic one and reinforces our optimism for a sustainable shift following the pandemic, Main Event said.
Meanwhile, gross profit for the quarter improved by 95 per cent compared to the third quarter of 2021.
Administrative and general expenses for the quarter increased by 35 per cent of $40.233 million over the corresponding period.
The company said the spend was mainly due to fuel and energy costs and revisions to compensation packages implemented at the start of this quarter.
For the quarter ending July 31, 2022, earnings per share improved from $0.10 per share in 2021 to $0.41 per share, an increase of 310 per cent.
Main Event’s asset base grew by $130.825 million or 15 per cent as at July 31, 2022, as a result of an increase in receivables by $254.191 million following the executions of major events at the end of the quarter.
Current assets increased to $581.101 million from $330.875 in the prior year, representing an increase of 76 per cent.