Enghouse Releases Third Quarter Results
(firmenpresse) - MARKHAM, ONTARIO -- (Marketwire) -- 09/06/12 -- Enghouse Systems Limited (TSX: ESL) today announced its unaudited third quarter financial results for the period ended July 31, 2012.
Third quarter revenue was $35.4 million, compared to $31.8 million in the corresponding quarter last year. Results from operating activities for the quarter were $8.3 million compared to $8.5 million in the prior year's third quarter. Net income for the third quarter was $4.3 million or $0.16 per diluted share compared to the prior year's third quarter net income of $4.6 million or $0.18 per diluted share. Adjusted EBITDA for the quarter was $9.2 million or $0.35 per diluted share compared to $8.8 million or $0.34 per diluted share last year. On a year to date basis Adjusted EBITDA was $24.9 million or $0.96 per diluted share compared to $22.6 million or $0.89 per diluted share last year.
The increase in revenue continues to reflect incremental revenue contributions from acquisitions, including recently acquired Zeacom Group Limited ("Zeacom"), which closed on June 1, 2012. Revenue also reflects improved hosted and maintenance services contributions of $19.4 million in the quarter, an increase of 28% over last year, largely as a result of incremental hosted revenue contributions from recently acquired CustomCall Data Systems Inc. ("CustomCall"). Hosted and maintenance revenue accounted for 55% of the Company's total revenue in the quarter. On a year to date basis, revenue was $97.4 million up from $90.7 million, while net income increased to $12.5 million or $0.48 per diluted share from $9.7 million or $0.38 per diluted share in the prior year.
Operating expenses increased to $17.5 million from $15.4 million in the prior year's third quarter and include operating and acquisition related restructuring charges of $0.5 million related to recently acquired Zeacom and a full quarter's operating costs related to CustomCall. Research and development costs increased to $5.3 million from $3.7 million in the prior year's third quarter as the Company increased its software investment. Non-cash amortization charges were $2.9 million compared to $2.7 million last year and include amortization of acquired software and customer relationships from acquisitions.
The Company closed the quarter with $79.7 million in cash, cash equivalents and short-term investments, which is after the payment of approximately $26.7 million related to the acquisitions. Enghouse continues to have no long-term debt and did not repurchase any shares in the quarter.
The Board of Directors also announced today an eligible quarterly dividend of $0.065 per common share, payable on November 30, 2012 to shareholders of record at the close of business on November 16, 2012.
The Company continues to seek further acquisitions to continue to grow its market share globally.
About Enghouse
Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of distinct vertical markets. Its strategy is to build a larger and more diverse software company through strategic acquisitions and managed growth. Enghouse shares are listed on the Toronto Stock Exchange under the symbol "ESL". Further information about Enghouse may be obtained from the Company's web site at .
Non-IFRS Measures
The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses results from operating activities and Adjusted EBITDA as a measure of operating performance. Therefore, results from operating activities and Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Results from operating activities are calculated as net income before amortization of acquired software and customer relationships, finance income, finance expenses, other income, and the provision for income taxes. Results from Adjusted EBITDA are calculated as net income before depreciation of property, plant and equipment, amortization of acquired software and customer relationships, finance income, finance expenses, other income, the provision of income tax and special charges for acquisition related restructuring and transaction costs. Management uses results from operating activities and Adjusted EBITDA to evaluate operating performance as they exclude amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, other income and restructuring costs primarily related to acquisitions.
The table below reconciles Adjusted EBITDA to net income:
Contacts:
Enghouse Systems Limited
Kevin Derbyshire
Chief Corporate Officer
(905) 946-3238
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Datum: 06.09.2012 - 21:00 Uhr
Sprache: Deutsch
News-ID 181223
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contact information:
Town:
MARKHAM, ONTARIO
Kategorie:
Software
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