U-Swirl, Inc. Announces Year-End 2011 Results
Over 350% growth in franchise revenue; 130% increase in store growth for the year
HENDERSON, Nev., March 29, 2012 // PRNewswire // -- U-Swirl, Inc. (OTCQB: SWRL), parent to U-SWIRL International, Inc., the owner and franchisor of U-SWIRL Frozen Yogurt® cafes, announces its financial results for the year ended December 31, 2011.
Financial Highlights For Year Ended December 31, 2011 Compared to Year Ended December 31, 2010:
- Total revenues rose to $2,637,127 from $2,610,208.
- Over 350% growth in franchise revenue which rose to $295,100 from $64,170.
- Net change in cash used for operations decreased $99,563 or 38% from previous year!
- Decrease in operating loss of $64,274 or 9% from previous year.
- As of December 31, 2011, there were a total of twenty three (23) U-Swirl cafes in operation, an increase of 13 cafes or 130% for the year.
- The Company had 17 franchised cafes in operation as of December 31, 2011 – one located in Henderson, Nevada; three in Reno, Nevada; three in Boise, Idaho metropolitan statistical area (MSA); one in Chico, California; three in Phoenix, Arizona MSA; one in Tucson, Arizona; one in Waco, Texas; one in Orlando, Florida; and three in Salt Lake City, Utah MSA. All pay royalty fees equal to 3% of weekly sales, except for the cafe in Henderson.
- In December 2011, the Company signed an area development agreement for a minimum of ten U-SWIRL self-serve frozen yogurt cafes in Houston, Texas. The first cafe is expected to open in or around July 2012.
- Subsequent to December 31, 2011, the Company announced that AJ Frozen Treats opened a cafe in Missoula, Montana and plans to have an additional cafe open in Bozeman, Montana in or around May 2012.
- Subsequent to December 31, 2011, the Company announced that Family Yogurt, LLC opened two cafes in the Albuquerque, New Mexico metro market and plans to have an additional cafe open in or around April 2012.
There are a total of six cafes under construction nationwide that are expected to open in or around June 2012.
Information about U-Swirl, Inc.and U-Swirl International, Inc. is available on the company's website at http://www.u-swirl.com/.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of U-Swirl, Inc.'s ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in U-Swirl's periodic filings with the Securities and Exchange Commission, including without limitation, the Company's Annual Report for the year ended December 31, 2011. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. U-Swirl, Inc. undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE U-Swirl, Inc.
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