BMTC Group Inc. announces financial results for its quarter ended June 30th, 2014

MONTREAL, Aug. 14, 2014 /CNW Telbec/ - For the six month period ended June 30th, 2014, the Company's revenues decreased by $5,261,000 to $327,999,000, compared to $333,260,000 recorded in the corresponding 2013 period, a 1.5% decrease. Same store revenues decreased by 4% for the same period. Net earnings for the six month period ended June 30th, 2014, amounted to $12,552,000 compared to $14,789,000 for the corresponding 2013 period. Basic net earnings per share decreased to $0.28 compared to $0.32 in 2013.

The effect of costing options had no impact on net basic earnings per share for the six month period ended June 30th, 2014 and 2013.

The share repurchase program had no impact on net basic earnings per share for the six month period ended June 30th, 2014 and 2013.  

Excluding the non significant effect of the costing of options, the variation the adjusted net earnings would have been ($2,018,000) or ($0.04) per basic share for the six month period ended June 30th, 2014.

The ($2,018,000) variation in adjusted net earnings in 2014 is as follows:


2013


2012


($ in thousands)

Net Earnings

12 552


14 789

Variation of cost of options (after-tax)

125


(94)

Adjusted Net Earnings

12 677


14 695





Minus: Adjusted Net Earnings for 2013

14 695







Variation

(2 018)



 

This variation in adjusted after-tax income is allocated as follows for the first two quarters:


($ in thousands)








Increase (decrease)


Increase (decrease)


Increase (decrease)


retail operating


investment


adjusted


earnings


income


operating earnings







1st quarter 2014

(2 031)


(401)


(2 432)

2nd quarter 2014

(1 447)


1 861


414







Total

(3 478)


1 460


(2 018)

 

Annual Financial Information
($ in thousands, except for per share amounts)


2013


2012


$


$

Revenue

694 743


716 870

Net Earnings

57 254


48 652

Total Assets

306 296


285 318

Net earnings Per Share





Basic

1,24


1,02


Diluted

1,24


1,02

Dividends Per Share

0,24


0,24

 

Quarterly Results (Unaudited)
($ in thousands, except for per share amounts)


March

June

September

December


2014

2013

2014

2013

2013

2012

2013

2012


$

$

$

$

$

$

$

$

Revenue

145 118

151 849

182 881

181 411

187 315

195 599

174 168

180 670

Net (loss) earnings

(1 468)

1 215

14 020

13 574

15 840

20 135

26 625

16 395

Net (loss) earnings per share



















Basic

(0,03)

0,03

0,31

0,29

0,34

0,42

0,58

0,35


Diluted

(0,03)

0,03

0,31

0,29

0,34

0,42

0,58

0,35

 

For the three month period ended June 30th, 2014, the Company's revenues increased by $1,470,000 to $182,881,000, compared to $181,411,000 recorded in the corresponding 2013 period. Net earnings for the three month period ended June 30th, 2014, amounted to $14,020,000 compared to $13,574,000 for the corresponding 2013 period. Basic net earnings per share amounted to $0.31 compared to $0.29 in 2013. The effect of costing options had no impact on net basic earnings per share for the three month period ended June 30th, 2014 and 2013. The share repurchase program had no impact on basic net earnings per share during the three month period ended June 30th, 2014 and 2013.

Excluding the non significant effect of the costing of options, the variation the adjusted net earnings would have been $414,000 or $0.00 per basic share for the three month period ended June 30th, 2014.

The $414,000 variation in adjusted net earnings in 2014 is as follows:


2014


2013


($ in thousands)

Net Earnings

14 020


13 574

Variation of cost of options (after-tax)

(22)


10

Adjusted Net Earnings

13 998


13 584





Minus: Adjusted Net Earnings for 2013

13 584







Variation

414



 

During the six period ended June 30th, 2014, no options were granted or exercised. As at June 30th, 2014, options for 251,850 Class A Subordinate Voting Shares, representing 0.58% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12.66% of the Company's outstanding shares, may still be granted pursuant to the Plan. The issued and outstanding options may be exercised at a price of $17.85 per Class A Subordinate Voting Shares.

The number of outstanding shares of the Company changed during the six month period ended June 30th, 2014, pursuant to the normal course issuer bids on March 12th, 2013 and renewed on March 13th, 2014 and the conversion of Class B Multiple Voting Shares. Accordingly, 166,300 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 60,400 Class B Multiple Voting Shares were converted into 60,400 Class A Subordinate Voting Shares. As a result of these changes the Company had on June 30th, 2014, 1,750,880 Class B Multiple Voting Shares and 43,350,820 Class A Subordinate Voting Shares outstanding.

A semi-annual eligible dividend of $0.12 per share has been declared to holders of Class A Subordinate Voting Shares and Class B Multiple Voting Shares of record as of the close of business on August 25th, 2014 which will be payable on August 29th, 2014.

Non International Financial Reporting Standards (IFRS) financial measures

The Company discloses adjusted net earnings, which includs or excluds certain amounts that are not considered representative of performance measures and financial recurrence of the Company. Management believes that this measure is useful in understanding and analysing the operational performance of the Company.

The Company discloses in this MD&A under the section "Results" a reconciliation between net earnings and adjusted net earnings.

Adjusted net earnings are not an earnings measure recognised by IFRS and does not have a standardised meaning prescribed by IFRS. Therefore, adjusted net earnings as discussed in this MD&A may not be compared to similar measures presented by other issuers. This measure of performance should not be considered as an alternative as an indicator of performance, but rather as additional information.

Same store revenues are not an earnings measure recognised by IFRS and does not have a standardised meaning prescribed by IFRS. Therefore, same store sales as discussed in this MD&A may not be compared to similar measures presented by other issuers.

BMTC Group Inc.'s Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange and through its subsidiaries, ABTM Group Inc. and Ameublements Tanguay Inc., is a major retailer of furniture, electronic goods and household appliances operating in the Montreal, Quebec City, Repentigny, Ste‑Therese, Laval, Longueuil, Kirkland, St-Georges, Trois‑Rivières, Sherbrooke, Chicoutimi, Rivière‑du‑Loup, Rimouski, Levis, Beauport, Ste-Foy, Gatineau, Ste-Hyacinthe, St-Jean-sur-le-Richelieu, Granby, Vaudreuil, Mascouche and St-Jérôme areas.

SOURCE BMTC Group Inc.

For further information: Mr. Yves Des Groseillers, Chairman, President and Chief Executive Officer, BMTC Group Inc., (514) 648-5757