2022-03-17 | NDAQ: GRILL | Press release | Muscle Maker Inc
Net losses decrease, overall revenues increase, operating expenses and general and administrative expenses improve
LEAGUE CITY, TX, March 17, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Muscle Maker, Inc. (Nasdaq: GRILL), the parent company of Muscle Maker Grill, Pokemoto Hawaiian Poke and SuperFit Foods restaurants, today announced that it will release its fiscal 2021 financial results on March 17.and for the year ended December 31, 2021.
Michael Roper, CEO of Muscle Maker, Inc., commented, “Recently released 2021 financial results show a 154% increase in restaurant sales growth and a 28% increase in the net number of restaurants in operation at system scale. Not only have we experienced an increase in our revenue, but we are also seeing our operating metrics improve year over year as new entities are integrated into Muscle Maker Inc.’s overall portfolio of companies. We are seeing improvements in our operating expenses across all major categories, as a percentage of restaurant sales:
- food and paper costs improved by 2.1%
- labor costs improved by 31.4%
- rent improved by 5.3%
- other operating expenses increased by 5.9%
Additionally, our overall G&A improved 5.6% year over year, even after integrating our acquisitions of Pokemoto and Superfit Foods in 2021.”
Roper continued, “We are very pleased to finally be able to fully execute our growth strategy while improving our liquidity position. Over the past year, we have had several growth-oriented announcements including: the acquisition of SuperFit Foods, the acquisition of Pokemoto, the launch of our Pokemoto franchise strategy which has already resulted in the signing of 31 agreements franchise and the signing of a development agreement for 40 Muscle Maker Grill units in Saudi Arabia. During this period, we also increased our liquidity position. As of December 31, 2021, we had a cash balance of $15,766,703. We believe that our existing cash and future cash flows from our operations and franchise growth strategy will be sufficient to fund our operations, planned capital expenditures and repayment obligations over the next twelve months. As a result, the recent audit allowed the removal of going concern for 2022.”
“Our strategy is focused on growing the Pokemoto brand through strategically placed franchises and company-owned and operated sites, seeding key markets for future franchise expansion. We currently have approximately 15 million dollars in working capital to deploy as part of this strategy and have begun to execute on this plan. We have already signed 31 franchise agreements and opened six new locations in the past few months with three additional locations under construction. We are sharpening our pencils to reduce costs in the Muscle Maker Grill restaurant division while exploring opportunities to co-brand these locations with the Pokemoto brand or convert them entirely to Pokemoto restaurants. SuperFit Foods remains an important part of our business portfolio, and we will focus on expanding our presence in the Jacksonville Florida market by increasing the total number of pickup points while looking for ways to expand the concept as a whole. We expect the full growth engine to come from the Pokemoto franchise and expansion.”
About MuscleMaker, Inc.
Muscle Maker, Inc. is the parent company of “healthier for you” brands providing high quality healthy food options to consumers in traditional and non-traditional settings such as military bases, universities, ghost kitchens, delivery and ready-to-eat meal preparation options direct to consumers. Brands include Muscle Maker Grill restaurants, Pokemoto Hawaiian Poke, SuperFit Foods meal prep and several ghost kitchen brands such as Meal Plan AF, Wrap it up Wraps, Bowls Deep, Burger Joe’s, MMG Smoothies, Mr. Tea’s House of Boba, Gourmet Sandwich Co and Salad Vibes. Our menus highlight healthier versions of traditional and non-traditional dishes and feature grass-fed steak, lean turkey, chicken breast, Ahi tuna, salmon, shrimp, tofu and herbal options. For more information about Muscle Maker, Inc., visit www.musclemakergrill.comfor more information about Pokemoto visit pokemoto.com or for more information about SuperFit Foods, visit www.superfitfoods.com.
About the Muscle Maker Grill
Muscle Maker Grill (www.musclemakergrill.com) offers high quality tasty dishes, freshly prepared with exclusive recipes. The menu, created with the customer’s health in mind, is lean and protein-based. It includes all-natural chicken, grass-fed steak, lean turkey, whole-wheat pasta, wraps, bowls and more. It also offers a wide selection of fruit smoothies in a variety of assorted flavors, protein shakes and supplements.
Pokemoto (pokemoto.com) a Hawaiian Poke Bowl concept known for its modern culinary twist on a traditional Hawaiian classic has nineteen locations open in six states – Connecticut, Rhode Island, Massachusetts, Florida, Maryland and Virginia with future franchise locations coming to New York, Massachusetts, Connecticut, Florida, and Mississippi. Pokemoto delivers contemporary flavors with fresh, delicious ingredients that appeal to foodies, health enthusiasts, and sushi lovers everywhere. Guests can choose from a list of signature bowls or be daring and create their own unique combination of a base, various proteins and toppings and nine different sauces. Vegetarian options are available and the bowl combinations are virtually limitless. Colorful dishes and chic, modern dining rooms provide an uplifting dining experience for guests of all ages. Customers can dine in-store or order online through third-party delivery apps for contactless delivery.
About SuperFit Foods
SuperFit Foods, LLC, (www.superfitfoods.com) is a subscription-based, freshly prepared meal prep company that prepares “healthier for you” ready-to-eat meals in a centrally located kitchen in Jacksonville, Florida. Customers choose from over 150 different meal plans geared towards specific dietary needs. Meals are delivered to company-owned coolers located in gyms and wellness centers for customers to pick up after training or during their daily routines. SuperFit Foods sold over 220,000 meals in 2020.
This press release may contain “forward-looking statements” pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. To the extent that information presented in this press release relates to financial projections, information or expectations regarding our business plans, results of operations, products or markets, or otherwise make statements about future events, such statements are forward-looking. These forward-looking statements can be identified by the use of words such as “should,” “may,” “intend,” “anticipate,” “believe,” “estimates,” “projects,” “forecasts,” “ expects,” “plans,” and “proposes.” Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. You are urged to carefully review and consider all cautionary and other information, including statements made under “Risk Factors” and elsewhere in our filings from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Muscle Maker, Inc. assumes no obligation to update forward-looking statements except as required by law.
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