TORONTO, ONTARIO -- (Marketwired) -- 05/07/13 -- Altus Group Limited ("Altus") (TSX: AIF) today announced financial and operating results for the first quarter ended March 31, 2013.
Revenues for the quarter were $76.2 million, compared to $86.2 million for the same period in 2012, representing a decline of 11.6%. Adjusted EBITDA was $12.3 million, down 11.6% from $13.9 million in the same period last year. Strong quarterly results from value added offerings at ARGUS Software and North America RVA were primarily offset by adverse weather affecting Geomatics, lower year over year results in North America Cost and key strategic hires.
-- Solid performance from ARGUS Software, as revenues rose 21%, and adjusted EBITDA was up 171% Y/Y on 24% adjusted EBITDA margins;-- North America RVA delivered strong results, as revenues rose 6.9% and adjusted EBITDA was up 34.5% Y/Y;-- Sale of Altus Residential Limited to Real Matters Inc. for $8.2 million, resulted in a gain of $5.3 million;-- Adjusted earnings per share came in at $0.25 for the quarter, compared to $0.27 in 2012; and,-- Declared dividends of $0.15 per common share and launched a Dividend Reinvestment Plan.
"Our solid results from ARGUS affirm our turnaround and the software opportunity. Additionally, healthy North America RVA performance furthers our value added services strategy in the US market," said Robert Courteau, Chief Executive Officer, Altus Group. "Altus continues to focus on strengthening each business unit to underpin our core operations. I remain strongly optimistic about our plans to realize greater synergies across all business units, and drive innovation from our software and data solutions."
Adjusted earnings per share for the first quarter of 2013 came in at $0.25, compared to $0.27 in the same period 2012. Under IFRS accounting, profit (loss) for the quarter ended March 31, 2013 was $6.8 million, or $0.30 per share, basic and $0.26 per share, diluted, compared to $2.9 million, or $0.12 per share, basic and $0.09 per share, diluted, in Q1 2012.
During the quarter, we sold our 100% interest in Altus Residential Limited to Real Matters Inc. ("Real Matters") for $8.2 million, which was settled through the issuance of additional Real Matters shares. This resulted in an accounting gain of $5.3 million.
In connection with the restructuring activities at ARGUS Software, a total of $1.1 million was recorded in the first quarter of 2013. These charges relate primarily to employee severance costs.
Altus introduced a Dividend Reinvestment Plan during the quarter, and declared a dividend of $0.15 per share for the period.
Analyst Call Details
Altus will hold an analyst conference call at 5:30 p.m. Eastern Time on Tuesday, May 7, 2013, to discuss these financial results and current industry conditions. Please dial 1-866-226-1792 (toll-free) or 416-340-2216 (GTA) to access the call. A recording of this call will be available beginning at 11:00 a.m. ET on May 8 until May 15, 2013. To access the recording, please call 1-800-408-3053 or 905-694-9451 (passcode: 9184271). The recording will also be available at www.altusgrouplimited.com