Business
SNAKES & LATTES INC. Is Pleased to Report a 65% Increase in YOY Q1FY23 Revenue at $1,984,097, Up From $1,203,460 for Q1FY22, With Gross Profits Up 114% From $670,985 to $1,438,243
SNAKES & LATTES INC. Is Pleased to Report a 65% Increase in YOY Q1FY23 Revenue at $1,984,097, Up From $1,203,460 for Q1FY22, With Gross Profits Up 114% From $670,985 to $1,438,243.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"\n TORONTO, ON, Nov. 11, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – SNAKES & LATTES INC. (OTC: FUNN) is pleased to report a 65% increase in year over year Q1FY23 revenue at $1,984,097, up from $1,203,460 for Q1FY22, with gross profits up 114% from $670,985 to $1,438,243. We are pleased to report financials are trending in the right direction. Patronage has increased with the return of students, and have seen increases in per customer receipts. Cash on hand at the end of the quarter was $33,440 with total assets of $3,844,156 over total liabilities of $8,990,180. The total outstanding common share count of the company is 758,849,876 as of September 30th, 2022. Cost of goods sold remains in line with expectations, hovering around 25%. As previously reported, we have been processing government subsidy loans incurred during the pandemic. We expect another $375,000 to be forgiven during Q2FY23. Notable Highlights For Snakes & Lattes Locations (Q1 FY23): ‘College’ revenue up 115.52% this quarter from last year‘Midtown’ revenue up 217.34% from last Q1 last year‘Annex’ revenue up 147.91% from Q1 last year‘Tempe’ is EBITDA positive for the 4th quarter in a row with $700k revenue in Q1‘Tempe’ is on target for $3 million this FY with a net operating income over 5% even with the slower Summer period‘Chicago’ Q1 saw a 36.84% increase over the previous quarter, this is a strong revenue improvement, trending to be EBITDA positive by Q3‘Tucson’ saw revenues increase by 11.98% for the quarter and a particularly strong September with the return of students Overall metrics have been improving as operational excellence initiatives and efficiencies are being actualized through a continuous flow of small improvements over time. While any singular change may not instantaneously move the needle, over time and in aggregate they collectively make a very significant impact. As we see more locations become EBITDA positive, we see the collective impact of our efforts. Types of improvements we have implemented covering various aspects and areas of running the Snakes & Lattes locations: Sourcing additional vendors for product stability and availabilityLeveraging buying power by negotiating national contracts, discounts or fee reductionsUsing technology for a...