Second Cup coffee chain has Q4 profit, stable adjusted earnings, lower revenue | iNFOnews | Thompson-Okanagan's News Source

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Second Cup coffee chain has Q4 profit, stable adjusted earnings, lower revenue

Women walk past a Second Cup in downtown Toronto on Monday March 10, 2014. THE CANADIAN PRESS/Denis Savard
March 10, 2014 - 5:27 AM

MISSISSAUGA, Ont. - The Second Cup's chain of specialty coffee shops produced less revenue in the fourth quarter but the company was profitable.

Total sales at Second Cup cafes declined to $51.9 million from $53.5 million, with four fewer locations.

Corporate revenue received by the Toronto-area company, on the other hand, rose to $8 million from $7.8 million.

Second Cup had $1.8 million of net income for the during the 13 weeks ended Dec. 28, compared with the year-earlier loss of $12 million.

The 2012 fourth quarter included a $15.6-million writedown of the value of Second Cup's assets.

Net income was 12 cents per share in the 2013 fourth quarter, compared with a net loss of $1.21 per share a year before.

Adjusted earnings without writedowns and other items were relatively stable at 17 cents per share, down from 18.2 cents per share.

News from © The Canadian Press, 2014
The Canadian Press

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