AIF Altus Group Limited

Altus Group Limited ("Altus") (TSX:AIF) today announced financial and operating
results for the quarter ended June 30, 2011.




Performance Highlights                                                      

--  Year-over-year revenue growth of 12.4% for the quarter and 12.2% for the
    year-to-date; 
--  Adjusted EBITDA of $7.6 million for the quarter and $15.0 million for
    the year-to-date, a margin of 10.9% in both periods; 
--  Adjusted earnings per share of $0.18 for the quarter and $0.26 for the
    year-to-date; and, 
--  Completed merger of Realm Solutions Inc., owner of ARGUS Software. 



Revenue for the second quarter of 2011 was $70.2 million, compared to $62.4
million for the comparable period in 2010, a 12.4% increase. Acquisitions
contributed 12.0% to overall growth in the quarter. Revenue for the six months
ended June 30, 2011 was $138.3 million, compared to $123.2 million for the
comparable period in 2010, a 12.2% increase. Acquisitions contributed 10.1% to
overall growth in the six month period. 


Adjusted EBITDA for the second quarter of 2011 was $7.6 million, compared to
$11.5 million in the same period last year, a decrease of 33.4%. Adjusted EBITDA
for the six months ended June 30, 2011 was $15.0 million, compared to $20.5
million in the same period last year, a decrease of 26.6%. 


"Notwithstanding broader economic challenges, Altus is managing through a period
of transition with an increased focus on the development and delivery of a more
rigorous, technology based platform," said Gary Yeoman, Chief Executive Officer,
Altus Group. "Designed to complement our core service offerings, as well as add
additional data and analytics, our continued focus on further integration and
operational elements will make Altus unique so as to maximize its potential for
growth in both the near and long term." 


Profit (loss) for the second quarter of 2011 was $(12.3) million, or $(0.54) per
share, basic and diluted, compared to $5.1 million, or $0.26 per unit, basic and
$0.08 per unit, diluted for the second quarter of 2010. For the six months ended
June 30, 2011, profit (loss) was $(14.8) million, or $(0.65) per share, basic
and diluted, compared to $(3.2) million, or $(0.16) per unit, basic and diluted.



Adjusted earnings per share for the second quarter of 2011 was $0.18, compared
to $0.34 for the same period in 2010. For the six months ended June 30, 2011,
adjusted earnings per share was $0.26, compared to $0.62 for the same period in
2010. 


During the quarter, the company commenced a restructuring program of the Global
Cost practice. As a result of this program, earnings were impacted by a
restructuring charge of $3.2 million. Also during the quarter, a non-cash
impairment charge was taken on Asia-Pacific intangibles and goodwill in the
amount of $9.2 million. These charges were not included in Adjusted EBITDA and
Adjusted earnings per share.  


"While these results are in line with expectations based on trends established
earlier in the year, Altus has responded with clear actions that will help
mitigate ongoing challenges," said Gary Yeoman, Chief Executive Officer, Altus
Group, "As we move into Q3, we expect to see some of the timing issues in the UK
being resolved and continue to focus proactively on opportunities that will
boost profitability across the company to ensure a solid year end for 2011." 


For the second quarter, dividends declared totaled $0.15 per common share. For
the six months ended June 30, 2011, dividends declared totaled $0.45 per common
share. 


During the quarter, Altus completed the previously announced merger of Realm
Solutions Inc. ("Realm"), owner of ARGUS Software, for aggregate consideration
of US$126.5 million, subject to adjustments. The consideration paid to the
vendors included US$80.0 million cash and US$49.5 million principal amount of
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. 


"With one month of revenues, the ARGUS acquisition has had an immediately
positive impact on operations," continued Yeoman. "These gains will intensify
with the addition of other innovative products and services; leveraging the data
stores across our core business lines. This will ensure Altus is able to
maintain an aggressive schedule of debt pay down as we continue to explore the
possibility of divesting selected non-strategic operations." 


Analyst Call Details 

Altus Group Limited will hold an analyst conference call at 9:00 a.m. Eastern
Daylight Time on Thursday, August 11, 2011 to discuss these financial results
and current industry conditions. Please dial 1-866-226-1798 (toll free) or
416-340-2219 (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: 5440254). 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, professional advisory services and data, software and analytics
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 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 assurances of future performance and are subject to
numerous risks and uncertainties which could cause actual results to differ
materially from the forward-looking statements. Those risks and uncertainties
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 unpredictable 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; 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 www.sedar.com). 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
will not 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.

Altus (TSX:AIF)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Altus (TSX:AIF)
Historical Stock Chart
Von Jul 2023 bis Jul 2024