Financial Report

The final numbers are in for the 2nd quarter (Oct. - Dec.) of our fiscal year, and they look mighty good. This is always a boffo sales period, what with all those holidays and parties. Sales for the quarter were $6,349,402, an increase of 14.3% over the previous year. For the first 6 months of our fiscal year, our sales are $12,486,997.

Our Cost of Goods Sold (COGS) year-to-date is 62.7%, and our Gross Margin is 37.3%.

Our Gross Margin has been nice and stable recently, usually between 37.2% and 37.8%. This means that out of every dollar in sales, we have 37 (and a fraction) cents left over after paying for the food we sell.

Year-to-date, we have spent just over 3 million dollars in payroll and related costs (taxes, benefits), or 24.6% of sales.

Additionally, we have spent:

• $306,000 in Building expenses - insurance, real estate tax, utilities, trash, repairs, depreciation
• $570,000 in Operating expenses - phones, supplies, bank fees, vehicles, cleaning & other services
• $81,000 in Administrative expenses - CPA and legal services, office supplies, dues, conferences
• $233,000 in Governance expenses - BOD, WedgeShare, annual meeting, member discounts
• $82,000 in Promotions expense - newsletter, advertising, donations, classroom

All of the above comes to 10.2% of sales, leaving us with 2.6% profit before other expenses.

Year-to-date, our only "other expense" is $627 in interest on our MCDA loan, now paid in full. We earned $70,000 in "other income;" class fees, and interest earned on savings. We also show $246,000 in margin earned from the warehouse so far this year.

After sending in $15,000 for estimated Income Taxes (to add to last year's overpayment), we show a healthy 5% Net Income After Tax of $620,500.