MTY Reports Results for the First Quarter of Its 2013 Fiscal Period

MTY Food Group Inc. (MTY), franchisor and operator of multiple concepts of quick service restaurants, reports the results of its operations for the first quarter of its 2013 fiscal year.
 
Highlights of the first quarter:
 
  • Net income increases by 28%, at $5.6 million for the quarter ($0.29 per share)
  • EBITDA increases 19% for the quarter, fueled by the sales of three master franchise rights and by effective cost containment measures
  • Cash and cash equivalent as at February 28, 2013 reach $35.4 million
  • The number of locations increases to 2,214 locations, for a net addition of 15 outlets.
  • System wide sales decline by 1.1% compared to the same period last year, mainly because of the additional day of business in the first quarter of 2012.
  • Same store sales decrease by 3.96% for the period, affected by the reduction of one day of business in 2013, by the difficult retail environment in Canada and by adverse weather trends in December 2012 and February of 2013.
           
(In thousands of $, except per share information)
 
3 months ended
February 28,
2013
3 months ended
February 29,
2012
Variance
Revenues 22,628 21,945 3%
Operating expenses 13,825 14,565 (5%)
EBITDA 8,803 7,380 19%
Income before taxes 7,697 6,163 25%
Net income attributable to shareholders 5,635 4,392 28%
Basic and diluted EPS 0.29  0.23  
 

on April 4, 2013