Business
BMTC Group Inc. announces financial results for its nine-month period ended September 30, 2007
MONTREAL, Nov. 8 /CNW Telbec/ - For the nine-month period ended September 30, 2007, the Company's...
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Nov. 8 /CNW Telbec/ - For the nine-month period ended\nSeptember 30, 2007, the Company's revenue increased by $2.2 million to \n$617.9 million, from the $615.7 million recorded in the corresponding\n2006 period. Net income for the nine-month period ended September 30, 2007,\nstood at $32,903,000 compared with $29,094,000, for the corresponding 2006\nperiod. Earnings per share ("EPS") increased by $0.17 to $1.02 for the period\nended September 30, 2007.\n\n\nFor the nine-month period ended September 30, 2007, results from the\ncosting of options had the effect of reducing net earnings by $0.19 per share,\ncompared to a reduction of $0.08 per share for the corresponding 2006 period.\nWhile the Company costs options as either an expense or revenue in the net\nearnings calculation, the Company believes it is preferable to inform readers\nof its financial statements of the impact of this element, which is outside\nthe Company's control and which varies along with the course of the Company's\nshare price in any given time period. An increase in the Company's share price\nincurs an expense, while a decrease in the Company's share price incurs\nrevenue. Of particular concern is that the reader could be made to believe\nthat the Company's profitability had risen in the context of a major decrease\nin the Company's share price. It is for this reason that the Company includes\nnet earnings in absolute dollars and per-share dollars excluding this costing\nof options effect, even though doing so does not conform to GAAPs, it is\ntherefore unlikely that we can compare them with the same type of measures\npresented by other issuers. It is worth noting that the Company is one of few\npublic companies to expense options on an ongoing basis. The sale of fixed\nassets during the period resulted in an increase in net per share earnings of\n$0.06 compared with $0.01 for the corresponding period. The Superior Court of\nMontreal rendered a judgment against the Company's subsidiary Brault &\nMartineau Inc. ordering Brault & Martineau to pay punitive damages. The\nCompany recorded an extraordinary charge in the amount of $2.545 million, or\n$1.731 million on an after-tax basis, representing the full amount of the\naward by the Superior Court and the Company's estimate of the ancillary\ndistribution costs. This net amo...