BMTC revenue grows 1.6% in 4Q
By Furniture Today Staff -- Furniture Today, March 24, 2008
Montreal — BMTC, Quebec's largest full-line furniture retailer, reported that its sales were slightly up and earnings slightly down in the fourth quarter.
Revenue came to C$223.6 million, up 1.6% from the comparable 2006 quarter, while net earnings declined 2.5% to C$16.1 million.
Earnings per share, however, rose to 52 cents from 50 cents a year earlier because of the company's share buyback program. BMTC said it has redeemed 418,062 of its Class A subordinate voting shares at an average price of C$21.48 per share as well as 48,388 Class B multiple voting shares at an average price of C$20.29.
For the full year, revenue of C$841.5 million was up 6.9% from the previous year and earnings rose 7.4% to C$49 million. Earnings per share came to C$1.54, up from C$1.35.
BMTC said the sale of fixed assets in 2007 boosted earnings by 6 cents per share, while the share redemption program contributed another 8 cents.
Negatively impacting results was a charge of C$2.5 million or 5 cents per share to satisfy a Superior Court of Quebec ruling ordering subsidiary Brault & Martineau to pay damages because of a lawsuit. The company said it is appealing that judgement.
