MTY Food Group Inc.
TSX VENTURE : MTY

MTY Food Group Inc.

April 20, 2007 08:51 ET

MTY Food Group Inc.: First Quarter Results

MONTREAL, QUEBEC--(CCNMatthews - April 20, 2007) - MTY Food Group Inc. (MTY) (TSX VENTURE:MTY), franchisor and operator of over 790 quick service restaurants, under the banners of: Tiki Ming, Thai Express, Sukiyaki, Koya Japan, Sushi Shop, Sushi Shop Express, Carrefour Oriental, La Cremiere, Yogen Fruz, TCBY, Cultures, Veggirama, Croissant Plus, Caferama, Mrs. Vanellis, Panini Pizza Pasta, Au Vieux Duluth Express, Chick 'N' Chick, Franx Supreme, Villa Madina, and Kim Chi, reported its operating results for the three-month period ended February 28, 2007.

MTY is pleased to announce a net earnings for the three-month period ended February 28, 2007 of $1.82 million or $0.10 per share compared to a net income of $0.98 million or $0.06 per share for the same period last year, representing an outstanding increase of 86%.

Total revenues increased by 52% to $6.24 million for the three-month period ended February 28, 2007 compared to $4.1 million for the same period last year.

For the 1st quarter ended February 28, 2007, revenue from franchise locations increased by 41% to $4.64 million from $3.29 million for the same period last year.

EBITDA increased to $3.21 million from $1.67 million, representing an increase of 92% for the three-month period ended February 28, 2007 compared to first quarter of 2006.

System wide sales increased to $49.2 million for the three-month period ended February 28, 2007 from $32.6 million for the same period of last year, representing an outstanding increase of 51%.

As at February 28, 2007, MTY had cash, term deposits and short-term notes totaling $10.47 million compared to $8.7 million as at November 30, 2006.

MTY remains committed and focused on expanding through internal growth and will continue seeking potential acquisitions in the restaurant and franchising operations.

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

Stanley Ma, Chairman, President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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