Brief: Aegis Brands Reports First Quarter Results

Aegis Brands

19/06/2020 22:52

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

Source text for Eikon:  ID:nCNWshRxXa 
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