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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MTY Food Group Inc | TSX:MTY | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.85 | -1.75% | 47.64 | 47.45 | 47.75 | 48.62 | 47.15 | 48.62 | 235,182 | 21:12:20 |
MONTREAL, July 11, 2018 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of restaurants, reports today the results of its operations for the second quarter of its 2018 fiscal year.
Highlights of the second quarter of the 2018 fiscal year:
ACQUISITIONS
On March 1, 2018, the Company, through the merger of a wholly-owned subsidiary with Imvescor Restaurant Group Inc. ("IRG"), acquired all the outstanding shares of IRG. The total consideration for the transaction was $249.5 million, of which $ 52.4 million was settled in cash and the remaining in shares. At closing IRG operated 5 brands in Canada and had 261 locations in operation.
On March 15, 2018, one of the Company's wholly-owned subsidiaries acquired the assets of Grabbagreen®. The total consideration amounted to $ 3.4 million (US$ 2.6 million), of which $3.1 million (US$2.4 million) was paid on closing. At closing, there were 27 locations in operation in the United States.
On April 4, 2018, one of the Company's wholly-owned subsidiaries acquired the assets of Timothy's World Coffee® and Mmmuffins®. The total consideration amounted to $1.5 million, of which $1.2 million was paid on closing. At closing, there were 39 locations in operation in Canada.
EBITDA AND NET INCOME
NETWORK SALES
LIQUIDITY AND CAPITAL RESOURCES
SELECTED FINANCIAL INFORMATION | ||||||
(in thousands of $, except per share information) | ||||||
Three-month period ended May 31 |
Six-month period ended May 31 | |||||
2018 |
2017 |
Variance |
2018 |
2017 |
Variance | |
Revenues |
89,829 |
69,962 |
28% |
153,544 |
133,978 |
15% |
Operating expenses |
54,323 |
45,367 |
20% |
98,126 |
93,047 |
5% |
EBITDA |
35,506 |
24,595 |
44% |
55,418 |
40,931 |
35% |
Amortization and depreciation charges |
7,312 |
6,284 |
16% |
12,910 |
12,824 |
1% |
Interest on long-term debt |
3,219 |
2,444 |
32% |
5,666 |
5,145 |
10% |
Foreign exchange gain |
89 |
5,984 |
(99%) |
49 |
619 |
(92%) |
Other income and (charges), including interest |
(2,019) |
577 |
n/a |
(1,961) |
963 |
n/a |
Income before taxes |
23,045 |
22,428 |
3% |
34,930 |
25,544 |
37% |
Net income attributable to shareholders |
18,040 |
16,033 |
13% |
63,372 |
18,048 |
251% |
Basic and diluted EPS |
$0.72 |
$0.75 |
$2.72 |
$0.84 |
||
Normalized net income attributable to shareholders |
19,776 |
9,235 |
114% |
28,908 |
16,834 |
72% |
Normalized and diluted EPS |
$0.79 |
$0.43 |
$1.24 |
$0.79 |
||
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, 2018 are 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.
Copyright 2018 Canada NewsWire
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