MTY Food Group Inc. MTY-T reported a fourth-quarter profit of $7.1-million as the acquisition of BBQ Holdings helped its revenue rise 65 per cent compared with a year ago.
The company, which franchises and operates restaurants under over 80 different banners, says its profit amounted to 29 cents per diluted share for the quarter ended Nov. 30.
The result compared with a profit of $24.9-million or $1.00 per diluted share in the same quarter a year earlier.
MTY says the drop was mainly due to acquisition-related transaction costs and higher non-cash impairment charges on intangible assets.
Revenue for the quarter totalled $242.0-million, up from $146.3-million in the same quarter a year earlier.
MTY chief executive Eric Lefebvre says the acquisition of BBQ Holdings as well as more recently Wetzel’s Pretzels and Sauce Pizza and Wine are expected to help grow the company’s business for 2023.