BMTC posts gains for quarter, year
By Furniture Today Staff -- Furniture Today, February 23, 2003
Montreal — BMTC Group, Quebec's largest full-line furniture retailer, last week reported solid gains in sales and income in the fourth quarter and year.
Fourth-quarter sales rose 12.3% to C$207.9 million and net income more than doubled to C$16.6 million.
For 2002, revenue totaled C$807.9 million, a 25.7% increase over C$642.5 million in 2001. Net income for the year jumped 77% to C$38.4 million from C$21.7 million in the previous year.
But January's sales were down 23% compared to January 2002, said Yves Des Groseillers, BMTC's chairman, president and chief executive officer.
Among the company's financial accomplishments for 2002, he said, were an increase in its working capital to C$19.8 million while increasing shareholder equity to C$133.8 million from C$117.6 million at the end of 2001.
In addition to furniture and bedding, BMTC is one of Quebec's largest retailers of household appliances and electronics. It operates 23 stores under two banners, Brault & Martineau and Ameublements Tanguay, in Montreal, Quebec City, Laval, Ste-Foy, Sherbrooke, Trois-Rivières, Rimouski, St-Georges, Rivière-du-Loup, Chicoutimi and the Gatineau region.
| BMTC Group (a) | |||
|---|---|---|---|
| Owns Ameublements Tanguay and Brault & Martineau | |||
| Earnings per share are fully diluted. | |||
| Quarter ended 12/31 | 2002 | 2001 | Change |
| (a) In Canadian dollars. (b) Reflects a 2-for-1 stock split effective June 3, 2002. |
|||
| Revenues | C$207,873,000 | C$185,184,000 | 12.3% |
| Operating income | NA | NA | NA |
| Net income | 16,590,000 | 7,565,000 | 119.3% |
| Earnings per share(b) | 0.71 | 0.32 | 121.9% |
| Year ended 12/31 | 2002 | 2001 | Change |
| Revenues | C$807,937,000 | C$642,532,000 | 25.7% |
| Operating income | NA | NA | NA |
| Net income | 38,442,000 | 21,721,000 | 77.0% |
| Earnings per share(b) | 1.61 | 0.88 | 83.0% |
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