Third Quarter 2021 Results - Adjusted EBITDA(1) of $49.7 million in the quarter, compared to $43.4 million in Q3-20.
- Cash flows from operating activities of $46.6 million, up by 21% compared to Q3-20, despite duration of COVID-19 pandemic.
- Free cash flows per diluted share(2) increased by 23% compared to Q3-20 to reach $1.84, in part due to higher adjusted EBITDA.
- Net income attributable to shareholders of $24.3 million in the quarter, or $0.98 per diluted share, up from a net income attributable to shareholders of $22.9 million, or $0.93 per diluted share, in Q3-20.
- Long-term debt repayments of $35.2 million for the quarter.
- System sales(3) of $1,016.2 million, up 13% compared to Q3-20. System sales up 29% in Canada, 5% in the US and 7% Internationally.
- Third quarter digital sales(3) represent 16% and 21% of total system sales for Canada and the US, respectively compared to 15% and 25% in Q3-20.
- 359 restaurants were temporarily closed at the beginning of the quarter and 164 at the end of the quarter. 139 remain temporarily closed as at the date of this press release.
- 456 locations were closed one or more days during the quarter, representing approximately 19,300 lost business days.
- Quarterly dividend restored with payment of $0.185 per share on August 13, 2021.
| (1) | This is a non-GAAP measure. Please refer to the "Non-GAAP Measures" section at the end of this press release. |
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| (2) | This is a non-GAAP ratio. Please refer to "Non-GAAP Ratios" section at the end of this press release. |
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| (3) | This is a supplementary financial measure. Please refer to "Supplementary financial measures" section at the end of this press release. |
MONTREAL, Oct. 8, 2021 /CNW Telbec/ - MTY Food Group Inc. ("MTY", "MTY Group" or the "Company") (TSX: MTY), franchisors and operators of multiple restaurant concepts worldwide, reported today its results for the third quarter ended August 31, 2021.
"We are highly encouraged by our financial results in the third quarter of 2021, which was marked by solid double-digit percentage increases in system sales (+13%), adjusted EBITDA (+15%) and cash flows from operating activities (+21%)," stated Eric Lefebvre, Chief Executive Officer of MTY. "This strong financial performance reflects a rebound in customer traffic for many of our brands. It was realized in a difficult context of lingering supply-chain issues, labour shortages and the continuing impact of the COVID-19 pandemic, as shown by the business days lost due to temporary closures (19,300)."
"On the strength of record free cash flows, an improved financial situation, and a positive outlook for our business, we now have more options in terms of our capital allocation strategy," Mr. Lefebvre added. "During the third quarter, we lowered our long-term debt by an additional $35.2 million in repayments, restored our quarterly dividend with a payment of $0.185 per share and renewed our NCIB share buyback program. Looking ahead, our long-term strategic plan remains to deliver organic growth, while searching for accretive acquisition targets at the right price and with the right attributes."
https://www.newswire.ca/news-releases/mty-reports-third-quarter-2021-results-840368055.html