Second Cup returns to $1.8M profit after closing 4 stores
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.