Cosi Inc fka COSIQ

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During the first quarter ended April 2, the company known for its fresh-baked bread narrowed its loss to $1.13 million from $2.14 million the year before. Total revenue rose 4 percent, to $24.7 million, from $23.7 million. Same-store sales grew 7.5 percent in the period.

"We're working aggressively to make Cosi a strong and recognizable brand with superior operational and financial performance," CEO Carin Stutz said in an after-market call with investors.

Stutz, who stepped in at the struggling chain Jan 1, repeatedly underscored its focus on profitability. Cosi has posted just one profitable quarter since going public in 2002. To get there, Stutz said Cosi will developing more efficient systems at restaurants to maximize the number of guests it can serve. The chain will also be "simplifying" its menu by reducing the number of items by 15 percent. She added that Cosi is looking for an executive chef to help boost its food quality perception.

Stutz took a number of questions and pointed remarks regarding the company's upcoming offering. Cosi stock, with a 52-week low of 56 cents, rose to $1.25 in March, but plummeted after the May 5 announcement that the chain plans to raise $15 million, as it will dilute low stock values. Analysts suggested the company raise less money now, and seek to grow through experienced franchisees who build multiple restaurants at a time.

Company stock fell 6 percent in Thursday trading, to 78 cents.

"We believe we'll put ourselves in a better position to attract the best franchisees when we're profitable and growing again," Stutz said, adding that management and the board, are "all in," as they're contributing $1.6 million of the capital.


http://articles.chicagotribune.com/2012-05-17/business/chi-cosi-loss-narrows-on-samestore-sales-growth-20120517_1_cosi-stock-chain-comparable-sales-trends