MONTREAL, May 7 /CNW Telbec/ - BMTC Group inc. announced that for the quarter ended March 31st, 2009, the Company's revenue totalled $168.8 a decreased of $12.9 million compared to the $181.7 million recorded in the corresponding 2008 period. For the quarter ended March 31st, 2009, the net income stood at $3.1 million compared to $11.6 million, for the corresponding 2008 period. The net earnings per share stood at $0.11 compared to $0.37 for the corresponding 2008 period.
Results from the costing of options had the effect of reducing net earnings by $0.04 per share, compared to an increase of net earnings of $0.17 per share for the corresponding 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 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 quarter of the previous fiscal year resulted in an increase in net per share earnings of $0.11. The share repurchase program contributed in an increase of net earnings per-share of $0.01 for the period.
Excluding all these effects, net earnings would have increased by $1.4 million or $0.05 per share for the period.
The adjusted $1.4 million increase breaks down as follows:
2009 2008
($ in thousands, except
for per share amounts)
Net Earnings 3,084 11,569
Cost (gain) of options (after-tax) 1,159 (5,470)
(Gain) resulting from the sale
of fixed assets (after-tax) - (3,266)
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Adjusted Net Earnings 4,243 2,833
Minus : Adjusted Net Earnings for the 2008 period 2,833
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Increase 2009 1,410
Annual Financial Information
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2008 2007 2006
---- ---- ----
($ in thousands, except for per
share amounts)
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Revenue $856,229 $841,544 $835,681
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Net earnings 69,908 49,033 45,633
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Total Assets 244,532 284,939 284,963
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Net Earnings per share
Basic $2.36 $1.54 $1.35
Diluted 2.27 1.48 1.30
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Dividends per share 0.35 0.29 0.24
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Quarterly Results (unaudited)
($ in thousands, except for per share amounts)
Quarter Ended Quarter Ended
March 31 June 30
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2009 2008 2008 2007
---- ---- ---- ----
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Revenue $168,805 $181,744 $225,508 $216,109
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Net earnings 3,084 11,569 17,094 14,878
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Net Earnings per share
Basic 0.11 0.37 0.55 0.46
Diluted 0.10 0.35 0.54 0.44
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Quarter Ended Quarter Ended
September 30 December 31
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2008 2007 2008 2007
---- ---- ---- ----
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Revenue $232,129 $216,731 $216,848 $223,628
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Net earnings 19,389 16,666 21,856 16,130
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Net Earnings per share
Basic 0.65 0.49 0.79 0.52
Diluted 0.62 0.47 0.76 0.50
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Since January 1st, 2009, the number of outstanding shares of the Company changed yet again during the period ended April 30th, 2009 due to the share redemption programs implemented in September 2008 and the conversion of Class B Multiple Voting Shares. Accordingly, 122,800 Class A Subordinate Voting Shares were redeemed by the Company and cancelled in 2009, while 81,824 Class B Multiple Voting Shares were converted into as many Class A Subordinate Voting Shares. As a result of these changes, the Company had, as of April 30th, 2009, 10,388,667 Class B Multiple Voting Shares and 16,288,533 Class A Subordinate Voting Shares 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 the Montreal, Quebec City, Laval, Ste-Foy, Sherbrooke, Trois-Rivieres, Rimouski, St-Georges, Riviere-du-Loup, Chicoutimi, and Gatineau regions through its affiliates Brault & Martineau Inc. and Ameublements Tanguay.