Welcome!

News Feed Item

Altus Group Reports Fourth Quarter and Full Year 2013 Financial Results

Altus Group Completes Successful Year Delivering Strong Overall Results

TORONTO, ONTARIO -- (Marketwired) -- 02/25/14 -- Altus Group Limited ("Altus Group" or "the Company") (TSX: AIF) today announced financial and operating results for the fourth quarter and full year ended December 31, 2013. In addition, the Company today adopted Advance Notice By-law No 2.

Financial Highlights for Full Year 2013:

--  Revenues were $324.4 million, up 0.6% year-over-year; excluding the
    impact of businesses sold or closed, revenues rose 2.7%.
--  Adjusted EBITDA was $57.4 million, up 12.2% from the same period last
    year.
--  Global Asset and Investment Management strategy established and
    building:
    --  Robust performance from ARGUS Software, as revenues rose 29.1% year-
        over-year to $38.9 million. Adjusted EBITDA rose 223.3% to $11.5
        million, as compared to the same period last year.
    --  North America RVA performance was strong, as revenues were $77.4
        million, rising 9.6% from the same period in 2012. Adjusted EBITDA
        was $19.8 million, up 27.2% year-over-year.
--  North America Property Tax revenues were $63.9 million, rising 20.2%
    year-over-year. Adjusted EBITDA grew 2.3% to $13.6 million.
--  Adjusted basic earnings per share were $1.14 for the year, as compared
    to $0.95 in 2012.

Financial Highlights for Q4 2013:

--  Revenues were $89.6 million, up 11.0% as compared to the same period in
    2012.
--  Adjusted EBITDA was $16.7 million, up 41.6% year-over-year.
--  Global Asset and Investment Management strategy continued to deliver
    results:
    --  Record quarterly performance from ARGUS Software, as revenues rose
        41.5% year-over-year to $11.2 million. Adjusted EBITDA rose 160.5%
        to $3.3 million, as compared to the same period last year.
    --  North America RVA performance was steady, as revenues were $20.6
        million, rising 1.7% from the same period in 2012. Adjusted EBITDA
        was $4.4 million, down 7.4% year-over-year.
--  North America Property Tax revenues were $18.5 million, rising 37.1%
    year-over-year. Adjusted EBITDA rose 18.5% to $2.3 million, as compared
    to the same period last year.
--  Geomatics delivered a record quarter with revenues of $19.8 million up
    8.2% year-over-year. Adjusted EBITDA was $3.4 million, up 79.1%.
--  Adjusted basic earnings per share were $0.31 for the quarter, as
    compared to $0.30 in 2012.
--  Declared dividends of $0.15 per common share.

"We are pleased with the very strong finish in each of our business units," said Robert Courteau, Chief Executive Officer, Altus Group. "2013 was a successful year as we implemented operational improvements in our core businesses, strengthened our balance sheet and developed our strategic agenda. Through our highly talented team of professionals, differentiated service offerings, software and data solutions, we will now expand our focus on servicing the needs of our global clients."

2013 Key Operational and Business Highlights:

--  Completed the public offering of 3,507,500 common shares at a price of
    $13.15 per common share, for total gross proceeds of $46.1 million.

--  Initiated Global Asset and Investment Management strategy.

--  Completed the partial sale of our investment in Real Matters for net
    consideration of $2.6 million and recorded a total gain of $3.6 million,
    comprised of $1.3 million for the partial sale and $2.3 million for the
    deemed disposal of our investment due to the equity raise by Real
    Matters.

--  Sold our 100% interest in Altus Residential Limited to Real Matters for
    consideration of $8.2 million.

--  Acquired Complex Property Advisors Corporation ("CPAC"), a leading
    provider of appraisal and specialized property tax consulting services
    to the healthcare and industrial sectors in the United States.

--  Completed strategic restructuring activities in ARGUS Software, global
    Cost operations and in the corporate finance group.

