BMTC Group Inc. announces financial results for its quarter ended March 31st, 2009



    MONTREAL, May 7 /CNW Telbec/ - BMTC Group inc. announced that for the
quarter ended March 31st, 2009, the Company's revenue totalled $168.8 a
decreased of $12.9 million compared to the $181.7 million recorded in the
corresponding 2008 period. For the quarter ended March 31st, 2009, the net
income stood at $3.1 million compared to $11.6 million, for the corresponding
2008 period. The net earnings per share stood at $0.11 compared to $0.37 for
the corresponding 2008 period.
    Results from the costing of options had the effect of reducing net
earnings by $0.04 per share, compared to an increase of net earnings of $0.17
per share for the corresponding 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 along with the course of the Company's share price in any given time
period. An increase in the Company's share price incurs an expense, while a
decrease in the Company's share price 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 Company's share price. It is
for this reason that the Company includes net earnings in absolute dollars and
per-share dollars excluding this costing of options effect, even though doing
so does not conform to GAAPs, 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 sale of fixed assets during the quarter of the previous fiscal year
resulted in an increase in net per share earnings of $0.11. The share
repurchase program contributed in an increase of net earnings per-share of
$0.01 for the period.
    Excluding all these effects, net earnings would have increased by $1.4
million or $0.05 per share for the period.

    The adjusted $1.4 million increase breaks down as follows:

    
                                                            2009        2008

                                                     ($ in thousands, except
                                                       for per share amounts)

    Net Earnings                                           3,084      11,569
    Cost (gain) of options (after-tax)                     1,159      (5,470)
    (Gain) resulting from the sale
     of fixed assets (after-tax)                               -      (3,266)
                                                        ---------- ----------
    Adjusted Net Earnings                                  4,243       2,833
    Minus : Adjusted Net Earnings for the 2008 period      2,833
                                                        ----------
    Increase  2009                                         1,410


    Annual Financial Information

    -------------------------------------------------------------------------
                                                2008        2007        2006
                                                ----        ----        ----
                                             ($ in thousands, except for per
                                                      share amounts)
    -------------------------------------------------------------------------
    Revenue                                 $856,229    $841,544    $835,681
    -------------------------------------------------------------------------
    Net earnings                              69,908      49,033      45,633
    -------------------------------------------------------------------------
    Total Assets                             244,532     284,939     284,963
    -------------------------------------------------------------------------
    Net Earnings per share
      Basic                                    $2.36       $1.54       $1.35
      Diluted                                   2.27        1.48        1.30
    -------------------------------------------------------------------------
    Dividends per share                         0.35        0.29        0.24
    -------------------------------------------------------------------------


    Quarterly Results (unaudited)

    ($ in thousands, except for per share amounts)

                                     Quarter Ended           Quarter Ended
                                        March 31                June 30
    -------------------------------------------------------------------------
                                    2009        2008        2008        2007
                                    ----        ----        ----        ----

    -------------------------------------------------------------------------
    Revenue                     $168,805    $181,744    $225,508    $216,109
    -------------------------------------------------------------------------
    Net earnings                   3,084      11,569      17,094      14,878
    -------------------------------------------------------------------------
    Net Earnings per share
      Basic                         0.11        0.37        0.55        0.46
      Diluted                       0.10        0.35        0.54        0.44
    -------------------------------------------------------------------------

                                     Quarter Ended           Quarter Ended
                                      September 30            December 31
    -------------------------------------------------------------------------
                                    2008        2007        2008        2007
                                    ----        ----        ----        ----

    -------------------------------------------------------------------------
    Revenue                     $232,129    $216,731    $216,848    $223,628
    -------------------------------------------------------------------------
    Net earnings                  19,389      16,666      21,856      16,130
    -------------------------------------------------------------------------
    Net Earnings per share
      Basic                         0.65        0.49        0.79        0.52
      Diluted                       0.62        0.47        0.76        0.50
    -------------------------------------------------------------------------
    

    Since January 1st, 2009, the number of outstanding shares of the Company
changed yet again during the period ended April 30th, 2009 due to the share
redemption programs implemented in September 2008 and the conversion of Class
B Multiple Voting Shares. Accordingly, 122,800 Class A Subordinate Voting
Shares were redeemed by the Company and cancelled in 2009, while 81,824 Class
B Multiple Voting Shares were converted into as many Class A Subordinate
Voting Shares. As a result of these changes, the Company had, as of April
30th, 2009, 10,388,667 Class B Multiple Voting Shares and 16,288,533 Class A
Subordinate Voting Shares outstanding.

    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 the Montreal, Quebec City, Laval, Ste-Foy,
Sherbrooke, Trois-Rivières, Rimouski, St-Georges, Rivière-du-Loup, Chicoutimi,
and Gatineau regions through its affiliates Brault & Martineau Inc. and
Ameublements Tanguay.




For further information:

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


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