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Sportscene remains focused on its goal despite the current economic conditions Français


News provided by

Sportscene Group Inc.

Jan 22, 2015, 10:15 ET

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MONTREAL, Jan. 22, 2015 /CNW Telbec/ - At the Annual Meeting of Shareholders held this morning at the La Cage aux Sports restaurant in Boucherville, SPORTSCENE GROUP INC., ("Sportscene" or "the Company") (TSXV: SPS.A) reported its financial results for the first quarter of fiscal 2015, the 13-week period ended November 30, 2014. Affected by difficult economic conditions, the La Cage aux Sports network saw its total sales (1) decline by 5.2% to amount to $26.3 million. This decrease is mainly attributable to lower average same-Cage sales (2).

Sportscene's revenues posted a slight decline of 1.0% to stand at $17.3 million, as the decrease in restaurant revenues was partially compensated by an increase in revenues from activities related to the renovation of Cages. Adjusted EBITDA (3) was down from $2.0 million during the first quarter of the previous fiscal year to $1.2 million this year, primarily as a result of lower average same-Cage sales and the upgrading of the menu. The Company therefore closed the first quarter of fiscal 2015 with net earnings attributable to shareholders of $25,000 or $0.01 per share (basic and diluted), compared with $787,000 or $0.19 per share for the same period of last year. 

Sportscene is currently rolling out its strategic plan aimed at positioning La Cage aux Sports for a new growth cycle through a series of in-depth enhancements. The current economic context prompts us to pursue the execution of this strategic plan, the highlight of which is to upgrade every aspect of the customers' experience. To that end, we undertook the following key initiatives:

  • Introduction of a new interior design, which was inaugurated upon the opening of the Boucherville Cage. In recent months, four other restaurants have been transformed according to these new standards. The transformation will continue in 2015 pursuant to a well-established renovation plan.
  • Complete upgrading of the menu, which is being deployed throughout the network.

"Considering the current business context and the costs associated with the implementation of our action plan, we remain cautious as to Sportscene's short-term financial outlook," indicated Jean Bédard, President and Chief Executive Officer of Sportscene. "However, we are confident that our ongoing strategy will pave the way for increased competitiveness and profitability over the medium and long term. In addition, Sportscene continues to benefit from a healthy financial position to carry out its global upgrading process."

New Director on the Board of Sportscene Group

Sportscene is pleased to announce the nomination of Annick Mongeau as a member of the Company's Board of Directors. Mrs. Mongeau has over 20 years of experience as a communication and public affairs specialist. She currently manages her own communications agency and is also a member of the Board of Directors of Groupe TVA Inc.

Profile

In business since 1984, Sportscene Group Inc. operates Quebec's leading chain of sports-themed resto-bars: La Cage aux Sports. This banner comprises 51 "Cages", 40 of which are wholly or majority-owned by the Company and 11 are franchises. Enjoying a strong brand image, La Cage aux Sports' most distinctive feature is its "Sports, Gang, Fun" culture, showcased by an original decor, a festive ambience, the use of the latest telecommunications technologies and the organization of national and international-calibre sporting events.

Notes:
The following measures used by the Company are not performance measures consistent with the International Financial Reporting Standards ("IFRS"):

(1)

Total network sales are the aggregate sales achieved by all La Cage aux Sports franchised, partnership-owned and corporate restaurants.

(2)

Average same-Cage sales isolate the impact of restaurant openings and closures to assess the actual trend in restaurant sales.

(3)

In Sportscene's statement of comprehensive income, adjusted EBITDA corresponds to "Earnings before financial expenses, amortization, share of earnings of joint ventures and associates and income taxes", from which other gains and losses are excluded.