--  Adopted an Advance Notice By-law and amendments to general By-law No. 1.

--  Mr. Raymond Mikulich joined the Board as a US-based Independent
    Director.

--  Settled the contingent consideration payable of US$13.2 million with
    respect to the 2010 acquisition of certain business assets of the PwC
    Appraisal Management practice through the issuance of 1,360,625 common
    shares.

--  Became the first company to be globally regulated by the Royal
    Institution of Chartered Surveyors ("RICS"), the world's leading
    qualification for professional standards in land, property and
    construction, reinforcing our commitment to excellence in our industry.

--  Declared dividends of $0.60 per share and introduced a Dividend
    Reinvestment Plan ("DRIP") program.

--  Changed employee compensation structure to increase employee ownership
    and focus on performance.

2013 Full Year Review:

For the year, revenues increased by 2.7%, excluding the impact of businesses sold or closed. ARGUS Software experienced strong growth in license revenues, including sales of ARGUS Enterprise, as well as solid growth in maintenance and consulting revenues. North America RVA growth was bolstered by new client additions in the appraisal management business in the US and due diligence and right of way work in Canada. Growth in the North America Property Tax business was driven by organic increases in our business in Ontario and as a result of our US expansion both organically and as a result of our acquisition of CPAC. The UK tax business also showed slight improvements as a result of contingency and empty rates settlements. In Geomatics, start of year revenues were impacted by lower activity in the Western Canada energy sector but showed strong improvement in the second half of the year. Revenues in the global Cost practices were impacted in the year as we restructured the business towards higher margin engagements and closed unproductive offices.

Adjusted EBITDA for the year grew a solid 12.2% over prior year. The increase was a reflection of improved revenue performance in ARGUS Software, North America RVA, and North America Property Tax and UK Tax. Results were also impacted by lower revenues in Geomatics and the global Cost practices.

Profit (Loss), as reported under IFRS, was $18.6 million and $0.77 per share basic and $0.71 per share, diluted, as compared to a Profit (Loss) of $(12.7) million and $(0.55) per share, basic and $(0.76) per share diluted, in 2012.

2013 Fourth Quarter Review:

For the fourth quarter, revenues grew by 11.0% over prior year. The growth was attributable to all business segments with the exception of the global Cost practices that underwent restructuring activities and transitioned to higher margin engagements. ARGUS Software continued its performance in the quarter consistent with its improving performance throughout the year. Increased sale of ARGUS Enterprise drove license and maintenance revenues. North America Property Tax had a solid quarter as a result of continued organic growth in Ontario and the CPAC acquisition. UK tax also experienced solid growth as a result of higher empty rates, valuation and agency services as well as from a strengthening British pound. Geomatics finished the year on very solid footing as surveying work and right of way services continued to reflect improved market conditions in the Western Canadian energy sector. North America RVA showed slight improvement over the prior year period as 2012 included a one-time client engagement in Canada. The global Cost practices showed modest improvement over prior quarters but still lagged from prior year due to transition and restructuring.

Adjusted EBITDA for the fourth quarter grew 41.6%. Principal contributors to the growth were again ARGUS Software with an increase of 160.5%, Geomatics driven by higher quarterly revenues, the global Property Tax practices which benefited from higher organic growth in both North America and the UK along with the acquisition of CPAC, and North America Cost which began to see some improvements in its restructuring and transitioning activities. North America RVA saw a slight decrease in Adjusted EBITDA, owing to increased personnel investments and one-time revenue declines.

Profit (Loss), as reported under IFRS, was $7.0 million and $0.26 per share basic and $0.24 per share, diluted, as compared to a Profit (Loss) of $(21.5) million and $(0.94) per share, basic and diluted, in 2012.

