MONTREAL, May 8 /CNW Telbec/ - BMTC Group inc. announced that, for the first quarter ended on March 31, 2008, its revenues totaled 181.7 million dollars, representing an increase of 3.3 million $ over the 178.4 million dollars for 2007. The Company's net income, for the period, totaled $11,569,000, or $0.37 per share, compared with $2,055,000, or $0.06 per share, for the corresponding 2007 period.
Results from the variation of costing options had the effect of increasing net earnings by $0.17 per share, compared to a reduction of $0.07 per share for the corresponding 2007 period. 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 is one of few public companies to expense options on an ongoing basis.
The sale of fixed assets resulted in an increase in net per share earnings of $0.11compared with no corresponding amount for the first quarter of 2007. The share repurchase program contributed $0.01 to the net per share earnings. Excluding all these effects, net earnings would have decreased by $1.6 million or $0.05 per share for 2008 compared to the corresponding period.
The adjusted $1.6 million decrease in net earnings breaks down as follows:
2008 2007
($ in thousands, except
for per share amounts)
Net Earnings 11,569 2,055
Cost (gain) of options (after-tax) (5,470) 2,347
(Gain) resulting from the sale
of fixed assets (after-tax) (3,266) -
---------- ----------
Adjusted Net Earnings 2,833 4,402
MINUS : Adjusted Net Earnings for 2007 period 4,402
Decrease 2008 (1,569)
Annual Financial Information
2007 2006 2005
---------- ---------- ----------
($ in thousands, except for
per share amounts)
Revenue(x) $ 841,544 $ 835,681 $ 804,361
Net earnings 49,033 45,633 41,891
Total Assets 283,861 284,963 274,702
Net Earnings per share
Basic $ 1.54 $ 1.35 $ 1.20
Diluted 1.48 1.30 1.16
Dividends per share 0.29 0.24 0.13
(x)Following the changes in the interpretation of the accounting
principles in EIC-123 of the CICA entitled "Reporting Revenue Gross as
a Principal Versus Net as an Agent", the Company modified its
presentation of revenues from extended services contracts on certain
products in order to present them at the net amount obtained for the
services rendered. Consequently, the Company adjusted the results for
the year ended December 31st, 2005 by reducing operating revenues as
well as the cost of products sold, and commercial and administrative
expenses in the amount of $14,409,000. These changes had no impact on
net earnings.
Quarterly Results (unaudited)
($ in thousands, except for per share amounts)
Quarter Ended Quarter Ended
March 31 June 30
2008 2007 2007 2006
---------- ---------- ---------- ----------
Revenue $ 181,744 $ 178,452 $ 216,109 $ 215,959
Net earnings 11,569 2,055 14,878 12,143
Net Earnings per share
Basic 0.37 0.06 0.46 0.35
Diluted 0.35 0.06 0.44 0.34
Quarter Ended Quarter Ended
September 30 December 31
2007 2006 2007 2006
---------- ---------- ---------- ----------
Revenue $ 223,355 $ 216,731 $ 223,628 $ 220,022
Net earnings 15,970 16,666 16,130 16,539
Net Earnings per share
Basic 0.50 0.49 0.52 0.50
Diluted 0.48 0.47 0.50 0.48
Finally, BMTC Group inc. has indicated that in the course of its
redemption programs implemented in September 2007, and the conversion of
Class B Multiple Voting Shares, the Company has redeemed a total of 357,256
Class A Subordinate Voting Shares with respect to which the average redemption
price was $20.03 per share, and 20,644 Class B Multiple Voting Shares with
respect to which the average redemption price was $20.24 per share, while
95,000 Class B Multiple Voting Shares were converted into as many Class A
Subordinate Voting Shares. As of April 30th, 2008, 19,863,049 Class A
Subordinate voting shares and 10,824,951 Class B Multiple voting shares were
outstanding.
BMTC Group inc., which Class A Subordinate Voting Shares are listed on the
Toronto Stock Exchange, is an important retailer of furniture, electronic
goods and household appliances in appliances in the areas of Montreal, Quebec
City, Repentigny, Ste-Therese, Laval, Longueuil, Kirkland, St-Georges,
Trois-Rivieres, Sherbrooke, Chicoutimi, Riviere-du-Loup, Rimouski, Levis,
Beauport, Ste-Foy, Gatineau, Ste-Hyacinthe, St-Jean-sur-le-Richelieu, Granby,
Vaudreuil, Mascouche and St-Jerome through its subsidiary Brault & Martineau
and Ameublements Tanguay.