TSX Trading Symbol: "MTY"
MONTREAL, Oct. 7, 2014 /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 2014 fiscal year.
Highlights of the third quarter of 2014:
- Net income attributable to owners reaches $7.1 million ($0.37 per share) in the third quarter of 2014.
This is a 6% increase compared to the same period in 2013.
- EBITDA for the quarter was stable compared to last year, at $10.5 million, impacted adversely by increases in certain charges and provisions.
- The net cash position as at August 31, 2014 was $1.3 million, following the acquisition of Madisons
- System sales increased by 28% compared to 2013, reaching $230.9 million for the third quarter.
- Same-store-sales were down 1.6% during the quarter as sluggish consumer spending and by intense competitive pressures persist.
- MTY and its franchisees operated 2,611 at the end of the third quarter
|(in thousands of $, except per share information)|
|Three months ended||Nine months ended|
| August 31,
| August 31,
|Variance|| August 31,
| August 31,
|Net income attributable to owners||7,099||6,682||6%||19,905||18,567||7%|
|Basic and fully diluted earnings per share||$0.37||$0.35||$1.04||$0.97|
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.