SEATTLE Coffee-bar operator Tully’s Coffee Corp. said it has postponed a pending public offering because of “volatile stock market conditions.”
Seattle-based Tully’s said proceeding with the offering, which was announced in April, “would not be in the best interest of shareholders” but that the company would continue to monitor the stock markets. The company, which also wholesales coffee, had said it would use offering proceeds for “growth of our business, repayment of debt, and for general corporate purposes.”
For the quarter ended July 1, Tully’s, which operated 90 coffee bars and franchised 41, reported total revenue of $16.8 million, up 19.87 percent from the same period a year earlier, and a net loss of $2.2 million compared with a loss of $2.4 million in the 2006 period. Sales at company coffee bars rose 9.52 percent to $10.5 million in the latest period, versus the same quarter a year ago, when it operated two fewer units.