The Second Cup Ltd Appoints Barbara J. Mallon as Chief Financial Officer, Effective June 15, 2015; Announces Unaudited Consolidated Earnings Results for the 13 Weeks Ended March 28, 2015
May 7 15
The Second Cup Ltd. announced that Barbara J. Mallon, CPA, CMA will be joining the company as Chief Financial Officer, effective June 15, 2015. She will play a pivotal role in the company's transformation strategy applying her financial and operational leadership to create long-term growth and shareholder value. Ms. Mallon brings a history of solid financial and operational leadership including prior roles as Vice President Finance, Operations at Maple Leaf Consumer Foods and The Shopping Channel.
The company announced unaudited consolidated earnings results for the 13 weeks ended March 28, 2015. For the quarter, the company reported total Revenues were CAD 9.01 million against CAD 6.62 million a year ago. Operating income was CAD 0.068 million against CAD 0.226 million a year ago. Adjusted EBITDA was CAD 0.364 million against CAD 1.08 million a year ago. The decrease of CAD 716 was primarily due to restructuring and provisions for café closures last year. Net loss was CAD 0.076 million against income of CAD 0.056 million a year ago. Basic and diluted loss per share was CAD 0.01 against profit of CAD 0.01 a year ago. The decrease in net income of CAD 0.132 million or CAD 0.05 per share was mainly due to decreased royalties and increased expenses relating to company-operated cafés, offset partially by Coffee Central expense savings due to the full year 2014 restructuring and retail listing fees incurred during the same period last year. Adjusted loss was CAD 0.116 million against income of CAD 0.569 million a year ago. Adjusted basic and diluted loss per share was CAD 0.01 against profit of CAD 0.06 a year ago. EBITDA was CAD 0.419 million against CAD 0.382 million a year ago. Net debt is significantly reduced at CAD 1,516,000 versus CAD 5,723,000 a year ago.
The Second Cup Ltd Announces Earnings Results for the Fourth Quarter and Full Year Ended December 27, 2014
Mar 9 15
The Second Cup Ltd. announced earnings results for the fourth quarter and full year ended December 27, 2014. For the quarter, the company reported system sales of cafés of CAD 49,427,000 against CAD 51,898,000 a year ago. Total revenue was CAD 8,427,000 against CAD 8,038,000 a year ago. Operating loss was CAD 521,000 against income of CAD 1,891,000 a year ago. Adjusted EBITDA was CAD 1,068,000 against CAD 3,345,000 a year ago. Net loss and comprehensive loss was CAD 469,000 or CAD 0.04 per basic and diluted share or CAD 0.03 per basic and diluted share against income of CAD 1,177,000 or CAD 0.12 per basic and diluted share or CAD 0.22 per basic and diluted share a year ago. The decrease of CAD 2,277 was caused mainly by a reduction in royalty revenue, as well as operational provisions. The decrease in net income of CAD 1,646 or CAD 0.16 per share was mainly due to closed café and operational provisions taken in the quarter as well as losses on disposal of corporate cafés vs. a gain in the prior year. LBITDA was CAD 15,000 against EBITDA of CAD 2,058,000 a year ago.
For the full year, the company reported system sales of cafés of CAD 182,782,000 against CAD 191,434,000 a year ago. Total revenue was CAD 28,172,000 against CAD 27,188,000 a year ago. Operating loss was CAD 30,897,000 against CAD 7,122,000 a year ago. Adjusted EBITDA was CAD 4,605,000 against CAD 8,846,000 a year ago. Net loss and comprehensive loss was CAD 27,032,000 or CAD 0.20 per basic and diluted share or CAD 0.03 per basic and diluted share against CAD 7,369,000 or CAD 0.54 per basic and diluted share or CAD 0.03 per basic and diluted share a year ago. The unfavorable change in net loss of CAD 19,663 or CAD 1.92 per share was mainly due to impairment charges, restructuring charges, retail listing fees incurred, and reduced royalty revenue. This was offset partially by the margin realized in the current year from the wholesale of coffee in the grocery channel. LBITDA was CAD 29,591,000 against CAD 6,068,000 a year ago.
The Second Cup Ltd, Annual General Meeting, May 07, 2015
Mar 6 15
The Second Cup Ltd, Annual General Meeting, May 07, 2015., at 09:00 US Eastern Standard Time. Location: St. Andrew's Club & Conference Centre. Agenda: To receiving the audited financial statements of the Corporation for the year ended December 27, 2014; to elect directors who will serve until the end of the next annual shareholder meeting; to consider the appointment auditors for the Corporation and to authorize the directors of the Corporation to fix the remuneration of the auditors; and to transact such other business that may properly come before the Meeting or any adjournment thereof.