08:51 AM EDT, 05/03/2024 (MT Newswires) -- Aegis Brands ( SCUPF ) , which owns and operates St. Louis Bar and Grill as well as Wing City by St. Louis, said Friday that its net loss in the first quarter narrowed.

The company posted a net loss from continuing operations of $200,000, or $0.00 per share, compared to a loss of $600,000, or $0.01 per share, in the year-ago period.

System sales increased 17% to $31.6 million while EBITDA from continuing operations rose to $1.0 million from $800,000.

According to Aegis, St. Louis Bar & Grill contributed $2.2 million and $2.5 million to the company's net income and EBITDA, respectively.

"St. Louis continues to grow sales and focus its efforts on increasing franchisee profitability," said Steven Pelton, Aegis' president and CEO.

Aegis said it has identified potential expansion possibilities in Ontario, the East Coast and Winnipeg.

Meanwhile, Aegis said it opened the first Wing City locations in Toronto in December 2023 and April 2024.

The company also noted the closing of the sale of of Bridgehead Coffee to Pilot Coffee for $3.5 million.

"This strategic divestiture allows us to focus on the momentum of the St. Louis brand," Pelton said. "We know there is significant growth yet to be realized with this brand and we are creating shareholder value with this great asset."