MTY Food Group Q1 net income up 7%
Published:22-April-2009
By Datamonitor staff writer
Total revenues increase 29% to C$9.78m
MTY Food Group, a restaurant company, has reported a net income of C$2.20m, or C$0.12 per share, for the first quarter ended February 28, 2009, a 7% increase compared to C$2.05m, or C$0.11 per share, for the same quarter of 2008.
For the first quarter of 2009, total revenues increased 29% to C$9.78m, compared to C$7.58m for the same quarter of 2008. Total system wide sales increased 41.5% to C$80.6m, compared to C$57m for the same quarter of 2008. Same store sales increased by 0.2%, compared to 2.7% for 2008.
EBITDA for MTY increased 12% to $4.05m from $3.61m from the same quarter last year. EBITDA from franchise locations increased to $4.04m from $3.33m, again due primarily to the acquisitions of the Tutti Frutti and Taco Time banners.
For the first quarter of 2009, revenues from corporate owned locations were C$1.94m, compared to C$2.48m, a decrease of 22% as a result of fewer corporate owned locations. As of February 28, 2009, MTY reported 24 corporate owned locations as compared to 33 at the end of February 29, 2008.
Approximately 60 new locations have been planned for the 2009 fiscal year with an additional 490 units to be added once the Country Style’s acquisition is completed in May 2009.
