07:19 AM EDT, 07/11/2024 (MT Newswires) -- MTY Food Group ( MTYFF ) , one of the largest franchisors and operators of multiple restaurant concepts worldwide, on Thursday reported lower earnings for the fiscal second quarter mainly because of impairment charges on property, plant and equipment, and intangibles assets.

The company reported fiscal second-quarter net income attributable to owners of $27.3 million, or $1.13 per diluted share, down from $30.4 million, or $1.24 per diluted share, a year earlier.

Analyst estimates were not available.

Revenue for the quarter ended May 31 was $303.7 million, down from $305.2 million a year earlier. Three analysts polled by Capital IQ expected $294.5 million.

Revenue dropped mainly due to less recurring revenue streams that were tightly correlated to reduced system sales, MTY said.

Adjusted Ebitda for the quarter fell to $73.2 million from $74.6 million a year earlier.

At the end of the second quarter of 2024, MTY's network had 7,107 locations in operation, of which 6,885 were franchised or under operator agreements and 222 were corporate-owned.

Also, MTY declared a quarterly dividend of $0.28 per share, payable on Aug. 15 to shareholders of record on Aug. 2.