بلوك 1

 

بلوك 2

 

بلوك 3

 

بلوك 4

 

بلوك 5

 

SPoT Coffee Announces Net Profit from Operations of $136,218 for Q3, 2018

 

 

TORONTO, Dec. 3, 2018 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSXV:SPP) ("SPoT" or the "Company") is pleased to announce that it has released its Q3 Interim Financial Statements along with its Management Discussion and Analysis (MD&A) for the period ending September 30, 2018. The MD&A speaks in greater detail of management's implementation of new cost savings measures and improvements to revenue-generating lines of business. 2018 has been SPoT Coffee's busiest to date in terms of franchise growth, senior management organization and development, the implementation of cost-saving measures, and revenue generation.

Spot Coffee (Canada) Ltd. (CNW Group/Spot Coffee (Canada) Ltd.)

Overall Performance Highlights

Net income purely from operations for the period of the Third Quarter of 2018 is $136,218.

Other key highlights from the statements for the 9-months ended September 30 period are:

  • The working capital of the Company rose by $891,218.
  • The total assets of the Company increased in value by $59,087, from $2,434,160 to 2,493,247.
  • The Company's liabilities decreased by $613,491.
  • Initial efforts to reduce operating costs as part of the Company's drive to reign in spending and allocate its resources more efficiently have resulted in a total savings of $103,809.
  • Ongoing debt reduction efforts undertaken by the Company's management have resulted in an overall decrease of $46,080 in interest and accretion.
  • Long-term and convertible debentures were reduced by $373,334, from $1,926,666 to $1,553,332.
  • The Company achieved a positive company-wide EBITDA of $245,222 and $545,418 for the three and nine-month periods ended September 30, 2018 respectively.

Management feels it is important to note that these initial cost savings are representative of only the earliest phase of the Company's cost savings and realignment process. Greater benefits from these cost saving measures will be even more evident in 2019.

Although additional operational cost savings will come primarily from continued reductions in labor costs and the cost of goods sold, the Company also remains firmly focused on reducing its debt further while opening more franchise café locations in order to attain its goal of 50 total corporate and franchise locations by the end of 2020.

SPoT's improved financial profile can also be attributed to outsourcing more of its products to the highest quality suppliers. Furthermore, management has decided to embrace new ordering service applications and move to a modern cloud-based POS system.

Franchise Operations

SPoT is pleased to announce that its newest franchise café, SPoT West Seneca, will be open for business on December 20, 2018. This café will be the fifth completed franchise project this year.

The Company is pleased to announce that it has signed two new owner-operator franchises for the Greater Rochester Area and Greater Buffalo Area in the State of New York. SPoT has a list of prospective franchisees with whom it is negotiating and matching up with café locations that the Company's research and real estate personnel are identifying as suitable. More details on these negotiations and the target locations will be made available in the coming weeks.

The recent openings of new SPoT franchise cafés have prompted serious enquiries from regional supermarket chains interested in opening new SPoT Express cafés on site in their locations across New York State. The Company's management is now in the process of studying the benefits and risks associated with this opportunity. An announcement will be made once the Company completes its study and arrives at a decision.

About SPoT Coffee

SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds, operates and franchises community oriented cafés and express cafés in New York State. SPoT's community cafés provide its customers with the highest quality service, signature made-to-order meals and award-winning micro-roasted coffee. Each SPoT café is distinctively designed to suit its local neighbourhood, creating a warm and friendly gathering place for the community. SPoT's commercial business focuses on the sale of roasted coffee beans to food service and grocery chains, business offices and third party resellers such as universities and hospitals.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company 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.

SOURCE Spot Coffee (Canada) Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2018/03/c6846.html

This article was written by cool news network.

 

 

Get the latest news delivered to your inbox

Follow us on social media networks

PREV IES Holdings Reports Fiscal 2018 Fourth Quarter and Year-End Results
NEXT Broadcom Analysts Downplay Execution Risks, Reduced Transparency Following Strong Q4, Dividend Hike