My take on the 10Q....
(1) Sales were down slightly (6%)
(2) Cost of sales were far more (16%)
(3) Left gross profit flat.
(4) This was the first full quarter compared to full quarter comparison. Given the weak economic environment especially for casual dining and retail mall traffic AND the fact that this was the first full quarter after that "1st year honeymoon period" I'd say the sales/gross profit was pretty good for this tiny operation. Keep further in mind a year ago they were getting tons of local press, on CNBC, national news....the "media blitz" ... so with sales 1 year later being basically flat given all the above year over year challenges I would say it was a fantastic quarter. And better than I thought.
(5) SG&A was flat but still big enough to keep the entire operation as a flat negative $1.2 million net income. But we understand that -- one restaurant isn't going to make the entire company profitable. Nice to see that the fixed costs didn't rise and the net loss was flat and no doubt this quarter they had additional expenses related to the new location(s) that they didn't have last year.
Also keep in mind that these sales are from the uWink experience that is nowhere near complete in design. The real fun, IMO, is competition from uWink in one city to a uWink in another, etc. And they're still working out lots of kinks apparently as well as have little to no advertising budget in a crappy location.
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