RMCF@elevate-ir.com
Rocky Mountain Chocolate Factory, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
November 30, 2024
(unaudited) February 29, 2024
------------------- -------------------
Assets
Current Assets
Cash and cash equivalents $ 1,089 $ 2,082
Accounts receivable, less
allowance for credit losses
of $383 and $332,
respectively 4,100 2,184
Notes receivable, current
portion, less current
portion of the allowance
for credit losses of $2 and
$30, respectively 40 489
Refundable income taxes 63 46
Inventories 5,722 4,358
Other 256 443
Total current assets 11,270 9,602
Property and Equipment, Net 8,071 7,758
Other Assets
Notes receivable, less
current portion and
allowance for credit losses
of $28 and $0,
respectively 51 695
Goodwill 576 576
Intangible assets, net 215 238
Lease right of use asset 1,352 1,694
Other 99 14
Total other assets 2,293 3,217
--- -------------- --- --------------
Total Assets $ 21,634 $ 20,577
=== ============== === ==============
Liabilities and Stockholders'
Equity
Current Liabilities
Accounts payable $ 2,083 $ 3,411
Line of credit - 1,250
Accrued salaries and wages 811 1,833
Gift card liabilities 628 624
Other accrued expenses 183 301
Contract liabilities 140 150
Lease liability 494 503
Total current liabilities 4,339 8,072
Note payable 6,000 -
Lease Liability, Less Current
Portion 861 1,191
Contract Liabilities, Less
Current Portion 600 678
--- -------------- --- --------------
Total Liabilities 11,800 9,941
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $.001 par
value per share; 250,000
authorized; 0 shares issued
and outstanding - -
Common stock, $.001 par
value, 46,000,000 shares
authorized, 7,667,264
shares and 6,306,027 shares
issued and outstanding,
respectively 8 6
Additional paid-in capital 12,319 9,896
Retained earnings
(accumulated deficit) (2,493) 734
--- -------------- --- --------------
Total stockholders' equity 9,834 10,636
--- -------------- --- --------------
Total Liabilities and
Stockholders' Equity $ 21,634 $ 20,577
=== ============== === ==============
Rocky Mountain Chocolate Factory, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
November 30, November 30,
----------------------- -----------------------
2024 2023 2024 2023
---------- ---------- ---------- ----------
Revenues
Sales $ 6,719 $ 6,421 $ 16,916 $ 16,453
Franchise and royalty fees 1,174 1,276 3,764 4,238
--------- --------- --------- ---------
Total Revenue 7,893 7,697 20,680 20,691
Costs and Expenses
Cost of sales 6,044 5,769 15,980 15,159
Franchise costs 616 577 2,109 1,870
Sales and marketing 272 572 840 1,487
General and administrative 1,427 1,333 4,288 4,952
Retail operating 171 186 564 451
Depreciation and amortization,
exclusive of depreciation and
amortization expense of $211,
$188, $598 and $541,
respectively, included in
cost of sales 63 36 143 99
Total costs and expenses 8,593 8,473 23,924 24,018
--------- --------- --------- ---------
Loss from Operations (700) (776) (3,244) (3,327)
Other Income (Expense)
Interest expense (160) (11) (258) (24)
Interest income 7 30 21 68
Gain on disposal of assets 6 - 254 -
--------- --------- --------- ---------
Other income (expense), net (147) 19 17 44
Loss Before Income Taxes (847) (757) (3,227) (3,283)
Income Tax Provision (Benefit) - - - -
--------- ---------- --------- ----------
Loss from Continuing Operations (847) (757) (3,227) (3,283)
--------- --------- --------- ---------
Discontinued Operations
Earnings from discontinued
operations, net of tax - - - 69
Gain on disposal of
discontinued operations, net
of tax - - - 635
---------- ---------- ---------- ---------
Earnings from discontinued
operations, net of tax - - - 704
Net Loss $ (847) $ (757) $ (3,227) $ (2,579)
========= ========= ========= =========
Basic Loss per Common Share
Loss from continuing
operations $ (0.11) $ (0.12) $ (0.47) $ (0.51)
Earnings from discontinued
operations - - - 0.11
--------- ---------- --------- ---------
Net loss $ (0.11) $ (0.12) $ (0.47) $ (0.40)
========= ========= ========= =========
Diluted Loss per Common Share
Loss from continuing
operations $ (0.11) $ (0.12) $ (0.47) $ (0.51)
Earnings from discontinued
operations - - - 0.11
--------- ---------- --------- ---------
Net loss $ (0.11) $ (0.12) $ (0.47) $ (0.40)
========= ========= ========= =========
Weighted Average Common Shares
Outstanding - Basic 7,643,690 6,302,159 6,883,263 6,290,575
Dilutive Effect of Employee Stock
Awards - - - -
Weighted Average Common Shares
Outstanding - Diluted 7,643,690 6,302,159 6,883,263 6,290,575
Rocky Mountain Chocolate Factory, Inc. and Subsidiaries
GAAP Reconciliation of Adjusted EBITDA
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended November 30,
2024 2023
GAAP Income (Loss) from
Operations $ (700) $ (775)
Depreciation and Amortization 274 223
Stock-based Compensation 237 166
Costs Associated with
Non-recurring Expenses 230 91
--- ----------- --- ----------
Adjusted EBITDA $ 41 $ (295)
=== =========== === ==========
(END) Dow Jones Newswires
January 14, 2025 16:05 ET (21:05 GMT)
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