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BRIEF-Aegis Brands Reports First Quarter Results

Published 2020-06-19, 05:52 p/m
Updated 2020-06-19, 05:54 p/m
© Reuters.

June 19 (Reuters) - Second Cup Ltd SCU.TO :

* AEGIS BRANDS REPORTS FIRST QUARTER RESULTS

* SECOND CUP LTD - QTRLY LOSS PER SHARE $0.13

* SECOND CUP LTD - BY END OF JUNE 2020, CO EXPECTS TO HAVE ALL 19 BRIDGEHEAD COFFEEHOUSES & 185 SECOND CUP CAFÉS OPEN ACROSS COUNTRY

* SECOND CUP LTD - QTRLY ADJUSTED LOSS PER SHARE $0.09

* SECOND CUP LTD - QTRLY SAME STORE SALES WERE -8.6% COMPARED WITH -0.9% IN Q1 2019.

* SECOND CUP LTD - HALTING COLLECTION OF ALL ROYALTY AND ADVERTISING FUND PAYMENTS FOR PERIOD FROM FEBRUARY 23, 2020 TO MAY 16, 2020

* SECOND CUP LTD - REDUCING SALARIES FOR COFFEE CENTRAL STAFF BY 28%, AND FOR SENIOR LEADERSHIP TEAM BY UP TO 50%

* SECOND CUP LTD - Q1 2020 WERE SEVERELY IMPACTED BY COVID-19 PANDEMIC

* SECOND CUP LTD - TEMPORARILY ELIMINATING ALL COMPENSATION FOR CO'S BOARD OF DIRECTORS

* SECOND CUP LTD - ELIMINATING COFFEE CENTRAL POSITIONS WHERE POSSIBLE, THROUGH BOTH TEMPORARY & PERMANENT LAYOFFS

* SECOND CUP LTD - HAD NO EXTERNAL DEBT AND $2.6 MILLION IN UNRESTRICTED CASH AT END OF Q1

* SECOND CUP LTD - IS ENGAGING IN DISCUSSIONS ON VARIOUS OPTIONS TO ENHANCE LIQUIDITY

* SECOND CUP LTD - LEADING DISCUSSIONS WITH LANDLORDS TO SECURE ADJUSTED RENTS OBLIGATIONS THAT MATCH SALES VOLUMES FROM APRIL FORWARD

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