via NewMediaWire - Muscle Maker, Inc. (Nasdaq:
GRIL), the
parent company of Muscle Maker Grill restaurants, Pokemoto Hawaiian
Poke and SuperFit Foods meal prep, today announced the posting of
its first quarter 2022 financial results on May 12th for the three
months ending March 31, 2022.
Michael Roper, CEO of Muscle Maker, Inc., commented, “The
recently posted Q1 2022 financial results show an increase of 128%
in restaurant sales revenue growth and an increase of 54% in
franchise royalties and fees when compared to Q1 2021. Not only
have we experienced a top line revenue increase when comparing Q1
2022 to Q1 2021, but we are also seeing our operating metrics
improve when comparing Q1 2022 to Q1 2021 even with the rise in
inflationary costs related to labor, food/paper and services. We
are seeing improvements in our operating expenses when comparing Q1
2022 to Q1 2021 across all major categories, as a percentage of
restaurant sales:
- Food/paper costs improved by
4.7%
- Labor costs improved by
24.1%
- Rent improved by 9.1%
- Other operating expenses improved
by 5.7%
In addition, our overall selling, general and administrative
cost improved by 55.3% when comparing Q1 2022 to Q1 2021 even after
integrating our acquisitions of Pokemoto and Superfit Foods in
2021.”
Roper continued, “We are very excited to finally be able to
fully execute against our growth strategy while maintaining a
strong liquidity position. Pokemoto has 37 franchise or
development agreements sold but not yet open. Several of
these locations will be entering our hands-on training program this
month. It’s one thing to sell franchise agreements which
helps our overall cash flow, it’s even more important to get these
locations open which drives high margin franchise royalty fee
revenue into the system. While we execute our franchising
growth strategy with Pokemoto, we have been able to maintain a
strong liquidity position which allows us to open additional
corporately owned Pokemoto locations. We currently have
corporate locations under construction in Philadelphia, PA and
Jacksonville, FL and are reviewing several of our current military
base locations for the potential to add Pokemoto or to convert to
Pokemoto.” As of March 31, 2022, Muscle Maker, Inc. had a
cash balance exceeding $14 million.
“While we focus our growth strategy on Pokemoto, we are
sharpening our pencils with the goal of reducing costs in the
Muscle Maker Grill restaurant division while exploring
opportunities to co-brand Muscle Maker Grill with Pokemoto
locations or fully convert Muscle Maker Grill locations over to
Pokemoto, where applicable. We recently converted our Fort
Meade location to Pokemoto and are extremely pleased with the sales
results so far. In addition, our SuperFit Foods division is
in the process of redesigning the website and software to enhance
the user experience and increase efficiency, expanding pick-up
cooler locations and broadening the menu with new options.
Our intent is to relaunch the SuperFit Foods website and ordering
software with new features in Q3.”
Additional Q1 milestones span across all departments and
include:
- Expanded executive team with
Jennifer Black joining as CFO
- Hired new Pokemoto franchise
sales team
- Hired new Pokemoto franchise
training team
- Launched franchise sales campaign
including social media, digital advertising, SEO and trade
shows
- Pokemoto entered new states with
openings in Florida and Maryland, including Fort Meade military
base
- Pokemoto now open or franchise
agreements sold in Mississippi, New York, Connecticut, Rhode
Island, New Jersey, Florida, Massachusetts, Maryland and
Virginia
- New Pokemoto corporate owned
locations under construction in Pennsylvania and Florida
- All PPP loans forgiven
- Implemented new lease
accounting
- Renegotiated new insurance
policies with better coverage and rates
- Outsourced IT functions
- Negotiated new rebates with
vendors
- Launched new Pokemoto interior
and exterior package
- Rebranded SuperFit Foods
“Needless to say, it has been a busy quarter and we are
excited about the future of all of the brands under the Muscle
Maker, Inc. umbrella.”
About Muscle Maker, Inc.
Muscle Maker, Inc. is the parent company of “healthier for you”
brands delivering high-quality healthy food options to consumers
through traditional and non-traditional locations such as military
bases, universities, ghost kitchens, delivery and direct to
consumer ready-made meal prep options. Brands include Muscle Maker
Grill restaurants, Pokemoto Hawaiian Poke and SuperFit Foods meal
prep. 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 plant-based
options. For more information on Muscle Maker, Inc., visit
www.musclemakergrill.com, for more information on Pokemoto visit
www.pokemoto.com or for more information on SuperFit Foods visit
www.superfitfoods.com.
About Muscle Maker Grill
Muscle Maker Grill (www.musclemakergrill.com) features high
quality, great tasting food, freshly prepared with proprietary
recipes. The menu, created with the guest’s health in mind, is lean
and protein based. It features 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.
About Pokemoto
Pokemoto (www.pokemoto.com) a Hawaiian Poke bowl concept known
for its modern culinary twist on a traditional Hawaiian classic has
open locations in Connecticut, Massachusetts, Florida, Maryland and
Virginia with future locations coming soon in Rhode Island, New
York, Massachusetts, Connecticut, Florida, New Jersey, Pennsylvania
and Mississippi. Pokemoto offers contemporary flavors with fresh
delectable ingredients that appeals to foodies, health enthusiasts,
and sushi-lovers everywhere. Guests can choose from a list of
signature bowls or be bold and build their own unique combination
of a base, protein and various toppings and nine different sauces.
Vegetarian options are available, and the bowl combinations are
virtually limitless. The colorful dishes and modern chic dining
rooms provide an uplifting dining experience for guests of all
ages. Customers can dine in-store or order online via third party
delivery apps for contactless delivery.
About SuperFit Foods
SuperFit Foods, LLC, (www.superfitfoods.com) is a fresh-prepared
subscription-based 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 focusing on specific dietary needs. Meals are delivered
to company owned coolers located within gyms and wellness centers
for customers to pick up after working out or during their everyday
routines.
Forward-Looking Statements
This press release may include “forward-looking statements”
pursuant to the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. To the extent that the
information presented in this press release discusses financial
projections, information, or expectations about our business plans,
results of operations, products or markets, or otherwise makes
statements about future events, such statements are
forward-looking. Such forward-looking statements can be identified
by the use of words such as “should”, “may,” “intends,”
“anticipates,” “believes,” “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 such forward-looking statements. You are urged to carefully
review and consider any cautionary statements and other
disclosures, including the statements made under the heading “Risk
Factors” and elsewhere in documents that we file 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., does not undertake any duty to update any forward-looking
statements except as may be required by law.
Contact:Muscle Maker Grill
Marketingmarketing@musclemakergrill.comInvestor
Relations:IR@musclemakergrill.com
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