OTC Bulletin Board

S & P Company Insight for SPICY PICKLE FRANCHS
 
 Profile

 
Business Summary: Spicy Pickle Franchising, Inc. franchises and operates Spicy Pickle and Bread Garden Urban Cafe restaurants primarily in the United States and Canada.
 
Address
  90 Madison Street
  Suite 700
  Denver , CO 80206
  Phone: 303-297-1902
  Fax: 303-297-1903
  Website: http://www.spicypickle.com
Auditor
  GORDON, HUGHES & BANKS
  Greenwood Village , Colorado
Transfer Agent
  Computershare Trust Co., Inc.
Employees:  102
ShareHolders:  70
Founded:  2003
Domicile:  Colorado
 
  
 
 Background

 
Spicy Pickle Franchising, Inc. franchises and operates Spicy Pickle and Bread Garden Urban Cafe restaurants primarily in the United States and Canada. The Spicy Pickle restaurant is a fast casual restaurant, which specializes in sandwiches, pizzetti, and salads; and Bread Garden Urban Cafe restaurants that specializes in fast casual dining offering specialty coffee, breakfast pastry and sandwiches, salads, soups, lunch and dinner oven baked entrees, sandwiches, wraps, and dessert items. As of December 31, 2008, it operated 32 franchised restaurants and 7 company-owned restaurants. The company was formerly known as Spicy Pickle Franchising, LLC. and changed its name to Spicy Pickle Franchising, Inc. in September 2006. Spicy Pickle Franchising, Inc. was founded in 1999 and is headquartered in Denver, Colorado.
History:  FORMED in Colorado Jan. 14, 2003 as Spicy Pickle Franchising LLC, and on Sept. 1, 2006, converted from a Colorado Limited Liability company to a Colorado corporation, and changed its name to Spicy Pickle Franchising, Inc. Concurrent with the conversion, the company's 199,400 outstanding membership units were converted into 40,996,455 Common shares at a ratio of 205.55-to-1. The company's first restaurant was opened in 1999.
 
 
 
 
  
 
 Management

 

Management
OfficersPosition
 Marc N. GemanChairman & Chief Executive Officer
 Arnold  TinterChief Financial Officer, Investor Relations Contact & Chief Accounting Officer
 Anthony S. WalkerChief Operating Officer

Directors
 Raymond  BonAnno
 Marc N. Geman
 Presley Orelle Reed, Jr.
 Anthony S. Walker
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20082007
REVENUES
Restaurant and Bakery Sales3,110,35130,730
Franchise Fees and Royalties1,307,2951,243,263
Total Revenues4,417,6461,273,993
EXPENSES
Cost of Sales(1,090,129)(30,383)
Restaurant Labor(1,434,518)(33,137)
Restaurant Occupancy(436,889)(44,423)
Franchise and General: General and Administrative(6,291,136)(4,735,854)
Restaurant: Other Operating Cost(490,073)(38,675)
Franchise and General: Depreciation(256,147)(3,876)
Franchise and General: Depreciation(29,455)(22,744)
Interest Expense(42,504)(18,037)
Interest Income/expense72,47251,252
Loss on Sale of Assets(32,015)-
Earnings before Taxes(5,612,749)(3,601,884)
TAXES AND OTHER EXPENSES
Net Income (Loss)(5,612,749)(3,601,884)
CHARGES ON NET INCOME
Dividends on Preferred Stock(295,185)-
Net Income Available to Common Shareholders(5,907,934)(3,601,884)
SUPPLEMENTARY INFO
Operating Income (Loss)(5,610,701.00)(3,635,099.00)
Basic and diluted Eps-continuing Operations(0.12)(0.08)
 
