Good day FRYS, Hope all of your homesteads have been steadfast in the battles versus Mother Nature over the last couple days. As there have been horror stories about basements and towns being flooded in addition to dams falling, this month’s charitable gambling report has its own horror story to tell. Starting at greatest revenue generator, e-tabs produced sales of $126K in the month of May 2024, slightly above last month’s $124K but lower than the year-to-date (“YTD”) average of $136K. Fortunately, the gross profit-margin performed right around the mean at 15.83% compared to the YTD mean of 15.40%. Ultimately, gross profits were $20K, down from last month’s $22K but right on top of the YTD mean of $19K. Where the horror story starts to unfold is in paper tabs, which collapsed to a four-month low in sales at $52K. However, the horror begins in the margin, which plummeted to 13.71% for May 2024 compared to the YTD mean of 18.12%. Soft sales and poor margins translated into, you guessed it, weak gross profits of $7K (YTD average = $11K). Unfortunately, this story is about to get scarier. Bingo continued on its steady pace with sales of $14K but a big jackpot went home over May, driving the gross profit margin down to 11.36%, the third lowest total of the 2023/2024 campaign and well-below the YTD average of 18.58%. As with every good horror movie, the palms start to sweat prior to the culmination of peak fear, and that is where this story is at now - are you scared? FRYS posted a net loss of $(5K) for the month of June, the largest loss of the year and second largest loss in the organization’s history after an $(8K) loss in November 2022. Comparing the notes of November 2022 with the results of May 2024 and the same catalysts appear behind both losses – weak paper tab sales and heavy taxes. FRYS shelled out $12K(!!!) in taxes to the State in May 2024, doubling the $6K FRYS paid out in November 2022; however, the hike in the income taxes but yet a smaller loss goes to show how much larger the operation has become. To illustrate, total revenues in May 2024 were $194K compared to November 2022’s $140K, an increase of 38.5%. Turning to other developments at FRYS, the most recent development has been the collapse of a tree at the Rotary Camp that had to be professionally removed, aka the tree has been cut apart but there the remnants of the tree are still at the camp. Water levels are also rising and potentially putting the dock underwater. Repair work is underway on the chimney/fireplace. A little more than two months to go in the FRYS charitable gambling year. Should be a grand finish with the 2024 Paris Olympic Games bringing people out to Boxers to cheer on Team USA's quests for gold - here's to big sales in the last two months! Cheers, Chad |
