Business
Rocky Mountain Chocolate Factory, Inc. Reports Fourth Quarter and Fiscal Year 2022 Operating Results
DURANGO, CO / ACCESSWIRE / May 26, 2022 / Rocky Mountain Chocolate Factory, Inc. (Nasdaq Global Market:RMCF) (the "Company," "we" or "our") today reported its
About this update from Rocky Mountain Chocolate Factory, Inc.
[{"type":"text","content":"DURANGO, CO / ACCESSWIRE / May 26, 2022 / Rocky Mountain Chocolate Factory, Inc. (Nasdaq Global Market:RMCF) (the \"Company,\" \"we\" or \"our\") today reported its operating results for the fourth quarter and fiscal year ended February 28, 2022 (the \"fourth quarter of FY2022\" and \"FY2022,\" respectively). The Company franchises and operates gourmet chocolate and confection stores and self-serve frozen yogurt cafés, and manufactures an extensive line of premium chocolates and other confectionery products.FY2022 HIGHLIGHTSTotal revenue increased 37.7 percent to $32.3 million during FY2022 compared to $23.5 million during the fiscal year ended February 28, 2021 (\"FY2021\").Same-store pounds of product purchased from the Company's factory by franchisees and co-branded licensees increased 58.9 percent during FY2022 compared to FY2021.Net loss decreased to a net loss of $(342,000), or $(0.06) per basic and diluted share, during FY2022 compared to a net loss of $(900,000), or $(0.15) per basic and diluted share, during FY2021.Operating loss decreased to an operating loss of $(485,000) during FY2022, compared to an operating loss of $(3.5) million during FY2021.Factory sales increased 29.2 percent during FY2022 compared to FY2021, primarily due to a 70.0 percent increase in sales of product to our network of franchised and licensed retail stores partially offset by a $2.6 million decrease in sales of product to customers outside our network of franchised retail stores.Royalty and marketing fees increased 69.4 percent during FY2022 compared to FY2021.The Company's franchisees and licensees opened two domestic Rocky Mountain Chocolate Factory locations and two Cold Stone Creamery® co-branded locations during FY2022.Same store sales at domestic franchise locations increased 18.9 percent during FY2022 when compared to the fiscal year ended February 29, 2020 (\"FY2020\") (the most recent comparable period prior to the business disruptions of the COVID-19 pandemic).Our balance sheet remained strong with $7.6 million of cash, zero debt and total working capital of $9.7 million as of February 28, 2022.On May 6, 2022 the Company announced that it had named seasoned executive and food industry innovator, Rob Sarlls, as Chief Executive Officer. Mr. Sarlls succeeds Mr. Bryan Merryman who has served as interim President and Chief Executive Offi...