Source: The Globe and Mail.
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  • MTY Food Group Inc. (MTY) has announced steady growth results from its second financial quarter
  • MTY Food franchises and operates casual dining restaurants under different names
  • Most areas saw a sturdy increase of growth due to COVID-19 restrictions easing up
  • Worldwide, the restaurants added $98 million to overall growth
  • The company holds $56.2 million of cash on hand and long-term debt of $348.9 million as of the end of the quarter
  • MTY Food Group Inc. (MTY) is down 3.79 per cent trading at $53.10 per share as of 3:11 p.m. ET

MTY Food Group (MTY) has announced steady growth results from its second financial quarter.

MTY Food franchises and operates casual dining restaurants under various names in Canada, the U.S., and internationally.

The company reported to have a total network of 6,660 locations in operation by the end of the quarter. 89 of these are corporate and 6,571 are franchised. The restaurants’ footprint stands at 54 per cent in the U.S., 39 per cent in Canada and 7.00 per cent internationally.

MTY Food saw sturdy growth with system sales up by 18 per cent compared to last year which it believes is a result of COVID-19 restrictions being eased. On a worldwide scale, its casual dining eateries added $94.8 million to overall growth during the quarter, up 107 per cent year-over-year.

The company also stated it had its revenue increased 20 per cent ($162.5 million) compared to the same time last year mainly due to a 46 per cent surge in revenue from franchise locations in Canada.

MTY Food had its adjusted EBITDA increase 10 per cent and its net income, attributable to owners, is up $5.6 million. Also, its cash flows from operating activities reached $30.7 million, a slight increase from last year.

Additionally, MTY Food paid off $12.1 million of its long-term debt and paid $5.1 million in dividends to its shareholders in the second quarter. The company reported having $56.2 million of cash on hand and long-term debt of $348.9 million by the end of the quarter.

MTY Food Group Inc. (MTY) is down 3.79 per cent trading at $53.10 per share as of 3:11 p.m. ET.

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