Bill The Butcher

Bill the Butcher (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.

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