Aegis's new beginning with
- Aegis closed the St. Louis Bar and Grill Transaction on
November 17 th, 2022. Early results are encouraging. - System Sales at Bridgehead in fourth quarter and the year increased by 20.0% and 21.4% respectively
- Aegis' Net Loss for the quarter and year was
$2,373,000 ($0.09 per share) and$9,248,000 , ($0.38 per share) respectively. Adjusted Net Loss for the year was$4,084,000 , ($0.16 per share) when adjusted for asset impairment charges including the$4,903,000 impairment charge recorded on Kiaro shares - Aegis' EBITDA Loss in the year was
$7,842,000 or$2,581,000 when adjusted for asset impairment charges
On
"All you can eat boneless" ("AYCE boneless") Limited Time Offer ("LTO") ran from the beginning of the year until Superbowl. The ACYE drove incremental sales of 10.1% Same Store Sales over 2019, improved guest traffic by 13% versus the following 4-week period and provided the franchisees with an improved LTO food cost comparable to the system average. Offers like the recent AYCE are the best examples of ways in which the home office can support the franchisees' bottom line while driving important traffic.
This week, the St. Louis brand officially launches their partnership with
___________________________ |
1 Non-IFRS measure, see "Non-IFRS Measures" below. |
Sales at Bridgehead coffeehouses improved throughout the fourth quarter with most of the gain realized in the downtown
The wholesale business continues to progress by adding more locations each quarter while existing locations with Farm Boy and Costco are performing well. 2022 saw a 30% increase in the wholesale business over 2021. The food service business and hospitality sectors are being explored in hopes to find more opportunities to get the coffee into the hands of new customers. The ecommerce business has seen a drop of 28.5% to last year. As Bridgehead locations are open without restriction and more and more grocery outlets are selling Bridgehead coffee, the demand for ecommerce sales has naturally subsided.
The leadership team at Bridgehead continues to explore new ways to tell the Bridgehead story, get new guests in the coffeehouses, and have more communities with Bridgehead coffee brewed in their homes. "Although the coffee industry is crowded, there are few if any companies in
Aegis has executed the first step of its post-pandemic plan by acquiring a meaningful, cash producing business in
This press release contains forward-looking statements within the meaning of Canadian securities laws. These forward-looking statements contain statements of intent, belief or current expectations of Aegis. Forward-looking information is often, but not always identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook.
The forward-looking statements included in this press release, including statements regarding the nature of Aegis' growth strategy going forward and Aegis' execution on any of its potential plans (including with respect to the growth and development of Bridgehead Coffee,
Risks and uncertainties that may cause such differences include but are not limited to: risks related to the Company's strategy going forward; risks related to the rising interest rates and inflationary pressures on the cost of doing business; and other risks inherent in the industry in which Aegis operates. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information on these and other factors that could affect Aegis' operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
In respect of the forward-looking statements and information included in this press release, Aegis has provided such in reliance on certain assumptions that it believes are reasonable at this time, including the ability of the Company to manage the risks (economic, operational, financial, and other risks) the ability of the Company to identify new acquisition opportunities and to successfully integrate past and future acquisition targets into the Company's business, and the Company's ability to generally execute on its strategy going forward.
The forward-looking statements in this press release are made as of the date it was issued and Aegis does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Aegis measures the success of its business in part by employing several key performance indicators referenced herein that are not recognized under IFRS, including "System Sales", "Same Store Sales" and EBITDA. These indicators should not be considered an alternative to IFRS financial measures, such as net income, and are presented in this presentation because management of Aegis believes that such measures are relevant in interpreting the performance of its business. As non–IFRS financial measures do not have standardized definitions prescribed by IFRS, they are less likely to be comparable with other issuers or peer companies.
A description of the non–IFRS measures used by Aegis in measuring its performance and a reconciliation of certain non–IFRS measures to the nearest IFRS measure is included in Aegis' management's discussion and analysis for the year ended
Fourth Quarter – Aegis Brands
13 weeks ended
Net loss to EBITDA and Adjusted EBITDA:
(In thousands of Canadian dollars) | 2022 | 2021 | |||
Net loss | $ (2,373) | $ (2,131) | |||
Add (deduct): | |||||
Net loss from discontinued operations | - | 1,129 | |||
Income tax expense (recovery) | (1,460) | (292) | |||
Interest and financing charges | 956 | 163 | |||
Other loss (income) | (58) | (1,003) | |||
Depreciation of property and equipment Amortization of intangible assets | 163 109 | 146 - | |||
Amortization of right-of-use assets | 219 | 1 | |||
EBITDA | $ (2,444) | $ (1,987) | |||
Add impact of the following: | |||||
Asset impairment charges | 646 | 2,184 | |||
Adjusted EBITDA | $ (1,798) | $ 197 |
Net loss to adjusted net loss:
(In thousands of Canadian dollars) | 2022 | 2021 | |||
Net loss | $ (2,373) | $ (2,131) | |||
Add (deduct): | |||||
Net loss from discontinued operations | - | 1,129 | |||
Asset impairment charges | 646 | 2,184 | |||
Other loss (income) | (58) | (1,003) | |||
Adjusted net loss | $ (1,785) | $ 179 |
Net loss per share to adjusted net loss per share:
(In Canadian dollars) | 2022 | 2021 | |||
Net loss per share | $ (0.09) | $ (0.09) | |||
Add (deduct): | |||||
Net loss per share from discontinued operations | $ - | $ 0.05 | |||
Asset impairment charges per share | $ 0.02 | $ 0.09 | |||
Other loss (income) per share | $ ( 0.00) | $ ( 0.04) | |||
Adjusted net loss per share | $ (0.07) | $ 0.01 |
Full Year –
52 weeks ended
Net loss to EBITDA and Adjusted EBITDA:
(In thousands of Canadian dollars) | 2022 | 2021 | |||
Net loss | $ (9,248) | $ (7,914) | |||
Add (deduct): | |||||
Net loss from discontinued operations | - | 3,052 | |||
Income tax recovery | (1,460) | (404) | |||
Interest and financing charges | 1,239 | 493 | |||
Other income | (97) | (1,003) | |||
Depreciation of property and equipment Amortization of intangible assets | 642 109 | 761 - | |||
Amortization of right-of-use assets | 973 | 1,084 | |||
EBITDA | $ (7,842) | $ (3,931) | |||
Add impact of the following: | |||||
Asset impairment charges | 5,261 | 2,184 | |||
Adjusted EBITDA | $ (2,581) | $ (1,748) |
Net loss to adjusted net loss:
(In thousands of Canadian dollars) | 2022 | 2021 | |||
Net loss | $ (9,248) | $ (7,914) | |||
Add (deduct): | |||||
Net loss from discontinued operations | - | 3,052 | |||
Asset impairment charges | 5,261 | 2,184 | |||
Other income | (97) | (1,003) | |||
Adjusted net loss | $ (4,084) | $ (3,681) |
Net loss per share to adjusted net loss per share:
(In Canadian dollars) | 2022 | 2021 | |||
Net loss per share | $ (0.38) | $ (0.34) | |||
Add (deduct): | |||||
Net loss per share from discontinued operations | $ | $ 0.13 | |||
- | |||||
Asset impairment charges per share | $ 0.22 | $ 0.09 | |||
Other loss (income) per share | $ 0.00 | $ ( 0.04) | |||
Adjusted net loss per share | $ (0.16) | $ (0.16) |
For more information, please visit aegisbrands.ca.
SOURCE
© Canada Newswire, source