Altus Group Reports First Quarter Financial Results for 2013
ARGUS Software Delivers Strong Performance
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/07/13 -- Altus Group Limited ("Altus") (TSX: AIF) today announced financial and operating results for the first quarter ended March 31, 2013.
Revenues for the quarter were $76.2 million, compared to $86.2 million for the same period in 2012, representing a decline of 11.6%. Adjusted EBITDA was $12.3 million, down 11.6% from $13.9 million in the same period last year. Strong quarterly results from value added offerings at ARGUS Software and North America RVA were primarily offset by adverse weather affecting Geomatics, lower year over year results in North America Cost and key strategic hires.
Highlights:
"Our solid results from ARGUS affirm our turnaround and the software opportunity. Additionally, healthy North America RVA performance furthers our value added services strategy in the US market," said Robert Courteau, Chief Executive Officer, Altus Group. "Altus continues to focus on strengthening each business unit to underpin our core operations. I remain strongly optimistic about our plans to realize greater synergies across all business units, and drive innovation from our software and data solutions."
Adjusted earnings per share for the first quarter of 2013 came in at $0.25, compared to $0.27 in the same period 2012. Under IFRS accounting, profit (loss) for the quarter ended March 31, 2013 was $6.8 million, or $0.30 per share, basic and $0.26 per share, diluted, compared to $2.9 million, or $0.12 per share, basic and $0.09 per share, diluted, in Q1 2012.
During the quarter, we sold our 100% interest in Altus Residential Limited to Real Matters Inc. ("Real Matters") for $8.2 million, which was settled through the issuance of additional Real Matters shares. This resulted in an accounting gain of $5.3 million.
In connection with the restructuring activities at ARGUS Software, a total of $1.1 million was recorded in the first quarter of 2013. These charges relate primarily to employee severance costs.
Altus introduced a Dividend Reinvestment Plan during the quarter, and declared a dividend of $0.15 per share for the period.
Analyst Call Details
Altus will hold an analyst conference call at 5:30 p.m. Eastern Time on Tuesday, May 7, 2013, to discuss these financial results and current industry conditions. Please dial 1-866-226-1792 (toll-free) or 416-340-2216 (GTA) to access the call. A recording of this call will be available beginning at 11:00 a.m. ET on May 8 until May 15, 2013. To access the recording, please call 1-800-408-3053 or 905-694-9451 (passcode: 9184271). The recording will also be available at
About Altus Group
Altus leads the global real estate industry in offering professional real estate advisory services, data solutions and intelligence about an organization's assets, generating a wealth of knowledge and insight. With a staff of over 1,700, Altus has a network of over 50 offices in a number of countries worldwide, including Canada, the United Kingdom, the United States, Australia and China. We operate five interrelated Business Units, bringing years of experience and a broad range of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting; Geomatics, and ARGUS Software. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
Forward-Looking Information
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors which could cause actual results, performance or achievements of Altus, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include: general state of the economy; competition in the industry; ability to attract and retain professionals; integration of acquisitions; dependence on oil and gas sector; dependence on Canadian multi-residential market; customer concentration; currency risk; interest rate risk; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; ability to maintain profitability and manage growth; revenue and cash flow volatility; credit risk; protection of intellectual property or defending against claims of intellectual property rights of others; weather; fixed-price and contingency engagements; operating risks; performance of obligations/maintenance of client satisfaction; appraisal mandates; legislative and regulatory changes; risk of future legal proceedings; insurance limits; income tax matters; ability to meet solvency requirements to pay dividends; leverage and restrictive covenants; unpredictability and volatility of common share price; capital investment; and issuance of additional common shares diluting existing shareholders' interests, as well as those described in Altus' publicly filed documents, including the Annual Information Form (which are available on SEDAR at ).
Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects Altus' and management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus, its financial or operating results, or its securities.
Non-IFRS Measures
Altus uses certain non-IFRS measures as indicators of financial performance. Readers are cautioned that they are not defined performance measures under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. We believe that these measures are useful supplemental measures that may assist investors in assessing an investment in shares of Altus and provide more insight into our performance.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, ("Adjusted EBITDA"), represents operating profit (loss) adjusted for the effect of amortization of intangibles, depreciation of property, plant and equipment, acquisition-related expenses (income), restructuring costs, share of profit or loss of associate, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of business assets, impairment charges, Executive Compensation Plan costs, gains (losses) on hedging transactions and other expenses or income of a non-operating and/or non-recurring nature.
Adjusted Earnings (Loss) per Share, ("Adjusted EPS"), represents basic earnings per share adjusted for the effect of amortization of intangibles acquired as part of business acquisitions, non-cash finance costs (income) related to the revaluation of amounts payable to unitholders', distributions related to amounts payable to unitholders', acquisition-related expenses (income), restructuring costs, share of profit or loss of associate, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of business assets, interest accretion on vendor payables, gain (loss) on settlement of US convertible debentures, impairment charges, Executive Compensation Plan costs, gains (losses) on hedging transactions and other expenses or income of a non-operating and/or non-recurring nature. All of the adjustments are made net of tax.
Contacts:
Altus Group Limited
Elif McDonald
VP, Investor Relations and Corporate Communications
(416) 641 - 9804
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