BMTC Group Inc. announces financial results for its quarter ended June 30th, 2012

MONTREAL, Aug. 13, 2012 /CNW Telbec/ -For the six month period ended June 30^th, 2012, the Company's revenues decreased by $16,719,000 to $340,601,000, compared to $357,320,000 recorded in the corresponding 2011 period. Net earnings for the six month period ended June 30^th, 2012, amounted to $12,122,000 compared to $24,270,000 for the corresponding 2011 period resulting in a net basic earnings per share of $0.25 compared to $0.48 in 2011.

The effect of costing of options had no impact on net basic earnings per share, compared to a decrease of $0.04 per basic share for corresponding 2011 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 that varies according to a calculation based on the Black-Scholes method. An increase in that value is recorded as an expense, while a decrease in value has the opposite effect. Of particular concern is the reader may conclude that the Company's profitability has risen in the context of a major decrease in the value attributed. For this reason the Company discloses net adjusted earnings in absolute dollars and on a per share basis to exclude the effect of costing options. These adjusted figures are likely not comparable with the same type of measures reported by other public issuers. It is worth noting that the Company offers a stock option program that allows the holder to receive cash in lieu of shares upon exercising stock options therefore making BMTC Group Inc. one of the few public companies to expense options on an ongoing basis.

The share repurchase program contributed to an increase of net per basic share earnings of $0.03.

Excluding of costing of options, net earnings would have decreased by $14,405,000 or $0.30 per net basic share.

The decrease of $14,405,000 is explained as follows:

	2012		2011
	($ in thousands)
Net Earnings	12 122		24 270
Variation of cost of options (after-tax)	(150)		2 107
Adjusted Net Earnings	11 972		26 377
Adjusted Net Earnings for the 2011 period	(26 377)
Decrease	(14 405)

	($ in thousands)
	Increase (decrease) retail operating earnings	Increase (decrease) investment income	Increase (decrease) adjusted operating earnings
1st quarter 2012	(7 586)	(154)	(7 740)
2nd quarter 2012	(6 310)	(355)	(6 665)
Total:	(13 896)	(509)	(14 405)

Annual Financial Information
($ in thousands, except for per share amounts)

		2011		2010
		$		$
Revenue		748 731		822 507
Net earnings		57 231		74 193
Total Assets		274 446		320 182
Net Earnings per share
	Basic	1,16		1,44
	Diluted	1,16		1,38
Dividends per share		0,24		0,24

Quarterly Results (unaudited)
($ in thousands, except for per share amounts)

		March 31		June 30		September 30		December 30
		2012	2011	2012	2011	2011	2010	2011	2010
		$	$	$	$	$	$	$	$
Revenue		154 760	163 174	185 841	194 146	196 715	215 712	194 156	215 846
Net (loss) earnings		(1 760)	2 814	13 882	21 456	17 857	21 362	15 104	32 044
Net (loss) earnings per share
	Basic	(0,04)	0,05	0,29	0,43	0,36	0,41	0,32	0,63
	Diluted	(0,04)	0,05	0,29	0,42	0,36	0,40	0,33	0,59

For the three month period ended June 30^th, 2012, the Company's revenues decreased by $8,305,000 to $185,841,000, compared to $194,146,000 recorded in the corresponding 2011 period. Net earnings for the three month period ended June 30^th, 2012, amounted to $13,882,000 compared to $21,456,000 for the corresponding 2011 period resulting in a net basic earnings per share of $0.29 compared to $0.43 in 2011. The effect of costing of options had no impact on net basic earnings per share, compared to an increase of $0.02 per basic share for corresponding 2011 period.

The share repurchase program contributed to an increase of net per basic share earnings of $0.04.

Excluding of costing of options, net earnings would have decreased by $6,665,000 or $0.14 per net basic share

The decrease of $6,665,000 is explained as follows:

	2012		2011
	($ in thousands)
Net Earnings	13 882		21 456
Variation of cost of options (after-tax)	(165)		(1 074)
Adjusted Net Earnings	13 717		20 382
Adjusted Net Earnings for the 2011 period	(20 382)
Decrease	(6 665)

During the six month period ended June 30^th, 2012, no options were granted or exercised. As at June 30^th, 2012, options for 262,800 Class A Subordinate Voting Shares, representing 0.005% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12.00% of the Company's outstanding shares, may still be granted pursuant to the Plan. The issued and outstanding options may be exercised at a price of $17.85 per Class A Subordinate Voting Shares.

The number of outstanding shares of the Company changed during the three month period ended June 30^th, 2012 pursuant to the normal course issuer bid renewed on March 8^th, 2012 and the conversion of Class B Multiple Voting Shares. Accordingly, 730,000 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 144,252 Class B Multiple Voting Shares were converted into 144,252 Class A Subordinate Voting Shares. As a result of these changes the Company had on June 30^th, 2012, 1,974,583 Class B Multiple Voting Shares and 45,570,417 Class A Subordinate Voting Shares outstanding.

A semi annual eligible dividend of $0.12 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 16^th, 2012 which will be payable on August 23^rd, 2012.

BMTC Group Inc.'s Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange and through its subsidiaries, ABTM Group Inc. and Ameublements Tanguay Inc., is a major retailer of furniture, electronic goods and household appliances operating in the Montreal, Quebec City, Repentigny, Ste-Therese, Laval, Longueuil, Kirkland, St-Georges, Trois-Rivières, Sherbrooke, Chicoutimi, Rivière-du-Loup, Rimouski, Levis, Beauport, Ste-Foy, Gatineau, Ste-Hyacinthe, St-Jean-sur-le-Richelieu, Granby, Vaudreuil, Mascouche and St-Jérôme areas. 

SOURCE: BMTC GROUP INC.

Mr. Yves Des Groseillers
Chairman, President and
Chief Executive Officer
BMTC Group inc. [phone]