"The strength of our growing retail sales, the support of various government assistance programs, the increasing appeal of our off-site dining offering and the implementation of liquidity preservation measures, have allowed us to maintain our financial health and borrowing capacity," said Jean Bédard, President and Chief Executive Officer. "As we wait for this health crisis to be behind us, we are dedicated to growing our offsite dining and retail activities, and to continuously improve our business."
Financial performance for the second quarter ended
Because of the COVID-19 pandemic which resulted in the slowdown of the restaurant, franchising and other segments,
Consolidated adjusted EBITDA(1) for the second quarter stood at
Financial performance for the first semester ended
The cumulative consolidated adjusted EBITDA(1) in the first semester was
Outlook
Recent evolution of the lockdown measures and their effect on the network of restaurants
During the 13-week period ended
For several months, we have been preparing the reopening of our dining rooms to ensure that the customer experience is as pleasant and safe as possible in this new operational context. We have notably implemented the best sanitary measures and, in line with our local sourcing strategy, have worked to improve the range and quality of wines, cocktails and desserts offered. Some structural challenges await us, including the availability of employees, which we intend to address with a new recruitment campaign and by building on the strength of our employer brand.
Mitigation and diversification measures
Recent developments affecting the restaurant industry and the population as a whole will continue to have an impact on the Company's operations in the short and medium term. Although the duration of the pandemic and its longer-term effect on the economy are still difficult to predict as of the date of this report, the Company continues to work to ensure the optimization of its network and operations based on the eventual reopening of its restaurants. Thanks to prudent management of expenses and cash flow, the total debt net of cash has remained at similar levels since the start of fiscal 2021.
With the gradual reopening of dining rooms in certain of establishments,
Disclaimer
This press release contains forward-looking statements relating to the Company. Statements based on management's current expectations involve known and unknown inherent risks and uncertainties, including risks associated with public health issues such as those resulting from the COVID-19 pandemic. Actual results may differ from expectations. The reader is cautioned not to place undue reliance on forward-looking information. The Company does not undertake any obligation to update or revise any forward-looking statements as a result of new information, future events or other changes except if required by applicable laws.
Neither
About
Non-IFRS measures
The following measures used by the Company are not measures recognized under International Financial Reporting Standards ("IFRS"):
(1) Consolidated adjusted EBITDA" corresponds to "earnings before financial expenses, amortization, net loss (income) of joint ventures and income taxes", from which other (gains) losses are excluded and to which the share of earnings before financial expenses, amortization and income tax of joint ventures is added. Refer to the reconciliation of Non-IFRS measures below.
Reconciliation of Non-IFRS Financial Measures
(Unaudited, in thousands of $)
13-weeks ended | 26-weeks ended | |||
|
|
|
| |
Earnings before financial expenses, amortization, net | 813 | 3,531 |
2,027 |
8,742 |
Other (gains) losses | (489) | 173 | (412) | (310) |
Government assistance deducted from amortization and | 523 | - |
987 |
- |
Earnings before financial expenses, amortization and | 41 | 392 |
171 |
606 |
Consolidated adjusted EBITDA | 888 | 4,096 | 2,773 | 9,038 |
For further information regarding the results and financial position of
Interim Condensed Consolidated Statements of Comprehensive Income
(Unaudited, in thousands of Canadian dollars, except for earnings per share and number of outstanding shares)
13-week periods ended | 26-week periods ended | |||
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | ||
Revenues | 13,932 | 34,678 | 27,497 | 73,051 |
Cost of sales | 9,333 | 12,533 | 16,693 | 26,818 |
Selling and administrative expenses, excluding amortization | 4,275 | 18,441 | 9,189 | 37,801 |
Other (gains) losses (1) | (489) | 173 | (412) | (310) |
Earnings before financial expenses, amortization, net loss | 813 | 3,531 | 2,027 | 8,742 |
Amortization | 1,462 | 2,432 | 2,953 | 4,845 |
Financial expenses | 377 | 505 | 728 | 1,048 |
Net loss (income) of joint ventures | 136 | (358) | 140 | (410) |
1,975 | 2,579 | 3,821 | 5,483 | |
Income before income tax | (1,162) | 952 | (1,794) | 3,259 |
Income tax (recovery) expense | (273) | 220 | (444) | 819 |
Net and comprehensive income | (889) | 732 | (1,350) | 2,440 |
Net and comprehensive income (loss) attributable to: | ||||
The Company's shareholders | (896) | 741 | (1,336) | 2,444 |
Non-controlling interests | 7 | (9) | (14) | (4) |
Net and comprehensive income | (889) | 732 | (1,350) | 2,440 |
Earnings per share (in dollars): | ||||
Basic | (0.11) | 0.09 | (0.16) | 0.29 |
Diluted | (0.11) | 0.09 | (0.16) | 0.28 |
Weighted average number of outstanding Class A shares (in thousands): | ||||
Basic | 8,554 | 8,548 | 8,551 | 8,548 |
Diluted | 8,554 | 8,763 | 8,551 | 8,763 |
(1) | Other (gains) losses include gains/losses on the disposal of property, plant and equipment, loss on impairment of non-current assets, gains on business combinations and gain on disposal of investments in joint ventures. For further details, see Note 7 accompanying the interim condensed consolidated financial statements. |
SOURCE
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