iPic Entertainment Inc. is a company founded in 2010 by current director and CEO Hamid Hashemi.
This company focuses on providing a casual restaurant, a glass serving bar, and theater auditoriums. The company offers venues for private events, family and business functions, and other company-sponsored events.
IPic is part of a generation of companies like Topgolf and Dave & Buster's, among others, that seek to combine food and entertainment. The company operates 16 locations, 10 of which operate full-service restaurants in addition to movie theaters. More than half of the $ 69.4 million in revenue the company generated in the first half of 2017 came from the sale of food and beverages. Less than a third of its sales comes from box office receipts; the rest comes from special events and collaborations.
Last year, the company began booking live shows and VIP events within its theaters, including comedy shows, magic shows, and game events.
"We did 30 shows," said Hashemi. "We sold all the shows we put on." This year, the company has booked 300 events of this type. "We are turning these auditoriums into stage theaters," he said.
Both restaurant chains and movie theaters have struggled in recent years with a consumer as reluctant as ever to leave home. Restaurant traffic, especially in informal dinner-focused dinner chains, has been weak for the past two years. Cinema box office receipts, meanwhile, decreased by 20% last summer. "No matter what business you are in today, the reality is that we can all do great things at home: shopping at home, working at home, watching movies at home," Hashemi said. But we are still social creatures. We feel like going out.
We will do all those things if the experience is better than what you can get at home. ” But Hashemi also believes that his concept saves as much time as anything else.
COMPETITION AND STOCK EXCHANGE
“The entertainment and restaurant markets outside the home are highly competitive. We compete for discretionary guest entertainment and food-themed parks, as well as providers of out-of-home entertainment, including localized amusement facilities such as movie theaters, sporting events, bowling. Alleys, discos and restaurants. We also face competition from locals. Establishments that offer entertainment experiences similar to ours. Restaurants highly competitive in terms of price, quality of service, location, atmosphere and type and quality of food ».
IPic Entertainment, the restaurant and movie chain, closed its public offering in January 2018 after raising $ 15.1 million in gross revenue from the sale of more than 800,000 shares at $ 18.50 per share.
The shares began trading on the Nasdaq stock exchange under the symbol IPIC.
Publicly Listed - Ipic Entertainment Inc.
Publicly Listed - Ipic Entertainment Inc.
They have 11,436,729 shares outstanding with a price of $ 18.50.
The IPO was carried out under Regulation A +, a relatively new regulation that allows smaller companies to obtain smaller amounts not only from institutional investors but also from their own clients.
In the case of iPic, that meant the chain's 1.8 million loyalty club members.
"Our goal has always been to go public with the company and make our members shareholders in the company," iPic CEO Hamid Hashemi said in an interview with Restaurant Business. "They often ask for it. That is what we have achieved.
"This is just the beginning," he added. "It is the first step in a journey."
IPic is the second restaurant company to close an A + IPO Regulation, also known as a mini IPO, after Fatburger's owner Fat Brands last year.
"We are giving you back 30 minutes of your time," he said, noting that 78% of people eat before or after a movie. “We create a destination that combines the two activities. That is very valuable. Time is something we don't have enough of.
The company has received various investments from film or theater related companies such as Village Roadshow and PVR Cinemas, the largest exhibitor in India. The Retirement Systems of Alabama has also provided equity and debt to the company.
IPic says it plans to use the funds to help drive its expansion. The company has four locations under construction and 16 in its portfolio.
