Stellar earning report... THEY ARE PROFITABLE!... should be $6-$7 min based on their numbers...
Adjusted EBITDA of $615,509 for Q1 2019 compared to adjusted EBITDA of $(366,945) for Q1 2018. Net income of $229,421 for Q1 2019 compared to a net loss of $(953,430) for Q1 2018. Revenue of $13.1 million up $8.7 million or 199% over Q1 2018 revenues of $4.4 million . Same store sales were up 42% for Q1 2019 compared to Q1 2018. Acquired stores in Denver, CO , Palm Springs, CA and Reno, NV , and opened Tulsa, OK and Brewer, ME locations in 2019. Gross profit margin percentage was 28.2% for Q1 2019 compared to 27.1% for Q1 2018. Store operating costs, as a percentage of revenue, have declined 26% from 20.4% for Q1 2018 to 15% for Q1 2019. Corporate overhead declined 107%, from 21.8% of revenues for Q1 2018 to 10.5% of revenue for Q1 2019. The Company had $6.6 million in cash and cash equivalents at March 31, 2019 . As of March 31, 2019 , the Company had working capital of $17.4 million compared to working capital of $21.6 million at December 31, 2018 .
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