Altus Group Limited Announces First Quarter Results
08 Juni 2011 - 7:04PM
Marketwired
Altus Group Limited ("Altus") (TSX: AIF) today announced financial
and operating results for the quarter ended March 31, 2011.
Performance Highlights
- Year-over-year revenue growth of 12.1%;
- Adjusted EBITDA of $7.4 million;
- Adjusted earnings per share of $0.07; and,
- Announced merger of Realm Solutions Inc., owner of ARGUS Software.
Revenue for the first quarter of 2011 was $68.1 million,
compared to $60.8 million for the comparable period in 2010, a
12.1% increase. Acquisitions contributed 8.1% to overall growth in
the quarter.
Adjusted EBITDA for the first quarter of 2011 was $7.4 million,
compared to $9.0 million in the same period last year, a decrease
of 17.8%. Included in Adjusted EBITDA were charges totaling $2.4
million that related to executive severance costs, temporary
duplicate occupancy costs on the Toronto office move and higher
discretionary bonus accrual.
Profit (loss) for the first quarter of 2011 was $(2.5) million,
or $(0.11) per share, compared to $(8.2) million, or $(0.42) per
unit for the first quarter of 2010. Profit (loss) per share/unit is
basic and diluted.
Adjusted earnings per share for the first quarter of 2011 was
$0.07 compared to $0.28 for the same period in 2010.
"After a challenging first quarter, our focus for the balance of
the year will be to increase profitability by ensuring all business
units are both managing costs and sourcing new growth
opportunities," said Gary Yeoman, Chief Executive Officer, Altus
Group. "Altus remains on track for a solid overall result in 2011,
setting the stage for a stronger 2012 and beyond as we fully
integrate ARGUS Software into our operations."
For the first quarter, dividends declared totaled $0.30 per
common share.
Subsequent to quarter end, on June 1, 2011, Altus completed the
previously announced merger of Realm Solutions Inc. ("Realm"),
owner of ARGUS Software, for aggregate consideration of US$130.0
million, subject to adjustments. The consideration will be
satisfied by US$80.0 million cash and US$50.0 million principal
amount of 6.0% convertible unsecured debentures issued by Altus to
certain shareholders of Realm. This acquisition will enable Altus
to create a powerful new platform that will offer clients
value-added commercial real estate data and analytics.
"The ARGUS acquisition generates accretive benefits as well as
the addition of thousands of new software licenses and client
relationships," emphasized Yeoman. "More fundamentally, the
combination with Altus means the creation of a data-rich analytics
platform that will set a new industry standard and enable unique
products and services that will provide Altus with a strong
competitive advantage in addressing client needs."
Analyst Call Details
Altus Group Limited will hold an analyst conference call at 9:00
a.m. Eastern Daylight Time on Thursday, June 9, 2011 to discuss
these financial results and current industry conditions. Please
dial 1-866-226-1793 (toll free) or 416-340-2218 (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 12:30 p.m. EDT. To access the recording, please call
1-800-408-3053 or 905-694-9451 (passcode: 1623384). The recording
will also be available at altusgrouplimited.com.
About Altus Group Limited
Altus Group leads the global real estate industry in delivering
data and information 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 70 offices in 14 countries worldwide,
including Canada, UK, Australia, Asia and the United States. We
operate five interrelated Business Units, bringing years 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 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. This press release has statements using 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).
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; operating risks; risk of future legal proceedings;
legislative and regulatory changes; insurance limits; income tax
matters; fluctuation of dividends; unpredictability and volatility
of common share price; capital investment; dilution of existing
shareholder interests; leverage and restrictive covenants; and,
investment eligibility. 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
altusgrouplimited.com
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