The Ledger
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LCD Cycle Generated $2.1M in Revenue in 2013
“First we opened on January second, so 2013 was a full year. We did 2.1 million that year.”
LCD Cycle Grew Revenue to $4.8M in 2014, $8.8M in 2015
“So we did 2.1, and then 2014, that was 2013, 20 14, we did 4.8, and then last year in 2015, we did 8.8.”
LCD Cycle Posted 32% Gross Margins, $800K Profit on $8.8M Revenue
“So our gross margin is about 32 and net is about eight percent. So we did about, 800 grand on 8.8 million.”
Koerner Launched LCD Cycle by Wiring Entire $30K Savings to China
“So we started I took that 30 grand from, you know, the merger sale or whatever. And I literally, like four days later, I wired all of it to China on just a hope and a prayer that I would get some parts back.”
LCD Cycle Surpassed One Million Total Parts Shipped
“So, it's been almost four years, and we have, we just eclipsed our millionth part.”
LCD Cycle Expects Around $6.5 Million in 2016 Revenue
“We're actually looking to do about six and a half this year.”
2015 Supply Shortage Spiked iPhone Screen Prices From $25 to $65
“The reason for our high top line number last year was because there was such an incredible shortage in the market. That the average price of screens went from like, 25 to 65 dollars, and so our top line just went through the roof, whereas the number of actual …”
Over 80% of LCD Cycle Customers Order at Least Twice
“That just means it's a customer that's not just ordering once, right? A customer that's ordering at least twice is over 80%.”
Koerner Turned Down $1M VC Term Sheet Due to Slow Process
“I raised a million bucks last year from a VC firm in Birmingham. And They took so long to actually, you know, come to the table with the term sheet that by the time they did, I really didn't need the money anymore. We kind of worked through our cash flow issue…”
First Repair Startup Sold for $30K and 33% Equity
“They basically took my stores, my branding, my name, my URL, and then they added theirs to the pot, and they abandoned their name and brand, and they took on mine, and then they gave me, like, 30 grand, and we basically split up the equity, 33, 33, 33.”