BMTC Group Inc. announces financial results for its quarter ended September 30th, 2013

MONTREAL, Nov. 7, 2013 /CNW Telbec/ - For the nine month period ended September 30th, 2013, the Company's revenues decreased by $15,625,000 to $520,575,000, compared to $536,200,000 recorded in the corresponding 2012 period. Net earnings for the nine month period ended September 30th, 2013, amounted to $30,629,000 compared to $32,257,000 for the corresponding 2012 period. Basic net earnings per share decreased to $0.66 compared to $0.67 in 2012.

The effect of costing options had no impact on net basic earnings per share for the nine month period ended September 30th, 2013, compared to an increase of $0.01 for the corresponding 2012 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 that varies according to a calculation based on the Black-Scholes method. An increase in that value is recorded as an expense, while a decrease in value has the opposite effect. Of particular concern is the reader may conclude that the Company's profitability has increased in the context of a major decrease in the value attributed. For this reason the Company discloses adjusted net earnings in absolute dollars and on a per share basis to exclude the effect of costing options. These adjusted figures are likely not comparable with the same type of measures reported by other public issuers. It is worth noting that the Company offers a stock option program that allows the holder to receive cash in lieu of shares upon exercising stock options therefore making BMTC Group Inc. one of the few public companies to expense options on an ongoing basis.

The sale of fixed assets during the 2012 period resulted in an increase in net per share earnings of $0.02 while no corresponding amount for the 2013 period.

The share repurchase program contributed to an increase of $0.02 in basic net earnings per share during the nine month period ended September 30th, 2013.

Excluding this effect, net earnings would have increased by $99,000 or $0.00 per basic share for the nine month period ended September 30th, 2013.

The $99,000 variation in adjusted net earnings in 2013 is as follows:

  2013   2012
  ($ in thousands)
Net Earnings 30 629    32 257
(Gain) resulting from the sale of fixed assets (after-tax) -   (1 189)
Variation of cost of options (after-tax) (175)   (515)
Adjusted Net Earnings 30 454   30 553
       
Minus: Adjusted Net Earnings for 2012 30 553    
       
Variation (99)  

This variation in adjusted after-tax operating income is allocated as follows:

($ in thousands)
  Increase (decrease)   Increase (decrease)   Increase (decrease)
  retail operating   investment   adjusted
  earnings   income   operating earnings
           
1st quarter 2013 1 678   1 178    2 856
2nd quarter 2013 344    (477)   (133)
3rd quarter 2013 (3 574)   752   (2 822)
           
Total (1 552)   1 453   (99)

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

  2013   2012
  $   $
Revenue 716 870   748 731
Net Earnings 44 955   57 231
Total Assets 285 318   274 446
Net earnings Per Share      
  Basic 0,94   1,16
  Diluted 0,94   1,16
Dividends Per Share 0,24   0,24

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

 
  March 31 June 30 September 30 December 30
  2013 2012 2013 2012 2013 2012 2012 2011
  $ $ $ $ $ $ $ $
Revenue 151 849 154 760 181 411 185 841 187 315 195 599 180 670 194 156
Net Earnings (Loss) 1215 (1 760) 13 574 13 882 15 840 20 135 12 698 15 104
Net Earnings (Loss) Per Share                
  Basic 0,03 (0,04) 0,29 0,29 0,34 0,42 0,27 0,32
  Diluted 0,03 (0,04) 0,29 0,29 0,34 0,42 0,27 0,33

For the three month period ended September 30th, 2013, the Company's revenues decreased by $8,284,000 to $187,3150,000, compared to $195,599,000 recorded in the corresponding 2012 period. Net earnings for the three month period ended September 30th, 2013, amounted to $15,840,000 compared to $20,135,000 for the corresponding 2012 period. Basic net earnings per share amounted to $0.34 compared to $0.42 in 2012.

The effect of costing options had no impact on net basic earnings per share for the three month period ended September 30th, 2013 compared to an increase of $0.01 per basic share for the corresponding 2012 period.

The sale of fixed assets during the 2012 period resulted in an increase in net per share earnings of $0.02 while no corresponding amount for the 2013 period.

The share repurchase program contributed an increase of $0.01 per basic net earnings per share during the three month period ended September 30th, 2013.

Excluding these effects, the variation to net earnings would have been $2,822,000 or $0.06 per basic share for the three month period ended September 30th, 2013.

The $2,822,000 variation in adjusted net earnings in 2013 is as follows:


  2013   2012
  ($ in thousands)
Net Earnings 15 840   20 135
(Gain) resulting from the sale of fixed assets (after-tax) -   (1 189)
Variation of cost of options (after-tax) (81)   (365)
Adjusted Net Earnings 15 759   18 581
       
Minus: Adjusted Net Earnings for 2012 18 581    
       
Variation (2 822)    

The number of outstanding shares of the Company changed during the nine month period ended September 30th, 2013, pursuant to the normal course issuer bid on March 13th, 2013 and the conversion of Class B Multiple Voting Shares. Accordingly, 1,586,000 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 100,000 Class B Multiple Voting Shares were converted into 100,000 Class A Subordinate Voting Shares. As a result of these changes the Company had on September 30th, 2013, 1,861,280 Class B Multiple Voting Shares and 43,692,720 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 23rd, 2013 which will be payable on January 6th, 2013.

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


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.