In the Integrity 2ndQ earnings announcement on July 27th, it was stated: "A leading product in the retail segment is WOW, a double CD, that accounted for $1.0 million in sales in the second quarter." Since the CD was released June 15, the $1M in revenue came in the first 2 weeks of release. Since sales have been approximately as strong in the six weeks of this quarter, perhaps $3M in revenue has been generated, or $4M total.
In their announcement released July 29, ITGR stated, "In its first year in the market, WoW Worship is expected to generate sales of more than $2.5 million for Integrity. The three partners will split the album's net profits equally." It looks like we've surpassed that already.
What the preceeding paragraph leaves out is that gross margins become net margins when the orders start to stream in. Splitting the profits three ways is easy when you're earning $.51 for every dollar (read 17% of $4M for ITGR in 8 weeks, no less).
Now investors are bound to be skeptical, but how often has a 'Praise and Worship' album made it to the Billboard 100 for a week? Plans are in the works for another already.
Btw, I've got two more brand new Integrity items (1 tape and 1 CD) on eBay for ridiculously low prices. I'm hoping each ad/auction may lead 20 Christian music purchasers to the Integrity website to sample the soundbites. Search seller=woolyhammock