BMTC Group sales off 7.1%
By Furniture Today Staff -- Furniture Today, May 25, 2009
MONTREAL — Canadian furniture, appliance and consumer electronics retailer BMTC Group said its first-quarter sales were down 7.1% from the same period a year earlier, to C$168.8 million.
Earnings declined 73.3% to C$3.1 million or 10 cents per share. But the company said that its core earnings, excluding the effects of stock option costing and a gain on the sale of assets a year ago, rose to C$4.2 million from C$2.8 million in the 2008 quarter.
BMTC said it reports the cost of its stock options as an expense or revenue each quarter. It is an expense when the share price rises and revenue when the share price falls. In the latest quarter, the company recorded an expense of 4 cents per share, and in the 2008 quarter it posted revenue of 17 cents per share.The after-tax gain on the sale of assets a year ago was C$3.3 million.
BMTC is the parent of retailers Brault & Martineau and Ameublements Tanguay.
BMTC Group (a)
Owns Ameublements Tanguay and Brault & Martineau
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 3/31 | 2009 | 2008 | Change |
| (a) In Canadian dollars |
|||
| Revenues | C$168,805,000 | C$181,744,000 | (7.1%) |
| Operating income | 5,863,000 | 18,423,000 | (68.2%) |
| Net income | 3,084,000 | 11,569,000 | (73.3%) |
| Earnings per share | 0.10 | 0.35 | (71.4%) |
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BMTC Group sales drop 7.1% in first quarter
May 8, 2009
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