|By PR Newswire||
|April 1, 2014 10:30 AM EDT||
HICKORY, N.C., April 1, 2014 /PRNewswire/ -- Dale Jarrett Racing Adventure Inc. (OTCQB: DJRT), a "Full Throttle" lifetime experience company, today released it's annual report for the year ending December 31, 2013. In the filing, management reported that revenues decreased from $3,481,607 in 2012 to $2,669,868 and net loss for the year increased from $182,071 to $216,928. This reduction was due in large part to the closure of the company's West Coast hub. However, despite the reduction in gross revenues, the Company only experienced a modest $3,417 increase in its Loss from Operations for 2013 over the previous year.
According to Company CEO Tim Shannon, "Although it was disappointing to see 2013 revenues decrease, we anticipated the closure of our West coast would have this effect and were able mitigate the impact by reducing G&A by 14% while simultaneously increasing our gross profit margin from 47% to 52%. Additionally, while we are focusing on increasing revenues and profits organically, we continue to aggressively seek partners and new opportunities in order to grow the company, restore profitability, to increase both shareholder value and our share price."
Certain of the statements contained in this press release contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended in Section 21E of the Securities Exchange Act of 1934. Dale Jarrett Racing Adventure, Inc. has based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. Forward-looking statements contained in this press release may also include statements relating to Dale Jarrett Racing Adventure's anticipated financial performance, business prospects, new developments, strategies and similar matters. Dale Jarrett Racing Adventure disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
CONTACT: Tim Shannon, +1-888-467-2231, [email protected]
SOURCE Dale Jarrett Racing Adventure, Inc.