- Electronic pull tabs had a solid month with sales of $111K, delivering a gross profit of $22K on a gross profit margin of 20.20%, which is a new record for the FRYS operation (previous best = 19.94%)
- As an illustration of the significant variability, the month of August had a gross profit margin of 8.79% for less than half of the strength of October
- Paper tabs had a slightly weaker month with total sales of $60K for gross profits of $10K on a margin of 16.79%
- To keep the comparisons running, paper tabs had a gross profit margin of 16.31% in August, illustrating a much tighter range of performance month over month
- In fact, the lowest gross profit margin on paper tabs is 12.18%, representing 58% of the strongest gross profit margin recorded (21.08% in July 22) whereas electronic tabs accounts for only 43%
- To keep the comparisons running, paper tabs had a gross profit margin of 16.31% in August, illustrating a much tighter range of performance month over month
- Bingo continues to draw customers to Boxers with sales of $11K in October for gross profits of $2K.
- Overall, the month of October produced just over $10K in net income
- In October 2021, which was FRYS’ first month of charitable gambling operations, net income was $7K à While not a perfect example, the 30% increase in net income performance year-over-year does provide a solid illustration for growth in the size and scope of the charitable gambling operation at Boxers
- On the revenue front, October 2022's total revenue of $182K represents a 57% increase from October 2021's $116K
- In October 2021, which was FRYS’ first month of charitable gambling operations, net income was $7K à While not a perfect example, the 30% increase in net income performance year-over-year does provide a solid illustration for growth in the size and scope of the charitable gambling operation at Boxers
Following Expenses were Approved:
- CG Made Easy Administrative Fee = $250
- Fixed fee every month
- Inventory = $6,000
- Inventory levels are adequate given the recent track record on paper sales
- Rotary Gambling Team Compensation = $2,600
- Bingo Team Compensation = $2,500
- Bingo is being hosted every Thursday night à
- Revenue Share with MPeters = $10,000
- Profit share is 31% of e-tab gaming à fall months traditionally have greater volume
- City of Faribault = $1,200
- Revenue Share with Boxers = $8,000
- Profit-share w/ e-tabs = 15% & paper tabs = 20% à fall brings football back for stronger volume levels at Boxers
- Misc. Cost = $2,000
- Gambling manager Brenda might have a couple holiday events at Boxers & payroll services via Reese, Winter
- Total Expenses = $32,550
- On a first by Rod Muller & a second Dick Huston, FRYS’ membership approved November’s expenses
FRYS Membership approved the following donation:
- Donation information: $800
- Benefitting organization: Faribault High School
- Program: “The Nest”
- Mailing Address: 330 9th Avenue SW, Faribault, MN 55021
- Description: Funds will be used to purchase winter clothing and personal hygiene items, benefitting
- up to 150 local youth in need
- On a first by Kurt Halverson and second by Kay Hoaglin, FRYS membership approved the donation