Business
Second Cup Royalty Income Fund announces third quarter results and October distribution
MISSISSAUGA, ON, Nov. 5 /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, Nov. 5 /CNW/ - Second Cup Royalty Income Fund\n(the "Fund") reported today financial results for the third quarter ended\nSeptember 30, 2008, and the approval of the distribution payment for October.\nThe Fund's units are traded on the Toronto Stock Exchange under the symbol\n"SCU.UN". All amounts in this news release are presented in thousands of\nCanadian dollars, unless otherwise indicated.\n\n\nHighlights\n\n- Same cafe sales growth of 0.1% in the quarter and 0.8% year to date\n- Distributable cash per unit of $0.3213 for the quarter, compared to\n $0.2696 in 2007, an increase of 19.2%\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 $0.2777 for the quarter, compared to\n $0.2648 for the comparable quarter a year ago, an increase of 4.9%\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 $0.2800 per unit for the quarter\n as compared to $0.2692 in 2007, an increase of 4.0%\n\n\n"Same cafe sales, although challenging, remained positive as we achieved\n0.1% for the quarter, representing the 15th consecutive quarter of growth for\nthe Fund," commented Stacey Mowbray, President of Second Cup Ltd. "In the\nthird quarter we launched our new hot breakfast sandwiches in select markets\nand continued the roll out of our grilled lunch sandwich program," continued\nMs. Mowbray. "Recently, we have launched our pre-packaged retail bean program\nin cafe and are featuring a new Fair Trade(TM), organic 'Discovery' series\ncoffee, Cuzco(TM), which we believe will boost our brewed offering and\ncontribute to sales in the latter part of the year along with our wonderful\nholiday merchandise and specialty beverages. I would like to thank our\nfranchise partners and cafe operators for their caring commitment to our\nguests and their passion in delivering quality products and experiences every\nday."\n\n\nThird 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. ("Marks...