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Press release from CNW Group

BMTC Group Inc. announces financial results for its quarter ended March 31st, 2012

Thursday, May 03, 2012

BMTC Group Inc. announces financial results for its quarter ended March 31st, 201220:28 EDT Thursday, May 03, 2012MONTREAL, May 3, 2012 /CNW Telbec/ - For the quarter ended March 31st, 2012, the Company's revenues decreased by $8,414,000 to $154,760,000, compared to $163,174,000 recorded in the corresponding 2011 period. Net loss for the quarter ended March 31st, 2012, amounted to $1,760,000 compared to net earnings of $2,814,000 for the corresponding 2011 period resulting in a net basic loss per share of $0.04 compared to a net basic earnings per share of $0.05 in 2011.The effect of costing options had no impact on net basic loss per share, compared to a decrease of $0.06 in net basic earnings per share for corresponding 2011 period. While the Company costs options as either an expense or revenue in the net earnings calculation, the Company believes it is preferable to inform readers of its financial statements of the impact of this element, which is outside the Company's control and that varies according to a calculation based on the Black-Scholes method. An increase in that value is recorded as an expense, while a decrease in value has the opposite effect. Of particular concern is the reader may conclude that the Company's profitability has risen in the context of a major decrease in the value attributed. For this reason the Company discloses net adjusted earnings in absolute dollars and on a per share basis to exclude the effect of costing options. These adjusted figures are likely not comparable with the same type of measures reported by other public issuers. It is worth noting that the Company offers a stock option program that allows the holder to receive cash in lieu of shares upon exercising stock options therefore making BMTC Group Inc. one of the few public companies to expense options on an ongoing basis.The share repurchase program contributed to an additional loss of $0.01 to net basic loss per share during the first quarter 2012.Excluding the effect of costing options, net result would have been decreased by $7,740,000 or $0.16 per basic share for the first quarter of 2012 compared to the corresponding 2011 period.The decrease of $7,740,000 is explained as follows: 20122011 ($ in thousands)Net (Loss) Earnings(1 760)2 814Variation of cost of options (after-tax)153 181Adjusted Net (Loss) Earnings(1 745)5 995ADD : Adjusted Net Earnings for the 2011 period(5 995) Decrease (7 740)  ($ in thousands) Increase (decrease)retail operatingearningsIncrease (decrease)investment incomeIncrease (decrease)adjustedoperating earnings    1st quarter 2012(7 586)(154)(7 740)2nd quarter 2012   3rd quarter 2012   4th quarter 2012   Annual Financial Information($ in thousands, except for per share amounts) 20112010   Revenue748 731822 507Net earnings57 23174 193Total Assets274 446320 182Net Earnings per share   Basic1,161,44 Diluted1,161,38Dividends per share0,240,24Quarterly Results (unaudited)($ in thousands, except for per share amounts) March 31June 30September 30December 31 2012$2011$2011$2010$2011$2010$2011$2010$Revenue154 760163 174194 146207 801196 715215 712194 156215 846Net (loss) earnings(1 760)2 81421 45616 96617 85721 362 15 10432 044Net (loss) earnings per share         Basic(0,04)0,050,430,330,360,410,320,63 Diluted(0,04)0,050,420,330,360,400,330,59During the three month period ended March 31st, 2012, no options were granted or exercised. As at March 31st, 2012, options for 262,800 Class A Subordinate Voting Shares, representing 0.005% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12% 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 three month period ended March 31st, 2012 pursuant to the normal course issuer bid renewed on March 8th, 2012 and the conversion of Class B Multiple Voting Shares. Accordingly, 95,500 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 84,252 Class B Multiple Voting Shares were converted into 84,252 Class A Subordinate Voting Shares. As a result of these changes the Company had on March 31st, 2012, 2,034,583 Class B Multiple Voting Shares and 46,144,917 Class A Subordinate Voting Shares outstanding.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.For further information: Mr. Yves Des Groseillers Chairman, President and Chief Executive Officer BMTC Group Inc. (514) 648-5757