SNAKES & LATES INC. (OTC: FUN

TORONTO, ON, May 16, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – SNAKES & LATTES INC. (FUNN) is pleased to report a 103% increase in Q3FY22 revenue year-over-year to $1,497,209 from $736,115 for Q3FY21, with earnings rising from $492,239 to $1,120 $484.

We are discounting a significant increase in gross profit thanks to many operational efficiencies implemented over the past year. We are constantly looking for ways to increase this metric and are happy with the result so far.

Cash at the end of the quarter was $53,427 with total assets of $3,900,204 on total liabilities of $9,067,708. The Company’s total number of common shares outstanding is 757,486,406 as of March 31, 2022. We have partially completed debt cancellation of government grant loans during the pandemic. We expect several hundred thousand more to be forgiven at the end of the process. Until this is completed, the loans are listed as liabilities.

The cost of goods sold remains in line with expectations, hovering around 25%.

The variations in rent and payroll expenses are mainly attributable to the timing of government subsidies.

Although we were hampered in the first two months by significant closures/restrictions for some of our sites, we continue to maintain a healthy year-over-year comparative revenue increase for the quarter. (Q3FY21 vs. Q3FY22) March in particular was very healthy with new revenue records for most locations in the US and Canada.

The January to March quarter is seasonally our slowest quarter after the holidays and some level of gift returns. General patronage is also generally somewhat weaker. The pandemic has certainly negated some of the seasonality and we’ve seen a bit more variability than normal years. However, as previously stated, our customer base is very strong and we continue to see increasingly high attendance rates at all of our locations for the capacity they allow. As soon as we reopened any location, we saw an increase in attendance. For ‘Tempe’ in particular, there are more and more advance reservations as waiting times have become significant during our peak hours.

It was a great quarter for locations, adding two for a total of nine! Additions from Glendale, CA. and Provo, UT will begin recognizing revenue this current quarter (Q4) and we are very excited for the future of these openings! We expect to be in the double digits for locations before the end of the year!

We are pleased to announce that Susan Lawver, who was General Manager of the “Tempe” site, has been promoted to Director of US Operations. As “Tempe” has set the bar as a flagship site, we want to leverage Susan’s capabilities across all sites. It will cover all US sites, existing and new; maximizing operational efficiency in each for the best bottom line.

Our new Director of Marketing continues to increase placement location on social media; connecting with our customers is paramount to success as we continue to build the strength of our brand.

We continue to operate from our key performance metrics and build a better executive dashboard. There are particular metrics important to the health of our sites, both individually and globally. We previously gave a definite example in our last financial statement. We will be moving the Operational KPI Dashboard report to a newly planned full quarterly report. The first will be released before the end of FYE Q4, to better correlate our trends with the fiscal year. These metrics relate to operational health, separate from financial reporting. These are the levers that management focuses on to maximize operational success. As previously stated, the trend is definitely positive and moving in the right direction as we emerge from the pandemic and look forward to its continuation.

Looking ahead: As business picks up at all full-time locations, we are optimistic for this current quarter and beyond. The fourth quarter will be our best quarter of the fiscal year:

  • As of May 10, we had surpassed $1 million in revenue, with more than 45 days until the start of the quarter
  • Fourth quarter revenue expected to be north of US$2 million
  • Our new locations in Glendale, CA and Provo, UT will also be part of the revenue on future surveys

The company continues to work on promising initiatives, which in turn should continue to have a positive impact on aggregate annual growth. As all locations are open at full operating capacity, we expect continued and consistent year-over-year growth. We are in continuous improvement mode as we continue to expand our operations and increase revenue/improve efficiency in existing sites. Details will be released on new initiatives and/or new locations as stage information becomes available.

As always, a big thank you to all of our loyal supporters and customers, we continue to serve with honor to create the best possible experience for our customers. The future for Snakes and Lattes Inc. is very bright as we continue to add new locations, build lucrative strategic partnerships and grow our brand. Creating quality memorable human interactive experiences keeps us going, and at all times we keep the mission of Snakes and Lattes locations coast to coast at the forefront of our strategy.

See you at Snakes & Lattes!

About Snakes & Lattes Inc.

Snakes & Lattes Inc. currently operates 9 table game bars and cafes: 3 located in Toronto, Ontario, Canada, 1 in Guelph, Ontario, Canada, 1 in Tempe, Arizona, 1 in Tucson, Arizona, 1 in Provo, Utah , 1 in Chicago, Illinois and 1 in Glendale, California. The company is expanding across North America. Snakes & Lattes Inc. was the first board game bar and cafe in North America, and is believed to be the largest in the world. Our board game cafes have the largest public library of circulating board games in North America for customers to choose from.

For more information about Snakes & Lattes Inc., please visit the website at www.snakesandlattes.com.

For further updates from Snakes & Lattes inc. please follow us on Twitter @SnakesLattesInc

Safe Harbor Statement

This press release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time. another on the company’s OTC or Securities and Exchange market. Commission filings. These statements are forward-looking and subject to risks and uncertainties, so that actual results may vary materially. You can identify these forward-looking statements by words such as “may”, “should”, “shall”, “expect”, “anticipate”, “believe”, “estimate”, “confident”, “has intention to”, “plan” and other similar expressions. Our actual results, such as the company’s ability to fund, complete and consolidate the acquisition of intellectual property, assets and operating companies, could differ materially from those anticipated in these forward-looking statements due to certain independent factors. company’s wishes, such as due to various factors, including future economic, competitive, regulatory and market conditions. The company cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact:
Ben Castania
Snakes & Lattes Inc.
Telephone: (416) 500-2911
E-mail: [email protected]

Snakes-Lattes-Inc-.png

Comments are closed.