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Company continues steady growth
• A 13.3 per cent increase in revenue to
"We're pleased with the strong results our business delivered for the first quarter of 2014," said
Torrie added, "Organic growth contributed to an increase in revenue of 11.0 per cent over the comparative quarter in 2013 with the increase coming from all four lines of business. This growth was a result of the commencement of service for outsourcing contracts secured in prior quarters, new business wins, and U.S. health exchange enrollment."
Q1 2014 Financial Review
|In thousands of dollars||Three months ended |
|Three months ended |
|Adjusted EBITDA margin||18.8%||18.6%|
|Normalized Free Cash Flow|
For the three months ended
Adjusted EBITDA of
Adjusted EBITDA margin was 18.8 per cent compared to 18.6 per cent for the same period in 2013.
During Q1, 2014, the Company generated Normalized Free Cash Flow of
The Company is maintaining its policy of paying a monthly dividend of
Notice of Conference Call
Established in 1966,
To assist investors in assessing the Company's financial performance, this news release also makes reference to certain financial measures such as adjusted EBITDA, adjusted EBITDA margin, Normalized Free Cash Flow and Normalized Payout Ratio. The Company believes that adjusted EBITDA, adjusted EBITDA margin, Normalized Free Cash Flow and Normalized Payout Ratio are useful supplemental measures of performance as they are generally used by Canadian businesses as indicators of financial performance. See the Company's MD&A for more details. These financial measures do not have any standard meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similar measures presented by other issuers.
|(1)||"Adjusted EBITDA" is defined as profit before finance costs, income tax expenses, depreciation, amortization, impairment losses, and certain unusual expenditures.|
|(2)||"Normalized Free Cash Flow" is defined as cash provided by operating activities, adjusted for changes in noncash operating working capital, capital expenditures, current income taxes (net of income taxes paid), and certain unusual expenditures.|
|(3)||"Normalized Payout Ratio" is defined as dividends declared divided by Normalized Free Cash Flow.|
This news release contains "forward-looking statements" within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as "may", "will", "expect", "believe", or other words of similar effect may indicate a "forward-looking" statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at www.sedar.com) and in the firm's MD&A under the heading "Risks and Uncertainties". Those risks and uncertainties include ability to maintain profitability and manage growth, reliance on information systems and technology, reputational risk, dependence on key clients, reliance on key professionals and economic conditions. Many of these risks and uncertainties can affect the firm's actual results and could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on the firm's behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.