Altus Group Limited ("Altus") (TSX: AIF) today announced financial
and operating results for the year ended December 31, 2010.
2010 Performance Highlights
-- Year-over-year revenue growth of 15%;
-- Achieved an adjusted payout ratio of 94.3% for the year , compared to
84.4% in 2009;
-- Strengthened the balance sheet with the issuance of $50.0 million
convertible unsecured subordinated debentures; and,
-- Completed three acquisitions including two in the strategically
important US market.
Revenue for the fourth quarter of 2010 was $68.1 million,
compared to $64.5 million for the comparable period in 2009, a 6%
increase, of which approximately 7% is attributable to revenues
from acquired businesses. Revenue for the year ended December 31,
2010 was $252.5 million, compared to $219.8 million in 2009, a 15%
increase, of which approximately 13% is attributable to acquired
businesses.
EBITDA for the fourth quarter of 2010 was $5.2 million, compared
to $9.7 million in the same period last year, a decrease of 46%.
EBITDA for the year ended December 31, 2010 was $32.7 million,
compared to $33.2 million in 2009, a decrease of 2%.
Net earnings for the fourth quarter of 2010 were $1.6 million,
or $0.08 per unit, compared to $0.9 million, or $0.05 per unit for
the fourth quarter of 2009. Net earnings for the year ended
December 31, 2010 were $3.1 million, or $0.16 per unit, compared to
$3.4 million, or $0.18 per unit in 2009. Net earnings per unit are
basic and diluted.
"This past year saw Altus Group work hard to withstand the
effects of lingering recessionary pressure and slower than hoped
for recovery in specific regions. Notwithstanding, Altus maintained
steady course, delivered positive growth and continued to identify
new opportunities to strengthen the company," said Gary Yeoman,
Chief Executive Officer, Altus Group. "Our successful conversion to
a public corporation structure, along with other key decisions and
initiatives, has left us in a sound financial position - which
affords unique flexibility in the year ahead."
In the fourth quarter of 2010, Altus generated adjusted
distributable cash of $5.0 million, or $0.22 per unit, and achieved
an adjusted payout ratio of 136.0%, compared to $9.2 million, or
$0.42 per unit, and an adjusted payout ratio of 71.5% in the fourth
quarter of 2009. For the quarter, distributions declared totalled
$0.30 per unit. For the year ended December 31, 2010, Altus
generated adjusted distributable cash of $28.4 million, or $1.27
per unit, and achieved an adjusted payout ratio of 94.3%, compared
to $30.6 million, or $1.42 per unit, and an adjusted payout ratio
of 84.4% in 2009. For the year ended December 31, 2010,
distributions declared totalled $1.20 per unit.
On December 1, 2010, the Fund successfully completed the
issuance of $50.0 million convertible unsecured subordinated
debentures ("convertible debentures") with a maturity date of
December 31, 2017. The convertible debentures bear interest at a
rate of 5.75% per annum, and are payable semi-annually on June 30
and December 31 each year.
In 2010, Altus completed three key acquisitions:
-- Brazos Tax Group, a US-based property tax company, provided Altus with a
key foothold on which to build a significant US presence while taking
advantage of North American client synergies;
-- Peters Surveys, which allowed for our geomatics team to profit from
growing work in Saskatchewan as well as reinforced their ability to
offer services across the West; and,
-- The US-based Real Estate Appraisal Management Practice of
PricewaterhouseCoopers, which offered tremendous opportunity with its
Databridge product; a proprietary data and analytics software package.
"Going forward, Altus' increasing ability to leverage its unique
data stores and proprietary technology platforms to offer clients
additional clarity on their businesses, means the outlook and the
opportunities for Altus are increasingly positive," said
Yeoman.
Analyst Call Details
Altus Group Limited will hold an analyst conference call at 2:30
p.m. Eastern Daylight Time on Wednesday, March 23, 2011 to discuss
these financial results and current industry conditions. Please
dial 1-877-240-9772 (toll free) or 416-340-9432 (GTA) to access the
call. You will be required to identify yourself and your
organization. A recording of this call will be made available
beginning at 4:30 p.m. EDT. To access the recording, please call
1-800-408-3053 or 905-694-9451 (passcode: 8438338). The recording
will also be available at altusgrouplimited.com.
About Altus Group Limited
Altus Group is the leading multidisciplinary provider of
independent real estate consulting and professional advisory
services worldwide. With a staff of over 1,700, Altus Group has a
network of over 70 offices in 14 countries worldwide, including
Canada, UK, Australia, Asia and the United States. We operate four
interrelated Business Units, bringing years of expertise together
into one comprehensive platform: Research, Valuation and Advisory;
Cost Consulting and Project Management; Realty Tax Consulting and
Geomatics services. 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 Statements
Certain statements in this press release may constitute
"forward-looking" statements, which involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of Altus and its subsidiary
entities, to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements. When used in this press release, such
statements use words such as "may", "will", "expect", "believe",
"plan", "would", "could" and other similar terminology. These
statements are not guarantees of future performance and are subject
to numerous risks and uncertainties which could cause actual
results to differ materially from the forward-looking statements,
including those described in Altus' publicly filed documents,
including the Annual Information Form (which are available on SEDAR
at www.sedar.com) and in this document under "Key Factors Affecting
the Business". Those risks and uncertainties include: general state
of the economy; dependence on oil and gas sector; competition in
the industry; ability to attract and retain professionals; interest
rate risk; currency risk; credit risk; ability to maintain
profitability and manage growth; revenue and cash flow volatility;
dependence on Canadian multi-residential market; integration of
acquisitions; protection of intellectual property; weather;
fixed-price and contingency engagements; performance of obligations
/ maintenance of client satisfaction; appraisal mandates; customer
concentration; restrictions on potential growth; operating risks;
risk of future legal proceedings; legislative and regulatory
changes; and, insurance limits. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. These
statements reflect management's current expectations regarding
future events and operating performance and speak only as of the
date of this press release. Although the forward-looking statements
contained in this press release are based upon what management
believes to be reasonable assumptions, Altus cannot assure
investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this press release and, except in accordance
with applicable law, Altus assumes no obligations to update or
revise them 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.
Contacts: Altus Group Limited Sayla Nordin VP, Investor
Relations and Corporate Communications (416) 557-0939
www.altusgrouplimited.com
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