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EBITDA as a percent of total revenue held steady at 52% for the three and nine months ended December 31, 2012, which is comparable to 53% recorded in the same periods of the previous fiscal year.
Liquidity and Capital ResourcesFor the three months ended December 31, 2012 2011 $ change % change($ thousands)--------------------------------------------------------------------------------------------------------------------------------------------------------Cash, beginning of period 50,694 43,310 7,384 17%Cash flow from (used in): Operating activities 6,720 7,511 (791) -11% Financing activities (4,777) (2,404) (2,373) 99% Investing activities (401) (802) 401 -50%----------------------------------------------------------------------------Cash, end of period 52,236 47,615 4,621 10%--------------------------------------------------------------------------------------------------------------------------------------------------------For the nine months ended December 31, 2012 2011 $ change % change($ thousands)--------------------------------------------------------------------------------------------------------------------------------------------------------Cash, beginning of period 55,374 41,753 13,621 33%Cash flow from (used in): Operating activities 16,918 18,673 (1,755) -9% Financing activities (18,296) (11,745) (6,551) 56% Investing activities (1,760) (1,066) (694) 65%----------------------------------------------------------------------------Cash, end of period 52,236 47,615 4,621 10%--------------------------------------------------------------------------------------------------------------------------------------------------------
OPERATING ACTIVITIES
Cash flow generated from operating activities decreased by $0.8 million and $1.8 million in the three and nine months ended December 31, 2012, respectively, compared to the same periods of last year, mainly due to the timing differences of when the sales are made and when the resulting receivables are collected, the change in the deferred revenue balance and higher tax payments.
FINANCING ACTIVITIES
Cash used in financing activities during the three and nine months ended December 31, 2012 increased by $2.4 million and $6.6 million, respectively, compared to the same periods of last year, as a result of paying larger dividends. The year-to-date increase was also affected by the amount spent on buying back common shares.
During the nine months ended December 31, 2012, CMG employees and directors exercised options to purchase 601,000 Common Shares, which resulted in cash proceeds of $5.1 million.
In the nine months ended December 31, 2012, CMG paid $21.8 million in dividends, representing the following quarterly dividends:
($ per share) Q1 Q2 Q3--------------------------------------------------------------------------------------------------------------------------------------------------------Dividends declared and paid 0.16 0.16 0.16Special dividend declared and paid 0.10 - -----------------------------------------------------------------------------Total dividends declared and paid 0.26 0.16 0.16--------------------------------------------------------------------------------------------------------------------------------------------------------
