MTY Food Group Inc.

MTY Food Group Inc.

March 14, 2005 09:51 ET

MTY Food Group Inc.: 2004 Year End Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MTY FOOD GROUP INC.

TSX VENTURE SYMBOL: MTY

MARCH 14, 2005 - 09:51 ET

MTY Food Group Inc.: 2004 Year End Results

MONTREAL, QUEBEC--(CCNMatthews - March 14, 2005) - MTY Food Group Inc.
(TSX VENTURE:MTY) franchisor and operator of over 420 quick service
restaurants, is delighted to report its financial and operating results
for the fiscal year ending November 30, 2004.

Net income from the Company's operations for 2004 fiscal year increased
to a record $2.91 million or $0.19 per share, versus $1.27 million or
$0.08 per share for the same period last year, representing an
outstanding increase of 129%.

2004 fiscal year revenues of the Company have increased to $15.51
million from $11.46 million, an increase of 35.4%, over the 2003 fiscal
year. EBITDA for 2004 fiscal year also increased to $4.89 million from
$2.89 million, an outstanding increase of 69% over the same period of
last year.

After the Company's May and June 2004 acquisitions of the Thai Express
and the Mrs. Vanellis chains, the Company, at November 30, 2004, still
had $5.5 million in cash, in marketable securities, and in short and
long term deposits, as compared to $5.04 million as of November 30,
2003.

The Company operates and franchises quick service restaurants under the
following banners: Tiki Ming, Sukiyaki, La Cremiere, Cultures, Thai
Express, Mrs. Vanellis, Pad Thai Delight, Veggirama, Croissant Plus,
Caferama, Au Vieux Duluth Express, Franx Supreme, Panini Pizza Pasta,
Chick 'N' Chick, Villa Madina, and Carrefour Oriental. At the 2004
fiscal year end, the Company has increased the number of units in
operations to 420 units as compared to 287 units at the 2003 fiscal year
end.

Management remains committed to focus on growing through internal
expansion and through continuously seeking out potential acquisitions.

On Behalf of the Board of Directors of MTY Food Group Inc.

(Signed)

Stanley Ma, Chairman & CEO

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    MTY Food Group Inc.
    Jean-Francois Dube
    Investor Relations
    (450) 226-8475
    jfcinc@cgocable.ca
    www.mtygroup.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.