Business
BMTC Group Inc. announces financial results for its semester ended June 30, 2007
BMTC Group Inc. announces financial results for its semester ended June 30, 2007.
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 9 /CNW Telbec/ - For the six-month period ended June 30,\n2007, the Company's revenue decreased by $4,3 million to $394,6 million, from\nthe $398,9 million recorded in the corresponding 2006 period. Net income for\nthe six-month period ended June 30, 2007, stood at $16,933,000 compared with\n$12,428,000, for the corresponding 2006 period. Earnings per share ("EPS")\nincreased by $0.16 to $0.52 for the semester ended June 30, 2007.\n\n\nFor the six-month period ended June 30, 2007, results from the costing of\noptions had the effect of reducing net earnings by $0.18 per share, compared\nto a reduction of $0.09 per share for the corresponding 2006 period. While the\nCompany costs options as either an expense or revenue in the net earnings\ncalculation, the Company believes it is preferable to inform readers of its\nfinancial statements of the impact of this element, which is outside the\nCompany'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 share repurchase\nprogram contributed $0.02 to net per share earnings for the semester ended\nJune 30, 2007.\n\n\nExcluding all these effects, net earnings would have increased by 5.9 M$\nor $0.18 per share for the six-month period ended June 30th, 2007.\n\n\nThe adjusted 5.9 M$ in net earnings breaks down as follows:\n\n\n 2007 2006\n ($ in thousands, except\n for per share amounts)\n\nNet Earnings 16,933 12,428\nCost (gain) of options\n(after-tax)...