MTY reports results for the third quarter of its 2015 fiscal period
MTY reports results for the third quarter of its 2015 fiscal period
Canada NewsWire
MONTREAL, Oct. 7, 2015
TSX Trading Symbol: "MTY"
MONTREAL, Oct. 7, 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 third quarter of its 2015 fiscal year.
Highlights of the third quarter of 2015:
- Net income attributable to owners reached $8.2 million ($0.43 per share) in the third quarter of 2015, a 15% increase over the third quarter of last year.
- EBITDA for the quarter grew by 27%, at $13.3 million, fuelled by strong results of the franchising segment.
- Cash flows from operations were $17.8 million during the third quarter, compared to $8.0 million a year earlier. As at August 31, 2015, the Company held net cash of $20.5 million.
- System sales increased by 19% compared to 2014, reaching $274.7 million for the third quarter. For the first nine months of 2015, system sales were $790.9 million, up 22% compared to 2014.
- Same-store-sales were down 1.6% during the quarter. The Company suffered from a weak month of August, which was the network's worst month since June 2013. For the first nine months of 2015, same store sales were down 0.3%.
- There were 2,740 franchised and corporate stores in operations at the end of the third quarter
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(in thousands of $, except per share information)
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Three months ended
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Nine months ended
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August
31, 2015
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August
31, 2014
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August
31, 2015
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August
31, 2014
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Revenue
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35,003
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30,234
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16%
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105,722
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85,238
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24%
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Operating expenses
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21,663
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19,735
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10%
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68,515
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53,848
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27%
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EBITDA
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13,340
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10,499
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27%
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37,207
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31,390
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19%
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Amortization and depreciation charges
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2,087
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1,734
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20%
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6,255
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5,236
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19%
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Other income and charges, including interest
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170
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739
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-77%
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805
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899
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-10%
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Income before taxes
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11,423
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9,504
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20%
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31,757
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27,053
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17%
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Net income attributable to owners
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8,176
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7,102
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15%
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22,896
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19,905
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15%
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Basic and diluted earnings per share
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0.43
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0.37
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1.20
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1.04
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Locations in operation
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2,740
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2,611
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System sales
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274,653
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230,903
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19%
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790,890
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650,487
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22%
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Same store sales
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-1.6%
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-1.6%
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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 August 31, 2015 will be available on the SEDAR website at www.sedar.com and on the Company's website at www.mtygroup.com.
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.
For more information 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