Business
BMTC Group inc. announces financial results for its third quarter ended September 30, 2008
MONTREAL, Nov. 6 /CNW Telbec/ - For the nine-month period ended September 30th, 2008, the Company...
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Nov. 6 /CNW Telbec/ - For the nine-month period ended September\n30th, 2008, the Company's revenue increased by $21.5 million to $639.4\nmillion, from the $617.9 million recorded in the corresponding 2007 period.\nNet income for the nine-month period ended September 30th, 2008, stood at\n$48,052,000 compared with $32,903,000, for the corresponding 2007 period.\nEarnings per share ("EPS") increased by $0.55 to $1.57 for the nine-month\nperiod ended September 30th, 2008.\n\n\nFor the nine-month period ended September 30th, 2008 results from the\nvariation of costing options had the effect of increasing net earnings by\n$0.17 per share, compared to a reduction of $0.19 per share for the\ncorresponding 2007 period. While the Company costs options as either an\nexpense or revenue in the net earnings calculation, the Company believes it is\npreferable to inform readers of its financial statements of the impact of this\nelement, which is outside the Company's control and which varies along with\nthe course of the Company's share price in any given time period. An increase\nin the Company's share price incurs an expense, while a decrease in the\nCompany's share price incurs revenue. Of particular concern is that the reader\ncould be made to believe that the Company's profitability had risen in the\ncontext of a major decrease in the Company's share price. It is for this\nreason 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 is one of few public companies to expense options on\nan ongoing basis.\n\n\nThe sale of fixed assets resulted in an increase in net per share\nearnings of $0.11 compared with an increase of $0.06 for the corresponding\nperiod of 2007. Last year the Company recorded an extraordinary charge in the\namount of $1.731 million or of $0.05 per share on an after-tax basis\nrepresenting the full amount of an award by the Superior Court in relation to\na class action. The Company has since appealed this judgement and is confident\nthat it will ultimately succeed in reversing this judgement. The share\nrepurchase program contribute...