TORONTO, Jan. 22, 2016 /CNW/ - Sleep Country Canada Holdings Inc. ("Sleep Country" or the "Company") has filed an Amended and Restated Management Discussion and Analysis ("Amended MD&A") for the nine month period ended September 30, 2015. The calculation of Adjusted Net Income1 and Adjusted Earnings Per Share1 ("Adjusted EPS") in the original MD&A filed for the nine month periods ended September 30, 2015 and September 30, 2014 has been amended as follows.
The revisions relate only to the nine month periods ended September 30, 2015 and September 30, 2014. No changes were made to the figures reported for the three month periods ended September 30, 2015 and September 30, 2014.
The figures reported in the original MD&A as Adjusted Net Income1 for the nine month periods ended September 30, 2015 and September 30, 2014 were reported as $25,521 and $15,794 respectively. In the Amended MD&A, Adjusted Net Income1 for the nine month periods ended September 30, 2015 and September 30, 2014 were changed to $30,772 and $18,121 respectively. These changes were a result of the miscalculation of the taxation effect of the adjustments made in determining Adjusted Net Income1. All figures are in thousands of dollars Canadian.
As a result, the Adjusted EPS1 for the nine months ended September 30, 2015 were revised upward from $0.68 to $0.82 and the Adjusted EPS for the nine months ended September 30, 2014 were revised upward from $0.42 to $0.48.
The revisions relate only to the MD&A and no changes were made to the financial statements for the same periods. There were no changes to Same Store Sales Growth1, Revenue, Gross Profit, Net Loss, EBITDA1 and Operating EBITDA1.
The Amended MD&A is available under the Company's profile on www.sedar.com
About Sleep Country
Sleep Country is Canada's leading mattress retailer and the only specialty mattress retailer with a national footprint in Canada. Sleep Country operates under two mattress retail banners: "Dormez-vous?", the largest retailer of mattresses in Québec; and "Sleep Country Canada", the largest mattress retailer in the rest of Canada. As at December 31, 2015, Sleep Country had 224 stores and 17 distribution centres across Canada. All of the Company's stores are corporate-owned, enabling it to develop and maintain a strong culture of customer service, resulting in a consistent and superior in-store and home delivery customer experience.
This news release makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses non-IFRS measures including "Same Store Sales Growth" or "SSSG", "EBITDA", "Operating EBITDA", "Adjusted Net Income" and "Adjusted Earnings Per Share" to provide investors with supplemental measures of its operating performance and thus highlight trends in its business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. The Company's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. For a reconciliation of these non IFRS measures refer to the Company's MD&A.
1 See the Non-IFRS Measures section of this news release.
SOURCE Sleep Country Canada Holdings Inc. Investor Relations
For further information: please contact: Robert Masson, Chief Financial Officer, 416.242.4774, [email protected]