Sydney, Feb 18, 2015 AEST (ABN Newswire) - Indoor Skydive Australia Group Ltd (ASX:IDZ) announce the Investor and operations update with significant highlights.
- Record Sales for December exceeding $1m
- January Revenue exceeding $700k
- Strong Gift Voucher Sales
- Unearned Revenue Balance over $1.4m (excluding third party sales)
- Trend of High Utilisation continues
- System processes and procedures tested and performed satisfactory during a high tempo operational period
- Strength in Systems to roll out to future sites
Tunnel based Revenue remained strong across the period, with increases in Revenue observed during each school holiday period.
ISA Group maintains a sound Balance Sheet. This is as a result of the continuing contribution from Tunnel operations as well as the Capital Raise conducted in November 2014.
- The Convertible Note Facility has been completely repaid and management expect it will lapse prior to the end of the Financial Year with a zero balance.
- The Balance Sheet is free of all funding related debt.
- Remaining Cash and cash equivalents are expected to be sufficient to support the completion of both the Gold Coast and Perth projects (under existing timing and cost assumptions).
At a Group level the results were heavily impacted by Performance Based Share expenses ($1.472m), which were higher than forecast as a result of Milestones associated with the Gold Coast project being achieved earlier than planned. We do not expect the Performance Based Share expenses for the full year to exceed $1.9m.
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About Indoor Skydive Australia Group Ltd
Indoor Skydive Australia Group (ASX:IDZ) was established on 04 Nov 2011 as the parent company to facilitate a number of indoor skydiving facilities to cross our region in the next 3-5 years. These facilities allowing human flight within a safe environment are currently used by tourists, enthusiasts and military throughout the world including the Australian Military and active Skydivers. Flexible operating hours, low overheads and proven technology are just a few of the highlights that support the company’s business model.