MISSISSAUGA, ON, Canada – Aegis Brands Inc. reported financial results for the first quarter ended March 27, 2021. Consolidated Net Loss including Second Cup for Q1 was $1,801,000 or $0.08 per share compared with $2,897,000 or $0.13 per share one year ago. Bridgehead’s Q1 Net Income was $17,000 compared to a Net Loss of $560,000 last year. Hemisphere revenue rose by 38% in Q1 vs the previous quarter. Hemisphere’s Net Loss was $356,000 in Q1 compared to $1,120,000 in Q4 of 2020.
The sale of Second Cup Coffee Co. to Foodtastic was completed on April 23, 2021. The proceeds from the transaction were $14 million (subject to certain closing adjustments) of which $12 million was received at closing.
As a result, the Company significantly strengthened its financial ability to carry out its strategic objectives in consolidation while growing the Bridgehead and Hemisphere Cannabis brands.
“With the sale complete, we are now able to focus on the future of Aegis Brands,” said Steven Pelton, President and CEO of Aegis Brands. “We look forward to seeking out new strategic growth and development opportunities with entrepreneurs who are poised to take advantage of this pivotal time for the company.”
Moving forward with a clean balance sheet, Aegis continues to seek out acquisition. In the wake of the disruption and innovation as a result of the pandemic, the Company sees a broad array of opportunities.