Net Income and Operating Income
The third quarter finished with a net income of $193,000 and an operating income of $416,000. The 9-month operating income was a little over $1.4 million.
Same-Store Sales Increase
Craft Pizza & Pubs reported a same-store sales increase of about 1%.
Franchising Revenue Growth
Franchising revenue increased almost 10% for the third quarter and 17% for the 9 months. Royalty income part of revenue for the 9-month period saw an almost 23% increase.
New Locations and Expansion
The company opened 53 new locations so far this year and plans for about 20 more by year's end.
Cash Generation and Debt Reduction
The company made principal payments on current debt of $750,000, purchased equipment for $67,000, and reduced accounts payable and accrued expenses by $820,000, totaling over $1.64 million with only about a $320,000 reduction in cash balance.