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NEWS
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News |
FRONTERA
ANNOUNCES JULY 2009
REVENUES
San Diego, CA, August 13, 2009 -
Frontera Investment, Inc. (OTC:FRNV) has announced an increase of 37
percent, or $799,100, in revenue for its ten stores in operation for
July 2009, up from $583,000 for its six stores in operation for July
2008. Revenues for the seven months ended July 31, 2009 increased
35% to $5,194,000 from $3,846,000.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) for July 2009 increased 122 percent to $71,000, or $7,100
per store for the ten stores, up from $32,000, or $5,337 per store,
for Frontera’s six stores the previous July.
Allan Youngberg, CFO of Frontera Investment, Inc. said "The four new
stores accounted for 67% of the revenue increase year to date and
the balance was from existing store growth.”
Mr. Youngberg added, “The year to date increase at existing stores
came primarily from a tenfold increase in revenues from the disposal
of gold from defaulted gold pawn loans and gold buying and a 149%
increase in fees derived from gold secured pawn transactions."
Frontera Investment Inc.’s primary target market, the Hispanic
market, is currently estimated at 40 million customers. Over half of
those consumers do not use any form of banking service. In addition,
of all the households in the United States, approximately 35 percent
either do not use a banking service or they use alternative
financial services, positioning Frontera Investment, Inc. as a prime
option for consumers in those markets.
Frontera, which currently operates 10 stores in California, opened
its tenth and latest full-service store, in Vista, California, on
July 8. The company is currently in the process of raising capital
to acquire and open two additional stores in Southern California
during calendar year 2009.
Forward-Looking Statements:
Such forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual
results to differ materially from those projected in
such forward-looking statements. These risks, assumptions and
uncertainties include the ability to complete expansion within
currently estimated time frames and budgets; the ability to compete
effectively in a rapidly evolving and price competitive marketplace;
ability to raise capital to support its growth strategy; changes in
business strategy; and the successful integration of newly acquired
businesses.
Please forward any inquiries to:
Allan Youngberg, CFO
Frontera Investment, Inc.
IR@fronterainvestment.com
858.549.7061 |
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