SEATTLE, July 22, 2010 (GLOBE NEWSWIRE) -- Bill the Butcher, Inc. (OTCBB:BILB), a retailer of USDA/WSDA organic and natural, grass-fed meats, today reported revenues of $469,371 and a net loss of ($386,005), or $(0.02) per share, for the third quarter ended May 31, 2010.
For the nine months, the Seattle-based company had revenue of $476,258 and a net loss of ($665,281), or $(0.03) per share, on 22,537,169 weighted average shares outstanding. There are no comparable figures for the prior year because Bill the Butcher, Inc. only opened its first neighborhood butcher shop in August, 2009 in the Woodinville suburb of Seattle.
Nationally known retail expert J'Amy Owens, chief executive officer, and her co-founder, executive chef William Von Schneidau, are building small neighborhood butcher shops that sell USDA/WSDA organic and natural grass-fed beef, pork, poultry and lamb purchased from local and regional ranchers and farmers who follow sustainable farming practices.
"With organic and grass-fed meat representing the fastest growing segment of the organic food business, our plan is to continue our steady growth while at the same time continuing to forge new alliances to support the growth of local ranchers and farmers," Owens said. "Our goal is to bring customers high quality meat that is healthy and good for the environment."
The company was funded through a private placement and in March, 2010 was merged into a publicly owned shell with no revenues. In April, 2010 the newly named Bill the Butcher, Inc. split its common shares 3.8 to 1.
During the past nine months, Bill the Butcher, Inc. made the successful transition from a company with no revenues to a five 5-store chain of neighborhood butcher shops, all in the Seattle area. Butcher shops were opened in Laurelhurst in February, Redmond in March, Madison Park in April and Magnolia in July.
"We now have a total of five shops open and sales per square foot exceed $500," Owens said. "We will be adding three additional shops this Fall, opening in Bellevue, Edmonds, and Ballard."
Other quarterly highlights include the purchase of a point-of-sale system that allows the company to track each piece of meat from the farm to the butcher shop case. Once fully deployed in all stores, Bill the Butcher, Inc. will have one of the most transparent tracking systems in the industry, one that allows customers to see exactly where their food is coming from.
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 BILB.OB. Learn more at http://www.billthebutcher.com.
Safe Harbor Statement
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements of the Company's plans, objectives, expectations, estimates and intentions, which are subject to change based on various important factors (some of which are beyond the Company's control). The following factors, in addition to others not listed, could cause the Company's actual results to differ materially from those expressed in forward looking statements: the strength of the domestic and local economies in which the Company conducts operations, the impact of current uncertainties in global economic conditions and the ongoing financial crisis affecting the domestic and foreign banking system and financial markets, including the impact on the Company's suppliers and customers, changes in client needs and consumer spending habits, the impact of competition and technological change on the Company, the Company's ability to manage its growth effectively, including its ability to successfully integrate any business which it might acquire, and currency fluctuations. All forward-looking statements in this report are based upon information available to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events, or otherwise, except as required by law.