Spicy Pickle Franchising Inc. operator and franchisor of its Spicy Pickle and Bread Garden Urban Cafe brands, has reported its results for the second quarter and six months ended June 30, 2010.
Revenue for the second quarter totaled $1.21 million, almost even with the $1.22 million reported in the same quarter last year. For the fist six months of the year, revenues dropped slightly to $2.18 million versus $2.22 million for the same period last year.
The second quarter ended with six company owned stores operating versus seven at the end of the second quarter in 2009.
The company's net loss for the second quarter was cut to $230,220 versus a net loss of $317,694 in the same year ago quarter. For the six months, the net loss was $1.0 million compared with a net loss of $885,978 for the first six weeks of 2009.
At June 30, 2010, the company had total assets of $5.4 million with current assets of $1.0 million and current liabilities of $1.45 million.
"The second quarter was the first in which a new management structure and turnaround operating plan began to take shape. We cannot divorce ourselves from economic conditions, but at this time we are optimistic that the basic ingredients are here from which to build a successful restaurant franchise company,” said Spicy Pickle CEO Mark Laramie, who took over that position in April. “We have put a program in place to strengthen franchisee relations and operations and hired a new marketing director. We expect these and other moves we are making to have positive effects."
