Business
BMTC Group Inc. announces financial results for its third quarter ended September 30, 2009
BMTC Group Inc. announces financial results for its third quarter ended September 30, 2009
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nNov. 5, 2009 (Canada NewsWire Group) -- MONTREAL, Nov. 5 /CNW Telbec/ -- For the nine month period ended September 30th, 2009, the Company's revenue totalled $594.1 million a decreased of $45.3 million compared to the $639.4 million recorded in the corresponding 2008 period. For the nine month period ended September 30th, 2009, the net income stood at $48.3 million compared to $48.1 million, for the corresponding 2008 period. The net earnings per share stood at $1.81 compared to $1.57 for the corresponding 2008 period.Results from the costing of options had the effect of reducing net earnings by $0.14 per share, compared to an increase of net earnings of $0.17 per share for the corresponding 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 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.The sale of fixed assets during the previous fiscal period resulted in an increase in net per share earnings of $0.11.The share repurchase program contributed in an increase of net earnings per-share of $0.18 for the period.Excluding all these effects, as indicated in the following table, net adjusted earnings would have increased by $12.7 million or $0.48 per share for the period.2009 2008($ in thousands)Net Earnings 48 286 48 052Expense (revenue) of options (after-tax) 3 765 (5 446)(Gain) re...