SPoT Coffee 2012 Results: 22% Increase in Sales & 18% Increase in Gross Profit
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/18/13 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") released its audited financial results for the Company's fiscal year ended December 31, 2012. 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.
Year End 2012 Highlights
SPoT Will Benefit From the Following Key Factors During 2013
On November 29th 2012, the Company opened its ninth cafe, SPoT Coffee Park Place, which is situated in a Concord Adex development in North York, Ontario. The development currently contains more than 1,100 units across 5 condo towers with 15 additional towers to be built in the coming years. The cafe operated for one month in 2012; accordingly its operational results did not significantly contribute to the overall results of the portfolio. Management is closely monitoring the performance of Park Place in relation to the portfolio of the Company's cafes. SPoT Saratoga Springs, an ideally situated cafe in a quaint historical community in close proximity to state parks, historical museums, opened on February 6th, 2013. SPoT Saratoga Springs expands SPoT's current footprint east toward the Hudson River and brings the total number of operating cafes to ten. Sales at SPoT Saratoga Springs have been strong relative to the early performance of other cafes within the portfolio and management expects this strength to continue as the cafe matures.
The Company's previously announced 11th, 12th and 13th cafes are under development and the Company continues to identify opportunities for additional leases. New corporate locations will be consistent with the Company's geographic and demographic criteria as SPoT remains focused on strategic cafe growth across New York State. To fund cafe expansion the Company is currently in dialogue with strategic investors with strong track records in the "quick and casual" hospitality industry. Additionally, as an alternative to issuing equity or additional debentures supported by the current cafe portfolio, the Company is also exploring the sale under license of select cafes to finance the development of its 2013 cafe expansion. The Company is presently in due diligence with select cafe purchasers also from the restaurant and hospitality industries.
In the months since the end of fiscal year 2012 the Company entered into an exclusive distribution agreement with American Natural Operations LLC and its affiliates ("American Natural") to supply its award winning premium roasted gourmet coffee beans in and around Pittsburgh, Pennsylvania. Initial annual sales of roasted coffee beans by SPoT to American Natural are estimated at 40,000 lbs and will more than double the locations in which SPoT Coffee is served in. Additionally, SPoT Coffee management has taken strong actions to help propel the Company to profitability and enhance shareholder value. SPoT has finished a management realignment and internal efficiency audit which focused on cost savings and the preparation for future growth, allowing the Company to realize cost savings of up to $240,000 or 52% of the 2012 corporate net loss on a cash basis.
"We are extremely pleased with the 2012 full year financial results. The Company had significant growth in top-line revenue and cafe EBITDA while controlling labour costs and maintaining gross margins," said Mr. Anton Ayoub, President of SPoT Coffee, commenting on the third quarter results. "During Q1 2013, the residents of Saratoga Springs, New York, welcomed SPoT's tenth location to their community. Additionally, SPoT commenced its first major coffee sales and distribution agreement with American Natural as well as a management realignment estimated to save the Company $240,000 in 2013. With all of this positive momentum, we plan to realize profitability at the corporate level sooner than initially anticipated."
2012 Financial Highlights
About SPoT Coffee
SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds and operates community oriented cafes that provide its customers with the highest quality service, signature made-to-order meals and the world's finest in-house roasted gourmet coffee. Each SPoT cafe is distinctively designed to suit their local neighborhoods, creating warm and friendly gathering places for the community. SPoT's commercial business focuses on retail stores, business accounts and third party resellers such as universities and hospitals.
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.
David Freeman
Corporate Development & Shareholder Communications
(416) 368-2220
SPoT Coffee (Canada) Ltd.
Anton Ayoub
CEO
(416) 368-2220
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Datum: 18.04.2013 - 15:20 Uhr
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