----------------------------------------------------------------------------
                                                             For the twelve
                                  For the three months         months ended
Selected Financial Information      ended December 31,         December 31,
----------------------------------------------------------------------------
In thousands of Canadian Dollars,
 except for per share amounts           2013      2012       2013      2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operations
----------------------------------------------------------------------------
Revenues                           $  89,584 $  80,737  $ 324,449 $ 322,599
Adjusted EBITDA                       16,681    11,784     57,378    51,146
Operating profit (loss)               14,096   (22,365)    41,331    (1,376)
Profit (loss)                          6,957   (21,462)    18,607   (12,654)
Earnings (loss) per share:
 Basic                             $    0.26 $   (0.94) $    0.77 $   (0.55)
 Diluted                           $    0.24 $   (0.94) $    0.71 $   (0.76)
 Adjusted basic                    $    0.31 $    0.30  $    1.14 $    0.95
Dividends declared per share       $    0.15 $    0.15  $    0.60 $    0.60
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Segmented
 Information:  Three months ended December    Twelve months ended December
Revenues                   31,                            31,
----------------------------------------------------------------------------
In thousands
 of Canadian                              %                              %
 Dollars            2013       2012  Change        2013       2012  Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property Tax:
 North America
   Property
    Tax        $  18,475  $  13,471    37.1%  $  63,867  $  53,123    20.2%
 UK                7,162      6,406    11.8%     23,676     22,739     4.1%
Global Asset
 and
 Investment
 Management:
 North America
  RVA             20,644     20,301     1.7%     77,388     70,585     9.6%
 ARGUS
  Software        11,179      7,898    41.5%     38,917     30,138    29.1%
North America
 Geomatics        19,834     18,333     8.2%     70,760     71,788    (1.4%)
Cost
 Consulting
 and Project
 Management:
 North America
  Cost             7,694      8,082    (4.8%)    30,243     44,308   (31.7%)
 Asia Pacific
  Cost             4,714      6,333   (25.6%)    19,948     30,916   (35.5%)
Intercompany
 eliminations       (118)       (87)  (35.6%)      (350)      (998)   64.9%
----------------------------------------------------------------------------
Revenues       $  89,584  $  80,737    11.0%  $ 324,449  $ 322,599     0.6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Segmented
 Information:
Adjusted       Three months ended December    Twelve months ended December
 EBITDA                    31,                            31,
----------------------------------------------------------------------------
In thousands
 of Canadian                                                             %
 Dollars            2013       2012% Change        2013       2012  Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property Tax:
 North America
   Property
    Tax        $   2,325  $   1,962    18.5%  $  13,619  $  13,312     2.3%
 UK                1,643      1,123    46.3%      6,018      5,721     5.2%
Global Asset
 and
 Investment
 Management:
 North America
  RVA              4,377      4,727    (7.4%)    19,762     15,532    27.2%
 ARGUS
  Software         3,347      1,285   160.5%     11,539      3,569   223.3%
North America
 Geomatics         3,419      1,909    79.1%     15,206     17,280   (12.0%)
Cost
 Consulting
 and Project
 Management:
 North America
  Cost             1,024        533    92.1%      5,515      7,020   (21.4%)
 Asia Pacific
  Cost               (36)       191  (118.8%)       490      3,712   (86.8%)
Corporate            582         45 1,193.3%    (14,771)   (14,297)   (3.3%)
Intercompany
 eliminations          -          9  (100.0%)         -       (703)  100.0%
----------------------------------------------------------------------------
Adjusted
 EBITDA        $  16,681  $  11,784    41.6%  $  57,378  $  51,146    12.2%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                   Three months ended   Twelve months ended
Reconciliation of Adjusted                   December              December
 EBITDA to Profit (Loss)                          31,                   31,
----------------------------------------------------------------------------
In thousands of Canadian Dollars      2013       2012       2013       2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted EBITDA                  $  16,681  $  11,784  $  57,378  $  51,146
Depreciation and amortization       (4,677)    (5,040)   (18,432)   (22,376)
Acquisition related (expenses)
 income                                (19)    (5,769)      (718)    (5,947)
Share of profit (loss) of
 associate                            (522)      (186)    (1,415)      (846)
Unrealized foreign exchange gain
 (loss)                                311        (74)       155      2,212
Gain (loss) on sale of property,
 plant and equipment                    (1)      (111)      (245)     1,245
Gain (loss) on hedging
 transactions                            -          -          -       (400)
Gain (loss) on sale of certain
 business assets                     3,613          -      8,832        395
Executive Compensation Plan
 costs                                (121)      (107)      (481)      (318)
Restructuring costs                   (962)       (77)    (2,916)    (3,252)
Impairment charge                        -    (22,500)         -    (22,500)
Other non-operating and/or non-
 recurring costs                      (207)      (285)      (827)      (735)
----------------------------------------------------------------------------
Operating profit (loss)             14,096    (22,365)    41,331     (1,376)
Finance (costs) income, net         (5,298)    (3,618)   (18,388)   (11,881)
----------------------------------------------------------------------------
Profit (loss) before income tax      8,798    (25,983)    22,943    (13,257)
----------------------------------------------------------------------------
Income tax recovery (expense)       (1,841)     4,521     (4,336)       603
----------------------------------------------------------------------------
Profit (loss) for the period     $   6,957  $ (21,462) $  18,607  $ (12,654)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated Statements of Comprehensive Income (Loss)
For the Years Ended December 31, 2013 and 2012
(Expressed in Thousands of Canadian Dollars, Except for Shares and Per
 Share Amounts)
----------------------------------------------------------------------------
                                                         For the    For the
                                                      year ended year ended
                                                        December   December
                                                             31,        31,
                                                            2013       2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues
  Revenues                                            $  324,449  $ 322,599
  Less: disbursements                                     27,285     36,247
----------------------------------------------------------------------------
  Net revenue                                            297,164    286,352
----------------------------------------------------------------------------

