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BMTC revenues rise 9.4%, net income up 2.7%

By Furniture Today Staff -- Furniture Today, March 10, 2002

MONTREAL — Retailer BMTC Group's revenues rose 9.4% last year to C$643.8 million, while net income climbed 2.7% to C$21.7 million.

Quebec's largest full-line furniture retailer, BMTC operates 23 stores under the Brault & Martineau and Ameublesment Tanguay banners. Historically, about 45% of sales come from furniture, bedding and accessories.

The chain got a big boost in the fourth quarter, with revenues of C$186.4 million up 22.3% from the comparable period a year ago. Net earnings of C$7.6 million were up 1%.

Earnings were held down by changes in methods of executive compensation, with cash awards given in lieu of the exercise of stock options, in accordance with new guidelines by the Canadian Institute of Chartered Accountants. The charges amounted to C$6.3 million, reducing annual net earnings by 34 cents per share.

Yves Des Groseillers, chairman, president and chief executive officer, said business began improving in September and has continued into January. "For this reason, the company anticipates strong first and second quarter results in 2002," he said.

BMTC said will purchase as many as 1 million of its Class A Subordinate Voting Shares at a price of not more than C$21 nor less than C$18.50 per share through a procedure known as a modified Dutch auction. The offer will expire Apr. 19.

BMTC Group (a)
Owns Ameublements Tanguay and Brault & Martineau
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
Year ended 12/31	2001	2000	Change
Revenues	C$643,774,000	C$588,544,000	9.4%
Operating income	37,582,000	38,251,000	(1.7%)
Net income	21,721,000	21,156,000	2.7%
Earnings per share(b)	1.76	1.55	13.5%
(a) In Canadian dollars. (b) Based on average shares outstanding of 12.4 million in the 2001 year and 13.6 million in the 2000 year.

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