What was the comprehensive income for City Wide in 2024?
City_Wide Franchise · 2025 FDDAnswer from 2025 FDD Document
| Interest expense | (234) | (184) | 131 | | Other income | 858,348 | 406,379 | 176,453 | | Total other income (expense) | 709,353 | (1,333,827) | (1,007,944) | | Net Income | 19,161,078 | 14,196,288 | 10,941,550 | | Other comprehensive income (loss) | 39,507 | (6,653) | 26,999 | | Comprehensive Income | $ 19,200,585 | $ 14,189,635 | $ 10,968,549 |
| City | Wide Franc | chise | Company, | Inc. & Subsidiari | ies | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock Class A Class B | dditional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||
| Balance January 1, 2022 | $ | 2,100 | $ | 210,000 | $ | 366,366 | $ 15,459,388 | $ | (5,506) | $ 16,032,348 |
| Net income | - | - | - | 10,941,550 | - | 10,941,550 | ||||
| Other comprehensive income | - | - | - | - | 26,999 | 26,999 | ||||
| Distributions | (8,431,640) | (8,431,640) | ||||||||
| Balance December 31, 2022 | 2,100 | 210,000 | 366,366 | 17,969,298 | 21,493 | 18,569,257 | ||||
| Net income | - | - | - | 14,196,288 | - | 14,196,288 | ||||
| Other comprehensive loss | - | - | - | - | (6,653) | (6,653) | ||||
| Distributions | (21,712,635) | (21,712,635) | ||||||||
| Balance December 31, 2023 | 2,100 | 210,000 | 366,366 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 65)
What This Means (2025 FDD)
According to City Wide's 2025 Franchise Disclosure Document, the company's comprehensive income for the year ending December 31, 2024, is calculated by combining the net income and other comprehensive income. The net income for 2024 was $19,161,078, and the other comprehensive income was $39,507. Therefore, the total comprehensive income for City Wide in 2024 was $19,200,585.
This figure is a key indicator of City Wide's financial performance, reflecting not only its profitability but also other changes in equity that are not reflected in the net income. For a prospective franchisee, understanding the comprehensive income provides a more complete picture of the company's financial health and stability.
It's important to note that the other comprehensive income primarily consists of gains and losses resulting from foreign currency translations, which can fluctuate based on exchange rates. This is particularly relevant because City Wide has a Canadian operation, as noted in the FDD. Monitoring these fluctuations and their impact on comprehensive income can help franchisees assess the potential risks and opportunities associated with international operations.
Reviewing City Wide's financial statements, including the statements of income and comprehensive income, for the years 2022 and 2023 alongside 2024, can provide a more robust understanding of the company's financial trends and performance over time. This historical perspective is valuable for making informed decisions about investing in a City Wide franchise.