Business
BMTC Group Inc. announces financial results for its year ended December 31, 2006
BMTC Group Inc. announces financial results for its year ended December 31, 2006.
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Feb. 22 /CNW Telbec/ - BMTC Group Inc. announced that, for the\nyear ended on December 31, 2006, its revenues totaled 835.7 million dollars,\nrepresenting an increase of 31.3 million $ over the 804.4 million dollars for\n2005. The Company's net income, for the period, totaled $45,633,000, or\n$1.35 per share, compared with $41,891,000, or $1.20 per share, for the\ncorresponding 2005 period.\n\n\nResults from the costing of options had the effect of reducing net\nearnings by $0.07 per share, compared to a reduction of $0,12 per share for\nthe previous year. While the Company costs options as either an expense or\nrevenue in the net earnings calculation, the Company believes it is preferable\nto inform readers of its financial statements of the impact of this element,\nwhich is outside the Company's control and which varies along with the course\nof the Company's share price in any given time period. An increase in the\nCompany's share price incurs an expense, while a decrease in the Company's\nshare price incurs revenue. Of particular concern is that the reader could be\nmade to believe that the Company's profitability had risen in the context of a\nmajor decrease in the Company's share price. It is for this reason that the\nCompany includes net earnings in absolute dollars and per-share dollars\nexcluding this costing of options effect, even though doing so does not\nconform to GAAPs, it is therefore unlikely that we can compare them with the\nsame type of measures presented by other issuers. It is worth noting that the\nCompany is one of few public companies to expense options on an ongoing basis.\n\n\nThe share repurchase program contributed $0.04 to net per-share earnings.\nExcluding all these effects, net earnings would have increased by $1.8 million\nor $0.06 per share for 2006.\n\n\nThe adjusted $1.8 million increase in net earnings breaks down as\nfollows:\n\n\n 2006 2005\n -------- --------\n ($ in thousands, except for per share amounts)\n\nNet Earnings 45,633 41,891\nCost (gain) of options (after-tax)\n 2,297 4,188\n -------- --------\nNet Earnings before options 47,930 46,079\nMINUS : Net Earnings 2005 46,079 --------\n -------- --------\n\nIncrease 2006 1,851\n --------\n --------\n\n\nAnnual Financial Information\n\n 2006 2005 2004\n -------- -------- --------\n ($ in thousands, except for per shar...