HENDERSON, Nev., March 11, 2011 /PRNewswire/ -- Healthy Fast Food, Inc. (OTCQB: HFFI), parent to U-SWIRL International, Inc., the owner and franchisor of U-SWIRL Frozen Yogurt® cafes, today announced its financial results for the year ended December 31, 2010.
Financial Highlights For Year Ended December 31, 2010 Compared to Year Ended December 31, 2009:
- Total revenues rose 94% to $2,610,208 from $1,341,394.
- As of December 31, 2010, there were a total of six Company-owned cafes in operation – one opened in the first quarter ended March 31, 2009; one opened in the second quarter ended June 30, 2009; three opened in the third quarter ended September 30, 2009; and one opened mid-way through the first quarter ended March 31, 2010.
- In addition, the Company had four franchised cafes in operation as of December 31, 2010 – one located in Henderson, Nevada which does not pay royalties; and two in Reno, Nevada, and one located in Meridian, Idaho, all three of which pay royalty fees equal to 3% of weekly sales.
- Cafe operating profits, excluding pre-opening expenses attributable to training, supplies and various grand-opening promotional activities, increased 129% to $689,904 from $301,218
- As a result of the increased revenues and decreases in non-cafe operating expenses our operating loss decreased by $408,856 (36%)
- In October 2010, the Company signed an area development agreement with Regents Management, LLC, providing for the expansion of the U-SWIRL self-serve concept into Salt Lake City, Utah which was subsequently amended to the Tucson, Arizona area. The first cafe is expected to open in or around July 2011
- In December 2010, David Taggart signed an area development agreement with plans to open a minimum of four U-SWIRL self-serve frozen yogurt cafes in Orlando, Florida. The first cafe is expected to open in or around July 2011
- Subsequent to the year ended December 31, 2010, the company signed an area development agreement with Western Gate Marketing LLC for a minimum of five stores in Northern California; The first cafe is expected to open in or around July 2011
- Subsequent to year ended December 31, 2010, the company announced that Arizona Swirl opened two cafes in the Phoenix metro market and plans to have an additional store open in or around July 2011. There are a total of seven cafes under construction nationwide that are expected to open in or around July 2011.
Please see Financial Results for Healthy Fast Food, Inc.
Information about Healthy Fast Food, Inc. and U-Swirl International, Inc. is available on the company's website at http://www.u-swirl.com/.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding the timing and financial impact of Healthy Fast Food, 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 Healthy Fast Food's periodic filings with the Securities and Exchange Commission, including without limitation, the Company's Annual Report for the year ended December 31, 2010. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. Healthy Fast Food undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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SOURCE Healthy Fast Food, Inc.