Altus Group Announces A Non-Cash Income Tax Expense Adjustment
09 Januar 2012 - 7:11PM
Marketwired
Altus Group Limited ("Altus") (TSX:AIF) today announced that it
will record a non-cash adjustment to income tax expenses related to
UK operations, for the quarters ended March 31, 2011, June 30, 2011
and September 30, 2011, in the approximate amounts of $1.1 million,
$0.3 million and $0.2 million, respectively. Although this will
decrease comprehensive income (loss) by the same amounts in the
respective periods, Adjusted EBITDA for the company is unaffected
and remains as previously reported.
"It was determined this non-cash adjustment was necessary to
accurately reflect a legislative change with respect to the
calculation of income as it relates to the Altus UK LLP entity,"
outlined Angelo Bartolini, CFO, Altus Group.
Deferred tax assets will be reduced by approximately $1.0
million, $1.3 million and $1.7 million as of March 31, 2011, June
30, 2011 and September 30, 2011, respectively. As a result, Altus
will be adjusting its financial statements for the interim periods
of 2011 to reflect these changes.
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. These risks and uncertainties are described in
Altus' publicly filed documents, including the Annual Information
Form (which are available on SEDAR at www.sedar.com). Although the
forward-looking statements contained in this press release are
based upon what Altus 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 laws, 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.
Contacts: Altus Group Limited Sayla Nordin VP, Investor
Relations and Corporate Communications (416)
557-0939www.altusgrouplimited.com
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