Business
BMTC Group Inc. announces financial results for its year ended December 31, 2008
MONTREAL, Feb. 19 /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. 19 /CNW Telbec/ - BMTC Group Inc. announced that, for the\nyear ended on December 31, 2008, revenue increased by $14.7 million to $856.2\nmillion, from the $841.5 million recorded in the corresponding 2007 period.\nNet income for the fiscal year ended December 31st, 2008, stood at $69.9\nmillion compared with $49.0 million, for the previous fiscal year. Earnings\nper share ("EPS") increased going from $1.54 in 2007 to $2.36 in 2008.\n\n\nResults from the costing of options had the effect of increasing net\nearnings by $0.20 per share, compared to a reduction of $0.20 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 offers a stock option program that allows the holder to exercise his\noptions in lieu of cash therefore being one of few public companies to expense\noptions on an ongoing basis.\n\n\nThe sale of fixed assets resulted in an increase in net per share\nearnings of $0.17 compared with $0.06 for the corresponding period. The\nCompany records its investments at market value. However, due to the liquidity\nissue with respect to ABCP, there is currently no market for the Company's\nABCP investments. Therefore, a charge of $3,004,000 before tax or $2,535,000\nafter tax or $0.8 per share was recorded as an additional provision for the\nestimated lost in value, which brings the provision to 75% of its nominal\nvalue, last year for the co...