Baristas Coffee Company, Inc. (BCCI)

[BobSinCA]

In April, 2013 -- a year ago -- BCCI put out a PR saying that franchising documents had been filed for half the country (not stated if half was geographic or population). The only visible results since then have been the two stores in Cape Coral (and apparent closure of AZ and TX stores, locations opened with great fanfare and expectations of multiple subsequent stores).

Hopefully the financials for Q4 will reflect strong sales for Cape Coral, but company does not disclose -- nor are they required to -- individual store results. And, I am not sure if we know (help, someone??) whether this is a franchise or owned store. For franchises, company gets a one time set up fee plus 7% of revenues plus a marketing fee of 1% of revenues (per the company sponsored Prime Equity report of two years ago, reality could be different at this point). So, if a franchise, store revenue would not appear.

I believe that if the company signs a significant franchise agreement, they will not wait for formal financials to announce it, at least they haven't in the past. Reference New Jersey, Texas, Arizona, Florida.

With respect to financials, the annual financials are due out by April 15, but it is not unusual for smaller companies to have delays. BCCI has delayed quarterly and annual financials in the past, so a delay now would not be a shock or reason for concern. Trading a delay for audited financials would be a no-brainer, but most observers would bet the under re: audited results.