SEATTLE — Bill the Butcher (OTCBB:BILB), the return of the neighborhood butcher shop, announced second quarter results.
Sales for the quarter ended February 28,2011 were $559,000, an increase of 266% versus same period last year. Cost of goods sold was $347,000 resulting in a gross profit of $212,000 or approximately 38% of sales. General and administrative expenses were $551,000 or 98% of sales. Sales for the quarter declined 5.9% compared to the prior quarter, as a result of public reporting costs and expenses associated with the company's financing activities, which diverted investment in meat inventories and, consequently, caused less product to be available for sale in the stores.
As a result of the above, our net loss and basic and diluted loss per common share for the quarter was $699,000 and $(0.03), respectively.
Highlights
- Six stores currently in operation in Greater Seattle area
- Signed lease and began construction for store seven
- Sites selected and leases negotiated for stores 8, 9 and 10
- Bill the Butcher has moved into a new commissary which will enable:
- hub and spoke model distribution
- improve whole animal purchasing, and
- begin internet commerce process.
Management believes the commissary will result in an additional cost savings and potential gross margin improvements of 8% to 12%
- 95,000 Individual store transactions to date
- Social marketing with over 3,000 Facebook and Twitter Fans/Followers
- Hired Aegis Capital, Investment Banking, New York City as financial advisor
- Hired Acorn Management, IR, Atlanta Georgia
"We are pleased with our performance in what is only our 6th quarter of operations. In this short amount of time, we have achieved a tremendous amount in refining a retail concept that we already know to be powerful. Bill the Butcher will be to meat, what Starbucks is to coffee," stated Bill the Butcher CEO J'Amy Owens.
About Bill the Butcher, Inc.
Seattle-based Bill the Butcher, Inc. sells organic, grass fed and natural meats through corporate-owned neighborhood butcher shops. The Company works directly with local ranchers and farmers, who follow sustainable and organic practices, to deliver the highest quality meat that is healthiest for consumers while being good for the environment. Founded in 2009, Bill the Butcher is publicly traded under the symbol (OTCBB:BILB). Learn more at http://www.billthebutcher.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, statements related to our expansion plans and the development, build-out, and operation of our new commissary. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including our ability to raise additional capital to fund our business and continue as a going concern; our ability to successfully implement our growth plan; our dependence on the financial performance of stores located in one geographic area; our ability to identify favorable sites for future stores and to obtain leases for new stores on acceptable terms; our ability to improve store sales and margins; and uncertainties related to expansion into new geographic markets. These and other factors that could cause future results to materially differ from our recent results or those projected in our forward-looking statements are described under the caption "Risk Factors" and elsewhere in our Quarterly Report on Form 10-Q for the quarterly period ended February 28, 2011 and in our other periodic reports filed with the Securities and Exchange Commission. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. We undertake no duty to publicly announce or report revisions to these statements as new information becomes available that may change our expectations.
Source: Bill the Butcher, Inc.
