Second Cup Announces Second Quarter Results and Quarterly Dividend

About this update from Aegis Brands Inc

[{"type":"text","content":"\n\n\nTRADING SYMBOL:  The Toronto Stock Exchange - SCU\n\n\nMISSISSAUGA, ON, July 31, 2013 /CNW/ - The Second Cup Ltd. (\"Second Cup\"\n or the \"Company\") reported financial results today for the 13 weeks\n ended June 29, 2013 (the \"Quarter\") and 26 weeks ended June 29, 2013\n (\"Year to Date\"). The Company's shares are traded on the Toronto Stock\n Exchange under the symbol \"SCU\".  All amounts in this news release are\n presented in thousands of Canadian dollars, unless otherwise indicated.\n\n\nHighlights\n\n\nDeclared a quarterly dividend of $0.085 per share.\n\n\nWorking capital improvement of $707 since December 29, 2012 driven by a\n higher cash balance.\n\n\nSystem sales increased by 0.6% to $47,688 in the Quarter and an increase\n of 0.2% to $94,642 for the Year to Date period compared to a year ago.\n\n\nSame café sales declined 2.2% in the Quarter.\n\n\nRecorded a non-cash after-tax impairment charge of $11,497 to intangible\n assets.\n\n\nAdjusted basic and diluted earnings per share of $0.13 for the Quarter\n compared to $0.09 in the comparable Quarter a year ago ($0.20 for the\n Year to Date period compared to $0.19 in the comparable period a year\n ago).\n\n\nStacey Mowbray, President & CEO of Second Cup commented, \"We are\n encouraged at the progress being made on the three long-term strategic\n initiatives we first communicated during the release of the third\n quarter results in 2012, following the successful investment and\n roll-out of a new point-of-sale system ending in 2012.  We are pleased\n with the early results of both the loyalty program pilot which launched\n in 31 cafés in the Quarter and with the initial response to the opening\n of our new café design prototype, elements of which are expected to be\n incorporated immediately into new cafés and existing cafés when\n renovated.  This fall will see the continued expansion of the Tassimo\n T-disc business and a reinforcement of our gold standard coffee\n credentials with new in store merchandising, new packaging, and new\n coffees to add to our already impressive line-up.\n\n\nIn the second Quarter, we opened four new cafés and closed three cafés,\n as we continue to grow and improve the café network.\n\n\nWe are continuing to work on these long-term initiatives to strengthen\n th...

More updates from Aegis Brands Inc