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BMTC Group Inc. announces financial results for its first quarter ended March 31, 2007
BMTC Group Inc. announces financial results for its first quarter ended March 31, 2007.
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, May 10 /CNW Telbec/ - BMTC Group Inc. announced that, for the\nquarter ended on March 31, 2007, its revenues totaled 178.4 million $,\nrepresenting a decrease of 4.5 million $ over the 182.9 million $ for the\ncorresponding period of 2006. The Company's net income, for the period,\ntotaled $2,055,000, or $0.06 per share, compared with $285,000, or $0.01 per\nshare, for the corresponding 2006 period.\n\n\nThe share repurchase program during the first quarter 2007, had no effect\non net per-share earnings. Results from the costing of options had the effect\nof reducing net earnings by $0,07 per share, compared to a decrease of $0,10\nper share for the corresponding period. While the Company costs options as\neither an expense or revenue in the net earnings calculation, the Company\nbelieves it is preferable to inform readers of its financial statements of the\nimpact of this element, which is outside the Company's control and which\nvaries along with the course of the Company's share price in any given time\nperiod. An increase in the Company's share price incurs an expense, while a\ndecrease in the Company's share price incurs revenue. Of particular concern is\nthat the reader could be made to believe that the Company's profitability had\nrisen in the context of a major decrease in the Company's share price. It is\nfor this reason that the Company includes net earnings in absolute dollars and\nper-share dollars excluding this costing of options effect, even though doing\nso does not conform to GAAPs, it is therefore unlikely that we can compare\nthem with the same type of measures presented by other issuers. It is worth\nnoting that the Company is one of few public companies to expense options on\nan ongoing basis.\n\n\nExcluding all these effects, net earnings would have increased by\n$739,000 or $0,02 per share for the first quarter ended March 31st, 2007.\n\n\nThe adjusted $739,000 increase in net earnings breaks down as follows:\n\n\n 2007 2006\n ---------- ----------\n ($ in thousands, except\n for per share amounts)\n\nNet Earnings 2,055 285\nCost (gain) of options (after-tax)\n 2,347 3,378\n ---------- ----------\nNet Earnings before options 4,402 3,663\n ----------\n ----------\nMINUS : Net Earnings 2006 3,663\n ----------\n\nIncrease 2007 739\n ----------\n ----------\n\n\nAnnual Financial Information\n...