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Second Cup swings to loss in fiscal Q1

Second Cup Ltd. said its normalized net income for the fiscal first quarter ended March 28 amounted to a loss of C$101,880, compared with income of C$411,250 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.7% from 6.2% in the year-earlier period.

Total revenue climbed 36.1% on an annual basis to C$9.0 million from C$6.6 million, and total operating expenses climbed 54.9% year over year to C$9.0 million from C$5.8 million.

Reported net income came to a loss of C$76,000, or a loss of 1 cents per share, compared to income of C$56,000, or 1 cents per share, in the year-earlier period.