BMTC Group Inc. announces financial results for its quarter ended June 30th, 2014

MONTREAL, Aug. 14, 2014 /CNW Telbec/ - For the six month period ended June 30^th, 2014, the Company's revenues decreased by $5,261,000 to $327,999,000, compared to $333,260,000 recorded in the corresponding 2013 period, a 1.5% decrease. Same store revenues decreased by 4% for the same period. Net earnings for the six month period ended June 30^th, 2014, amounted to $12,552,000 compared to $14,789,000 for the corresponding 2013 period. Basic net earnings per share decreased to $0.28 compared to $0.32 in 2013.

The effect of costing options had no impact on net basic earnings per share for the six month period ended June 30^th, 2014 and 2013.

The share repurchase program had no impact on net basic earnings per share for the six month period ended June 30^th, 2014 and 2013.  

Excluding the non significant effect of the costing of options, the variation the adjusted net earnings would have been ($2,018,000) or ($0.04) per basic share for the six month period ended June 30^th, 2014.

The ($2,018,000) variation in adjusted net earnings in 2014 is as follows:

	2013		2012
	($ in thousands)
Net Earnings	12 552		14 789
Variation of cost of options (after-tax)	125		(94)
Adjusted Net Earnings	12 677		14 695
Minus: Adjusted Net Earnings for 2013	14 695
Variation	(2 018)

This variation in adjusted after-tax income is allocated as follows for the first two quarters:

	($ in thousands)
	Increase (decrease)		Increase (decrease)		Increase (decrease)
	retail operating		investment		adjusted
	earnings		income		operating earnings
1^st quarter 2014	(2 031)		(401)		(2 432)
2^nd quarter 2014	(1 447)		1 861		414
Total	(3 478)		1 460		(2 018)

Annual Financial Information
($ in thousands, except for per share amounts)

		2013		2012
		$		$
Revenue		694 743		716 870
Net Earnings		57 254		48 652
Total Assets		306 296		285 318
Net earnings Per Share
	Basic	1,24		1,02
	Diluted	1,24		1,02
Dividends Per Share		0,24		0,24

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

		March		June		September		December
		2014	2013	2014	2013	2013	2012	2013	2012
		$	$	$	$	$	$	$	$
Revenue		145 118	151 849	182 881	181 411	187 315	195 599	174 168	180 670
Net (loss) earnings		(1 468)	1 215	14 020	13 574	15 840	20 135	26 625	16 395
Net (loss) earnings per share
	Basic	(0,03)	0,03	0,31	0,29	0,34	0,42	0,58	0,35
	Diluted	(0,03)	0,03	0,31	0,29	0,34	0,42	0,58	0,35

For the three month period ended June 30^th, 2014, the Company's revenues increased by $1,470,000 to $182,881,000, compared to $181,411,000 recorded in the corresponding 2013 period. Net earnings for the three month period ended June 30^th, 2014, amounted to $14,020,000 compared to $13,574,000 for the corresponding 2013 period. Basic net earnings per share amounted to $0.31 compared to $0.29 in 2013. The effect of costing options had no impact on net basic earnings per share for the three month period ended June 30^th, 2014 and 2013. The share repurchase program had no impact on basic net earnings per share during the three month period ended June 30^th, 2014 and 2013.

Excluding the non significant effect of the costing of options, the variation the adjusted net earnings would have been $414,000 or $0.00 per basic share for the three month period ended June 30^th, 2014.

The $414,000 variation in adjusted net earnings in 2014 is as follows:

	2014		2013
	($ in thousands)
Net Earnings	14 020		13 574
Variation of cost of options (after-tax)	(22)		10
Adjusted Net Earnings	13 998		13 584
Minus: Adjusted Net Earnings for 2013	13 584
Variation	414

During the six period ended June 30^th, 2014, no options were granted or exercised. As at June 30^th, 2014, options for 251,850 Class A Subordinate Voting Shares, representing 0.58% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12.66% 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 Class A Subordinate Voting Shares.

The number of outstanding shares of the Company changed during the six month period ended June 30^th, 2014, pursuant to the normal course issuer bids on March 12^th, 2013 and renewed on March 13^th, 2014 and the conversion of Class B Multiple Voting Shares. Accordingly, 166,300 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 60,400 Class B Multiple Voting Shares were converted into 60,400 Class A Subordinate Voting Shares. As a result of these changes the Company had on June 30^th, 2014, 1,750,880 Class B Multiple Voting Shares and 43,350,820 Class A Subordinate Voting Shares outstanding.

A semi-annual eligible dividend of $0.12 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 25^th, 2014 which will be payable on August 29^th, 2014.

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.

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, 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 Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange and through its subsidiaries, ABTM Group Inc. and Ameublements Tanguay Inc., is a major retailer of furniture, electronic goods and household appliances operating in the Montreal, Quebec City, Repentigny, Ste‑Therese, Laval, Longueuil, Kirkland, St-Georges, Trois‑Rivières, Sherbrooke, Chicoutimi, Rivière‑du‑Loup, Rimouski, Levis, Beauport, Ste-Foy, Gatineau, Ste-Hyacinthe, St-Jean-sur-le-Richelieu, Granby, Vaudreuil, Mascouche and St-Jérôme areas.

SOURCE: BMTC Group Inc.

Mr. Yves Des Groseillers, Chairman, President and Chief Executive Officer, BMTC Group Inc., [phone]