MTY reports results for the first quarter of its 2014 fiscal period

About this update from Mty Food Group Inc.

[{"type":"text","content":"\n\n\nTSX Trading Symbol: \"MTY\"\n\n\nMONTREAL, April 8, 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 first quarter of its 2014 fiscal year.\n\n\nHighlights of the first quarter of 2014:\n\n\n\nEBITDA grows by 8% to reach $9.5 million fuelled by the results of the\n newly acquired concepts, of which the positive impact was partially\n offset by non-recurring master franchise fees earned in 2013 as well as\n by higher charges related to store closures incurred in the first\n quarter of 2014\n\n\nCash flows from operations more than double as a result of lower income\n tax burden\n\n\nRevenues increase 13%, with most of the growth coming from recurring\n revenue streams\n\n\nOperating expenses grow 17%, as the company adjusts its structure for\n future growth and suffers from higher charges related to store closures\n\n\nSame store sales growth declines by 1.7% during the first quarter,\n impacted by adverse weather in some regions of Canada, sluggish\n economies mainly in Quebec and Ontario and intense competitive\n pressures\n\n\nSystem sales increase by 24% to reach $200.6 million during the quarter\n\n\nThe number of units at quarter end sits at 2,591, a net gain of 1 unit\n generated by 40 new store openings and 39 store closings\n\n\n\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\n \n\n\n3-month period\nended February 28,\n2014\n\n \n\n3-month period\nended February 28,\n2013\n\n \n\nVariance\n\n\n\n\nRevenues\n\n\n25,602\n\n \n\n22,628\n\n \n\n13%\n\n\n\n\nOperating Expenses\n\n\n16,116\n\n \n\n13,825\n\n \n\n17%\n\n\n\n\nEBITDA\n\n\n9,486\n\n \n\n8,803\n\n \n\n8%\n\n\n\n\nAmortization and depreciation charges\n\n\n1,697\n\n \n\n1,226\n\n \n\n38%\n\n\n\n\nOther income and charges, including interest\n\n\n(136)\n\n \n\n120\n\n \n\nn/a\n\n\n\n\nIncome before taxes\n\n\n7,653\n\n \n\n7,697\n\n \n\n(1%)\n\n\n\n\nNet income attributable to shareholders\n\n\n5,537\n\n \n\n5,635\n\n \n\n(2%)\n\n\n\n\nBasic and diluted EPS\n\n\n0.29\n\n \n\n0.29\n\n \n\n-\n\n\n\n\nCash flows from operations\n\n...

More updates from Mty Food Group Inc.