BMTC Group Inc. announces financial results for its quarter ended September 30th, 2014

MONTREAL, Nov. 13, 2014 /CNW Telbec/ - For the nine month period ended September 30th, 2014, the Company's revenues decreased by $2,369,000 to $518,206,000, compared to $520,575,000 recorded in the corresponding 2013 period, a 0.5% decrease. Same store revenues decreased by 2% for the same period. Net earnings for the nine month period ended September 30th, 2014, amounted to $30,823,000 compared to $30,629,000 for the corresponding 2013 period. Basic net earnings per share decreased to $0.66 compared to $0.68 in 2013.

The effect of costing options had no impact on net basic earnings per share for the nine month period ended September 30th, 2014 and 2013.

The share repurchase program had the effect of increasing net basic earnings per share by $0.01 for the nine month period ended September 30th, 2014.  

Excluding the non significant effect of the costing of options, the variation the adjusted net earnings would have been $516,000 or $0.01 per basic share for the nine month period ended September 30th, 2014.

The $516,000 variation in adjusted net earnings in 2014 is as follows:

	2014		2013
	($ in thousands)
Net Earnings	30 823		30 629
Variation of cost of options (after-tax)	147		(175)
Adjusted Net Earnings	30 970		30 454
Minus: Adjusted Net Earnings for 2013	30 454
Variation	516

This variation in adjusted after-tax income is allocated as follows for the first three quarters:

	($ in thousands)
	Increase (decrease)		Increase (decrease)		Increase (decrease)
	retail operating		investment		adjusted
	earnings		income		operating earnings
1^st quarter 2014	(2 031)		(401)		(2 432)
2^nd quarter 2014	(1 447)		1 861		414
3^rd quarter 2014	2 133		401		2 534
Total	(1 345)		1 861		516

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

		2013		2012
		$		$
Revenue		694 743		716 870
Net Earnings		57 254		48 652
Total Assets		306 296		285 318
Net earnings Per Share
	Basic	1,24		1,02
	Diluted	1,24		1,02
Dividends Per Share		0,24		0,24

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

		March		June		September		December
		2014	2013	2014	2013	2014	2013	2013	2012
		$	$	$	$	$	$	$	$
Revenue		145 118	151 849	182 881	181 411	190 207	187 315	174 168	180 670
Net (loss) earnings		(1 468)	1 215	14 020	13 574	18 271	15 840	26 625	16 395
Net (loss) earnings per share
	Basic	(0,03)	0,03	0,31	0,29	0,40	0,34	0,58	0,35
	Diluted	(0,03)	0,03	0,31	0,29	0,40	0,34	0,58	0,35

For the three month period ended September 30th, 2014, the Company's revenues increased by $2,892,000 to $190,207,000, compared to $187,215,000 recorded in the corresponding 2013 period. Net earnings for the three month period ended September 30th, 2014, amounted to $18,271,000 compared to $15,840,000 for the corresponding 2013 period. Basic net earnings per share amounted to $0.40 compared to $0.34 in 2013.

The effect of costing options had no impact on net basic earnings per share for the three month period ended September 30th, 2014 and 2013.

The share repurchase program had the effect of increasing net basic earnings per share by $0.01 for the nine month period ended September 30th, 2014.  

Excluding the non significant effect of the costing of options, the variation the adjusted net earnings would have been $2,534,000 or $0.05 per basic share for the three month period ended September 30th, 2014.

The $2,534,000 variation in adjusted net earnings in 2014 is as follows:

	2014		2013
	($ in thousands)
Net Earnings	18 271		15 840
Variation of cost of options (after-tax)	22		(81)
Adjusted Net Earnings	18 293		15 759
Minus: Adjusted Net Earnings for 2013	15 759
Variation	2 534

During the nine period ended September 30th, 2014, no options were granted or exercised. As at September 30th, 2014, options for 251,850 Class A Subordinate Voting Shares, representing 0.6% of the Company's outstanding shares remain issued and 5,710,864 authorized share options, representing approximately 12.66% 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 nine month period ended September 30th, 2014, pursuant to the normal course issuer bids on March 12^th, 2013 and renewed on March 13^th, 2014 and the conversion of Class B Multiple Voting Shares. Accordingly, 175,000 Class A Subordinate Voting Shares were repurchased and cancelled by the Company and 60,400 Class B Multiple Voting Shares were converted into 60,400 Class A Subordinate Voting Shares. As a result of these changes the Company had on September 30th, 2014, 1,750,880 Class B Multiple Voting Shares and 43,342,120 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 December 22^nd, 2014 which will be payable on January 5^th, 2015.

Non International Financial Reporting Standards (IFRS) financial measures

The Company discloses adjusted net earnings, which includs or excluds certain amounts that are not considered representative of performance measures and financial recurrence of the Company. Management believes that this measure is useful in understanding and analysing the operational performance of the Company.

The Company discloses in this MD&A under the section "Results" a reconciliation between net earnings and adjusted net earnings.

Adjusted net earnings are not an earnings measure recognised by IFRS and does not have a standardised meaning prescribed by IFRS. Therefore, adjusted net earnings as discussed in this MD&A may not be compared to similar measures presented by other issuers. This measure of performance should not be considered as an alternative as an indicator of performance, but rather as additional information.

Same store revenues are not an earnings measure recognised by IFRS and does not have a standardised meaning prescribed by IFRS. Therefore, same store sales as discussed in this MD&A may not be compared to similar measures presented by other issuers.

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]