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U-Swirl, Inc. Reports 246 Percent Increase in Net Income for First Nine Months of FY2015
U-Swirl, Inc. Reports 246 Percent Increase in Net Income for First Nine Months of FY2015.
About this update from U-swirl Inc
[{"type":"text","content":"\n \n \n U-Swirl, Inc. Reports 246 Percent Increase in Net Income for First Nine Months of FY2015\n \n \nU-Swirl, Inc. Reports 246 Percent Increase in Net Income for First Nine Months of FY2015\n \n DURANGO, CO--(Marketwired - Jan 13, 2015) - U-Swirl, Inc. (OTCQB: SWRL) (\"U-Swirl\" or \"the Company\"), parent to U-SWIRL International, Inc., through which it owns and franchises self-serve frozen yogurt cafés, today reported its operating results for the third quarter and first nine months of FY2015.\n THIRD QUARTER HIGHLIGHTS\n \n \n Revenue for the quarter ended November 30, 2014 (third quarter of FY2015) increased 37 percent to approximately $1.4 million, compared with approximately $1.0 million in the third quarter of the previous fiscal year, primarily due to the January and February 2014 acquisitions of three self-serve frozen yogurt franchising companies that more than tripled the number of cafés operated by the Company and its franchisees. \n \n \nFranchise royalties and fees rose 147 percent to $732,849 in the third quarter of FY2015, compared with $297,121 in the third quarter of FY2014.\n \n \nThe Company recorded a net loss of ($12,646), or $0.00 per share, for the quarter ended November 30, 2014, which represented an improvement of 94 percent when compared with a net loss of ($197,616), or ($0.01) per share, in the third quarter of the previous fiscal year. \n \n \nAdjusted EBITDA, a non-GAAP measure defined later in this release, improved to $99,000 in the third quarter of FY2015, compared with negative adjusted EBITDA of ($131,000) in the third quarter of FY2014.\n \n \nU-Swirl franchisees opened three self-serve frozen yogurt cafés in the quarter ended November 30, 2014 and converted two additional locations to be co-branded with Rocky Mountain Chocolate Factory.\n \n \nCash and cash equivalents on the Company's balance sheet increased 292 percent to approximately $2.7 million as of November 30, 2014, compared with $701,748 at the end of its most recent fiscal year (February 28, 2014).\n \n \nDuring the third quarter, the Company completed the signing of a master licensing agreement for its CherryBerry frozen yogurt brand in the Canadian Province of British Columbia.\n \n \n \n \n MANAG...