"EBITDA" refers to net income before adjusting for depreciation expense, finance income, finance costs, and income and other taxes. EBITDA should not be construed as an alternative to net income as determined by IFRS. The Company believes that EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to consideration of how those activities are amortized, financed or taxed. See "EBITDA" heading for a reconciliation of EBITDA to net income.
CORPORATE PROFILE
CMG is a computer software technology company serving the oil and gas industry. The Company is a leading supplier of advanced processes reservoir modelling software with a blue chip client base of international oil companies and technology centers in over 50 countries. The Company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. CMG has sales and technical support services based in Calgary, Houston, London, Caracas and Dubai. CMG's Common Shares are listed on the Toronto Stock Exchange ("TSX") and trade under the symbol "CMG".
QUARTERLY PERFORMANCE Fiscal 2011(1) Fiscal 2012(2) Fiscal 2013(3)($ thousands, unless otherwise stated) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3----------------------------------------------------------------------------Annuity/ maintenance licenses 8,531 8,997 9,308 12,056 12,497 13,179 12,012 14,004Perpetual licenses 3,911 5,391 1,596 2,321 3,416 2,070 2,671 1,365----------------------------------------------------------------------------Software licenses 12,442 14,388 10,904 14,377 15,913 15,249 14,683 15,369Professional services 1,936 1,551 1,078 1,521 1,302 1,216 1,390 1,433----------------------------------------------------------------------------Total revenue 14,378 15,939 11,982 15,898 17,215 16,465 16,073 16,802Operating profit 7,532 9,092 5,226 8,093 9,193 8,105 8,032 8,276Operating profit % 52 57 44 51 53 49 50 49EBITDA(4) 7,818 9,366 5,508 8,414 9,543 8,423 8,425 8,687Profit before income and other taxes 7,413 9,240 6,096 8,184 9,104 8,577 7,703 8,556Income and other taxes 2,605 2,577 1,778 2,394 2,484 2,487 2,342 2,437Net income for the period 4,808 6,663 4,318 5,790 6,620 6,090 5,361 6,119Cash dividends declared and paid 3,643 7,519 4,053 4,079 4,848 9,736 6,020 6,050----------------------------------------------------------------------------Per share amounts - ($/share)Earnings per share - basic 0.13 0.18 0.12 0.16 0.18 0.16 0.14 0.16Earnings per share - diluted 0.13 0.18 0.11 0.15 0.17 0.16 0.14 0.16Cash dividends declared and paid 0.10 0.205 0.11 0.11 0.13 0.26 0.16 0.16----------------------------------------------------------------------------(1) Q4 of fiscal 2011 includes $0.1 million in revenue that pertains to usage of CMG's products in prior quarters.(2) Q1, Q2, Q3 and Q4 of fiscal 2012 include $0.3 million, $0.04 million, $2.6 million and $2.7 million, respectively, in revenue that pertains to usage of CMG's products in prior quarters.(3) Q1, Q2 and Q3 of fiscal 2013 include $2.1 million, $0.2 million and $1.8 million, respectively, in revenue that pertains to usage of CMG's products in prior quarters.(4) EBITDA is defined as net income before adjusting for depreciation expense, finance income, finance costs, and income and other taxes. See "Non-IFRS Financial Measures".
