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Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2013 and Declares Quarterly Dividend

TORONTO, ONTARIO — (Marketwired) — 05/01/13 — Constellation Software Inc. (TSX: CSU) (“Constellation” or the “Company”) today announced its financial results for the first quarter ended March 31, 2013 and declared a $1.00 per share dividend payable on July 3, 2013 to all common shareholders of record at close of business on June 17, 2013. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.

The following press release should be read in conjunction with the Company-s Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2013 and the accompanying notes, and with our annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our annual Management-s Discussion and Analysis for the year ended December 31, 2012, which can be found on SEDAR at and on the Company-s website . Additional information about the Company is also available on SEDAR at .

Q1 2013 Highlights:

First quarter 2013 revenue was $256 million, an increase of 31%, or $61 million, compared to $195 million for the comparable period in 2012. The increase is solely attributed to growth from acquisitions as there was no organic growth. Excluding the decline in total revenue related to the Public Transit Solutions business the organic growth for the quarter would have been 4%.

Adjusted EBITDA for the first quarter 2013 was $43 million, an 8% increase compared to the prior year-s first quarter Adjusted EBITDA of $39 million. First quarter 2013 Adjusted EBITDA per share on a diluted basis increased 8% to $2.01, compared to $1.85 for the same period last year.

Adjusted Net Income for the first quarter 2013 was $33 million, compared to the prior year-s first quarter Adjusted Net Income of $32 million, a 5% increase. First quarter 2013 Adjusted Net Income per share on a diluted basis increased 5% to $1.57 compared to $1.50 for the prior year-s first quarter.

Net income for the first quarter 2013 was $9 million compared to the prior year-s first quarter net income of $14 million. On a diluted per share basis, this translates into net income per share of $0.43 for the first quarter of 2013 compared to $0.66 for the same period of 2012. The decrease in net income for the quarter ended March 31, 2013 was primarily due to an increase in the amortization expense attributable to intangible assets as a result of acquisitions completed during 2012 and Q1 2013.

The following table displays our revenue by reportable segment and the percentage change for the three months ended March 31, 2013 compared to the same period in 2012:

Public Sector

For the quarter ended March 31, 2013, total revenue in the public sector reportable segment increased 27%, or $38 million, to $176 million, compared to $138 million for the quarter ended March 31, 2012. Revenue growth from acquired businesses was significant as we completed twenty-two acquisitions since the beginning of 2012 in our public sector segment. It is estimated that acquisitions completed since the beginning of 2012 contributed approximately $40 million to our Q1 2013 revenues. Revenues decreased organically by 2% or $2 million in Q1 2013 compared to the same period in 2012, primarily driven by a decline in hardware sales in the PTS European business from the same period in 2012.

Private Sector

For the quarter ended March 31, 2013, total revenue in the private sector reportable segment increased 41%, or $23 million, to $80 million, compared to $57 million for the quarter ended March 31, 2012. Revenue growth from acquired businesses was significant for the three month period as we completed twenty acquisitions since the beginning of 2012 in our private sector segment. It is estimated that acquisitions completed since the beginning of 2012 contributed approximately $21 million to our Q1 2013 revenues. Revenues increased organically by 3% or $2 million in Q1 2013 compared to the same period in 2012.

During the quarter, Constellation completed seven acquisitions for total net cash consideration of approximately $70 million, and made $5 million in acquisition holdback payments. At March 31, 2013, Constellation-s net borrowings (bank indebtedness less cash) increased by $60 million to $65 million.

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Thursday, May 2, 2013 to answer questions regarding the results. The teleconference numbers are 416-695-6616 or 800-766-6630. The call will also be webcast live and archived on Constellation-s website at .

A replay of the conference call will be available as of 11:30 a.m. ET the same day until 11:59 p.m. ET on May 16, 2013. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 2001965.

Forward Looking Statements

Certain statements herein including those under “Outlook” above, may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Non-IFRS Measures

The term “Adjusted EBITDA” refers to net income before adjusting for finance income, finance costs, income taxes, equity in net income or loss of equity investees, impairment of non-financial assets, depreciation, amortization, and foreign exchange gain or loss. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company-s main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and amortization and the other items listed above. “Adjusted EBITDA margin” refers to the percentage that Adjusted EBITDA for any period represents as a portion of total revenue for that period.

“Adjusted net income” means net income adjusted for non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other expenses (income). The Company believes that Adjusted net income is useful supplemental information as it provides an indication of the results generated by the Company-s main business activities prior to taking into consideration amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income) incurred or recognized by the Company from time to time. “Adjusted net income margin” refers to the percentage that Adjusted net income for any period represents as a portion of total revenue for that period.

Adjusted EBITDA and Adjusted net income are not recognized measures under IFRS and, accordingly, readers are cautioned that Adjusted EBITDA and Adjusted net income should not be construed as alternatives to net income determined in accordance with IFRS. The Company-s method of calculating Adjusted EBITDA and Adjusted net income may differ from other issuers and, accordingly, Adjusted EBITDA and Adjusted net income may not be comparable to similar measures presented by other issuers. See “Results of Operations -Adjusted EBITDA” and “- Adjusted net income” for a reconciliation of Adjusted EBITDA and Adjusted net income to net income.

Contacts:
Constellation Software Inc.
Jamal Baksh
Chief Financial Officer
(416) 861-9677

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