07:51 AM EDT, 10/11/2024 (MT Newswires) -- MTY Food Group ( MTYFF ) , which operates multiple restaurant franchises internationally, on Friday said third-quarter net income dipped to $35 million, or $1.46 per share, from $39 million, or $1.59 per share, last year.

Revenue fell to $293 million from $298 million due to fewer recurring revenue streams. In Canada, franchise operations revenue fell 3%, while food processing, distribution and retail sales dropped by 9%. In the U.S. and International segment, revenues declined mainly due to a 1% decrease in corporate-owned stores, partially offset by a 1% increase from franchise operations.

MTY will pay a quarterly dividend of $0.28 on Nov. 15.

"The effects of the gradual and systematic restructuring we are conducting are starting to bear fruits. In addition, the quarter brought a 23% increase in cash flow provided by operating activities, which continue to be a primary area of focus for our management team," said CEO Eric Lefebvre.