BMTC Group Inc. announces financial results for its quarter ended March 31st, 2016

MONTREAL, May 12, 2016 /CNW Telbec/ -

Results

For the quarter ended March 31st, 2016, the Company's revenues increased by $5,663,000 to $154,943,000, compared to $149,280,000 recorded in the corresponding 2015 period, a 3.8% increase. Same store revenues grew by 1.70% during the same period. Net loss for the quarter ended March 31st, 2016, amounted to ($958,000) compared to net earnings of $59,000 for the corresponding 2015 period. Basic net earnings per share decreased to $(0.02) compared to $0.00 in 2015.

The effect of the cost of options had no impact on basic net earnings per share for the quarters ended March 31st, 2016 and 2015.

The variation to the adjusted net earnings would have been ($847,000) or ($0.02) per basic share for the quarter ended March 31st, 2016.

The ($847,000) variation in adjusted net earnings in 2016 is as follows:

 


(Unaudited and $ in thousands)






2016


2015





Net (loss) earnings

(958)


59

Variation of cost of options (after-tax)

40


(130)

Adjusted net loss

(918)


(71)

Minus: Adjusted net loss for 2015

(71)







Variation

(847)



 

This variation in adjusted after-tax income is allocated throughout the quarters as follows:

 


 (Unaudited and $ in thousands)






Increase

Increase

Increase


 (decrease)

 (decrease)

(decrease)


retail operating

investment

adjusted


earnings

income

operating earnings





1st quarter 2016

1 113

(1 960)

(847)

 

Annual Financial Information




($ in thousands, except for per share amounts)




2015

2014


$

$




Revenue

717 338

701 356

Net Earnings

41 528

48 647

Total Assets

274 022

362 350

Net Earnings Per Share




Basic

0,99

1,08


Diluted

0,99

1,08

Dividends Per Share

0,24

0,24

 

Financial Position and Dividends

Cash and investments decreased by $2,092,000 during the quarter ended March 31st, 2016. Investments consist primarily of bank notes and common shares, which at the close of the quarter had a market value of $60,397,000 (including cash).

As of March 31st, 2016, the working capital was of $1,821,000 a decrease of $89,000 compared to December 31st, 2015. The Company's shareholders' equity decreased from $172,968,000 as at December 31st, 2015 to $172,010,000 as at March 31st, 2016. As of March 31st, 2016, the book value per share stood at $4.54, compared to $4.56 as at December 31st, 2015.

The number of outstanding shares of the Company remained the same during the three month period ended March 31st, 2016, as no shares were repurchased during this period pursuant to the normal course issuer bid effective March 13th, 2015, which was renewed on March 14th, 2016. On March 31st, 2016, 37,913,850 Common Shares were outstanding.

During the quarter ended March 31st, 2016, no options were granted. As at March 31st, 2016, options for 219,000 Common Shares, representing 0.58% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 15.06% 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 Common Shares.

 

Quarterly Results


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










March 31st


June 30th


2016


2015


2015


2014


$


$


$


$









Revenue

154 943


149 280


188 373


182 881

Net (Loss) Earnings

(958)


59


12 196


14 020

Net (Loss) Earnings Per Share









Basic

(0,02)


-


0,27


0,31


Diluted

(0,02)


-


0,27


0,31


















September 30th


December 31st


2015


2014


2015


2014


$


$


$


$









Revenue

189 385


190 207


190 300


183 150

Net (Loss) Earnings

13 037


18 271


16 236


17 824

Net (Loss) Earnings Per Share









Basic

0,31


0,40


0,41


0,40


Diluted

0,31


0,40


0,41


0,40

 

Caution regarding forward-looking statements

This Quarterly Management Report contains certain forward-looking statements with respect to the Company. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "estimate", expect", "intend", "may", "plan", "predict", "project", "will", "would", as well as the negative of these terms and similar terminology, including references to assumptions.

Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons which the Company has identified in the 2015 Annual Information Form under "Narrative Description of the Business - Risk Factors", and other risks detailed from time to time in the Company's continuous disclosure documents.

The reader is cautioned that the factors we refer above are not exhaustive of the factors that may affect any of the Company's forward-looking statements. The reader is also cautioned to consider these and other factors carefully and not to put undue reliance on forward-looking statements.

The Company made a number of assumptions in making forward-looking statements in this Quarterly Management Report. The Company considers the assumptions on which these forward-looking statements are based to be reasonable.

These statements reflect current expectations regarding future events and operating performance and speak only as of the date of release of this Quarterly Management Report, and represent the Company's expectations as of that date. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

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 and more appropriate to provide additional information.

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 calculated according to IFRS, 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 Common Shares are listed on the Toronto Stock Exchange and through its subsidiary Ameublements Tanguay Inc., and its two divisions, Brault & Martineau and EconoMax, the Company is a major retailer of furniture, electronic goods and household appliances operating in the province of Quebec.

 

SOURCE BMTC Group Inc.

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

RELATED LINKS
www.braultetmartineau.com

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