MONTREAL, Nov. 5 /CNW Telbec/ - For the nine month period ended September 30th, 2009, the Company's revenue totalled $594.1 million a decreased of $45.3 million compared to the $639.4 million recorded in the corresponding 2008 period. For the nine month period ended September 30th, 2009, the net income stood at $48.3 million compared to $48.1 million, for the corresponding 2008 period. The net earnings per share stood at $1.81 compared to $1.57 for the corresponding 2008 period.
Results from the costing of options had the effect of reducing net earnings by $0.14 per share, compared to an increase of net earnings of $0.17 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 $0.18 for the period.
Excluding all these effects, as indicated in the following table, net adjusted earnings would have increased by $12.7 million or $0.48 per share for the period.
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2009 2008
($ in thousands)
Net Earnings 48 286 48 052
Expense (revenue) of options (after-tax) 3 765 (5 446)
(Gain) resulting from the sale
of fixed assets (after-tax) - (3 266)
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Adjusted Net Earnings 52 051 39 340
Minus : Adjusted Net Earnings for the
2008 period 39 340
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Increase 2009 12 711
This increase in adjusted operating earnings was spread out through the
quarters as follows:
($ in thousands)
Increase Increase
retail Increase adjusted
operating Investment operating
earnings income earnings
1st quarter 2009 582 828 1 410
2nd quarter 2009 39 3 990 4 029
3rd quarter 2009 3 721 3 551 7 272
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Total: 4 342 8 369 12 711
Annual Financial Information
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2008 2007 2006
---- ---- ----
($ in thousands, except for per
share amounts)
-------------------------------------------------------------------------
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
---- ---- ---- ----
-------------------------------------------------------------------------
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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2009 2008 2008 2007
---- ---- ---- ----
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Revenue $220,363 $232,129 $216,848 $223,628
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Net earnings 25,517 19,389 21,856 16,130
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Net Earnings per share
Basic 0.98 0.65 0.79 0.52
Diluted 0.95 0.62 0.76 0.50
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>>
As for the three-month period ended September 30th, 2009 revenues from operations totaled 220.4 M$, representing a decrease of 11.7 M$ over the 232.1 M$ for the corresponding 2008 period. The Company's net income for the three-month period ended September 30th, 2009, totaled $25,517,000, or $0.98 per share, compared with $19,389,000 or $0.65 per share for the corresponding 2008 period. For the three-month period ended September 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 decrease in earnings of $0.01 for the corresponding 2008 period. The share repurchase program contributed $0.10 to net per share earnings for the quarter ended September 30th, 2009.
Excluding all these effects, as indicated in the following table, net adjusted earnings would have increased by 7.3 M$ or $0.27 per share for the three-month period ended September 30th, 2009 compared to the corresponding period.
<<
2009 2008
($ in thousands, except
for per share amounts)
Net Earnings 25 517 19 389
Cost (gain) of options (after-tax) 1 330 186
---------- ----------
Adjusted Net Earnings 26 847 19 575
MINUS : Adjusted Net Earnings for
2008 corresponding quarter 19 575
----------
Increase 2009 7 272
>>
No options have been granted during the period ended September 30th, 2009. During the period ended September 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 September 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.
A semi-annual eligible dividend of $0.20 per share has been declared to holders of Class A Subordinate voting shares and Class B Multiple voting shares of record as of the close of business on December 18th, 2009, which will be payable on January 4th, 2010. This represents an increase of 0.02$ per share from the last semi-annual dividend paid by the Company.
Since January 1st, 2009, the number of outstanding shares of the Company changed for the period ended October 31st, 2009 due to the share redemption programs implemented in November 2008 and the conversion of Class B Multiple Voting Shares. Accordingly, 657,200 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 107,324 Class A Subordinate Voting Shares. As a result of these changes, the Company had, as of October 31st, 2009, 10,363,167 Class B Multiple Voting Shares and 15,779,633 Class A Subordinate Voting Shares outstanding.
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 appliances in the areas of 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 through its subsidiary Brault & Martineau and Ameublements Tanguay.