Second Cup Announces Second Quarter Results

About this update from Aegis Brands Inc

[{"type":"text","content":"\n\n\n\n\n\nMISSISSAUGA, ON, Aug. 11, 2011 /CNW/ - (TSX:SCU) - The Second Cup Ltd.\n (\"Second Cup\" or the \"Company\") reported today financial results for\n second quarter ended July 2, 2011 (the \"quarter\"). The Company's shares\n are traded on the Toronto Stock Exchange under the symbol \"SCU\".  All\n amounts in this news release are presented in thousands of Canadian\n dollars, unless otherwise indicated.\n\n\nHighlights\n\n\nBasic and diluted net earnings per share of $0.16 for the quarter\n compared to $0.21 in the comparable quarter a year ago.\n\n\nGross profit of $5,607 for the quarter, up from $5,450 in the comparable\n quarter a year ago.\n\n\nEBITDA of $2,691 for the quarter, down from $2,825 in the comparable\n quarter a year ago.\n\n\nSame café sales growth of 0.3% in the quarter.\n\n\nDeclared second quarter dividend of $0.15 per share.\n\n\nOn January 1, 2011 the Second Cup Income Fund (the \"Fund\") converted\n from an income trust structure to a public corporation (the\n \"Conversion\"). As a result of the Conversion, Second Cup is now subject\n to corporate income tax and therefore, the results of 2011 will not be\n directly comparable to 2010.\n\n\nStacey Mowbray, President CEO of Second Cup commented, \"Same café\n sales improved in Q2 versus Q1, largely a result of a price increase of\n approximately 2.0% in April and some improvement in traffic trends. The\n focus for the balance of the year is to continue to drive same café\n sales through product news, media support, offers and in café\n execution, in addition to expanding the number of cafés in the system.\n\n\nThe implementation of the new café technology platform, previously\n announced, is on track with completion in all cafés by the end of 2011.\n The new platform will provide improved management information and\n customer service, as well as, simplifying administration.\n\n\nIn the second quarter, we announced that 80% of our coffees and 100% of\n our espresso beverages are now Rainforest Alliance certified. We are\n committed to certification of coffees, both in terms of a point of\n difference in the market and as our responsibility to farmers who grow\n our premium beans. This commitment is part of Second Cup's unique\n position in the market as The Coffee Company that Cares.\n\n\nWe are proud of Secon...

More updates from Aegis Brands Inc