BMTC GROUP $16.25 - Toronto symbol GBT

BMTC GROUP $16.25 (Toronto symbol GBT; TSINetwork Rating: Extra Risk) (514-648-5757; No website; Shares outstanding: 43.1 million; Market cap: $799.9 million; Dividend yield: 1.5%) recently received shareholder approval for its plan to simplify its capital structure by moving from two share classes to one. As a result, it has converted all of its class A (one vote per share) and B shares (20 votes per share) into a single class of common shares (one vote per share).

The common shares trade on the Toronto exchange under the new GBT symbol.

Meanwhile, BMTC earned $59,000, or nil per share, in the quarter ended March 31, 2015, compared to a loss of $1.5 million, or $0.03 a share, a year earlier. Sales rose 2.9%, to $149.3 million from $145.1 million. Same-store sales gained 1.6%.

The company aims to spur its growth by improving its websites. It’s also remodelling some of its stores. However, the costs of these upgrades—$25.6 million—will weigh on BMTC’s earnings for the next year or so.

BMTC Group is still a hold.

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