Soupman, Inc. Quarterly Report: Second Quarter Ended February 29, 2012

April 17, 2012

Soupman, Inc. reported total sales for its fiscal second quarter ended February 29, 2012 increased 45.9% to $559 thousand compared to total sales of $383 thousand for the second quarter of the prior fiscal year.  For the first six months of fiscal 2012, total sales increased 146% to $943 thousand compared to $383 thousand for the same period in fiscal 2011.  Total sales in the second quarter benefited primarily from an increase in net soup sales and to a lessor extent, an increase in franchise royalties.  The six month period is not comparable as current operations did not commence until the second quarter of fiscal 2011 of the reporting company.

The company reported a net loss of $741 thousand or $(0.03) per share for the second quarter of fiscal 2012 compared to a net loss of $2.46 million or $(0.12) per share for the second quarter of the prior fiscal year.  For the first six months of fiscal 2012, the company reported a net loss of $1.99 million or $(0.07) per share versus a net loss of $2.48 million or $(0.21) per share for the same period in the prior fiscal year.  The reduction in the net loss for the second quarter of fiscal 2012 was primarily the result of a 68.4% reduction in general and administrative expenses.

As of February 29, 2012, the balance sheet reflected current assets of $661 thousand, total assets of $1.3 million and total liabilities of $7.18 million.  During the first six months of fiscal 2012, the stockholders’ deficit increased 25.5% to $5.88 million.  The company also reported that during March of 2012 it issued $184,250 of 8%, six month convertible notes with 32,812, three year warrants, exercisable at $1.00.

Soupman manufactures and sells soup to grocery chains, the New York City Public School System and other outlets and to their franchised restaurants under the brand name “The Original Soupman”. The company claims their brand is well known throughout the industry and that their Chicken Vegetable soup has been rated as the best chicken soup in America by Consumer Reports.

Source: Soupman, Inc.


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