Q2 Report......Continued ProfitabilityThe details of the following NR is given on sedar....but, the gist is that it shows strong growth in its 2 profitable divisions, while its Gift division continues to struggle , while unprofitable stores are sold ( 17 so far ), and the business model refined in the ongoing attenpt to turn the Gift division back to profitability.
Nevertheless, Q2 showed a net profit of about $70,000..the same as for Q1 and now totals $139,000 for the year, or 2 cents a share.
If their current re-jiggling of the Gift division is successful, we should see a quarterly runrate of perhaps 1.5 cents/quarter in Q4........and with $1.1 million in cash, FBI is extremely undervalued below 20 cents....
Franchise Bancorp's sales buoyed by doggie treats
2005-04-14 15:11 ET - News Release
Mr. Ted Loyst reports
"PET FOOD FUELS GROWTH"
Franchise Bancorp Inc. has reported a sales gain of $1.55-million, up 4.2 per cent over the same six-month period last year. System-wide sales, from which royalty revenue is derived, increased to $38,374,000, from $36,819,000 for the first six months of last year.
The Global Ryan's pet food division sales were up 24.7 per cent on six-month sales of $12,982,000, versus $10.41-million for the same period last year, with nine new stores opening.
Major market changes and competition in the gift field resulted in a 14.4-per-cent drop in sales for the LIV Canada Gift Group. Lease expiration and store closures resulted in a net store reduction of 25 per cent (17 units). The gift division is in transition as it moves locations out of high-cost enclosed shopping centre locations to open-air centres with its "home store" concepts, and to smaller markets where rent-to-sales ratios are still reasonable. Sales dropped to $15,026,000, from $17,552,000, for this six-month period. New Home Store locations for both Rafters and Panhandler are scheduled to open before year-end to help offset sales declines.
Living Lighting's sales increased by 17 per cent to $10,366,000, from $8,857,000, for the first six months of the current fiscal year. Three new locations were opened.
New advertising programs have been launched for the company's three divisions. Both Living Lighting and LIV Canada Gift Group are focusing on more upscale home decor products and flyers, featuring a fashion flair and a new clean crisp look. The Global/Ryan's pet food division is building on its "holistic" pet food market, with new private brands being introduced this spring.