Second Quarter 2012 Results:
For the second quarter ended June 30, 2012, total revenue increased to $1.7 million, compared to total revenue of $32,830 in the second quarter of 2011. This growth is attributable to gaining majority ownership in our first three South African restaurants on September 30, 2011, at which point we began to consolidate our South African Hooters operations, effective October 1, 2011.
Total revenue of $1.7 million during the second quarter of 2012 increased by 54% as compared to the year ago period's pro forma revenue of $1.1 million. Total revenue of $3.1 million for the 6 months ending June 30, 2012 increased by 23% over the year ago period's pro forma revenue of $2.5 million. On an unaudited basis, pro forma results of operations for the three and six months ended June 30, 2011 are results as if the Company had acquired majority ownership of the first three South African Hooters restaurants on January 1, 2011. Revenue growth was also attributable to one new restaurant opening in Cape Town South Africa in June 2011, which increased the number of operational restaurants in South Africa to three.
Q2 2012 revenue from our South African locations increased 23% sequentially over Q1 2012, primarily due to our new Hooters location in the Emperor's Palace Casino in South Africa being operational for the entire quarter. For the three and six months ended June 30, 2012, South Africa locations' EBITDA margin was 14.6% and 13.7%, respectively.The Company reported a net loss of ($0.49) per share in Q2 2012 as compared to a net loss of ($0.18) per share in the year ago, and a pro forma loss of ($0.13) per share in Q2 2011. The increase in loss per share is attributable to an increase in general and administrative expenses, and interest expense. The increase G & A expense was due to increased consulting fees for our Brazil and Hungary territories, an increase in investor relations related fees, and a one-time non-recurring expense of approximately $112,000 attributable to our $11 million public offering. Going forward in 2012, we expect our G & A expenses to stay relatively flat and our interest expense to decrease significantly.
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