BMTC Group Inc. announces financial results for its second quarter ended June 30, 2009



    MONTREAL, Aug. 6 /CNW Telbec/ - For the six month period ended June 30th,
2009, the Company's revenue totalled $373.8 million a decreased of $33.4
million compared to the $407.2 million recorded in the corresponding 2008
period. For the six month period ended June 30th, 2009, the net income stood
at $22.8 million compared to $28.7 million, for the corresponding 2008 period.
The net earnings per share stood at $0.83 compared to $0.92 for the
corresponding 2008 period.
    Results from the costing of options had the effect of reducing net
earnings by $0.09 per share, compared to an increase of net earnings of $0.18
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 previous fiscal period 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 $0.09 for the period.
    Excluding these effects, as indicated in the following table, net
earnings would have increased by $5.4 million or $0.20 per share for the
period.

    
                                                            2009        2008

                                                            ($ in thousands)

    Net Earnings                                          22,769      28,663
    Expense (revenue) of options (after-tax)               2,435      (5,632)
    (Gain) resulting from the sale of fixed
     assets (after-tax)                                        -      (3,266)
                                                        ---------- ----------
    Adjusted Net Earnings                                 25,204      19,765
    Minus : Adjusted Net Earnings for the 2008 period     19,765
                                                        ----------
    Increase 2009                                          5,439


    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        2009        2008
                                    ----        ----        ----        ----
    -------------------------------------------------------------------------
    Revenue                     $168,805    $181,744    $204,956    $225,508
    -------------------------------------------------------------------------
    Net earnings                   3,084      11,569      19,685      17,094
    -------------------------------------------------------------------------
    Net Earnings per share
      Basic                         0.11        0.37        0.72        0.55
      Diluted                       0.10        0.35        0.70        0.54
    -------------------------------------------------------------------------


                                     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
    -------------------------------------------------------------------------
    

    As for the three-month period ended June 30th, 2009 revenues from
operations totaled 205.0 M$, representing a decrease of 20.5 M$ over the 225.5
M$ for the corresponding 2008 period. The Company's net income for the
three-month period ended June 30th, 2009, totaled $19,685,000, or $0.72 per
share, compared with $17,094,000 or $0.55 per share for the corresponding 2008
period. For the three-month period ended June 30th 2009, the results from the
variation of costing options had the effect of reducing the earnings per share
by $0.05 compared with a increase in earnings of $0.01 for the corresponding
2008 period. The share repurchase program contributed $0.08 to net per share
earnings for the quarter ended June 30th, 2009.
    Excluding these effects, as indicated in the following table, net
earnings would have increased by 4.0 M$ or $0.15 per share for the three-month
period ended June 30th, 2009 compared to the corresponding period.

    
                                                            2009        2008
                                                     ($ in thousands, except
                                                       for per share amounts)

    Net Earnings                                          19,685      17,094
    Cost (gain) of options (after-tax)                     1,276        (162)
                                                        ---------- ----------
    Adjusted Net Earnings                                 20,961      16,932
    MINUS : Adjusted Net Earnings for 2008
     corresponding quarter                                16,932
                                                        ----------
    Increase 2009                                          4,029
    

    No options have been granted during the period ended June 30th, 2009.
During the period ended June 30th, 2009, options were exercised on two
occasions. First, on May 22nd, 2009, the Company paid an amount before tax of
$1,000,008 as cash award in lieu of shares, as a result of the exercise of
57,176 options. Secondly, on June 8th, 2009, the Company paid an amount before
tax of $5,863,489 as cash award in lieu of shares, as a result of the exercise
of 330,194 options. As at June 30th, 2009, options for 1,226,000 Class A
Subordinate Voting Shares therefore remain outstanding and 2,986,832 options
may still be issued pursuant to the Plan. The outstanding options may be
exercised at prices ranging between $2.52 and $7.19 per Class A Subordinate
Voting Shares.
    Since January 1st, 2009, the number of outstanding shares of the Company
changed during the period ended July 31st, 2009 due to the share redemption
programs implemented in November 2008 and the conversion of Class B Multiple
Voting Shares. Accordingly, 395,900 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 81,824 Class A Subordinate Voting Shares. As
a result of these changes, the Company had, as of July 31st, 2009, 10,388,667
Class B Multiple Voting Shares and 16,015,433 Class A Subordinate Voting
Shares outstanding.
    A semi-annual eligible dividend of $0.18 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 August 20st, 2009, which will
be payable on August 27th, 2009.

    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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