The Rocky Mountain Chocolate Factory has announced record revenues and earnings for the first quarter of the 2006 fiscal year.
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The company, which franchises confectioners and manufactures premium chocolates, reported that revenues for the quarter ending 30 November 2005 increased 12.7% to approximately US$8m, compared with $7.1m in the third quarter of the 2005 financial year. Net earnings increased 21.3% to $2,992,000 for the quarter. Basic earnings per share increased to $0.48, while diluted earnings per share increased to $0.45.
“Our financial condition remained strong throughout the most recent quarter. As of 30 November 2005, we had $2.5m of cash in the bank, our current ratio stood at a healthy 4.3 to 1.0, and the company had no short-term or long-term debt outstanding,” said Bryan Merryman, chief operating officer and chief financial officer.
In light of the company’s positive financial performance, the board of directors approved the repurchase of up to $2m of the company’s outstanding common stock. Over the past six years the company has repurchased approximately 2,878,000.
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