STATEMENT OF INCOME
| Current Assets | |||
| Cash and Cash Equivalents | $ 6,026 | $ 10,505 | |
| Short-Term Investments | $ 0 | $ 0 | |
| Net Receivables | $ 3,874 | $ 5,313 | |
| Inventory | $ 1,218 | $ 1,198 | |
| Other Current Asset | $ 3,808 | $ 3,423 | |
| $ 14,926 | $ 20,439 | ||
| Total Current Assets | |||
| Long-Term Assets | |||
| Long-Term Investment | $ 0 | $ 250 | |
| Fixed Assets | $ 143,539 | $ 141,166 | |
| Goodwill | $ 0 | $ 0 | |
| Intangible Assets | $ 0 | $ 0 | |
| $ 259 | $ 218 | ||
| Other Assets | |||
| Deferred Asset Charges | $ 0 | $ 0 | |
| Total Assets | $ 158,724 | $ 162,073 | |
| Current Liabilities | |||
| Accounts Payable | $ 24,066 | $ 29,353 | |
| Short-Term Debt / Current Portion of Long-Term Debt | $ 0 | $ 0 | |
| Other Current Liabilities | $ 5,541 | $ 8,144 | |
| Total Current Liabilities | $ 29,607 | $ 37,497 | |
| Long-Term Debt | $ 188,261 | $ 142,603 | |
| $ 10,723 | $ 55,372 | ||
| Other Liabilities |
| Period Ending: | 2018
12/31 |
2018 2018
09/30/06/06 |
2018
03/31 |
|||
| Total Revenue | 41.82 | 31.74 | 37.52 | 37.26 | ||
| Revenue | 41.82 | 31.74 | 37.52 | 37.26 | ||
| Other Revenue, Total | - | - | - | - | ||
| Cost of Revenue, Total | 15.6 | 9.55 | 11.71 | 11.73 | ||
| Gross Profit | 26.22 | 22.19 | 25.81 | 25.53 | ||
| Total Operating Expenses | 51.81 | 39.65 42.16 | 54.39 | |||
| Selling / General / Admin. Expenses, Total | 19.07 | 18.86 | 18.73 | 28.37 | ||
| Research & Development | - | - | - | - | ||
| Depreciation / Amortization | 4.57 | 4.61 | 4.28 | 4.84 | ||
| Interest Expense (Income) - Net Operating | - | - | - | - | ||
| Unusual Expense (Income) | 4.43 | - | - | 1.84 | ||
| Other Operating Expenses, Total | 8.14 | 6.62 | 7.44 | 7.61 | ||
| Operating Income | -9.98 | -7.9 | -4.64 | -17.13 | ||
| STATEMENT OF INCOME | ||||||
| Interest Income (Expense), Net Non-Operating | -4.36 | -4.2 | -3.9 | -4.62 | ||
| Gain (Loss) on Sale of Assets | - | - | - | - | ||
| Other, Net | - | - | - | - | ||
| Net Income Before Taxes | -14.35 | -12.11 | -8.54 | -21.74 | ||
| Provision for Income Taxes | -0.04 | 0.02 | 0.02 | 0.02 | ||
| Net Income After Taxes | -14.31 | -12.13 | -8.56 | -21.76 | ||
| Minority Interest | 5.41 | 5.29 | 7.53 | 15.33 | ||
| Equity In Affiliates | - | - | - | - | ||
| US GAAP Adjustment | - | - | - | - | ||
| Net Income Before Extraordinary Items | -8.9 | -6.83 | -1.03 | -6.43 | ||
| Total Extraordinary Items | - | - | - | - | ||
| Net Income | -8.9 | -6.83 | -1.03 | -6.43 | ||
| Total Adjustments to Net Income | - | - | - | - | ||
| Income Available to Common Excluding Extraordinary Items | -8.9 | -6.83 | -1.03 | -6.43 | ||
| Dilution Adjustment | - | - | - | - | ||
| Diluted Net Income | -8.9 | -6.83 | -1.03 | -6.43 | ||
| Diluted Weighted Average Shares | 8.95 | 6.66 | 1.73 | 1.58 | ||
| Diluted EPS Excluding Extraordinary Items | -one | -1.03 | -0.59 | -4.06 | ||
| DPS - Common Stock Primary Issue | - | - | - | - | ||
| Diluted Normalized EPS | -0.56 | -1.01 | -0.49 | -3.04 |
Taking into consideration that it is a newly incorporated company on the NASDAQ stock exchange, it is understood that although it presents an increase in its sales at the end of 2018 compared to 2017 sales, it also has fewer total assets and more total liabilities, which gives Reference to less cash flow and less ability to pay debts, although it is minimal. This fact occurs because it is not yet established in a solid way in this market and it is learning little by little to develop in a more sustainable way.
Based on the fact that there is very little difference and it has a wide range of profits compared to its competitors, it can become a very important company in a few years, being able to generate more impact and have greater profitability as a solid company.
REFERENCES
- https://www.nasdaq.com/symbol/ipic/financials?query=balance-sheethttps://www.investing.com/equities/ipic-entertainmenthttps://www.bloomberg.com/quote/IPIC:US