Expenses
  Employee compensation                                  191,099    187,570
  Occupancy                                               13,676     13,525
  Office and other operating                              36,409     32,107
  Amortization of intangibles                             13,515     17,182
  Depreciation of property, plant and equipment            4,917      5,194
  Acquisition related expenses (income)                      718      5,947
  Share of (profit) loss of associate                      1,415        846
  Restructuring costs                                      2,916      3,252
  (Gain) loss on sale of certain business assets          (8,832)      (395)
  Impairment charge                                            -     22,500
----------------------------------------------------------------------------
Operating profit (loss)                                   41,331     (1,376)
----------------------------------------------------------------------------
Finance costs (income), net                               18,388     11,881
----------------------------------------------------------------------------
Profit (loss) before income tax                           22,943    (13,257)
----------------------------------------------------------------------------
Income tax expense (recovery)                              4,336       (603)
----------------------------------------------------------------------------
Profit (loss) for the year attributable to equity
 holders                                              $   18,607  $ (12,654)
----------------------------------------------------------------------------
Other comprehensive income (loss):
Items that may be reclassified to profit or loss in
 subsequent periods:
  Cash flow hedges                                           836      1,241
  Currency translation differences                         9,614     (3,678)
  Share of other comprehensive income (loss) of
   associate                                                 (43)         -
----------------------------------------------------------------------------
Other comprehensive income (loss), net of tax             10,407     (2,437)
----------------------------------------------------------------------------
Total comprehensive income (loss) for the year, net
 of tax, attributable to equity holders               $   29,014  $ (15,091)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings (loss) per share attributable to the equity
 holders of the Company during the year
Basic earnings (loss) per share                       $     0.77  $   (0.55)
Diluted earnings (loss) per share                     $     0.71  $   (0.76)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated Balance Sheets
As at December 31, 2013 and 2012
(Expressed in Thousands of Canadian Dollars)

