Business
BMTC Group Inc. announces financial results for its quarter ended June 30th, 2012
MONTREAL, Aug. 13, 2012 /CNW Telbec/ -For the six month period ended June 30 th , 2012, the...
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, Aug. 13, 2012 /CNW Telbec/ -For the six month period ended\n June 30th, 2012, the Company's revenues decreased by $16,719,000 to $340,601,000,\n compared to $357,320,000 recorded in the corresponding 2011 period. Net\n earnings for the six month period ended June 30th, 2012, amounted to $12,122,000 compared to $24,270,000 for the\n corresponding 2011 period resulting in a net basic earnings per share\n of $0.25 compared to $0.48 in 2011.\n\n\nThe effect of costing of options had no impact on net basic earnings per\n share, compared to a decrease of $0.04 per basic share for\n corresponding 2011 period. While the Company costs options as either an\n expense or revenue in the net earnings calculation, the Company\n believes it is preferable to inform readers of its financial statements\n of the impact of this element, which is outside the Company's control\n and that varies according to a calculation based on the Black-Scholes\n method. An increase in that value is recorded as an expense, while a\n decrease in value has the opposite effect. Of particular concern is the\n reader may conclude that the Company's profitability has risen in the\n context of a major decrease in the value attributed. For this reason\n the Company discloses net adjusted earnings in absolute dollars and on\n a per share basis to exclude the effect of costing options. These\n adjusted figures are likely not comparable with the same type of\n measures reported by other public issuers. It is worth noting that the\n Company offers a stock option program that allows the holder to receive\n cash in lieu of shares upon exercising stock options therefore making\n BMTC Group Inc. one of the few public companies to expense options on\n an ongoing basis.\n\n\nThe share repurchase program contributed to an increase of net per basic\n share earnings of $0.03.\n\n\nExcluding of costing of options, net earnings would have decreased by\n $14,405,000 or $0.30 per net basic share.\n\n\nThe decrease of $14,405,000 is explained as follows:\n\n\n\n\n\n \n\n\n2012\n\n\n \n\n\n2011\n\n\n \n\n\n($ in thousands)\n\n\nNet Earnings\n\n\n12 122\n\n\n \n\n\n24 270\n\n\nVariation of cost of options (after-tax)\n\n\n(150)\n\n\n \n\n\n2 107\n\n\nAdjusted Net Earnings\n\n\n11 972\n\n\n \n\n\n26 377\n\n\nAdjusted Net Earnings for the 2011...