- E-tab sales summed to $123K in December, totaling the second highest level of sales in FRYS’ charitable gambling history (record = $138K August 2022)
- Gross profits (sales – prizes) produced a solid $15.5K but this was due to volume as the margin, said differently “luck”, was not on FRYS with a gross profit margin of 12.63% (average = 15.85%)
- Putting it all together, even though e-tab sales were second most on record, gross profits registered only the 5th highest total due to below trend margins/gambling probability
- December recorded paper tab sales of $42K, which was an increase from the prior month’s $37K but roughly half the sales that were being reported from February 2022 – July 2022
- Compounding the weakness was the second lowest gross profit margin reported at an unfortunate 14.9% (average = 16.6%) for gross funds of $6K
- Gambling Manager Brenda DeMars’ reports from the field indicate another month of weakness in paper tab sales is underway as well.
- Net income returned to the black this month with profits of $6K compared to the red ink’s net loss of $8K last month
- While FRYS’ charitable gambling operation has been around for more than a year (embarked in October 2021), the conclusion of the 2022 calendar year represented the completion of the inaugural calendar year of operations (FRYS fiscal year-end is August) à how about a quick recap of the 2022 campaign:
- Total Sales = $2.07 million
- Prizes = $1.74 million
- Gross Profits = $337K
- Aggregate gross profit margin = 16.1%
- Accounting Net Income* = $74,854
- * fiscal year-end in August 2022 resulted in starting cash being added to September’s net income, which is technically not an accurate income statement/profitability assessment of 2022’s aggregate performance
The following expenses were approved: - CG Made Easy Administrative Fee = $250
- Inventory = $4,000
- Soft paper tab sales result in less inventory purchases
- Rotary Gambling Team Compensation = $2,600
- Bingo Team Compensation = $2,500
- Revenue Share with MPeters = $10,000
- Favorable e-tab performance keeps this higher even though inventory sales are down
- City of Faribault = $1,200
- Revenue Share with Boxers = $8,000
- Misc. Cost = $2,500
- Slightly higher misc. costs this month as Dawn intends to do a purse/Yeti cooler Bingo night
- Total Expenses = $31,050
- On a first by George Wickstrom & second by Eric Craig, FRYS membership approved expenses for February 2023
The following charitable gifts were approved: - Project Close: $1K to Faribault Middle School & $1K to Bethlehem Academy
- Funds will be used to cover travel expenses for students to visit Washington DC
- On a motion by Dick Huston with a second by Laura Bock, FRYS members approved the $2K in the charitable gifts for Project Close
- South Central College Foundation: $3,000
- Funds to be used for scholarships to attend South Central Community College
- On a motion by Carri Pollard & second by Becca Ciesluk, FRYS membership approved the charitable gifts for South Central scholarships
- Total Gifts: $5,000
|
|
