MTY reports results for the third quarter of its 2013 fiscal period
TSX Trading Symbol: "MTY"
MONTREAL, Oct. 3, 2013 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of quick service restaurants, reports today the results of its operations for the third quarter of its 2013 fiscal year.
Highlights of the third quarter of 2013:
- Net income attributable to owners increases to $6.7 million in the third quarter ($0.35 per share), up by 9% compared to the same period last year
- EBITDA increases by 6% in the third quarter, to reach $10.5 million
- Revenues grow by 4% year over year, exceeding $25 million in the third quarter
- Cash position was at $45.0 million at the end of the third quarter
- The MTY network grew by a net 20 outlets in the third quarter, with 2,233 locations in operation on August 31st, 2013.
- System sales reach $180.5 million in the third quarter of 2013. After nine months, system sales were $517.1 million, up 0.4% compared to the first nine months of 2012
Same-store-sales decline by 1.7% in the third quarter, impacted by a
weak month of June and continued pressures in July and August.
|(in thousands of $, except per share information)|
|Three months ended||Nine months ended|
|Income before taxes||9,285||8,426||10%||25,347||22,317||14%|
|Net income attributable to owners||6,682||6,129||9%||18,567||15,803||17%|
|Basic and fully diluted earnings per share||$0.35||$0.32||$0.97||$0.83|
Note: These are financial highlights only. Management's Discussion and Analysis, the condensed interim consolidated financial statements and notes thereto for the quarter ended August 31, 2013 will be available on the SEDAR website at www.sedar.com and on the Company's website at www.mtygroup.com.
Certain information in this News Release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this News Release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this News Release. Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company's Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
MTY Food Group Inc.
Stanley Ma, Chairman, President & CEO
SOURCE MTY Food Group Inc.For further information:
For more information please contact Eric Lefebvre, Chief Financial Officer at 1-514-336-8885 or by email at firstname.lastname@example.org, or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name.