Business
BMTC Group Inc. announces financial results for its second quarter ended June 30, 2009
MONTREAL, Aug. 6 /CNW Telbec/ - For the six month period ended June 30th, 2009, the Company's rev...
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 6 /CNW Telbec/ - For the six month period ended June 30th,\n2009, the Company's revenue totalled $373.8 million a decreased of $33.4\nmillion compared to the $407.2 million recorded in the corresponding 2008\nperiod. For the six month period ended June 30th, 2009, the net income stood\nat $22.8 million compared to $28.7 million, for the corresponding 2008 period.\nThe net earnings per share stood at $0.83 compared to $0.92 for the\ncorresponding 2008 period.\n\n\nResults from the costing of options had the effect of reducing net\nearnings by $0.09 per share, compared to an increase of net earnings of $0.18\nper share for the corresponding period. While the Company costs options as\neither 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 offers a stock option program that allows the holder\nto exercise his options in lieu of cash therefore being one of few public\ncompanies to expense options on an ongoing basis.\n\n\nThe sale of fixed assets during the previous fiscal period resulted in an\nincrease in net per share earnings of $0.11.\n\n\nThe share repurchase program contributed in an increase of net earnings\nper-share of $0.09 for the period.\n\n\nExcluding these effects, as indicated in the following table, net\nearnings would have increased by $5.4 million or $0.20 per share for the\nperiod.\n\n\n 2009 2008\n\n ($ in thousands)\n\nNet Earnings 22,769 28,663\nExpense (revenue) of options (after-tax) 2,435 (5,632)\n(Gain...