Altus Group Limited Announces First Quarter Results
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.
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.
About Altus Group Limited
Altus Group leads the global real estate industry in delivering data and information about an organizations 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.
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