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BMTC Group inc. announces financial results for its quarter ended April 30th, 2018

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BMTC Group inc. announces financial results for its quarter ended April 30th, 2018

Canada NewsWire

MONTREAL, June 7, 2018 /CNW Telbec/ -

Results *

For the first quarter ended April 30th, 2018, the Company's revenues increased by $196,000 to $162,194,000, compared to $161,998,000 recorded in the first quarter ended March 31st, 2017. The increase in revenues for the comparable periods and stores would have been 3%. Net earnings for the first quarter ended April 30th, 2018, amounted to $4,806,000 compared to $57,000 for the first quarter ended March 31st, 2017. Basic net earnings per share amounted to $0.13 compared to $0.00 recorded in the first quarter ended March 31st, 2017.

The effect of the cost of options had no impact on basic net earnings per share for the fisrt quarter ended April 30th, 2018 and the first quarter ended March 31st, 2017.

For the fisrt quarter ended April 30th, 2018, the share repurchase program had no impact on basic net earnings per share.

During the period ended April 30th, 2018, the Company proceeded with the sale of the Repentigny store for an amount of $9,000,000 resulting in an after tax gain of $4,522,000 or $0.13 per basic share.

Excluding all these effects, the variation to the adjusted net earnings would have been $119,000 or $0.00 per basic share for the the fisrt quarter ended April 30th, 2018.

 

The $119,000 variation in adjusted net earnings for the first quarter of 2018 is as follows:




  (Unaudited and $ in thousands)



April 30, 2018


March 31, 2017

Net earnings 


4,806


57

Gain on disposal of building (after-tax)


(4,522)


-

Variation of cost of options (after-tax)


(138)


(30)

Adjusted net earnings 


146


27

Minus: Adjusted net earnings for 2017


27



Variation


119




* The Company proceded to change it's financial year end date from December 31st to January 31st. This change came into effect with the 2018 financial year end, therefore the accounting period of the 2018 consolidated financial statements corresponds to a 13 month period ending January 31st, 2018 compared to a 12 month period for the current consolidated financial statements. Starting February 1st, 2018, these unaudited interim financial statements will correspond to the quarters ending in April 30th, July 31st and October 31st.

 

This variation in adjusted after-tax income is allocated throughout the quarters as follows:








    (Unaudited and $ in thousands)







Increase


Increase

Increase


 (decrease)


 (decrease)

(decrease)


retail operating


investment

adjusted


earnings


income

operating earnings






1st quarter

1,934


(1,815)

119

 

Annual Financial Information




($ in thousands, except for per share amounts)






January 31, 2018


December 31, 2016



 13 months 


12 months



$


$

Revenue


810,144


746,649

Net Earnings


49,335


43,830

Total Assets


312,569


309,483

Net Earnings Per Share






Basic


1.36


1.17


Diluted


1.36


1.17

Dividends Per Share


0.24


0.24

 

Financial Position and Dividends

Cash and investments increased by $29,175,000 during the first quarter ended April 30th, 2018. Investments consist of bank notes, which at the close of the period had a market value of $120,023,000 (including cash).

As of April 30th, 2018, the working capital showed a surplus of $816,000 an increase of $9,147,000 compared to January 31st, 2018. The Company's shareholders' equity increased from $204,376,000 as at January 31st, 2018 to $208,635,000 as at April 30th, 2018. As of April 30th, 2018, the book value per share stood at $5.95, compared to $5.82 as at January 31st, 2018.

Pursuant to the normal course issuer bid put in place on March 23rd, 2017, and renewed on April 13th, 2018, accordingly, 34,600 Common Shares were repurchased and cancelled by the Company. As a result of this

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