TSX Trading Symbol: "MTY"
MONTREAL, July 9, 2014 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of quick service restaurants, reports today the results of its operations for the second quarter of its 2014 fiscal year.
Highlights of the second quarter of 2014:
- Net income attributable to owners reaches an historical high of $7.3 million ($0.38 per share) in the second quarter of 2014. This is a 16% increase compared to the same period in 2013.
- EBITDA for the quarter was up 19%, at $11.3 million, fueled by a strong performance of the franchising operations.
- The cash position as at May 31, 2014 was $5.4 million.
- System sales increased by 25% compared to 2013, reaching $219.0 million for the second quarter.
- Same-store-sales were down 2.0% during the quarter, impacted adversely by sluggish consumer spending and by intense competitive pressures.
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MTY operated 2,585 at the end of the second quarter
| (in thousands of $, except per share information) | ||||||||||||||
| Three months ended | Six months ended | |||||||||||||
|
May 31, 2014 |
May 31, 2013 |
Variance |
May 31, 2014 |
May 31, 2013 |
Variance | |||||||||
| Revenue | 29,402 | 25,342 | 16% | 55,004 | 47,970 | 15% | ||||||||
| Operating expenses | 18,063 | 15,791 | 14% | 34,179 | 29,616 | 15% | ||||||||
| EBITDA | 11,339 | 9,551 | 19% | 20,825 | 18,354 | 13% | ||||||||
| Income before taxes | 10,046 | 8,365 | 20% | 17,699 | 16,062 | 10% | ||||||||
| Net income attributable to owners | 7,269 | 6,250 | 16% | 12,806 | 11,885 | 8% | ||||||||
| Basic and fully diluted earnings per share | $0.38 | $0.33 | $0.67 | $0.62 | ||||||||||
Note: These are financial highlights only. Management's Discussion and Analysis, the condensed interim consolidated financial statements and notes thereto for the quarter ended May 31, 2014 will be available on the SEDAR website at www.sedar.com and on the Company's website at www.mtygroup.com.
Certain information in this News Release may constitute
"forward-looking" information that involves known and unknown risks,
uncertainties, future expectations and other factors which may cause
the actual results, performance or achievements of the Company or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. When used in this News Release, this
information may include words such as "anticipate", "estimate", "may",
"will", "expect", "believe", "plan" and other terminology. This
information reflects current expectations regarding future events and
operating performance and speaks only as of the date of this News
Release. Except as required by law, we assume no obligation to update
or revise forward-looking information to reflect new events or
circumstances. Additional information is available in the Company's
Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
MTY Food Group Inc.
_____________________________________
Stanley Ma, Chairman, President & CEO
SOURCE MTY Food Group Inc.
For more information please contact Eric Lefebvre, Chief Financial Officer at 1-514-336-8885 or by email at ir@mtygroup.com, or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name.
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