MTY reports results for the third quarter of its 2015 fiscal period

TSX Trading Symbol: "MTY"

MONTREAL, Oct. 7, 2015 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of quick service restaurants, reports today the results of its operations for the third quarter of its 2015 fiscal year.

Highlights of the third quarter of 2015:

  • Net income attributable to owners reached $8.2 million ($0.43 per share) in the third quarter of 2015, a 15% increase over the third quarter of last year.
  • EBITDA for the quarter grew by 27%, at $13.3 million, fuelled by strong results of the franchising segment.
  • Cash flows from operations were $17.8 million during the third quarter, compared to $8.0 million a year earlier. As at August 31, 2015, the Company held net cash of $20.5 million.
  • System sales increased by 19% compared to 2014, reaching $274.7 million for the third quarter. For the first nine months of 2015, system sales were $790.9 million, up 22% compared to 2014.
  • Same-store-sales were down 1.6% during the quarter. The Company suffered from a weak month of August, which was the network's worst month since June 2013. For the first nine months of 2015, same store sales were down 0.3%.
  • There were 2,740 franchised and corporate stores in operations at the end of the third quarter

 

(in thousands of $, except per share information)



Three months ended


Nine months ended










August
31, 2015

August
31, 2014


August
31, 2015

August
31, 2014









Revenue

35,003

30,234

16%

105,722

85,238

24%

Operating expenses

21,663

19,735

10%

68,515

53,848

27%

EBITDA

13,340

10,499

27%

37,207

31,390

19%

Amortization and depreciation charges

2,087

1,734

20%

6,255

5,236

19%

Other income and charges, including interest

170

739

-77%

805

899

-10%

Income before taxes

11,423

9,504

20%

31,757

27,053

17%

Net income attributable to owners

8,176

7,102

15%

22,896

19,905

15%

Basic and diluted earnings per share

0.43

0.37


1.20

1.04


Locations in operation




2,740

2,611


System sales

274,653

230,903

19%

790,890

650,487

22%

Same store sales

-1.6%

-1.6%


-0.3%

-1.8%


 

Note: These are financial highlights only. Management's Discussion and Analysis, the condensed interim consolidated financial statements and notes thereto for the quarter ended August 31, 2015 will be 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: For more 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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