For further information about results and changes in Sportscene Group's financial position, refer to the interim management's report and interim condensed consolidated financial statements and accompanying notes for the 13-week period ended November 30, 2014, available on SEDAR. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Interim Condensed Consolidated Statements of Comprehensive Income
(in thousands of Canadian dollars, except for earnings per share and number of outstanding shares)
(unaudited)




13 weeks ended


November 30,

November 24,


2014

2013


$

$




Revenues

17,342

17,521

Cost of sales

5,633

5,033

Selling and administrative expenses, excluding amortization

10,522

10,538

Loss on disposal of property, plant and equipment

10

6

Earnings before financial expenses, amortization, share of net earnings of joint ventures and associates and income tax

1,177

1,944




Amortization

981

903

Financial expenses

163

143

Share of net earnings of joint ventures and associates

19

(132)


1,163

914

Earnings before income tax expenses

14

1,030




Income tax expenses

9

241

Net earnings and comprehensive income

5

789




Net earnings and comprehensive income attributable to:






The Company's shareholders

25

787

Non-controlling interests

(20)

2

Net earnings and comprehensive income

5

789




Earnings per share (in $):




Basic

0.01

0.19


Diluted

0.01

0.19




Weighted average number of outstanding Class A shares (in thousands):




Basic

4,165

4,165


Diluted

4,221

4,231

Interim Condensed Consolidated Statements of Financial Position
(in thousands of Canadian dollars)
(unaudited)





November 30,

August 31,


2014

2014


$

$




Assets






Current assets




Cash and cash equivalents

6,169

8,528


Accounts receivable

5,233

3,722


Income tax receivable

687

568


Inventories

2,073

2,041


Prepaid expenses

468

336

Total current assets

14,630

15,195




Notes receivable

1,607

1,514

Property, plant and equipment

36,107

36,046

Intangible assets

730

719

Deferred tax asset

1,486

1,783

Investments in joint ventures and associates

4,058

4,137

Goodwill

2,792

2,792

Total assets

61,410

62,186




Liabilities and shareholders' equity






Current liabilities




Accounts payable and accrued liabilities

8,719

7,560


Income tax payable

158

216


Deferred revenues and credits

788

872


Current portion of long-term debt

2,643

2,052

Total current liabilities

12,308

10,700




Long-term debt

12,613

14,531

Deferred revenues and credits

995

1,078

Deferred tax liability

765

1,168

Total liabilities 

26,681

27,477




Shareholders' equity








Share capital

3,551

3,551


Stock-based compensation reserve

383

368


Retained earnings

30,531

30,506

Shareholders' equity attributable to the Company's shareholders

34,465

34,425

Non-controlling interests

264

284

Total shareholders' equity

34,729

34,709




Commitments, guarantees and contingencies






Total liabilities and shareholders' equity

61,410

62,186

Interim Condensed Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)




13 weeks ended


November 30,

November 24,


2014

2013


$

$




Operating activities




Net earnings and comprehensive income

5

789


Adjustments to reconcile net earnings to cash flows from operating activities:





Loss on disposal of property, plant and equipment

10

6



Amortization of property, plant and equipment

967

891



Amortization of intangible assets 

14

12



Share of net earnings of joint ventures and associates

19

(132)



Dividends received from joint ventures and associates

125

300



Stock-based compensation

15

12



Financial expenses recognized in net earnings

163

143



Interest paid

(157)

(140)



Income tax expenses recognized in net earnings

9

241



Income tax paid

(292)

(300)


878

1,822


Net change in non-cash working capital items, net of acquisitions and disposals of subsidiaries

(1,078)

(631)


(200)

1,191

Financing activities




Increase of long-term debt

800

1,500


Repayment of long-term debt

(2,133)

(516)


(1,333)

984

Investing activities




Acquisition of assets, net of cash and cash equivalents acquired

-

(881)


Investments in joint ventures and associates

(65)

-


Change in notes receivable

(93)

(68)


Acquisitions of property, plant and equipment

(651)

(1,560)


Proceeds from disposals of property, plant and equipment

8

5


Acquisitions of intangible assets

(25)

(18)


(826)

(2,522)

Decrease in cash and cash equivalents 

(2,359)

(347)

Cash and cash equivalents, beginning of period

8,528

7,825

Cash and cash equivalents, end of period 

6,169

7,478

SOURCE Sportscene Group Inc.

For further information: Jean Bédard, Chairman of the Board, President and Chief Executive Officer; Josée Pépin, Vice-President, Finance, 450-641-3011

Modal title

Organization Profile

Sportscene Group Inc.

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