MTY reports results for the first quarter of its 2016 fiscal period

TSX Trading Symbol: "MTY"

MONTREAL, April 7, 2016 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of restaurants, reports today the results of its operations for the first quarter of its 2016 fiscal year.

Highlights of the first quarter of 2016:

  • Net income attributable to owners increased by 27% compared to the first quarter of 2015.
  • EBITDA grew by 16%, fueled by a 9% increase in revenues and improved margins.
  • Cash flows from operations grew by 15%. At the end of the quarter, the company had $34.0 million in cash, net of the line of credit of one of its subsidiaries.
  • MTY's network achieved same store sales growth of 1.2% during the period.
  • System sales increased by 6%, to reach $261.9 million in the first quarter of 2016.
  • At the end of the quarter, MTY's network had 2,724 locations in operations, of which 44 were corporate and 2,680 franchised. During the quarter, 46 new stores were opened and 60 were closed.

 

(in thousands of $, except per share information)



3-month period
ended February 29,
2016

3-month period
ended February 28,
2015

(restated)

Variance






Revenues


35,320

32,364

9%

Operating Expenses


23,214

21,941

6%

EBITDA


12,106

10,423

16%

Amortization and depreciation charges


1,993

2,046

(3%)

Other income and charges, including interest


941

288

227%

Income before taxes


11,054

8,665

28%

Net income attributable to shareholders


7,927

6,219

27%

Basic and diluted EPS


0.41

0.33


Locations in operation


2,724

2,837


System sales


261,934

246,701

6%

Same store sales


1.2%

0.7%







Note: These are financial highlights only. Management's Discussion and Analysis, the condensed interim consolidated financial statements and notes thereto for the quarter ended February 29, 2016 are available on the SEDAR website at www.sedar.com and on the Company's website at www.mtygroup.com.

 

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 is available in the Company's Management Discussion and Analysis, which can be found 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: please contact Eric Lefebvre, Chief Financial Officer at 1-514-336-8885 or by email at ir@mtygroup.com, or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name.

RELATED LINKS
http://www.mtygroup.com

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