SPoT Coffee Second Quarter 2011 Results: Reports 22% Increase in Sales Over Previous Quarter
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/18/11 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") released its financial results for the Company's second quarter ended June 30, 2011. Complete financial statements and Management's Discussion and Analysis have been filed for public review at and are available on the Company's website at . All dollar values expressed in Canadian dollars unless otherwise stated.
Second Quarter 2011 Highlights
"SPoT Coffee's second quarter results demonstrate the strength in the underlying operations as the Company continues to execute on its strategic growth plan. This quarter is the first quarter of positive cash flow for the Company representing the positive momentum towards achieving our short-term milestone of our first ten operating cafes," said Raymond Stapell, President and CEO of SPoT.
Second Quarter 2011 Developments
On May 27th, SPoT announced the reopening of its Rochester cafe in Western New York after its temporary closure for renovations. The newly renovated cafe has an updated service bar, enhanced seating areas and a new enlarged kitchen. The renovations have reduced the overall excess square footage decreasing monthly operating expenses by up to 40% while the improved design and menu enhancements lead to a greater customer experience.
On June 14, 2011 SPoT successfully closed a follow-on equity financing for total gross proceeds of $500,000 as well as on August 3, 2011 SPoT closed a $750,000 financing. Proceeds from both financings support the short-term expansion plan, in addition to further supporting the continued development of SPoT's existing operating infrastructure.
Construction on SPoT Hertel, SPoT's seventh operating cafe, is progressing on schedule and is expected to open during October 2011. The cafe is located Hertel Avenue, a vibrant commercial and residential area in Buffalo, New York.
Construction on SPoT Park Place, SPoT's eighth operating cafe, and will begin in mid-October which is ahead of the Company's initial planned construction schedule. SPoT Park Place will be the Company's second location in Toronto and is part of a new multi-condo urban development project in the North York area of Toronto by real-estate developer, Concord Adex, comprising 20 buildings and an expected residential population of 290,000. The cafe is anticipated to open early 2012.
SPoT is continuing to assess future cafe locations and is currently in the final stages of selecting the sites for cafes nine and ten. SPoT anticipates accelerated growth during 2012, leveraging its existing operating infrastructure in Western New York, Southern Ontario and Florida before a broader North American and international expansion commences.
About SPoT
SPoT () designs, builds and operates community-oriented cafes that provide its customers from every lifestyle and culture with the highest quality service, signature light meals and in-house roasted gourmet coffee. The current SPoT management team and directors have been successfully operating company-owned cafes since 2004.
Each SPoT cafe is a popular and friendly gathering place for its community where specialty coffee, upscale beverages, fresh baked goods, signature sandwiches, soups, salads and gourmet pizza, cakes, pastries and home baked goods are offered and enjoyed by its patrons in a warm, friendly and home-like environment.
The Company currently operates six cafes that range in size from 2,000 to in excess of 4,000 sq. ft. with two more cafes currently under development. Spot is currently evaluating several locations as part of its North American expansion.
Unlike other conventional gourmet coffee houses and quick service restaurants that are built on uniformity of product and style, each SPoT cafe maintains several unique and key features, including:
Forward Looking Statements
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Contacts:
SPoT Coffee (Canada) Ltd.
Lindsay Cross
Investor Relations Manager
(416) 368-2220
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Datum: 18.08.2011 - 06:30 Uhr
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