Balance Sheet
  20082007
CURRENT ASSETS
Cash and Cash Equivalents287,4825,405,069
Accounts Receivable Trade251,17360,489
Current Portion of Notes Receivable35,00040,000
Inventories34,18011,383
Prepaid Expenses and Other Current Assets63,449184,498
Total Current Assets671,2845,701,439
NON CURRENT ASSETS
Property and Equipment, At Cost, Net1,897,639685,751
Notes Receivable-net of Current Portion-40,000
Goodwill and Other Intangible Assets2,914,461-
Deposits and Other Assets81,80612,869
Total Assets5,565,1906,440,059
CURRENT LIABILITIES
Accounts Payable440,190441,096
Accrued Expenses and Compensation247,34089,827
Deferred Franchise Revenue771,500770,000
Others-2,300
Accrued Dividend137,889-
Total Current Liabilities1,596,9191,303,223
NON CURRENT LIABILITIES
Long-term Debt500,000-
Notes Payable to Related Parties100,000-
Minority Interest51,955-
Preferred Stock Convertible4,418,9414,801,124
Deferred Rent Expense93,052-
SHAREHOLDERS' EQUITY
Common Stock-par Value53,53547,634
Additional Paid in Capital9,548,6785,546,692
Retained Earnings (Deficit)(11,658,300)(5,562,772)
Accumulated Comprehensive Income/(Loss)(13,415)-
Fair Value of Common Stock Warrants873,825873,825
Deferred Compensation-(569,667)
Total Shareholders Equity3,223,2645,136,836
Total Liabilities & Shareholders Equity5,565,1906,440,059
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2009   11,000,000
  2009   21,220,000
  2009   3950,000
  2008   1630,000
  2008   21,230,000
  2008   31,370,000
  2008   41,200,000
  2008   Full Year 4,420,000
  2007   1220,000
  2007   2320,000
  2007   3260,000
  2007   4470,000
  2007   Full Year 1,270,000
  2006   1190,000
  2006   2230,000
  2006   3270,000
  2006   490,000
  2006   Full Year 890,000
  2005   1210,000
  2005   2210,000
  2005   3230,000
  2005   4230,000
  2005   Full Year 870,000
  2004   Full Year 250,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2009   1(500,000)
  2009   2(250,000)
  2009   3(570,000)
  2008   1(1,500,000)
  2008   2(1,670,000)
  2008   3(1,360,000)
  2008   4(1,080,000)
  2008   Full Year (5,610,000)
  2007   2(470,000)
  2007   3(1,330,000)
  2007   4(1,260,000)
  2007   Full Year (3,600,000)
  2006   Full Year (1,380,000)
  2005   Full Year (430,000)
  2004   Full Year (290,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2009   1(.01)
  2009   2(.01)
  2009   3(.01)
  2008   1(.03)
  2008   2(.04)
  2008   3(.03)
  2008   4(.02)
  2008   Full Year (.12)
  2007   1(.01)
  2007   2(.01)
  2007   3(.03)
  2007   4(.03)
  2007   Full Year (.08)
  2006   1Nil
  2006   2(.01)
  2006   3(.01)
  2006   4(.01)
  2006   Full Year (.04)
  2005   1Nil
  2005   2Nil
  2005   3(.80)
  2005   4(.80)
  2005   Full Year (2.81)
  2004   Full Year (2.20)
 
  
 
 Stock Data

 
 
Capitalization as of 03/31/2009:
 
 Authorized SharesOutstanding Shares
Common $0.001 par200,000,00054,387,347
Preferred $0.001 par20,000,000None
 
LONG TERM DEBT: $470,000.
 
Common $0.001 par
 
COMMON OFFERED: March 26, 2007, the company offered 18,240,000 Common shares (including 8,240,000 for selling shareholders) at $0.40 per share in a self-underwritten offering. As of June 30, 2007, 4,352,780 Common shares had been sold by the Company, for net proceeds of $1,622,678.
 
Stockholders:  03/16/2009, 70.
Transfer Agent:  Computershare Trust Co., Inc.   Golden , CO
 
OTC Bulletin Board( Primary): SPKL
 
ExchangeYearHighLow
OTC Bulletin Board20090.26000.0800
OTC Bulletin Board20081.40000.1700
OTC Bulletin Board20072.02000.4000
 
DIVIDENDS: Common $0.001 par: 2007, None; 2008, None; 2009, None.