MTY reports results for the third 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, Oct. 7, 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 third quarter of its 2014 fiscal year.\n\n\nHighlights of the third quarter of 2014:\n\n\n\nNet income attributable to owners reaches $7.1 million ($0.37 per share)\n in the third quarter of 2014.\nThis is a 6% increase compared to the same period in 2013.\n\n\nEBITDA for the quarter was stable compared to last year, at $10.5\n million, impacted adversely by increases in certain charges and\n provisions.\n\n\nThe net cash position as at August 31, 2014 was $1.3 million, following\n the acquisition of Madisons\n\n\nSystem sales increased by 28% compared to 2013, reaching $230.9 million\n for the third quarter.\n\n\nSame-store-sales were down 1.6% during the quarter as sluggish consumer\n spending and by intense competitive pressures persist.\n\n\nMTY and its franchisees operated 2,611  at the end of the third quarter\n\n\n\n\n\n(in thousands of $, except per share information)\n\n\n\n\n \n\n\nThree months ended\n\n\n \n\n\nNine months ended\n\n\n \n\n\n\n\n \n\n\nAugust 31,\n2014\n\n\nAugust 31,\n2013\n\n\nVariance\n\n\nAugust 31,\n2014\n\n\nAugust 31,\n2013\n\n\nVariance\n\n\n\n\n \n\n\n\n\nRevenue\n\n\n30,234\n\n\n25,130\n\n\n20%\n\n\n85,238\n\n\n73,100\n\n\n17%\n\n\n\n\n \n\n\n\n\nOperating expenses\n\n\n19,719\n\n\n14,609\n\n\n35%\n\n\n53,898\n\n\n44,225\n\n\n22%\n\n\n\n\n \n\n\n\n\nEBITDA\n\n\n10,515\n\n\n10,521\n\n\n6%\n\n\n31,340\n\n\n28,875\n\n\n9%\n\n\n\n\n \n\n\n\n\nNet income attributable to owners\n\n\n7,099\n\n\n6,682\n\n\n6%\n\n\n19,905\n\n\n18,567\n\n\n7%\n\n\n\n\n \n\n\n\n\nBasic and fully diluted earnings per share\n\n\n$0.37\n\n\n$0.35\n\n\n \n\n\n$1.04\n\n\n$0.97\n\n\n \n\n\n\n\n\n\n\n\n\nNote: These are financial highlights only. Management's Discussion and\n Analysis, the condensed interim consolidated\nfinancial statements and notes thereto for the quarter ended August 31,\n 2014 will be available on the SEDAR website\nat www.sedar.com and on the Company's website at www.mtygroup.com.\n\n\n\n\n\n\n\nCertain information in this News Release may constitute\n \"forward-looking\" informa...

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