TORONTO, ONTARIO--(Marketwired - Oct. 30, 2013) - Constellation Software Inc. (TSX:CSU) ("Constellation" or the "Company") today announced its financial results for the third quarter ended September 30, 2013 and declared a $1.00 per share dividend payable on January 3, 2014 to all common shareholders of record at close of business on December 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 and nine months ended September 30, 2013 and the accompanying notes, our Management's Discussion and Analysis for the three and nine months ended September 30, 2013, 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 www.sedar.com and on the Company's website www.csisoftware.com. Additional information about the Company is also available on SEDAR at www.sedar.com.
Q3 2013 Headlines:
-- Revenue grew 40% (4% organically) to $316 million compared to $226
million in Q3 2012.
-- Adjusted EBITDA increased $12 million or 25% to $61 million as compared
to Q3 2012.
-- Adjusted Net Income increased 29% to $54 million ($2.55 on a diluted per
share basis) from $42 million ($1.99 on a diluted per share basis) in Q3
-- Seven acquisitions were completed for aggregate cash consideration of
$10 million plus cash holdbacks of $1 million and estimated value of
contingent consideration of $1 million.
-- Cash flows from operations for the first nine months of 2013 increased
$55 million or 66% to $139 million from $84 million for the comparable
period in 2012.
-- The amount drawn on the Company's credit facility decreased to $148
million from $185 million in Q2 2013.
Third quarter 2013 revenue was $316 million
, an increase of 40%, or $90 million
, compared to $226 million
for the comparable period in 2012. For the first nine months of 2013 total revenues were $871 million
, an increase of 38%, or $240 million
, compared to $630 million
for the comparable period in 2012. The increase for both the three and nine month periods compared to the same periods in the prior year is mainly attributable to growth from acquisitions, however, the Company did experience positive organic growth of 4% and 3%, respectively.
Adjusted EBITDA for the third quarter of 2013 was $61 million
, a 25% increase compared to the prior year's third quarter Adjusted EBITDA of $49 million
. Third quarter 2013 Adjusted EBITDA per share on a diluted basis increased 25% to $2.86
, compared to $2.30
for the same period last year. Adjusted EBITDA for the nine month period ended September 30, 2013
was $165 million
, a 25% increase over last year's Adjusted EBITDA of $132 million
for the same period. Adjusted EBITDA per share on a diluted basis for the nine month period ended September 30, 2013
increased 25% to $7.79
, compared to $6.21
for the same period last year.