CANTON, Ohio, Aug. 10, 2023 /PRNewswire/ -- Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) (the "Company"), the only resort, entertainment and media company centered around the power of professional football, announced its second quarter 2023 results for the period ended June 30, 2023.
"The Company continues to garner national attention with significant sports and entertainment programming", shared Michael Crawford, HOFV President & CEO. "Hall of Fame Village played host to major events, including the USFL, hosting two teams for the duration of their season as well as their championship game, the Woman's Football Alliance Championships, and an American Cornhole League tournament. These events were all nationally televised, enabling our Village, our brand, and our Company to drive greater awareness and support future growth." Crawford went on to say "The Company continues to build synergies across all business verticals to generate revenue growth, while continuing our focus on cost control and balance sheet restructuring opportunities. While it takes time to build a world-class sports and entertainment company, I'm proud of our team and how they've continued to execute against our long-term strategy as we operationalize and grow in all facets of our business."
Key Financial Highlights
Key Business Highlights
Conference Call
The Company will host a conference call and webcast Friday, August 11, 2023, beginning at 8:30 a.m. ET, to provide commentary on the business. Investors and all other interested parties can access the live webcast and replay at the Company's website: https://ir.hofreco.com.
About Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus. Additional information on the Company can be found at www.HOFREco.com
Forward-Looking Statements
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words and phrases such as "opportunity," "future," "will," "goal," "enable," "pipeline," "transition," "move forward," "towards," "build out," "coming" and "look forward" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside the Company's control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors that may affect actual results or outcomes include, among others, the Company's ability to manage growth; the Company's ability to execute its business plan and meet its projections, including obtaining financing to construct planned facilities; potential litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions impacting demand for the Company's products and services, and in particular economic and market conditions in the resort and entertainment industry; the effects of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and the Company's liquidity, operations and personnel; increased inflation; the inability to maintain the listing of the Company's shares on Nasdaq; and those risks and uncertainties discussed from time to time in our reports and other public filings with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP") and corresponding metrics as non-GAAP financial measures. The press release includes references to the following non-GAAP financial measures: EBITDA and adjusted EBITDA. These are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting these non-GAAP financial measures is useful to investors as these measures are representative of the company's performance and provide improved comparability of results. See the table below for the definitions of the non-GAAP financial measures referred to above and corresponding reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures. Non-GAAP financial measures should be viewed as additions to, and not as alternatives for the Company's results prepared in accordance with GAAP. In addition, the non-GAAP measures the Company uses may differ from non-GAAP measures used by other companies, and other companies may not define the non-GAAP measures the company uses in the same way.
For the Three Months Ended June 30, | |||
2023 | 2022 | ||
Adjusted EBITDA Reconciliation | |||
Net loss attributable to HOFRE stockholders | $ (13,553,617) | $ (9,202,433) | |
(Benefit from) provision for income taxes | - | - | |
Interest expense, net | 4,404,146 | 921,392 | |
Depreciation expense | 3,373,076 | 3,527,581 | |
Amortization of discount on note payable | 882,240 | 1,122,324 | |
EBITDA | (4,894,155) | (3,631,136) | |
Change in fair value of warrant liability | 223,000 | (2,423,000) | |
Change in fair value of interest rate swap | (60,000) | - | |
Change in fair value of securities available for sale | (1,683,246) | - | |
Preferred stock dividends | 266,000 | 266,000 | |
Loss attributable to non-controlling interest | (5,795) | (158,592) | |
Adjusted EBITDA | $ (6,154,196) | $ (5,946,728) |
SOURCE Hall of Fame Resort & Entertainment Company
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