Dreams Inc. posted record revenues for the second quarter and first half of its fiscal year, and the company is on track to post a profit by year’s end.
For the quarter that ended June 30, revenues rose to a record $13.7 million, a 30-percent increase over the same quarter a year ago. However, the company posted a net loss for the quarter of $1.1 million, up from a loss of $873,000 for the same quarter last year.
For the first six months of the fiscal year, Dreams’ total revenues increased 28 percent, to a record $32.2 million. Net losses for the first half of the year were $1.4 million, up from a $1.3 million loss during the same period last year.
Ross Tannenbaum, Dreams’ president and CEO, said revenues were up across several of the company’s core segments. The Internet division’s revenues increased by 42 percent. The manufacturing/distribution segment saw an increase of 41.2 percent, anchored by the Orange Bowl Stadium project and the addition of Schwartz Sports. Retail revenues were up 24.7 percent, even though same-store sales during the first quarter at the company’s Field of Dreams stores were off 13 percent.
“While losses increased slightly, they were consistent with our internal budgets, and we remain on target to achieve our record projected financial goals of $91 million in revenues and a fourth consecutive year of increasing profitability,” Tannenbaum said. “Our business is cyclical, and the second calendar quarter is typically the weakest quarter in our industry. Our historical business model generates a greater portion of our annual revenues and profits in the holiday quarter.”
Tannenbaum said the company’s first FansEdge retail store, which opened earlier this year, generated $100,000 in sales in its first 40 days. Six additional FansEdge store locations are to open in the greater Chicago area later this year.