MONTREAL, Aug. 6 /CNW Telbec/ - For the six month period ended June 30th, 2009, the Company's revenue totalled $373.8 million a decreased of $33.4 million compared to the $407.2 million recorded in the corresponding 2008 period. For the six month period ended June 30th, 2009, the net income stood at $22.8 million compared to $28.7 million, for the corresponding 2008 period. The net earnings per share stood at $0.83 compared to $0.92 for the corresponding 2008 period.
Results from the costing of options had the effect of reducing net earnings by $0.09 per share, compared to an increase of net earnings of $0.18 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 previous fiscal period 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 $0.09 for the period.
Excluding these effects, as indicated in the following table, net earnings would have increased by $5.4 million or $0.20 per share for the period.
2009 2008
($ in thousands)
Net Earnings 22,769 28,663
Expense (revenue) of options (after-tax) 2,435 (5,632)
(Gain) resulting from the sale of fixed
assets (after-tax) - (3,266)
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Adjusted Net Earnings 25,204 19,765
Minus : Adjusted Net Earnings for the 2008 period 19,765
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Increase 2009 5,439
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 2009 2008
---- ---- ---- ----
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Revenue $168,805 $181,744 $204,956 $225,508
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Net earnings 3,084 11,569 19,685 17,094
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Net Earnings per share
Basic 0.11 0.37 0.72 0.55
Diluted 0.10 0.35 0.70 0.54
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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 $223,628
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Net earnings 19,389 16,666 21,856 16,130
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Net Earnings per share
Basic 0.65 0.49 0.79 0.52
Diluted 0.62 0.47 0.76 0.50
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As for the three-month period ended June 30th, 2009 revenues from operations totaled 205.0 M$, representing a decrease of 20.5 M$ over the 225.5 M$ for the corresponding 2008 period. The Company's net income for the three-month period ended June 30th, 2009, totaled $19,685,000, or $0.72 per share, compared with $17,094,000 or $0.55 per share for the corresponding 2008 period. For the three-month period ended June 30th 2009, the results from the variation of costing options had the effect of reducing the earnings per share by $0.05 compared with a increase in earnings of $0.01 for the corresponding 2008 period. The share repurchase program contributed $0.08 to net per share earnings for the quarter ended June 30th, 2009.
Excluding these effects, as indicated in the following table, net earnings would have increased by 4.0 M$ or $0.15 per share for the three-month period ended June 30th, 2009 compared to the corresponding period.
2009 2008
($ in thousands, except
for per share amounts)
Net Earnings 19,685 17,094
Cost (gain) of options (after-tax) 1,276 (162)
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Adjusted Net Earnings 20,961 16,932
MINUS : Adjusted Net Earnings for 2008
corresponding quarter 16,932
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Increase 2009 4,029
No options have been granted during the period ended June 30th, 2009. During the period ended June 30th, 2009, options were exercised on two occasions. First, on May 22nd, 2009, the Company paid an amount before tax of $1,000,008 as cash award in lieu of shares, as a result of the exercise of 57,176 options. Secondly, on June 8th, 2009, the Company paid an amount before tax of $5,863,489 as cash award in lieu of shares, as a result of the exercise of 330,194 options. As at June 30th, 2009, options for 1,226,000 Class A Subordinate Voting Shares therefore remain outstanding and 2,986,832 options may still be issued pursuant to the Plan. The outstanding options may be exercised at prices ranging between $2.52 and $7.19 per Class A Subordinate Voting Shares.
Since January 1st, 2009, the number of outstanding shares of the Company changed during the period ended July 31st, 2009 due to the share redemption programs implemented in November 2008 and the conversion of Class B Multiple Voting Shares. Accordingly, 395,900 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 81,824 Class A Subordinate Voting Shares. As a result of these changes, the Company had, as of July 31st, 2009, 10,388,667 Class B Multiple Voting Shares and 16,015,433 Class A Subordinate Voting Shares outstanding.
A semi-annual eligible dividend of $0.18 per share has been declared to holders of Class A Subordinate voting shares and Class B Multiple voting shares of record as of the close of business on August 20st, 2009, which will be payable on August 27th, 2009.
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.