Canada NewsWire
MONTREAL, Feb. 15, 2018
MONTREAL, Feb. 15, 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 fourth quarter of its 2017 fiscal year.
Highlights of the fourth quarter and of the 2017 fiscal year:
ACQUISITIONS
On September 29, 2017, the Company announced it had completed through its 100% owned subsidiary MTY Tiki Ming Entreprises Inc., the acquisition of the assets of Dagwoods Sandwiches and Salads. The total purchase price was $3.0 million of which $2.6 million was settled in cash. At closing, Dagwoods operated 22 stores in Canada.
On June 16, 2017, the Company announced it had completed through its 80% controlling interest in a subsidiary the acquisition of the assets of Houston Avenue Bar & Grill ("Houston") and Industria Pizzeria + Bar ("Industria"). The Company's share of the purchase consideration was $16.8 million of which $12.8 million was settled in cash. At closing nine Houston and three Industria were in operation. All locations are located in Canada.
On June 9, 2017, the Company announced it had completed the acquisition of the assets of The Works Gourmet Burger Bistro. The purchase price was $8.2 million of which $7.1 million was settled in cash. At closing, there were 27 locations in operation, all of them located in Canada.
On May 8, 2017, the Company announced that it had completed the acquisition of the assets of Steak Frites St-Paul and Giorgio Ristorante for an amount of $0.4 million, of which $0.3 million was paid from cash on hand. At closing, 6 Giorgio Ristorante and 9 Steak Frites were in operation. All locations are located in Canada.
On December 9, 2016, the Company announced that it had completed through its 60% controlling interest in a subsidiary the acquisition of the assets of La Diperie. The Company's share of the purchase consideration amounted to $0.9 million, satisfied by the payment of $0.8 million cash. At closing, La Diperie operated 5 stores in Canada.
NETWORK SALES
EBITDA AND NET INCOME
LIQUIDITY AND CAPITAL RESOURCES
(in thousands of $, except per share information) | ||||||
Three-month period ended November 30 |
Twelve-month period ended November 30 | |||||
2017 |
2016 |
Variance |
2017 |
2016 |
Variance | |
Revenues |
69,733 |
67,707 |
3% |
276,083 |
191,275 |
44% |
Operating expenses |
42,514 |
44,745 |
(5%) |
182,357 |
125,434 |
45% |
EBITDA |
27,219 |
22,962 |
19% |
93,726 |
65,841 |
42% |
Amortization and depreciation charges |
3,962 |
5,801 |
(32%) |
22,902 |
12,844 |
78% |
Interest on long-term debt |
2,470 |
2,794 |
(12%) |
10,314 |
3,855 |
168% |
Foreign exchange gain (loss) |
(360) |
1,405 |
n/a |
2,004 |
3,198 |
(37%) |
Other income and (charges), including interest |
(1,295) |
3,061 |
n/a |
150 |
16,346 |
(99%) |
Income before taxes |
19,132 |
18,833 |
2% |
62,664 |
68,686 |
(9%) |
Net income attributable to shareholders |
19,424 |
15,474 |
26% |
49,507 |
54,421 |
(9%) |
Basic and diluted EPS |
$0.91 |
$0.75 |
$2.32 |
$2.73 |
Note: These are financial highlights only. Management's Discussion and Analysis, the consolidated financial statements and notes thereto for the year ended November 30, 2017 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.
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