Spot Coffee Second Quarter 2013 Financial Results & Operations
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/29/13 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") released its financial results for the Company's three and six months ended June 30, 2013. Complete interim financial statements and Management's Discussion and Analysis have been filed for public review at and are available on the Company's website at . All dollar values expressed in Canadian dollars unless otherwise stated.
Second Quarter 2013 Financial Highlights
In May of 2013, the Company discontinued operations at the SPoT Park Place cafe. Upon extensive review of the cafe's performance by SPoT's management, it was determined that slower than anticipated condominium development in the surrounding community and the corresponding lack of a critical mass of residents necessitated the closure of that location. As a result of the termination of leased space for Spot Park Place cafe, the company took a non-cash charge of $530,809 for the write-off of the carrying value of leasehold improvements for the three months ended June 30, 2013. The net loss of $501,951 is included in the consolidated statements of operations and comprehensive loss for the three months ended June 30, 2013.
SPoT Will Benefit From the Following Key Factors For the Remainder Of 2013
"We are extremely pleased with the position of Company at this time. We have successfully begun our first sales and distribution agreement and have closed a highly unprofitable cafe location," said Mr. Anton Ayoub, President of SPoT Coffee, commenting on the Company's operations. "The systems and cost saving measures implemented over the last several quarters can now be seen positively impacting gross margins and lowering fixed cost at the head office level. I believe that these savings will continue in perpetuity, allowing the Company to realize profitability at the corporate level."
About SPoT Coffee
SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds and operates community oriented cafes that provide its customers with the highest quality service, signature made-to-order meals and the world's finest in-house roasted gourmet coffee. Each SPoT cafe is distinctively designed to suit their local neighbourhoods, creating warm and friendly gathering places for the community. SPoT's commercial business focuses on retail stores, business accounts and third party resellers such as universities and hospitals.
Forward-Looking Statements
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Contacts:
SPoT Coffee
David Freeman
Corporate Development & Shareholder Communications
(416) 368-2220
SPoT Coffee
Anton Ayoub
CEO
(416) 368-2220
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Datum: 29.08.2013 - 17:14 Uhr
Sprache: Deutsch
News-ID 292251
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Beverages
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