TSX Trading Symbol: "MTY"
MONTREAL, July 8, 2015 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of quick service restaurants, reports today the results of its operations for the second quarter of its 2015 fiscal year.
Highlights of the second quarter of 2015:
- Net income attributable to owners reaches a historical high of $8.5 million ($0.44 per share) in the second quarter of 2015, a 17% increase over the second quarter of last year.
- EBITDA for the quarter grows by 18%, at $13.4 million, fuelled by strong results of the franchising segment.
- Cash flows from operations were $11.4 million during the second quarter, compared to $6.0 million a year earlier.
- System sales increased by 23% compared to 2014, reaching $269.5 million for the second quarter and $516.2 million for the first half of 2015.
- Same-store-sales were down 0.1% during the quarter, with sluggish consumer spending and intense competition were compounded by some softness in Western Canada.
- The were 2,792 franchised and corporate stores in operations at the end of the second quarter
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(in thousands of $, except per share information)
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Three months ended
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Six months ended
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May 31, 2015
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May 31, 2014
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May 31, 2015
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May 31, 2014
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Revenue
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38,355
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29,402
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30%
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70,719
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55,004
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29%
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Operating expenses
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24,911
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17,997
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38%
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46,852
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34,113
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37%
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EBITDA
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13,444
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11,405
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18%
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23,867
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20,891
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14%
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Amortization and depreciation charges
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2,122
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1,751
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21%
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4,168
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3,502
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19%
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Other income and charges, including interest
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347
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295
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18%
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635
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160
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397%
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Income before taxes
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11,669
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9,949
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17%
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20,334
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17,549
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16%
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Net income attributable to owners
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8,501
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7,266
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17%
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14,720
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12,803
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15%
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Basic and diluted earnings per share
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0.44
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0.38
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0.77
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0.67
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Locations in operation
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2,792
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2,585
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8%
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System sales
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269,536
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218,991
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23%
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516,237
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419,584
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23%
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Same store sales
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-0.1%
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-2.0%
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+0.3%
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-1.8%
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Note: These are financial highlights only. Management's Discussion and Analysis, the condensed interim consolidated financial statements and notes thereto for the quarter ended May 31, 2015 will be available on the SEDAR website at www.sedar.com and on the Company's website at www.mtygroup.com.
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Certain information in this News Release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this News Release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this News Release. Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company's Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
MTY Food Group Inc.
_____________________________________
Stanley Ma, Chairman, President & CEO
SOURCE MTY Food Group Inc.
please contact Eric Lefebvre, Chief Financial Officer at 1-514-336-8885 or by email at ir@mtygroup.com, or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name.Copyright CNW Group 2015