BMTC Group Inc. announces financial results for its quarter ended September 30th, 2011

MONTREAL, Nov. 10, 2011 /CNW Telbec/ - For the nine month period ended September 30th, 2011, the Company's revenue decreased by $52,626,000 to $554,035,000, from the $606,661,000 recorded in the corresponding 2010 period. Net earnings for the nine month period ended September 30th, 2011, stood at $42,127,000 compared with $42,149,000, for the corresponding 2010 period. Basic earnings per share increased going from $0.81 in 2010 to $0,84 in 2011.

Results from the costing of options had the effect of reducing net basic earnings by $0.06 per share, compared to a decrease of $0.28 per basic share for corresponding 2010 period. While the Company costs options as either an expense or revenue in the net earnings calculation, the Company believes it is preferable to inform readers of its financial statements of the impact of this element, which is outside the Company's control and which varies according to calculation based on the Black Scholes method. An increase in this value incurs an expense, while a decrease incurs revenue. Of particular concern is that the reader could be made to believe that the Company's profitability had risen in the context of a major decrease in the value attributed. It is for this reason that the Company includes net earnings in absolute dollars and per-share dollars excluding this costing of options effect; it is therefore unlikely that we can compare them with the same type of measures presented by other issuers. It is worth noting that the Company offers a stock option program that allows the holder to exercise his options in lieu of cash therefore being one of few public companies to expense options on an ongoing basis.

The share repurchase program contribute to an increase of net per basic share earnings of $0.04.

Excluding this effect, net earnings would have decreased by $11,265,000 or $0.23 per basic share.

The adjusted $11,265,000 decrease in net earnings breaks down as follows:

  2011   2010
  ($ in thousands)
Net Earnings 42,127   42,149
Variation of cost of options (after-tax) 3,066   14,309
Adjusted Net Earnings 45,193   56,458
MINUS : Adjusted Net Earnings for the 2010 period 56,458    
Decrease 2011 11,265

This decrease in adjusted and after tax operating earnings was spread out through the quarters as follows:

  ($ in thousands)
Increase (decrease)   Increase (decrease)
retail operating Increase (decrease) adjusted
earnings investment income operating earnings
       
1st quarter 2011 (3,197) 738 (2,459)
2nd quarter 2011 (749) 928 179
3rd quarter 2011 (7,433) (1,552) (8,985)
4th quarter 2011      
Total: (11,379) 114 (11,265)

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

             
  IFRS   GAAP*
  2010   2010   2009
Revenue  822,507   822,507   818,072
Net earnings 74,193   75,122   67,029
Total Assets 320,182   347,502   313,925
Net Earnings per share**          
  Basic
Diluted
1.44
1.38
  1.46
1.40
  1.27
1.23
Dividends per share 0.24   0.24   0.19

*The financial information has been prepared in accordance with Canadian Generally Accepted Accounting Principles («GAAPs»)

** After taking into account the 2 for 1 stock split effect of April 6th, 2010, comparables have been adjusted.

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

                               
        March 31   June 30       September 30       December 31
  2011   2010   2011   2010   2011   2010   2010   2009*
  $   $   $   $   $   $   $   $
Revenue 163,174   183,148   194,146   207,801   196,715   215,712   215,846   223,948
Net earnings 2,814   3,821   21,456   16,966   17,857   21,362   32,044   18,743
Net Earnings per share**                              
  Basic 0.05   0.07   0.43   0.33   0.36   0.41   0.63   0.36
  Diluted 0.05   0.06   0.42   0.33   0.36   0.40   0.59   0.35

*The financial information has been prepared in accordance with Canadian Generally Accepted Accounting Principles (« GAAPs »)

** After taking into account the 2 for 1 stock split effect of April 6th, 2010, comparables have been adjusted.

For the three month period ended September 30th, 2011, the Company's revenue decreased by $18,997,000  to $196,715,000, from the $215,712,000 recorded in the corresponding 2010 period. Net earnings for the three month period ended September 30th, 2011, stood at $17,857,000 compared with $21,362,000, for the corresponding 2010 period. Basic earnings per share decrease going from $0.41 in 2010 to $0.36 in 2011. Results from the costing of options had the effect of reducing net basic earnings by $0.02 per share, compared to a decrease of $0.13 per basic share for corresponding 2010 period.

The share repurchase program contribute to an increase of net per basic share earnings of $0.02.

Excluding this effect, net earnings would have decreased by $8,985,000 or $0.18 per basic share.

The adjusted $8,985,000 decrease in net earnings breaks down as follows:

  2011   2010
  ($ in thousands)
Net Earnings 17,857   21,362
Variation of cost of options (after-tax) 959   6,439
Adjusted Net Earnings 18,816   27,801
MINUS : Adjusted Net Earnings for the 2010 period 27,801    
Decrease 2011 8,985  

During the nine month period ended September 30th, 2012, options were exercised on two occasions. On March 16th, 2011, the Company paid an amount before tax of $21,114,000 as cash award in lieu of shares, as a result of the exercise of 1,088,000 options. On July 21st, 2011, the Company paid an amount before tax of $250,001 as cash award in lieu of shares, as a result of the exercise of 13,777 options. As at September 30th, 2011, options for 953,023 Class A Subordinate Voting Shares, representing 2% of the Company's shares in circulation, therefore remain outstanding and 5,710,864 options, representing 12% of the Company's shares in circulation, may still be issued pursuant to the Plan. The outstanding options may be exercised at prices ranging between $3.60 and $17.85 per Class A Subordinate Voting Shares.

The number of outstanding shares of the Company changed during the nine month period ended September 30th, 2011 due to the share redemption programs implemented in March 2011 and the conversion of Class B Multiple Voting Shares. Accordingly, 2,138,400 Class A Subordinate Voting Shares were redeemed by the Company and cancelled and also 262,151 Class B Multiple Voting Shares were converted into 262,151 Class A Subordinate Voting Shares. As a result of these changes, the Company had, as of September 30th, 2011, 2,203,635 Class B Multiple Voting Shares and 46,343,465 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 December 21st, 2011 which will be payable on January 2nd, 2012.

BMTC Group inc., which Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange, is an important retailer of furniture, electronic goods and household appliances in appliances in the areas of 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 through its subsidiary Brault & Martineau and Ameublements Tanguay.

 

 

SOURCE BMTC GROUP INC.

For further information:

Mr. Yves Des Groseillers
Chairman, President and
Chief Executive Officer
BMTC Group inc.  (514) 648-5757

Profil de l'entreprise

BMTC GROUP INC.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.