Freshii Inc. announced unaudited consolidated financial results for the first quarter ended April 1, 2018. For the quarter, the company reported total revenue of $4,834,000 against $3,607,000 a year ago. EBITDA was $0.746 million compared to LBITDA of $1.545 million a year ago. Adjusted EBITDA was $1.5 million, representing an increase of 50% as compared to a year ago. Proforma Adjusted EBITDA was $1.5 million, representing an increase of 36% as compared to a year ago. Income before interest costs, foreign exchange and income taxes was $0.475 million compared to loss of $2.068 million a year ago. Income before income tax expense was $0.643 million compared to loss of $1.683 million a year ago. Net income was $0.431 million compared to loss of $1.119 million a year ago. Net cash provided by operating activities were $0.982 million compared to net cash used in operating activities of $3.077 million a year ago. Free cash flow were $1.080 million compared to 1.105 million a year ago. Adjusted net income was $1.010 million compared to $0.656 million a year ago. Pro Forma adjusted net income was $1.010 million compared to $0.737 million a year ago. Capital expenditures were $449,000 against $43,000 a year ago.

The Company reiterates its outlook for the period through the end of fiscal 2019 that was issued on September 25, 2017, with the exception of the outlook related to Proforma Adjusted EBITDA, which is being revised solely as a result of the adoption of IFRS 15. Specifically, the Company reiterates that System-wide store count of between 730 and 760 stores by the end of fiscal 2019 (there are no e-stores included in this fiscal 2019 outlook); Annual same store sales growth outlook of between 3.0% and 4.0% for the period fiscal 2018 through fiscal 2019; System-wide sales growing to between $275 million and $285 million by the end of fiscal 2019. The company revises its 2019 Proforma Adjusted EBITDA outlook from a range of $15 million to $17 million to a range of $12 million to $14 million.