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 07, 2015 at 07:00 am EDT
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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.
Aegis Brands Inc. is a Canada-based company that owns and operates St. Louis Bar and Grill (St. Louis) and Wing City by St. Louis (Wing City). St. Louis Bar & Grill service wings, fries, and garlic dill sauce, and their local neighborhood restaurants offer service in a casual sports bar and grill setting. Certain of St. Louis products are available for purchase at selected grocery retailers in Canada and online through their application and Amazon. It undertook construction on two Wing City fast-casual locations in Toronto. Wing City focuses on offering St. Louis wings, boneless, plant-based wings and fries and dill sauce. The menu also includes various items, such as chicken fried ribs, and a chicken thigh sandwich. It owns about 73 St. Louis franchised locations across Canada and three corporately owned restaurants.
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