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Second Cup Royalty Income Fund announces second quarter results and July distribution
MISSISSAUGA, ON, Aug. 8 /CNW/ - Second Cup Royalty Income Fund (the "Fund") reported today financ...
About this update from Aegis Brands Inc
[{"type":"text","content":"\n\n\n\nMISSISSAUGA, ON, Aug. 8 /CNW/ - Second Cup Royalty Income Fund\n(the "Fund") reported today financial results for the second quarter ended\nJune 30, 2008, and the approval of the July distribution payment. The Fund's\nunits are traded on the Toronto Stock Exchange under the symbol "SCU.UN". All\namounts in this news release are presented in thousands of Canadian dollars,\nunless otherwise indicated.\n\n\nHighlights\n\n- Same Cafe Sales growth of 0.9% in the quarter, the 14th consecutive\n quarter of positive same cafe sales growth since the inception of the\n Fund, and 1.1% year to date\n- Distributable cash per unit of $0.2902 for the quarter, compared to\n $0.2771 in 2007, an increase of 4.7%\n- Distributions declared in the quarter were $0.2820 per unit compared\n to $0.2730 in 2007, an increase of 3.3%\n- Basic earnings per unit were $0.2951 for the quarter, compared to a\n loss of $0.2236 for the comparable quarter a year ago\n- Basic earnings per unit, excluding non-cash movement in the fair\n value of the derivative interest rate swap, non-cash amortization and\n non-cash future income taxes were $0.2874 per unit for the quarter\n from $0.2869 for the comparable period in 2007\n\n\n"While modest, we are encouraged by the continuance of positive same cafe\nsales growth in what appears to be a challenging economic environment. This\nquarter represented the 14th consecutive quarter for the Fund and 19th\nconsecutive quarter of same cafe sales growth for Second Cup," commented\nStacey Mowbray, President of The Second Cup Ltd. ("Second Cup"). "We are\nconfident that with the selective price increases we have implemented thus far\nand the strength of both our planned promotional programs and other sales\nbuilding initiatives we will be able to continue this trend of positive sales\ngrowth for the balance of the year. As always, I would like to thank our\nfranchise partners and cafe operators for their continued efforts and support\nin making Second Cup a Second Home for our guests."\n\n\nSecond Quarter Analysis\n\n\nThe source of revenue for the Fund is through its 100% ownership in\nSecond Cup Trade-Marks Limited Partnership ("MarksLP") and prior to the\nreorganization on April 2, 2007, Second Cup Trade-Marks Inc. ("MarksCo"),\nwhich, in turn, receiv...