BMTC Group Inc. announces financial results for its quarter ended March 31st, 2013

MONTREAL, May 10, 2013 /CNW Telbec/ - For the quarter ended March 31^st, 2013, the Company's revenues decreased by $2,911,000 to $151,849,000, compared to $154,760,000 recorded in the corresponding 2012 period. Net earnings for the quarter ended March 31^st, 2013, amounted to $1,215,000 compared to a net loss of $1,760,000 for the corresponding 2012 period. Basic net earnings per share increased to $0.03 compared to a basic net loss per share of $0.04 in 2012.

The effect of costing options had no impact on net basic earnings per share for the periods ended March 31^st, 2012 and 2013. 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 increased in 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 the context of a major decrease in the value attributed. For this reason the Company discloses  adjusted net earnings in absolute dollars and on a per share basis to exclude the effect of 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 $0.01 in basic net earnings per share during the first quarter 2013.

Excluding these effects, net earnings would have been $2,856,000 or $0.06 per basic share.

The $2,856,000 variation in adjusted net earnings in 2013 breaks down as follows:

	2013		2012
	($ in thousands)
Net (loss) Earnings	1 215		(1 760)
Variation of cost of options (after-tax)	(104)		15
Adjusted net (loss) earnings	1 111		(1 745)
Minus: Adjusted net (loss) earnings for 2012	(1 745)
Variation	2 856

This variation in adjusted after-tax operating income is allocated as follows:

	($ in thousands)
	Increase (decrease)		Increase (decrease)		Increase (decrease)
	retail operating		investment		adjusted
	earnings		income		operating earnings
1^st quarter 2013	1 678		1 178		2 856
2^nd quarter 2013
3^rd quarter 2013
4^th quarter 2013
Total	1 678		1 178		2 856

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

		2013		2012
Revenue		716 870		748 731
Net Earnings		44 955		57 231
Total Assets		285 318		274 446
Net earnings Per Share
	Basic	0,94		1,16
	Diluted	0,94		1,16
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
		2013 $	2012 $	2012 $	2011 $	2012 $	2011 $	2012 $	2011 $
Revenue		151 849	154 760	185 841	194 146	195 599	196 715	180 670	194 156
Net Earnings (Loss)		1 215	(1 760)	13 882	21 456	20 135	17 857	12 698	15 104
Net Earnings (Loss) Per Share
	Basic	0,03	(0,04)	0,29	0,43	0,42	0,36	0,27	0,32
	Diluted	0,03	(0,04)	0,29	0,42	0,42	0,36	0,27	0,33

During the three month period ended March 31^st, 2013, no options were granted or exercised. As at March 31^st, 2013, options for 262,800 Class A Subordinate Voting Shares, representing 0.57% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12.33% 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 March 31^st, 2013 pursuant to the normal course issuer bid  March 8^th, 2012 which was renewed on March 13^th, 2013 and the conversion of Class B Multiple Voting Shares. Accordingly, 841,000 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 50,000 Class B Multiple Voting Shares were converted into 50,000 Class A Subordinate Voting Shares. As a result of these changes the Company had on March 31^st, 2013, 1,911,280 Class B Multiple Voting Shares and 44,387,720 Class A Subordinate Voting Shares outstanding.

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.

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