Business
BMTC Group Inc. announces financial results for its first quarter ended March 31, 2008
MONTREAL, May 8 /CNW Telbec/ - BMTC Group inc. announced that, for the first quarter ended on Mar...
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, May 8 /CNW Telbec/ - BMTC Group inc. announced that, for the\nfirst quarter ended on March 31, 2008, its revenues totaled 181.7 million\ndollars, representing an increase of 3.3 million $ over the 178.4 million\ndollars for 2007. The Company's net income, for the period, totaled\n$11,569,000, or $0.37 per share, compared with $2,055,000, or $0.06 per share,\nfor the corresponding 2007 period.\n\n\nResults from the variation of costing options had the effect of\nincreasing net earnings by $0.17 per share, compared to a reduction of $0.07\nper share for the corresponding 2007 period. While the Company costs options\nas either 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\nThe sale of fixed assets resulted in an increase in net per share\nearnings of $0.11compared with no corresponding amount for the first quarter\nof 2007. The share repurchase program contributed $0.01 to the net per share\nearnings. Excluding all these effects, net earnings would have decreased by\n$1.6 million or $0.05 per share for 2008 compared to the corresponding period.\n\n\nThe adjusted $1.6 million decrease in net earnings breaks down as\nfollows:\n\n\n 2008 2007\n ($ in thousands, except\n for per share amounts)\n\nNet Earnings 11,569 2,055\nCost (gain) of options (after-tax) (5,470) 2,347\n(Gain) resulting from the sale\n of fixed assets (after-tax) (3,266) -\n ---------- ---...