Business
Rocky Mountain Chocolate Factory Reports Fiscal Second Quarter 2023 Financial Results
Company to Hold Quarterly Conference Call Today at 5:00 p.m. ET Durango, Colorado--(Newsfile Corp. - October 12, 2022) - Rocky Mountain Chocolate Factory,
About this update from Rocky Mountain Chocolate Factory, Inc.
[{"type":"text","content":"Company to Hold Quarterly Conference Call Today at 5:00 p.m. ET\nDurango, Colorado--(Newsfile Corp. - October 12, 2022) - Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (the \"Company\" or \"RMCF\"), an international franchiser and manufacturer of gourmet chocolates and other confectionary products, today reported financial and operating results for the three months ended August 31, 2022.\nFiscal Q2 2023 Results vs. Year-Ago Quarter:\n\nTotal revenue was $7.5 million compared to $7.9 million.\n\nTotal gross profit was $1.5 million compared to $1.9 million, with gross margin of 27.2% compared to 31.5%.\n\nLoss from operations was $2.2 million compared to income from operations of $260,000.\n\nNet loss was $3.6 million or $(0.59) per share, compared to net income of $0.2 million or $0.03 per share.\n\nAdjusted EBITDA (a non-GAAP measure defined below) was $1.0 million compared to $1.6 million.\n\nRecent Operational Highlights\n\nThe Company's franchisees and licensees opened three domestic Rocky Mountain Chocolate Factory locations and one Rocky Mountain Chocolate Factory and Cold Stone Creamery® co-branded location during the three months ended August 31, 2022.\n\n\nAppointed several new executives to the team, including food and franchise industry veteran Allen Arroyo as the Company's Chief Financial Officer and branded food expert Andrew Ford as the new VP - Sales and Marketing.\n\nAnnounced plans to establish a new Franchisee Advisory Council to better support and learn from RMCF's 157 franchisees across the country.\n\n\"Over the past several months we have continued to lay the groundwork for our business transformation,\" said Rob Sarlls, CEO of Rocky Mountain Chocolate Factory. \"In addition to the important personnel additions made thus far we will soon add operating and supply chain resources that not only increase efficiencies, but also optimize our network to handle significantly more volume in the future.\"\n\"Last month we held our national franchisee convention. The energy and feedback from operators was very encouraging, especially given the macroeconomic challenges all face. It gave us an opportunity to learn first-hand what we can do to help them prosper. It was equally important for them to hear and understand that we remain committed to their success and growth. We are in the early stages of implementing ...