Fourth Quarter 2012 Financial Performance
Revenue for the fourth quarter of 2012 was $80.7 million, compared to $86.3 million in the same period in 2011, representing a decrease of 6.4%. The decrease was mainly due to revenue related to operations that have been discontinued including office closures in Asia Pacific and the sale of Altus Capital Planning.
Adjusted EBITDA was $11.8 million, compared to $13.2 million in the same period last year, a decrease of 10.6%. The decrease was similarly affected by operations that have been discontinued in the quarter, along with higher variable compensation costs. Adjusted earnings per share was $0.30, compared to $0.25 in the same period in 2011.
Q4 Loss (as reported under IFRS) was $21.5 million, or ($0.94) per share, basic and diluted, compared to a profit of $2.3 million, or $0.10 per share, basic and $0.08 per share, diluted, in the same period in 2011. This was related to the non-cash impairment charge taken on ARGUS Software goodwill and intangible assets.
Subsequent to year end, management undertook restructuring activities within ARGUS Software. In connection with the restructuring, a total of $1.1 million is expected to be recorded in the first quarter of 2013, related primarily to employee severance costs. Into 2013, the ARGUS business will benefit from these changes and under new leadership, is focused on continuous improvement in profitability, enhanced sales effectiveness and improved execution on the product roadmap.
Analyst Call Details
Altus will hold an analyst conference call at 9:30 a.m. Eastern Time on Tuesday, March 12, 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 made available beginning at 11:00 a.m. ET. To access the recording, please call 1-800-408-3053 or 905-694-9451 (passcode: 1432266). The recording will also be available at www.altusgrouplimited.com.
About Altus Group
Altus leads the global real estate industry in offering professional real estate advisory services, data solutions and intelligence about an organization's assets, generating a wealth of knowledge and insight. With a staff of over 1,700, Altus has a network of over 50 offices in a number of countries worldwide, including Canada, the United Kingdom, the United States, Australia and China. We operate five interrelated Business Units, bringing years of experience and a broad range of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Property Tax; Geomatics, and ARGUS Software. Clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors which could cause actual results, performance or achievements of Altus, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include: general state of the economy; competition in the industry; ability to attract and retain professionals; integration of acquisitions; dependence on oil and gas sector; dependence on Canadian multi-residential market; customer concentration; currency risk; interest rate risk; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; ability to maintain profitability and manage growth; revenue and cash flow volatility; credit risk; protection of intellectual property or defending against claims of intellectual property rights of others; weather; fixed-price and contingency engagements; operating risks; performance of obligations/maintenance of client satisfaction; appraisal mandates; legislative and regulatory changes; risk of future legal proceedings; insurance limits; income tax matters; ability to meet solvency requirements to pay dividends; leverage and restrictive covenants; unpredictability and volatility of common share price; capital investment; and issuance of additional common shares diluting existing shareholders' interests, as well as those described in Altus' publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com).
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