Highlights
- Aegis generated net income of
$467,000 for the quarter or$0.01 per share compared to a net loss of$2,403,000 or$0.10 per share last year. Net loss year to date was$654,000 or$0.01 per share compared to a net loss of$6,874,000 or$0.30 per share. - Aegis' EBITDA for the quarter was
$1,845,000 compared to an EBITDA loss of$2,132,000 one year ago. - Aegis' EBITDA was
$3,826,000 year to date compared to an EBITDA loss of$6,066,000 last year. - The
St. Louis Bar & Grill ("St. Louis") brand provided encouraging results with net income of$1,683,000 for the quarter and$3,938,000 year to date. St. Louis' same store sales (SSS) increased 2.4% in the quarter and 7.4% year to date.- Same store sales at Bridgehead increased 17.4% for the third quarter and 25.6% for the year.
"We are turning a corner at Aegis, as our investments in longer-term growth begin to return results and we report our first quarter of income from operations since 2018. We have the plans, the commitment, the expertise, and the partners to build on this momentum," said Steven Pelton, President and CEO of Aegis.
In the third quarter,
The company plans to open its first two "Wing City by
Revenue at Bridgehead improved to
"We have been more creative in our post-pandemic recovery. Our guests still want the heritage, values, and high quality of Bridgehead coffee – but they just are not downtown in
Wholesale revenue of
Financial Highlights:
13 weeks ended |
39 weeks ended | |||||
September |
September |
September |
September | |||
St. Louis Revenue
| ||||||
Royalties | $ 1,508 | $ - | $ | 4,296 | $ - | |
Advertising fund contributions | 382 | - | 2,218 | - | ||
Other franchise revenue | 1,887 | - | 5,597 | - | ||
| 508 | 508 | ||||
$ 4,285 | $ - | $ | 12,619 | $ - |
Bridgehead Revenue | ||||||
Coffeehouses | $ 3,495 | $ 2,952 | $ | 10,185 | $ 7,748 | |
Wholesale | 426 | 287 | 1,075 | 937 | ||
E-commerce | 118 | 134 | 381 | 470 | ||
Other | 58 | - | 58 | - | ||
$ 4,097 | $ 3,373 | $ | 11,701 | $ 9,155 | ||
Total Revenue | $ 8,382 | 3,373 | $ | 24,320 | $ 9,155 |
Reconciliation of Net Income (loss) to Operating income (loss):
13 weeks ended | 39 weeks ended | |||||||
(In thousands of Canadian dollars) | September | September | September | September | ||||
Net income (loss) | $ | 467 | $ | (2,403) | $ | (654) | $ | (6,874) |
Add (deduct): | ||||||||
Income tax recovery | - | (243) | - | (668) | ||||
Interest and financing charges | 726 | 102 | 2,511 | 283 | ||||
Other income | (4) | - | (6) | (40) | ||||
Operating income (loss) | $ | 1,189 | $ | (2,544) | $ | 1,851 | $ | (7,299) |
Reconciliation of Net Income (loss) to EBITDA and Adjusted EBITDA:
13 weeks ended | 39 weeks ended | |||
(In thousands of Canadian dollars) | September | September | September | September |
Net income (loss) | $ 467 | $ (2,403) | $ (654) | $ (6,874) |
Add (deduct): | ||||
Income tax recovery | - | (243) | - | (668) |
Other income | (4) | - | (6) | (40) |
Interest and financing charges | 726 | 102 | 2,511 | 283 |
Depreciation of property and equipment Amortization of intangible assets | 159 259 | 161 - | 475 769 | 479 - |
Amortization of right-of-use assets | 238 | 251 | 731 | 754 |
EBITDA | $ 1,845 | $ (2,132) | $ 3,826 | $ (6,066) |
Add impact of the following: | ||||
Revaluation of securities Restructuring costs | 20 43 | 1,322 5 | 4 163 | 4,615 50 |
Adjusted EBITDA | $ 1,908 | $ (805) | $ 3,993 | $ (1,401) |
Aegis measures the success of its business in part by employing several key performance indicators referenced herein that are not recognized under IFRS, including same store sales, system sales, and EBITDA. These indicators should not be considered an alternative to IFRS financial measures, such as net income, and are presented in this report 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 those of 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 are included in Aegis' management's discussion and analysis for the quarter ended
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.
For more information, please visit aegisbrands.ca.
SOURCE
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