Dominion Lending Centres Clearlease Reports MTY Food Group (TSX:MTY) profits rise 15 per cent to $3.5 million in Q1

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MONTREAL – (April 7, 2011) Reports today MTY Food Group Inc. (TSX:MTY), a quick service restaurant operator and franchisor, says its first-quarter profits rose 15 per cent to $3.5 million.

That amounts to 18 cents per share, compared to $3 million or 16 cents per share in the first quarter of 2010.

The Montreal-based company — which operates Canadian branches of fast food chains like Yogen Fruz and Taco Time — says the increase is due to generic growth as well as to a gain from the sale of a corporate store.

Meanwhile, MTY says some downward pressure was added from a transition period at its food processing plant and weak performance at some corporate stores.

Revenues jumped 22 per cent to $17.5 million from $14.3 million.

However, the company says same store sales fell 0.4 per cent due to adverse impacts from colder than usual weather in most parts of Canada and weaker performance from its coffee chain due to ongoing promotions from competitors.

Revenue from franchise locations increased to $12.8 million from $12.3 million in the same quarter of 2010.

Revenue from corporate owned locations increased to $2.5 million from $2 million for the same period last year, largely due to the acquisition of Groupe Valentine Inc. in the third quarter of 2010.

The company also generated $1.2 million in distribution revenue and $1 million from food processing revenues. There were no such revenues streams in the first quarter of 2010.

MTY’s newly-purchased food processing business has been ramping up its activities throughout the three-month period.

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About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/ is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.

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Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
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