Calgary, Alberta-based Humpty's Restaurants Int said that fiscal 2001, ended 31 December 2001, was a year of substantial turnaround.

"As fiscal 2000 represented the impact of failed BC locations (1998 and 1999 developments) fiscal 2001 clearly demonstrated that the action taken will bring the company back to sustainable profitability," the company said.

Revenue for FY 2001 was C$9.47m (US$6.14m), an increase of 5.3% over 2000, while total expenses decreased 12.2% (C$1.35m) from 2000. The loss posted by the company in 2001 was C$137,848 which was a huge improvement over 2000 in which the loss recorded was C$1.17m. Without the costs of restructuring, the company would have posted very healthy profits.

Moving forward, 2002 will be the 25th year of Humpty's System in Canada. The company said that its franchise development team will continue to grow the system geographically while assisting existing franchisees to improve sales.

Currently four new locations are scheduled to open in 2002 while six other locations are in the negotiating stage. The pursuit of an area development partner to promote the Humpty's Development into Ontario has already commenced.

"Although fiscal 2001 was another challenging year it was ultimately satisfying," stressed the company, "as we now are in a position to build shareholder value."