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CANADA: The Second Cup Ltd. Annnounces First Quarter Results

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The Second Cup Ltd. (TSE:SKL) today announced its results for the first quarter ended September 16, 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $2.2 million, an 8.8 per cent increase over the prior year's results. Systemwide sales rose by 8.2 per cent to $37.3 million and same store sales decreased slightly by 0.7 per cent. Net earnings for the quarter were unchanged at $1 million, or 11 cents per share reflecting increased interest expense of $225,000 compared with last year. This resulted from the payment of a special dividend of $2 per share carried out on May 31, 2000. Seven new cafes were opened in the first quarter resulting in Second Cup exceeding the 400 cafe plateau. The Company reduced debt by more than $2.5 million to $10.7 million during the quarter using cash generated from operations and cash reserves. "Our first quarter results continue to reflect Second Cup's position as Canada's leading specialty coffee retailer," says Alton McEwen, Chief Executive Officer of Second Cup. The Company remains committed to growth and will place emphasis on building sales, earnings and share value. "We continue to grow our network of new cafes and expect to open 25 to 30 new cafes during the coming year," says Mr. McEwen. "We're looking forward to leveraging our strong brand equity and continuing to grow our business as we move forward," he concludes. The Second Cup Ltd. trades on the Toronto Stock Exchange under the symbol SKL. As the leading specialty coffee company in Canada, Second Cup offers the world's finest coffee through more than 400 owner-operated cafes across the country and select marketing partners including Air Canada, VIA Rail and Delta Hotels.


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