TSX Trading Symbol: MTY
MONTREAL, April 4, 2013 /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 first quarter of its 2013 fiscal year.
Highlights of the first quarter:
- Net income increases by 28%, at $5.6 million for the quarter ($0.29 per share)
- EBITDA increases 19% for the quarter, fueled by the sales of three master franchise rights and by effective cost containment measures
- Cash and cash equivalent as at February 28, 2013 reach $35.4 million
- The number of locations increases to 2,214 locations, for a net addition of 15 outlets.
- System wide sales decline by 1.1% compared to the same period last year, mainly because of the additional day of business in the first quarter of 2012.
- Same store sales decrease by 3.96% for the period, affected by the reduction of one day of business in 2013, by the difficult retail environment in Canada and by adverse weather trends in December 2012 and February of 2013.
| 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 28, 2013 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 [email protected], or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name.