SOURCE: Bill the Butcher

January 13, 2011 09:56 ET

Bill the Butcher Announces First Quarter 2011 Revenues of $593,000

Revenues Since Inception Reach Approximately $2,000,000; Significant Margin Improvements With Gross Profits Growing to 36%

SEATTLE, WA--(Marketwire - January 13, 2011) - Bill the Butcher, Inc. (OTCBB: BILB), a leading retailer of organic and natural, grass-fed meats, today reported its financial results for the three months ended November 30, 2010, the company's first quarter of fiscal 2011. Significant achievements during the quarter include: 1) improving gross margins to 36% from 15% over the prior quarter; 2) reaching approximately $2,000,000 in revenues since inception; 3) commencing construction on the company's 7th store in Edmonds, Washington; and 4) identifying potential key locations for the company's regional commissary.

Sales for the three months ended November 30, 2010 were $593,000 compared to $653,000 for the prior quarter ended August 31, 2010. The decline in revenues of $60,000, or 9% compared to the prior quarter, was a result of lower meat inventories and, consequently, less product available for sale, in the stores. First quarter 2011 revenues mark the second highest quarterly revenues for the company in its five quarters of operational history.

Bill the Butcher reported significant improvements in gross margins, which grew to 36% in the quarter ended November 30, 2010, as compared to 15% in the prior quarter ended August 31, 2010.

Loss from operations and net loss for the three months ended November 30, 2010 were $673,000 and $677,000, respectively. Basic and diluted net loss per common share was $(0.03). This compares to a loss from operations and net loss for the prior quarter ended August 31, 2010 of $652,000 and $656,000 and a basic and diluted net loss per common share of $(0.03). Net loss increased by 3% in the quarter ended November 30, 2010 compared to the prior quarter ended August 31, 2010.

"We are pleased with our performance in what is only our 5th quarter of operations. In this short amount of time we have achieved a tremendous amount in rolling out a retail concept that we believe is so powerful, Bill the Butcher will be to organic meat what Starbucks is to coffee," stated Bill the Butcher CEO, J'Amy Owens.

"Our numbers are already proving the efficacy of our brand and our business model. We've just had a strong quarter, the second strongest on record, coupled with margin improvements with a gross profit of 36%. In the second quarter of fiscal 2011 we're looking to drive further sales and margin efficiencies through launching our new store in Edmonds, identifying additional store locations, as well as signing a lease for our regional meat commissary," Owens concluded.

For a full view of the company's 10Q please visit: http://www.sec.gov/Archives/edgar/data/1375554/000117184311000098/f10q_011211.htm

About Bill the Butcher, Inc.
Seattle-based Bill the Butcher, Inc. sells organic, grass fed and natural meats through corporate-owned neighborhood butcher shops. The Company works directly with local ranchers and farmers, who follow sustainable and organic practices, to deliver the highest quality meat that is healthiest for consumers while being good for the environment. Founded in 2009, Bill the Butcher is publicly traded under the symbol (OTCBB: BILB). Learn more at http://www.billthebutcher.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, statements related to our expansion plans and anticipated revenue growth and future profitability. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including our ability to raise additional capital to fund our business and continue as a going concern; our ability to successfully implement our growth plan; our dependence on the financial performance of stores located in one geographic area; our ability to identify favorable sites for future stores and to obtain leases for new stores and our new commissary on acceptable terms; our ability to improve store sales and margins; and uncertainties related to expansion into new geographic markets. These and other factors that could cause future results to materially differ from our recent results or those projected in our forward-looking statements are described under the caption "Risk Factors" and elsewhere in our Annual Report on Form 10-K/A and in our other periodic reports filed with the Securities and Exchange Commission. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. We undertake no duty to publicly announce or report revisions to these statements as new information becomes available that may change our expectations.

Contact Information

  • Contact:
    Bill the Butcher, Inc.
    Media Contact:
    Alan Brown
    1-480-231-9929

    Investor Contact:
    Laurel Moody
    1-646-810-0608