Altus Group Limited Announces Year End Results
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.
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.
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.
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