Altus Group Reports Second Quarter Financial Results for 2013
ARGUS Software Achieves Outstanding Performance; North America RVA Delivers Strong Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/14/13 -- Altus Group Limited ("Altus Group") (TSX: AIF) today announced financial and operating results for the second quarter ended June 30, 2013.
Adjusted EBITDA was $13.8 million for the three months ended June 30, 2013, up 17.1% from the same period last year. Revenues were $78.6 million for the quarter, down 0.4% compared to the same period in 2012, and up 3.0% excluding 2012 revenues derived from businesses and offices that were sold or closed. Second quarter Adjusted EBITDA and revenue growth were driven by strong performance in ARGUS Software and North America RVA.
Highlights for the quarter:
"Strong results from ARGUS Software and North America RVA reflect healthy global market demand for our offerings, along with the positive execution of our business model. We continue to pursue attractive opportunities to further strengthen our core business units, leverage our high calibre team of professionals and drive value through our differentiated service, software and data solutions," said Robert Courteau, Chief Executive Officer, Altus Group.
The impressive revenue growth from ARGUS Software was driven by strong license momentum from ARGUS Enterprise, the world's leading asset and investment management platform, and higher maintenance and consulting revenues. Significant North America RVA revenue growth was primarily due to new client acquisitions in the US appraisal management business, as well as a higher volume of due diligence engagements.
Revenues were lower in North America Cost as a result of the sale of Altus Capital Planning in 2012 and our intended transition away from lower margin engagements. Similarly, Asia Pacific Cost revenues were impacted by the office closures undertaken in 2012 and fewer low value engagements. North America Tax revenues, excluding billable disbursements related to appeal fees, were in line with prior year results.
Notably, the higher Adjusted EBITDA in Q2 2013, as compared to Q2 2012, was the result of strong revenue performances by both ARGUS Software and North America RVA combined with prudent cost management. Declines in earnings were experienced in North America Realty Tax, North America Cost and Asia Pacific Cost. The reduction in earnings reflected investments in staffing to further expand North America Realty Tax into the US market and North America Cost into Western Canada. Asia Pacific Cost was impacted by lower revenues net of lower compensation costs.
Adjusted earnings per share for the second quarter of 2013 were $0.27, as compared to $0.14 in the same period in 2012. Under IFRS accounting, profit (loss) for the quarter ended June 30, 2013 was $3.2 million or $0.14 per share, basic, and $0.13 per share, diluted, as compared to $3.7 million or $0.16 per share, basic, and $(0.03) per share, diluted, in the same quarter in 2012.
On July 1, 2013, Altus Group acquired CPAC for total consideration of approximately $8.6 million, subject to adjustments. Based in Texas, CPAC is a leading provider of appraisal and specialized property tax consulting services to the healthcare and industrial sectors. The acquisition supports Altus Group's growth strategy into the US, and is expected to be accretive to Adjusted earnings per share within the first twelve months.
During the second quarter of 2013, Altus Group declared dividends of $0.15 per common share, which are eligible for the DRIP program.
Analyst Call Details
To discuss these results, Altus Group will hold its Q2 analyst conference call at 5:30 p.m. (ET) on Wednesday, August 14, 2013. To access the conference call, please dial one of the following numbers five minutes prior to the scheduled start time: 416-340-2216 (GTA) or 1-866-226-1792 toll-free. A recording of this call will be available August 15 - 22, 2013. To access the recording, please call 905-694-9451 (GTA) or 1-800-408-3053 toll-free (passcode: 9312104). 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. Altus has over 1,700 employees in multiple offices around the world, 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; Property Tax, 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. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement.
Forward-looking information includes, but is not limited to, information that relates to Altus Group's objectives, strategies and intentions, and future financial and operating performance and prospects. Forward -looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward -looking information. The material factors or assumptions that Altus Group identified and were applied by Altus Group in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of its business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which we operate; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of businesses; and, the continued availability of qualified professionals.
Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause Altus Group's actual results, performance or achievements, 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, but are not limited to: 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 Group's 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 Group's and management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus Group 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 Group does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.
Non-IFRS Measures
Altus Group 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 Group 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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