Rocky Mountain Chocolate Factory, Inc. (Nasdaq: RMCF; the “Company”) yesterday reported record earnings per share of $.28 for the quarter ended November 30, 2000 compared to $.17 per share for the quarter ended November 30, 1999, an increase of 64.7%. The Company also reported record earnings per share for the nine month period ended November 30, 2000 of $.62 compared to $.33 for the nine month period ended November 30, 1999, an increase of 87.9%. When adjusted for the costs associated with the unsolicited tender offer in fiscal 2000, earnings per share increased 21.7% in the third quarter and 40.9% in the first nine month period of fiscal 2001 versus the comparable periods of the prior fiscal year. Net income increased 27.2% to $554,000 in the third quarter of fiscal 2001 from $436,000 in the third quarter of fiscal 2000. Net income increased 46.7% to $1,278,000 in the first nine months of fiscal 2001 from $871,000 in the comparable period in fiscal 2000. When adjusted for the costs associated with the unsolicited tender offer in fiscal 2000, net income decreased 6.5% in the third quarter, and increased 12.7% in the first nine months of fiscal 2001 versus the comparable periods of the prior fiscal year. Total revenues decreased 10.2% in the third quarter and 8.3% in the first nine months of fiscal 2001 versus the comparable periods of the prior fiscal year.
The decrease in revenues resulted from decreased retail sales, principally attributable to a reduced number of Company-owned stores. The Company intends to continue franchising its Company-owned stores in order to focus on its franchise system.
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On January 5, 2001 the Board of Directors approved the repurchase of an additional 100,000 shares of the Company’s outstanding common stock at an aggregate price of up to $500,000.
This press release contains forward-looking information that involves risks and uncertainties, and the company undertakes no obligation to update any forward-looking information. Risks and uncertainties that could cause actual results to differ materially include, without limitation, seasonality, consumer interest in the company’s products, general economic conditions, consumer trends, costs and availability of raw materials, competition and the effect of government regulation.
Rocky Mountain Chocolate Factory, Inc. is an international franchiser of old-fashion chocolate and confection stores and a manufacturer of an extensive line of premium chocolates and other confectionery products.
For Further Information, Contact Bryan J. Merryman COO/CFO (970) 259-0554.
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