He added, “In order to accomplish this, we have undertaken multiple initiatives. First, we have significantly reduced minimum guaranteed royalty payments to new celebrity chefs, and older, more costly guaranteed deals will begin to expire in 2023. Second, we have taken steps to simultaneously reduce our product costs and retail prices, which are expected to have a positive net effect on gross margin. In addition, our recently announced collaboration with public relations firm
Second Quarter 2022 Financial Highlights:
Income Statement:
- Revenue: Product sales for the first quarter ended
April 30, 2022 increased 127% to$743,263 , as compared to revenues of$328,024 for the same period in 2021. The increase in first quarter sales is attributed to the integration of the Model Meals brand, continued product sales of celebrity chefsCat Cora ,Daina Falk , as well as the first quarter launch ofClaudia Sandoval andRichard Blais . Three additional celebrity chefs and two add-on partnership offerings have been signed and currently are in que to onboard over the next couple of months.
- Operating Expenses: Excluding extraordinary non-cash charges totaling
$1.9 million , operating expenses for the fiscal second quarter 2022 were$967,006 compared to$779,584 for same period in 2021. The increase in operating expenses is due predominately to enhanced legal, accounting and other services associated with operating as a publicly traded company. - Net Loss: Fiscal year 2022 second quarter net loss totaled
($3.1) million or$(0.08) per basic and diluted share, which included approximately$2 million of non-cash expenses and$173,399 of interest expense. This compares to a net loss of$(1.0) million or$(0.05) per basic and diluted share for the fiscal year 2021 second quarter, which included interest expense of$452,571 .
About
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company's growth objectives and industry outlook (as described herein). Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others, statements about the Company's future financial performance, the impact of management changes, any organizational restructuring and the sufficiency of capital resources to fund its ongoing operating requirements; statements about the Company's expectations regarding the capitalization, resources and ownership structure; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including (i) risks related to the combined entity's access to existing capital and fundraising prospects to fund its ongoing operations, and (ii) other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the
Contact:
zalmi@homebistro.com
Ph: 631.694.1111
SOURCE: Home Bistro, Inc.
Source:
2022 GlobeNewswire, Inc., source