Minneapolis-based Founders Food & Firkins Ltd. has reported the results of operations for Q1 2002 ended 31 March, during which time total revenue grew 52% to US$3.11m compared to US$2.05m for Q1 2001.
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The increase in revenues was due principally to the addition of the company’s third restaurant, which opened in Fargo, North Dakota on 20 November 2001. The company reported a net loss of US$29,669, or US$0.01/share for Q1, compared to a net loss of US$48,649, or US$0.01/share for Q1 2001.
“We are pleased to report strong revenue growth during Q1 and an increase in operating income of 216%, ” said Steve Wagenheim, Founders Food & Firkins’ president and CEO: “We are beginning to experience the increased purchasing power that operating multiple units affords us, and are looking forward to greater economies of scale with the use of Fermentus Interruptus(TM) (a process of transporting unfermented wort from a central location to other locations where fermentation takes place and the brew process is completed).
“We believe that the expansion strategy we intend to pursue in the Midwest will enable us to use Fermentus Interruptus to its full potential, allowing us to produce and serve our handcrafted beers efficiently and at a lower cost.”
Wagenheim continued, “We believe Fermentus Interruptus gives us the ability to service up to 15 locations from one wort production site.”
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