MONTREAL – (April 7, 2011) Clearlease.com 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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