Business
BMTC Group inc. announces financial results for its quarter ended March 31st, 2010
BMTC Group inc. announces financial results for its quarter ended March 31st, 2010
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\n May 6, 2010 (Canada NewsWire Group) -- MONTREAL, May 6 /CNW Telbec/ - BMTC Group inc. announced that for the quarter ended March 31st, 2010, the Company's revenue totalled $183.1 million an increase of $14.3 million compared to the $168.8 million recorded in the corresponding 2009 period. For the quarter ended March 31st, 2010, the net income stood at $3.6 million compared to $3.1 million, for the corresponding 2009 period. The net earnings per share stood at $0.14 compared to $0.11 for the corresponding 2009 period.\nResults from the costing of options had the effect of reducing net basic earnings by $0.18 per share, compared to a decrease of $0.04 per basic share for the previous year. While the Company costs options as either an expense or revenue in the net earnings calculation, the Company believes it is preferable to inform readers of its financial statements of the impact of this element, which is outside the Company's control and which varies along with the course of the Company's share price in any given time period. An increase in the Company's share price incurs an expense, while a decrease in the Company's share price incurs revenue. Of particular concern is that the reader could be made to believe that the Company's profitability had risen in the context of a major decrease in the Company's share price. It is for this reason that the Company includes net earnings in absolute dollars and per-share dollars excluding this costing of options effect, even though doing so does not conform to GAAPs, it is therefore unlikely that we can compare them with the same type of measures presented by other issuers. It is worth noting that the Company offers a stock option program that allows the holder to exercise his options in lieu of cash therefore being one of few public companies to expense options on an ongoing basis.\nThe share repurchase program contributed in an increase of net earnings per basic share of $0.02 for the period.\nExcluding all these effects, net earnings would have increased by $4.0 million or $0.15 per basic share for the period.\nThe adjusted $4.0 million increase in net earnings breaks down as follows:\n\n\n >\n\n\nThis increase in adjusted and after tax operating earnings was spread out through the quarters as follows:\n\n\n >\n\n\nNo options have been granted during the period ended March, 31st...