DUBLIN, California and Chennai, Feb. 24, 2015 (GLOBE NEWSWIRE) -- via PRWEB - KM WEDDING EVENTS MANAGEMENT, INC. (OTC: KMWE), a leading one-stop solution provider of match making and wedding services for Indian & Indian-American markets, today announced financial results for the three and nine months ended December 31, 2014.
Ms. Meera Nagarajan, Chief Executive Officer of KM Wedding Events Management, stated, "We are very pleased to report strong growth in both revenue and profitability for the three and nine months ended December 31, 2014. We look forward to building upon our established track record and leading brand, which is due in large part to our highly rated match making TV show, which has now been running over 15 years on India's number one tamil television station."
"We are aggressively leveraging our strong brand and customer base, which includes over 600,000 registered clients, by upselling higher revenue and higher margin wedding event management services. Our success is illustrated by the fact that our wedding services are increasing as a percentage of total revenue. More importantly, our first banquet hall is coming on line this quarter, which should dramatically increase our wedding services revenue. Our near term plan is to operate over ten wedding halls over the next two to three years, which should generated over $20 million of sales annually, with at least 30% EBITDA margins."
"We believe we have developed a highly scalable business model – providing turn-key solutions for wedding events across India and the US. Assuming conversion of just 10% of our current match making customers into wedding services customers, we would generate an estimated $75 million of revenue with EBITDA margins of approximately 40%. We believe this goal is quite attainable, considering the 60 billion dollar Indian wedding industry is set to grow by 25% per year and there is a lack of quality wedding halls to keep up with the demand. Moreover, the industry is unorganized and highly fragmented, which provides us a unique opportunity to dominate this market by capitalizing on our strong brand."
Revenue for the fiscal third quarter ending December 31, 2014 increased 67% to $628,015 compared to $376,096 for the same period last year. Operating income for the third quarter of fiscal 2015 was $94,328 compared to an operating loss of $15,335 for the same period last year. Net income for the third quarter of fiscal 2014 was $72,937 compared to a net loss of $22,440 for the same period last year.
Revenue for the nine months ending December 31, 2014 increased 47% to $1,443,183 compared to $983,048 for the same period last year. Operating income for the nine months ending December 31, 2014 was $138,573 compared to an operating loss of $80,636 for the same period last year. Net income for the nine months ending December 31, 2014 was $100,002 compared to a net loss of $102,631 for the same period last year.
About KM Wedding Events Management, Inc.:
KM Wedding Events Management, Inc. ("KMWE", "Company") is the leading one-stop solution provider of matrimonial and wedding services for Indian & Indian-American markets. KMWE is successfully offering Matchmaking and Wedding Events Management Services to the Company's target customers in India since 2004. KMWE offers a wide range of wedding services, including, but not limited to: wedding planning, wedding shopping, catering, organizing concept and theme weddings, and much more. KM Wedding Events Management, Inc. operates two brand-name entities: "Kalyanamalai" (Matchmaking services) and "Athithi" (Wedding Events Management Services). In 2012, KM Wedding Events Management, Inc., broadened the Company global market reach by expanding in the USA to offer KMWE's services to the Indian-American community. For more information about KM Wedding Events Management, Inc., please visit http://www.kmweddingevents.com.
SafeHarbor Statement
This release may contain "forward-looking statements" that are made pursuant to the "safe harbor" provisions as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," and similar expressions. These statements are based upon management's current expectations as of the date of this presentation. Such forward-looking statements may include statements regarding the Company's future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses and other future or expected performances. The Company cautions readers there may be events in the future that the Company is not able to accurately predict or control and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those indicated in the forward-looking statements. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's filings with the SEC under the "Risk Factors" sections and elsewhere in those filings.
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