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Press release from CNW Group

BMTC Group Inc. announces financial results for its quarter ended March 31st, 2013

Friday, May 10, 2013

BMTC Group Inc. announces financial results for its quarter ended March 31st, 2013

16:32 EDT Friday, May 10, 2013

MONTREAL, May 10, 2013 /CNW Telbec/ - For the quarter ended March 31st, 2013, the Company's revenues decreased by $2,911,000 to $151,849,000, compared to $154,760,000 recorded in the corresponding 2012 period. Net earnings for the quarter ended March 31st, 2013, amounted to $1,215,000 compared to a net loss of $1,760,000 for the corresponding 2012 period. Basic net earnings per share increased to $0.03 compared to a basic net loss per share of $0.04 in 2012.

The effect of costing options had no impact on net basic earnings per share for the periods ended March 31st, 2012 and 2013. 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 increased in 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 the context of a major decrease in the value attributed. For this reason the Company discloses  adjusted net earnings in absolute dollars and on a per share basis to exclude the effect of 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 increase of $0.01 in basic net earnings per share during the first quarter 2013.

Excluding these effects, net earnings would have been $2,856,000 or $0.06 per basic share.

The $2,856,000 variation in adjusted net earnings in 2013 breaks down as follows:

  2013   2012
  ($ in thousands)
Net (loss) Earnings 1 215   (1 760)
Variation of cost of options (after-tax) (104)   15
Adjusted net (loss) earnings 1 111   (1 745)
       
Minus: Adjusted net (loss) earnings for 2012 (1 745)    
       
Variation 2 856    


This variation in adjusted after-tax operating income is allocated as follows:

  ($ in thousands)
           
  Increase (decrease)   Increase (decrease)   Increase (decrease)
  retail operating   investment   adjusted
  earnings   income   operating earnings
           
1st quarter 2013 1 678   1 178   2 856
2nd quarter 2013          
3rd quarter 2013          
4th quarter 2013          
           
Total 1 678   1 178   2 856


Annual Financial Information
($ in thousands, except for per share amounts)

  2013   2012
       
Revenue 716 870   748 731
Net Earnings 44 955   57 231
Total Assets 285 318   274 446
Net earnings Per Share      
  Basic 0,94   1,16
  Diluted 0,94   1,16
Dividends Per Share 0,24   0,24


Quarterly Results (Unaudited)
($ in thousands, except for per share amounts)

 
  March 31 June 30 September 30 December 30
 
 
2013
$
2012
$
2012
$
2011
$
2012
$
2011
$
2012
$
2011
$
Revenue 151 849 154 760 185 841 194 146 195 599 196 715 180 670 194 156
Net Earnings (Loss) 1 215 (1 760) 13 882 21 456 20 135 17 857 12 698 15 104
Net Earnings (Loss) Per Share                
  Basic 0,03 (0,04) 0,29 0,43 0,42 0,36 0,27 0,32
  Diluted 0,03 (0,04) 0,29 0,42 0,42 0,36 0,27 0,33


During the three month period ended March 31st, 2013, no options were granted or exercised. As at March 31st, 2013, options for 262,800 Class A Subordinate Voting Shares, representing 0.57% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12.33% 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, 2013 pursuant to the normal course issuer bid  March 8th, 2012 which was renewed on March 13th, 2013 and the conversion of Class B Multiple Voting Shares. Accordingly, 841,000 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 50,000 Class B Multiple Voting Shares were converted into 50,000 Class A Subordinate Voting Shares. As a result of these changes the Company had on March 31st, 2013, 1,911,280 Class B Multiple Voting Shares and 44,387,720 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.

SOURCE: BMTC GROUP INC.

For further information:

Mr. Yves Des Groseillers
Chairman, President and
Chief Executive Officer
BMTC Group Inc.

(514) 648-5757

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