BMTC Group Inc. announces financial results for its quarter ended March 31st, 2012

MONTREAL, May 3, 2012 /CNW Telbec/ - For the quarter ended March 31^st, 2012, the Company's revenues decreased by $8,414,000 to $154,760,000, compared to $163,174,000 recorded in the corresponding 2011 period. Net loss for the quarter ended March 31^st, 2012, amounted to $1,760,000 compared to net earnings of $2,814,000 for the corresponding 2011 period resulting in a net basic loss per share of $0.04 compared to a net basic earnings per share of $0.05 in 2011.

The effect of costing options had no impact on net basic loss per share, compared to a decrease of $0.06 in net basic earnings per share for corresponding 2011 period. 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 that varies according to a calculation based on the Black-Scholes method. An increase in that value is recorded as an expense, while a decrease in value has the opposite effect. Of particular concern is the reader may conclude that the Company's profitability has risen in the context of a major decrease in the value attributed. For this reason the Company discloses net adjusted earnings in absolute dollars and on a per share basis to exclude the effect of costing options. These adjusted figures are likely not comparable with the same type of measures reported by other public issuers. It is worth noting that the Company offers a stock option program that allows the holder to receive cash in lieu of shares upon exercising stock options therefore making BMTC Group Inc. one of the few public companies to expense options on an ongoing basis.

The share repurchase program contributed to an additional loss of $0.01 to net basic loss per share during the first quarter 2012.

Excluding the effect of costing options, net result would have been decreased by $7,740,000 or $0.16 per basic share for the first quarter of 2012 compared to the corresponding 2011 period.

The decrease of $7,740,000 is explained as follows:

Annual Financial Information
($ in thousands, except for per share amounts)

Quarterly Results (unaudited)
($ in thousands, except for per share amounts)

During the three month period ended March 31^st, 2012, no options were granted or exercised. As at March 31^st, 2012, options for 262,800 Class A Subordinate Voting Shares, representing 0.005% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12% of the Company's outstanding shares, may still be granted pursuant to the Plan. The issued and outstanding options may be exercised at a price of $17.85 per Class A Subordinate Voting Shares.

The number of outstanding shares of the Company changed during the three month period ended March 31^st, 2012 pursuant to the normal course issuer bid renewed on March 8^th, 2012 and the conversion of Class B Multiple Voting Shares. Accordingly, 95,500 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 84,252 Class B Multiple Voting Shares were converted into 84,252 Class A Subordinate Voting Shares. As a result of these changes the Company had on March 31^st, 2012, 2,034,583 Class B Multiple Voting Shares and 46,144,917 Class A Subordinate Voting Shares outstanding.

BMTC Group Inc.'s Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange and through its subsidiaries, ABTM Group Inc. and Ameublements Tanguay Inc., is a major retailer of furniture, electronic goods and household appliances operating in the Montreal, Quebec City, Repentigny, Ste-Therese, Laval, Longueuil, Kirkland, St-Georges, Trois-Rivières, Sherbrooke, Chicoutimi, Rivière-du-Loup, Rimouski, Levis, Beauport, Ste-Foy, Gatineau, Ste-Hyacinthe, St-Jean-sur-le-Richelieu, Granby, Vaudreuil, Mascouche and St-Jérôme areas.