Business
BMTC Group inc. announces financial results for its year ended December 31, 2009
BMTC Group inc. announces financial results for its year ended December 31, 2009
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nFeb. 19, 2010 (Canada NewsWire Group) -- MONTREAL, Feb. 19 /CNW Telbec/ -- For the fiscal year ended December 31st, 2009, the Company's revenue and net earnings decreased by 4% over the corresponding period.For the fiscal year ended December 31st, 2009, the Company's revenue decreased by $38.1 million to $818.1 million, from the $856.2 million recorded in the corresponding 2008 period. Net income for the fiscal year ended December 31st, 2008, stood at $67.0 million compared with $69.9 million, for the previous fiscal year. Basic earnings per share increased going from $2.36 in 2008 to $2.53 in 2009.Results from the costing of options had the effect of reducing net basic earnings by $0.44 per share, compared to an increase of $0.20 per basic share for the previous year. 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 corresponding period resulted in an increase in net basic per share earnings of $0.17.The Company records its investments at market value. However, due to the liquidity issue with respect to ABCP, there is currently no market for the Company's ABCP investments. Therefore, a charge of $1,525,000 before tax or $1,315,000 after tax or $0.05 per basic share was recorded as an additional provi...