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Marketwire  07/15/2014 8:00 AM ET
Rocky Mountain Chocolate Factory, Inc. Reports First Quarter Operating Results

DURANGO, CO -- (Marketwired) -- 07/15/14 -- Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (the "Company") today reported its operating results for the first quarter of FY2015. The Company also announced that its Board of Directors has approved a new 3 million-share stock buyback program.

The Company franchises and operates gourmet chocolate and confection stores and manufactures an extensive line of premium chocolates and other confectionery products. Its controlled subsidiary, U-Swirl, Inc. (OTCQB: SWRL), franchises and operates self-serve frozen yogurt cafés. Rocky Mountain Chocolate Factory will host an investor conference call today at 4:15 p.m. Eastern Time to discuss its operating results and other topics of interest (see details below).

FIRST QUARTER HIGHLIGHTS

  • Net income attributable to RMCF shareholders totaled $711,334, or $0.12 per basic and $0.11 per diluted share, in the three months ended May 31, 2014, compared with net income attributable to RMCF shareholders of $1,179,307, or $0.19 per basic and diluted share, in the first quarter of the previous fiscal year.

  • The Company's adjusted diluted earnings per share, a non-GAAP measure defined later in this release, declined to $0.14 in the first quarter of FY2015, compared with $0.19 in the prior-year quarter.

  • Adjusted EBITDA, a non-GAAP measure defined later in this release, declined 3.7 percent to $2,142,000 in the quarter ended May 31, 2014, versus $2,225,000 in the quarter ended May 31, 2013.

  • The Company's majority-owned subsidiary, U-Swirl, Inc. ("U-Swirl"), reported a 124 percent improvement in net income, which totaled $376,563 in the most recent quarter, compared with net income of $168,079 in the first quarter of FY2014.

  • The Company's total revenue increased 1.4 percent to approximately $10.3 million in the quarter ended May 31, 2014, compared with approximately $10.2 million in the quarter ended May 31, 2013. System-wide, same-store sales at the Company's domestic Rocky Mountain Chocolate Factory store locations decreased 0.3 percent in the first quarter of FY2015, when compared with the prior-year period. Same-store pounds of product purchased from the Company's factory in Durango declined 4.9 percent from prior-year levels.

  • Factory sales decreased 6.6 percent in the three months ended May 31, 2014, relative to the prior-year quarter, while factory adjusted gross margins declined 160 basis points to 28.8 percent, from 30.4 percent a year earlier.

  • Retail sales rose 4.6 percent in the most recent quarter, when compared with the prior-year period, while retail gross margin improved to 67.1 percent of retail sales, versus 65.7 percent in the first quarter of FY2014.

  • Royalty and marketing fees increased 40.1 percent from the year-earlier quarter, primarily due to an increase of 72.1 percent in domestic franchise stores as a result of the acquisition of four self-serve frozen yogurt franchising companies by U-Swirl, Inc., the Company's controlled subsidiary, during FY2014.

  • Franchise fees declined to $57,000 in the first quarter of FY2015, from $276,000 in the first quarter of FY2014.

  • Operating income declined 26.0 percent to $1,346,760 in the most recent quarter, compared with operating income of $1,819,029 in the first quarter of the previous fiscal year.

  • The Company's franchisees and licensees opened 1 domestic Rocky Mountain Chocolate Factory store, 1 international licensed store, and 1 co-branded Cold Stone Creamery store during the first quarter of FY2015. The Company's subsidiary, U-Swirl, Inc. opened 13 domestic and 2 international franchised or licensed self-serve frozen yogurt cafés in the three mon

 

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