Business
MTY reports record results for the second quarter of its 2014 fiscal period
TSX Trading Symbol: "MTY" MONTREAL , July 9, 2014 /CNW Telbec/ - MTY Food Group Inc....
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\nTSX Trading Symbol: \"MTY\"\n\n\nMONTREAL, July 9, 2014 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the\n \"Company\") (TSX: MTY), franchisor and operator of multiple concepts of\n quick service restaurants, reports today the results of its operations\n for the second quarter of its 2014 fiscal year.\n\n\nHighlights of the second quarter of 2014:\n\n\n\nNet income attributable to owners reaches an historical high of $7.3\n million ($0.38 per share) in the second quarter of 2014. This is a 16%\n increase compared to the same period in 2013.\n\n\nEBITDA for the quarter was up 19%, at $11.3 million, fueled by a strong\n performance of the franchising operations.\n\n\nThe cash position as at May 31, 2014 was $5.4 million.\n\n\nSystem sales increased by 25% compared to 2013, reaching $219.0 million\n for the second quarter.\n\n\nSame-store-sales were down 2.0% during the quarter, impacted adversely\n by sluggish consumer spending and by intense competitive pressures.\n\n\nMTY operated 2,585  at the end of the second quarter\n\n\n\n\n\n\n\n(in thousands of $, except per share information)\n\n\n\n\n \n\n\n\n\n \n\n\n \n\n\nThree months ended\n\n\n \n\n\n \n\n\n \n\n\nSix months ended\n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\nMay 31,\n2014\n\n\n \n\n\nMay 31,\n2013\n\n\n \n\n\nVariance\n\n\n \n\n\nMay 31,\n2014\n\n\n \n\n\nMay 31,\n2013\n\n\n \n\n\nVariance\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n \n\n\n29,402\n\n\n \n\n\n25,342\n\n\n \n\n\n16%\n\n\n \n\n\n55,004\n\n\n \n\n\n47,970\n\n\n \n\n\n15%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nOperating expenses\n\n\n \n\n\n18,063\n\n\n \n\n\n15,791\n\n\n \n\n\n14%\n\n\n \n\n\n34,179\n\n\n \n\n\n29,616\n\n\n \n\n\n15%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nEBITDA\n\n\n \n\n\n11,339\n\n\n \n\n\n9,551\n\n\n \n\n\n19%\n\n\n \n\n\n20,825\...