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.
Second Cup closed four stores during the last quarter, and returned to profitability in the process. (Paul Chiasson/Canadian Press)

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.