Business
BMTC Group inc. announces financial results for its year ended December 31, 2007
MONTREAL, Feb. 21 /CNW Telbec/ - BMTC Group inc. announced that, for the year ended on December 3...
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Feb. 21 /CNW Telbec/ - BMTC Group inc. announced that, for the\nyear ended on December 31, 2007, its revenues totaled 841.5 million dollars,\nrepresenting an increase of 5.8 million $ over the 835.7 million dollars for\n2006. The Company's net income, for the period, totaled $49,033,000, or\n$1.54 per share, compared with $45,633,000, or $1.35 per share, for the\ncorresponding 2006 period.\n\n\nResults from the costing of options had the effect of reducing net\nearnings by $0.20 per share, compared to a reduction of $0.07 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\nOn December 31st 2007, given the volatility in the financial markets,\nmanagement altered its way of estimating the cost of the Company's options,\ngoing from using the average stock price (weighted) during the 30 days\npreceding and following the close of the measured period to the market price\nat the close of the reporting period. This had the effect of increasing the\ncost of these options by $2 804 000 after taxes. In previous years, the method\nused by the Company; the 60-day weighted average, gave approximately the same\nresults as the new method of market value at closing.\n\n\nThe sale of fixed assets resulted in an increase in net per share\nearnings of $0.06 compared with $0.01 for the corresponding pe...