Originally published Wednesday, August 12, 2009 at 4:14 PM

Tully's Coffee pays off debt, reports smaller loss

Tully's Coffee — which officially changed its name to TC Global — opened four stores during the quarter, including one in Singapore through a joint venture called Tully's Coffee Asia Pacific.

By Melissa Allison

Seattle Times business reporter

Tully's Coffee paid off all of its outstanding debt and shrank its net loss by 45 percent, to $867,000, during the first quarter ended June 28.

Tully's — which officially changed its name to TC Global — opened four stores during the quarter, including one in Singapore through a joint venture called Tully's Coffee Asia Pacific.

The chain now has 170 U.S. stores and three international stores. Same-store sales fell 8.4 percent during the quarter, compared with a decline of 0.4 percent during the same quarter a year earlier.

Tully's interest expense fell from $720,000 to $5,000 largely because it paid off $15.3 million in debts to Benaroya Capital and Northrim Funding, following the March sale of its wholesale business to Green Mountain Coffee Roasters for $40.3 million.

Tully's also made a $6 million distribution to shareholders in May.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com

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