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 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.
Q1 2013 Highlights:
-- Revenue grew 31% to $256 million compared to $195 million in Q1 2012.-- Adjusted EBITDA increased $4 million or 8% to $43 million as compared to Q1 2012.-- Adjusted Net Income increased 5% to $33 million ($1.57 on a diluted per share basis) from $32 million ($1.50 on a diluted per share basis) in Q1 2012.-- Seven acquisitions were completed for aggregate cash consideration of $73 million (which includes acquired cash) plus cash holdbacks of $3 million and estimated value of contingent consideration of $2 million.-- Cash flows from operations increased $22 million or 178% to $34 million from $12 million in Q1 2012.
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.