Press release from CNW Group
MTY Food Group Inc. reports third quarter results
Thursday, October 04, 2012
MTY Food Group Inc. reports third quarter results08:16 EDT Thursday, October 04, 2012TSX Trading Symbol: "MTY"MONTREAL, Oct. 4, 2012 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of a multi-banner portfolio of quick service restaurants, reports today its operating results for the third quarter of its 2012 fiscal year.Highlights of the third quarter:Earnings per share increases by 39% over Q3 of 2011, reaching $0.32System sales advance 33%, to $179.7 millionOperations generate $10.5 million in cash flowsCash on hand at quarter end of $30.7 millionEBITDA increases by 43% over the same period last yearRevenues grow to $24.2 million, from $19.9 million in the third quarter of 2011Store count at the end of the quarter was reduced by 30 stores, at 2,208Same store sales decline by 0.56% during the quarter but remains positive at 1.79% for the nine-month periodIn thousands of $ 3 months endedAugust 31, 20123 months endedAugust 31, 2011VarianceRevenue24,23919,85222%Operating expenses14,30312,76112%EBITDA9,9367,04141%Income before taxes8,4266,14337%Net income attributable to shareholders6,1294,38840%Basic and diluted EPS$0.32$0.23 Cash flows from operations10,4926,92352%Note: These are financial highlights only. Management's Discussion and Analysis, the unaudited condensed interim consolidated financial statements and notes thereto for the quarter ended August 31, 2012 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 on the Company is available on SEDAR at www.sedar.com.On Behalf of the Board of Directors of MTY Food Group Inc.Per: _______________________________Stanley Ma, Chairman, President & CEO SOURCE: MTY FOOD GROUP INC.For further information: Jean-Francois Dube, Investor Relations at 1-450-226-8475 or by email at email@example.com or visits our website: www.mtygroup.com or visit SEDAR's website at www.sedar.com under the Company's name.