Company's Core Brand ILLEGAL BURGER Continues to Drive YOY Revenue Growth
News provided by
West Coast Ventures Group Corp.
Mar 12, 2018, 08:20 ET
DENVER, March 12, 2018 /PRNewswire/ --West Coast Ventures Group Corp. (OTC: WCVC) ("Company") announced today an update on the ongoing growth of its core brand, ILLEGAL BURGER.
Company CEO James Nixon stated, "Our primary focus for 2018 remains to continue successfully executing our growth strategy and achieving our financial milestones. Management believes its fundamental growth to date will serve as the bedrock for significant future expansion as our year-over-year growth comparisons and forecasts provided today illustrate. " Mr. Nixon added, "We look forward to providing consistent updates on the progress of our expansion and establishing our commitment to building long-term shareholder value."
| FINANCIAL RESULTS | ||||||||||
| Fiscal year 2017 revenue represents a 73% increase year-over-year since 2015. Complete year-over-year comparisons are detailed below. | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| 2015 - audited | $368,000 | $416,000 | $452,000 | $378,000 | $1,614,000 | |||||
| 2016 - audited | $516,000 | $640,000 | $697,000 | $606,000 | $2,459,000 | |||||
| Year over year revenue growth | 40% | 54% | 54% | 60% | 52% | |||||
| 2017 - unaudited | $631,000 | $776,000 | $713,000 | $672,000 | $2,791,000 | |||||
| Year over year revenue growth | 22% | 21% | 2% | 11% | 14% | |||||
Jim Nixon, CEO provides comments as follows:
1 - 2016 revenues were greater than 2015, principally due to the opening of two new locations - Downtown in January 2016 and Capital Hill in June 2016.
2 - Total Company revenue grew primarily due to continued growing brand awareness.
Jim Nixon, CEO provides commentary on current trend developments as follows:
"Our Capitol Hill, Denver, Illegal Burger location opened in the midst of a tremendous gentrification of the area and has flourished since October 2017 with year over year sales gains for the months of October 2017 through February 2018 of 17%; 9%; 31%; 11% and 25% respectively. There was significant construction and redevelopment in the Capital Hill area in 2016 and 2017, which now has come on-line in occupancy, both commercial and residential."
"Management has focused on driving revenue growth in the Downtown Denver Illegal Burger location where we have seen year over year sales gains for the months of October 2017 through February 2018 of 6%; 10%; 20%; 47% and 7% respectively."
THREE (3) YEAR PROJECTIONS
Subject to the Company obtaining sufficient acquisition capital that will fund multiple lease acquisitions for the Company's core brand Illegal Burger and to launch the Company's franchise program for each of the years set forth in the pro forma below, Company management has forecasted what it believes to be fair and reliable multi-year revenue projections:
*assumes 8 new Illegal Burger company owned restaurants in 2018, 15 in 2019 and 24 in 2020
*assumes 3 new Illegal Burger franchise restaurants in 2018, 42 in 2019 and 104 in 2020
| 2017 actual (unaudited) | 2018 | 2019 | 2020 | ||||
| Revenues | |||||||
| Company Owned | $2,791,000 | $5,525,000 | $13,300,000 | $34,250,000 | |||
| Franchise Revenue | 158,000 | 2,611,000 | 9,450,000 | ||||
| Total Revenue | 2,791,000 | 5,683,000 | 15,911 | 43,700 | |||
| Cost of Sales | |||||||
| Company Owned | 2,553 | 4,694 | 11,299 | 29,093 | |||
| Franchise | 63 | 1,044 | 3,780 | ||||
| Total COGS | 2,553,000 | 4,757,000 | 12,343 | 32,873,000 | |||
| Gross Margin | $238,000 | $926,000 | $3,568,000 | $10,827,000 |
ABOUT West Coast Ventures Group Corp
Based in Denver, Colorado, West Coast Ventures Group Corp. (WCVC) develops, owns and operates two contemporary restaurant concepts: ILLEGAL BURGER, a quick-casual Burger + Bar concept, and El Señor Sol, a full-service fresh Mexican restaurant. Led by seasoned restaurant entrepreneurs, WCVC management is committed to scaling both modern sustainable concepts into national franchise models operating metro-styled restaurants serving only the finest and freshest natural ingredients.
ABOUT Jim Nixon, CEO West Coast Ventures Group Corp
Jim Nixon CEO and Founder, started Illegal Burger in 2013. Mr. Nixon has more than 30 years of progressively responsible experience in every facet of the restaurant business, by directing as many as 200 employees in various restaurant companies with revenues in excess of $25 million. Jim has led these restaurants through start-up, rebranding, turnaround and growth modes.
Mr. Nixon has been a top executive in the Hospitality Industry nurturing restaurants to profitability and streamlined efficiency. He has a comprehensive command ofstandard operating procedures creation, Zero Based Budgeting, Quality Assurance, Internal Audit Procedures and is considered an effective leader and motivator.
Among some of his significant past positions, Mr. Nixon served as Regional Director of Specialty Restaurants Corporation, a California based destination-restaurant business, and home to the World famous Polynesian-themed Reef in Long Beach, California, and a second Restaurant, Castaway in Burbank, California. With more than 100 restaurants at that time across the U.S., including the Proud Bird restaurant adjacent to the Los Angeles International Airport, and 94th Aero Squadron near Van Nuys Airport, Mr. Nixon was in charge of growing this Company's profitability, culture and brand while maintaining day-to-day regional operations.
Mr. Nixon also held the position of Director of Food and Beverage for Wyndham Resorts, a major Hotel Resort Company, with locations worldwide. Mr. Nixon was in charge of continued expansion of theWyndham brand through ever changing food and drink menus, rebranding ideas, and retaining customers in the resort dining and entertainment area.
For Further Information: https://www.illegalburger.com/
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of WCVC and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "estimates," "believes," "anticipates," "intends," "expects" and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on WCVC's current expectations and beliefs concerning future developments and their potential effects on WCVC. There can be no assurance that future developments affecting WCVC will be those anticipated by WCVC. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual actions taken or results or performance to be materially different from those expressed or implied by such forward-looking statements. WCVC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Press Contact:
James Nixon
[emailprotected]
+1(303)995-7526
https://www.illegalburger.com/
SOURCE West Coast Ventures Group Corp.
