Altus Group Limited ("Altus") (TSX:AIF) today announced financial
and operating results for the quarter ended September 30, 2011.
Performance Highlights
-- Year-over-year revenue growth of 25.1% for the quarter and 16.5% for the
year-to-date;
-- Adjusted EBITDA of $11.0 million for the quarter and $26.0 million for
the year-to-date; and,
-- Adjusted earnings (loss) per share of $(0.02) for the quarter and $0.22
for the year-to-date.
Revenue for the third quarter of 2011 was $76.6 million,
compared to $61.2 million for the comparable period in 2010, a
25.1% increase. Acquisitions contributed 12.0% to overall growth in
the quarter. Revenue for the nine months ended September 30, 2011
was $214.9 million, compared to $184.4 million for the comparable
period in 2010, a 16.5% increase. Acquisitions contributed 10.7% to
overall growth in the nine month period.
Adjusted EBITDA for the third quarter of 2011 was $11.0 million,
compared to $10.7 million in the same period last year, an increase
of 2.4%. Adjusted EBITDA for the nine months ended September 30,
2011 was $26.0 million, compared to $31.2 million in the same
period last year, a decrease of 16.6%.
"Altus Group generated rising revenues on a year-over-year basis
during the third quarter even as a variety of factors such as
uncertain global markets challenged profitability in certain
business units," said Gary Yeoman, Chief Executive Officer, Altus
Group. "Looking toward the end of 2011 and early 2012, we
anticipate results to bolster while at the same time Altus
continues to review divestiture and other opportunities and remains
committed to strengthening our balance sheet and further sharpening
our strategic focus."
Profit (loss) for the third quarter of 2011 was $(4.2) million,
or $(0.18) per share, basic and diluted, compared to $(7.6)
million, or $(0.38) per unit, basic and diluted, for the third
quarter of 2010. For the nine months ended September 30, 2011,
profit (loss) was $(19.0) million, or $(0.84) per share, basic and
diluted, compared to $(10.8) million, or $(0.54) per unit, basic
and diluted.
Adjusted earnings (loss) per share for the third quarter of 2011
was $(0.02), compared to $0.31 for the same period in 2010. For the
nine months ended September 30, 2011, adjusted earnings per share
was $0.22, compared to $0.87 for the same period in 2010.
"Our plan for Altus Group remains disciplined: To manage our
finances carefully with the steady pay down of debt and continued
containment of costs, to more fully realize the benefits of our
data assets and newly acquired best-in-class software platform and,
finally, to leverage our core business practices for maximum
growth," underscored Yeoman.
For the third quarter, dividends declared totaled $0.15 per
common share. For the nine months ended September 30, 2011,
dividends declared totaled $0.60 per common share.
Altus Group has recorded a $1.9 million liability in trade and
other payables with an offset to deficit as at January 1, 2011, as
outlined in the financial statements, note 25. Notwithstanding the
decision to record the liability at $1.9 million, Altus Group
believes the final settlement obligation will be considerably less
than the full amount and any payment is expected to be reimbursed
under Altus Group's insurance policies. Altus Group announced that
it will adjust its first and second quarter balance sheets to
reflect this change.
Analyst Call Details
Altus Group Limited will hold an analyst conference call at 9:00
a.m. Eastern Daylight Time on Thursday, November 10, 2011 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. 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: 5125008). 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. Statements in this press release may use 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.
Non-IFRS Measures
The Company 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. The Company believes that these
measures are useful supplemental measures that may assist investors
in assessing an investment in shares of the Company and provides
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 intangible
assets, depreciation of property, plant and equipment, acquisition
related expenses, restructuring costs, corporation conversion and
legal reorganization costs, share of profit or loss of associate,
unrealized foreign exchange gains (losses), gains (losses) on sale
of property, plant and equipment, asset impairments, the effect of
stock options and equity performance plans, gains (losses) on
hedging transactions and other expenses or income of a
non-operating and non-recurring nature.
Adjusted Earnings (Loss) per Share/Unit, ("Adjusted EPS"),
represents basic earnings per share/unit adjusted for the effect of
amortization of intangible assets, non-cash finance costs (income)
related to the revaluation of unitholders' liabilities,
distributions on unitholders' liabilities, acquisition related
expenses, restructuring costs, corporate conversion and legal
reorganization costs, interest accretion on vendor payables, asset
impairments, the effect of stock options and equity performance
plans, gains (losses) on hedging transactions and other expenses or
income of a non-operating and non-recurring nature. All of the
adjustments are made net of tax.
Contacts: Altus Group Limited Sayla Nordin VP, Investor
Relations and Corporate Communications (416)
557-0939www.altusgrouplimited.com
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