BMTC 1Q earnings jump 22.5%
By Furniture Today Staff -- Furniture Today, September 2, 2007
Montreal — BMTC Group boosted profits in the second quarter, although sales were essentially flat for Quebec's largest full-line furniture retailer.
Sales in the latest quarter came to C$216.1 million, while net earnings jumped 22.5% to C$14.9 million, or 44 Canadian cents per share, compared with C$12.1 million, or 34 cents per share, in last year's second quarter.
Sales in the first half slid 1.1% to C$394.6 million, while profits surged 36.2% to C$16.9 million or 50 cents per share, from C$12.4 million or 35 cents per share in 2006's first six months.
One-time charges affected net earnings in the first half, BMTC said. That included the cost of options, which cut earnings by 18 cents per share, and the sale of some company-owned property, which resulted in an after-tax gain of about 6 cents per share.
Chairman, President and CEO Yves Des Groseillers said that while first-half sales slipped, written sales in stores actually rose 3%. Since those sales aren't recognized as revenue until delivery to customers, "there's a significant backlog of undelivered sales at the close of any period," he noted.
He said competition in Quebec remains intense. "Management has been able to maintain and even improve net earnings by adapting to this new environment," Des Groseillers said.
At the end of June, BMTC operated 30 stores throughout Quebec, including three standalone Brault & Martineau Sleep Gallery units, the third of which opened in June in Gramby. In addition to Brault & Martineau, the company also operates under the Ameublesment Tanguay banner.
| 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 6/30 | 2007 | 2006 | Change |
| (a) In Canadian dollars. (b) Based on average shares outstanding of 34.1 million in the 2007 periods and 35.8 million in the 2006 periods. |
|||
| Revenues | C$216,109,000 | C$215,959,000 | 0.1% |
| Operating income | 23,116,000 | 18,485,000 | 25.1% |
| Net income | 14,878,000 | 12,143,000 | 22.5% |
| Earnings per share (b) | 0.44 | 0.34 | 29.4% |
| 6 months ended 6/30 | 2007 | 2006 | Change |
| Revenues | C$394,561,000 | C$398,928,000 | (1.1%) |
| Operating income | 26,003,000 | 19,650,000 | 32.3% |
| Net income | 16,933,000 | 12,428,000 | 36.2% |
| Earnings per share (b) | 0.50 | 0.35 | 42.9% |
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