SNAKES & LATTES INC. (OTC: FUNN) is pleased to report a 48.54% increase in YOY Revenue for FY2023, totaling $9,008,824, up from $6,064,896 for FY2022. Gross Profits are also up 59.47% YOY from $4,223,022 to $6,734,436.
The Company saw a growing positive trend with regards to the cost of goods sold (COGS) which are down about 5% to approximately 25% now. This is yet another step in the right direction and will also help towards any and all future acquisitions and expansions that are being worked on.
Net Income improved by 48.30% with -$1,080,709 FY2023 compared to -$2,089,972 FY2022.
The total outstanding common share count of the company was 792,756,731 as of June 30th, 2023. This is a running total, not just of Snakes & Lattes Inc, but of the entirety of the public entity (OTC: FUNN) since inception in 1986.
“Fiscal year 2023 was a pretty good year for the Company. From adding a prime new location in Virginia Beach at an extremely low interest rate with no convertible notes or stock attached to the deal (the 8th location now), winning the TAGIE award, (beating out the likes of companies such as Disney (Star Wars), Barnes and Noble, F.A.O. Schwarz, Hasbro Pulse, etc., reducing debt, increasing revenues, alongside many other positive things, the Company is certainly doing everything it can to fire on all cylinders to the best of its abilities. We have now had 8 quarters in a row of increasing growth, and we expect to continue to trend in this direction as we continue to work on executing on all of our initiatives that are currently ongoing. The day in and day out commitment that the company’s almost 300 staff members now give to Snakes & Lattes is amazing! We cannot thank them enough and all that great work and effort is verified by the continuous improvement we keep seeing in all our KPI's. We also cannot thank our shareholders and supporters enough, even though sure, it has not been reflected in our share price necessarily just yet. That will come. We have a lot of opportunities we are exploring, and I’m excited about what we have accomplished, but also, and more importantly, where we can be and where we will be going in the future!” said Snakes & Lattes Inc. Founder, Ben Castanie.
The past fiscal year continues the strong positive shift the Company felt in Fiscal Year 2022. It was not easy, but we are here and alive and strong. As a hospitality business, the Company certainly has had some of the same challenges in staffing and training as well as getting back from the whole COVID ordeal we all had to unfortunately endure. However, the metrics continue to improve, and the Company continues to expand! This is now being reflected and can be seen in the revenue growth. The Company also took the opportunity to add a few locations throughout that period when the proper opportunities presented themselves.
While the Company still had some temporary location closures and / or operational restrictions in some locations during this fiscal year, it was dealt with. As the Company numbers indicate, overall, the year had good performance closing in on almost 50% revenue growth, 60% gross profit growth and positioned for what will hopefully be a great upcoming holiday season for FY2024. The Company had significant corporate bookings in FY2023 and the way things are looking so far, hoping the same, if not far better for FY2024.
The Snakes & Lattes ‘College’ & ‘Tempe’ locations were the largest revenue generators and are trending well. The ‘Tempe’ location remains the flagship in the USA and a great model for operations.
The last acquisition of what is now the Snakes & Lattes ‘Virginia Beach’ location was a great addition to the Company line up. The Company will continue to establish new locations in the US as qualified positions come up and the right opportunities present themselves. The Company has access to some very friendly funding for 2 more locations currently at its disposal and are actively seeking the right venue to start negotiations. Adding to our US locations provides the data needed for a higher level of financial growth; be it scale, bank and institutional level investment, profitability, auditing and eventual uplist.
The company continues to work on promising initiatives. We will report and give updates on initiative implementation as solid news becomes available. Until then, the sole focus is on optimizing current locations and US location expansion.
A forever thank you to all our supporters and great shareholders! We hope the addition of the Snakes & Lattes Community forum provides a great place to connect with other shareholders in the company, and provides an additional continuous flow of information. As always, we continue to serve in honor of all our loyal and new patrons to create the best possible experience. The company believes that our future is very bright as we continue to focus on KPI improvements and adding on new locations among other things, thus continuing the building of our brand.
Creating memorable quality human interactive experiences keeps us going, and at all times we keep the mission of ‘Snakes and Lattes locations coast to coast’ at the forefront of our strategy.
See you at Snakes & Lattes!
About Snakes & Lattes Inc.
Snakes & Lattes Inc. currently operates 8 tabletop gaming bars and cafes: 3 located in Toronto, Ontario, Canada, 1 in Tempe, Arizona, 1 in Tucson, Arizona, 1 in Provo, Utah, 1 in Chicago, Illinois and 1 in Virginia Beach, Virginia. The company is in the process of expanding throughout North America. Snakes & Lattes Inc. was the first board game bar and cafe in North America, and is believed to be the largest in the world. Our board game cafes have the largest circulating public library of board games in North America for customers to choose from.
For more information on Snakes & Lattes Inc., please visit the website at: www.snakesandlattes.com.
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Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), as well as others, and it is intended that all forward-looking statements that are made will be subject to the safe harbor protections created thereby. Forward-looking statements can be identified by forward-looking terminology such as aim, anticipate, believe, continue, could, estimate, expect, confident, intend, may, might, plan, potential, predict, projection, seek, should, will or would, or the negative thereof or other variations thereon or comparable terminology. In particular, statements that address guidance, outlook, targets, market trends or projections about the future, and statements regarding the Company’s expectations, beliefs, plans, strategies, objectives, prospects or assumptions, or future events or performance, contained in this release are forward-looking statements. The actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets, operating companies, etc. could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company has based these forward-looking statements on current expectations, assumptions, estimates and projections. Such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond FUNN’s control. These and other important factors, including those discussed more fully elsewhere in this release and in the Company’s filings may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect FUNN’S share price. The forward-looking statements contained in this release are not guarantees of future performance and actual results of operations, financial condition, and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this release. Any forward-looking statement made in this release speaks only as of the date of such statement. Except as required by law, FUNN does not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
Contact:
Roger Mortimer
COB & Investor Relations Representative
Snakes & Lattes Inc.
Telephone: (646) 992 3348