MTY reports record earnings for its FY 2011

TSX Trading Symbol: "MTY"

MONTREAL, Feb. 14, 2012 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of over 2,263 quick service restaurants, reports today its results of operations for the for the fourth quarter and fiscal year ended November 30, 2011.

Highlights of the fourth quarter and fiscal year:

  • MTY completes 4 acquisitions during the fiscal year:
    • 51% interest in a 60,000 square feet food processing plant;
    • 136 units Jugo Juice franchise network;
    • 338 units MR. Sub franchise network;
    • 20 units Koryo Korean Barbeque franchise network.
  • Number of locations at 2,263, up from 1,727 from November 30, 2010;
  • Revenues increased by 20% to reach $23.3 million for the quarter and by 17% to reach $78.5 million for the year;
  • Same store sales grew by 1.29% for the fourth quarter and 0.63% for the fiscal year;
  • System wide sales for the fourth quarter went up by 21% to reach $149.4 million and increased by 14% reaching $527.6 million during the twelve months of 2011;
  • EBITDA before restructuring charges up 9% to $8.0 million for the quarter and increased by 6% at $27.9 million for the fiscal year;
  • Earnings per share for the fourth quarter at $0.25 per share and $0.84 per share for the year;
  • Cash and short term investments total $10.6 million at the end of November 2011;

(in millions of dollars) 3 months 3 months   12 months 12 months  
  Nov-11 Nov-10 % Nov-11 Nov-10 %
Revenue $ $   $ $  
Franchise locations 16.33 15.69 4% 56.06 57.10 -2%
Corporate locations 3.28 2.52 30% 10.78 8.65 25%
Distribution 1.87 1.29 45% 6.06 1.29 371%
Processing 2.01 -   6.33 -  
Intercompany (0.19) (0.15) 25% (0.76) (0.15) 402%
Total  Revenue 23.30 19.34 20% 78.47 66.89 17%
             
Expenses            
Franchising and other 8.69 8.98 -3% 30.13 32.36 -7%
Corporate locations 3.34 2.56 30% 10.73 7.73 39%
Distribution 1.74 1.16 50% 5.53 1.16 378%
Processing 1.85 -   6.20 -  
Amortization - capital assets 0.21 0.33 -35% 1.26 1.05 21%
Amortization - intangible assets 0.88 0.76 16% 3.18 3.02 5%
Intercompany (0.19) (0.15) 25% (0.76) (0.15) 402%
Interest on long term debt 0.04 -   0.15 -  
Restructuring - -   0.45 -  
Total expenses 16.57 13.63 22% 56.86 45.16 26%
             
Gain (loss) on foreign exchange 0.06 (0.02) -442% 0.02 (0.01) -229%
Interest income 0.07 0.06 6% 0.36 0.20 82%
Gain on disposal of assets 0.04 0.52 -92% 0.86 0.40 116%
  0.16 0.56 -71% 1.23 0.58 113%
Income before income taxes and non-controlling interest 6.89 6.2 10% 22.84 22.30 2%
Income taxes (2.08) (1.80) 15% (6.42) (6.78) -5%
Income before non-controlling interest 4.82 4.48 8% 16.42 15.52 6%
Non-controlling interest (0.09) 0.01 -1453% (0.26) (0.07) 256%
Net income and comprehensive income 4.73 4.48 5% 16.15 15.45 5%

For additional information, please refer to the audited consolidated financial statements of the Company and to the Management's Discussion and Analysis for the period ended November 30, 2011

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 on the Company is available 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 Jean-Francois Dube, Investor Relations at 1-450-226-8475 or by email at jfdube@mac.com or visits our website: www.mtygroup.com or visit SEDAR's website at www.sedar.com under the Company's name.

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MTY FOOD GROUP INC.

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