Bill the Butcher Reports Third Quarter Results

Bill The Butcher Inc

BILB | 7/22/2011 10:46:57 AM

SEATTLE, Jul 22, 2011 (GlobeNewswire via COMTEX News Network) --

Bill the Butcher (OTCBB:BILB), the return of the neighborhood butcher shop, announced third quarter results.

Sales for the quarter ended May 31, 2011 were $496,000 and gross profit increased to $186,000 or approximately 38% of sales. General and administrative expenses decreased from $238,000 during the quarter ended May 31, 2011, or 48% of sales, compared to $255,000, or 50% of sales during the comparative prior year.

Total sales since inception exceeded $3 million. Two stores are currently grossing well above the expected annual store plan, or the sales goal of $500,000 (with the highest hitting $715,000), and the remaining four missing plan by an average of only $40,000. Sales in the summer and fall in the previous year were up 70% over the spring months and management is seeing the same positive trend this year. Management anticipates all stores exceeding plan in the future and continued margin improvements.

 

As a result of the above, our net loss and basic and diluted loss per common share for the quarter was $719,000 and $(0.03) per share, respectively.

Highlights

  --  Six stores currently in operation in greater Seattle area

  --  Signed leases and began construction for stores 7 and 8

  --  Sites selected and leases negotiated for stores 9 and 10

  --  Bill the Butcher has completed most improvements on a new commissary

      which will improve whole animal purchasing, and increase margins 8% to

      12%, and allow internet commerce

  --  108,097 Individual customer transactions to date

  --  3,500 Facebook and Twitter Fans/Followers

  --  Average sales ticket total of $29

"In only our seventh quarter of operations we are pleased in G&A expense and thrilled about our store performance. With over 100,000 customer transactions and thousands following us on social media it is the embrace of the customer to our mission and cause that is most gratifying to me," 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.

 

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SOURCE: Bill the Butcher, Inc.

CONTACT: Bill the Butcher, Inc. Media Contact: Alan Brown 1-480-231-9929 Investor Contact: Acorn Management Partners 1-678-368-4013

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