----------------------------------------------------------------------------
                                                        December   December
                                                        31, 2013   31, 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets
Current assets
  Cash and cash equivalents                            $  16,664  $   4,703
  Trade and other receivables                            109,589    105,746
  Income taxes recoverable                                 1,294        637
----------------------------------------------------------------------------
                                                         127,547    111,086
----------------------------------------------------------------------------
Non-current assets
  Trade and other receivables                                304      3,320
  Investment in associate                                 14,130      6,380
  Deferred income taxes                                   13,018     12,429
  Property, plant and equipment                           18,213     18,663
  Intangibles                                             76,964     80,022
  Goodwill                                               192,262    186,139
----------------------------------------------------------------------------
                                                         314,891    306,953
----------------------------------------------------------------------------
Total Assets                                           $ 442,438  $ 418,039
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Current liabilities
  Trade and other payables                             $  59,851  $  69,599
  Income taxes payable                                       678        997
  Borrowings                                               1,441      1,361
  Provisions                                               1,738      2,098
----------------------------------------------------------------------------
                                                          63,708     74,055
----------------------------------------------------------------------------
Non-current liabilities
  Trade and other payables                                10,981      6,120
  Borrowings                                             155,420    205,449
  Derivative financial instruments                         1,637      3,783
  Provisions                                                 141        102
  Deferred income taxes                                    2,692      1,084
  Amounts payable to unitholders                           5,646      3,052
----------------------------------------------------------------------------
                                                         176,517    219,590
----------------------------------------------------------------------------
Total Liabilities                                        240,225    293,645
----------------------------------------------------------------------------
Shareholders' Equity
  Share capital                                          340,445    279,227
  Equity component of convertible debentures               6,338      6,356
  Contributed surplus                                      6,130      3,598
  Accumulated other comprehensive income (loss)            9,440       (967)
  Deficit                                               (160,140)  (163,820)
----------------------------------------------------------------------------
Total Shareholders' Equity                               202,213    124,394
----------------------------------------------------------------------------
Total Liabilities and Shareholders' Equity             $ 442,438  $ 418,039
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated Statements of Cash Flows
For the Years Ended December 31, 2013 and 2012
(Expressed in Thousands of Canadian Dollars)

----------------------------------------------------------------------------
                                                         For the    For the
                                                      year ended year ended
                                                        December   December
                                                        31, 2013   31, 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------

  Cash flows from operating activities
   Profit (loss) before income tax                    $   22,943  $ (13,257)

   Adjustments for:
   Amortization of intangibles                            13,515     17,182
   Depreciation of property, plant and equipment           4,917      5,194
   Amortization of lease inducements                          82         50
   Impairment charge                                           -     22,500
   Tax credits recorded through employee compensation     (1,160)      (172)
   Finance costs (income), net                            18,388     11,881
   Share-based compensation                                1,193        318
   Unrealized foreign exchange (gain) loss                  (155)    (2,212)
   (Gain) loss on sale of certain business assets         (8,891)      (395)
   (Gain) loss on disposal of property, plant and
    equipment                                                245     (1,245)
   Share of (profit) loss of associate                     1,415        846
   Net changes in operating working capital                5,900     (4,990)
----------------------------------------------------------------------------
 Net cash generated by (used in) operations               58,392     35,700
   Less: interest paid                                   (13,058)   (14,081)
   Less: income taxes paid                                (2,621)      (529)
   Add: income taxes received                                260        842
----------------------------------------------------------------------------
 Net cash provided by (used in) operating activities      42,973     21,932
----------------------------------------------------------------------------
 Cash flows from financing activities
   Proceeds from exercise of options                       1,695         26
   Redemption of Altus UK LLP Class B and D limited
    liability partnership units                             (260)      (138)
   Financing fees paid                                    (2,642)    (2,675)
   Proceeds from equity offering                          46,124          -
   Proceeds from borrowings                                    -     48,000
   Repayment of borrowings                               (54,589)   (59,905)
   Dividends paid                                        (12,855)   (13,809)
   Treasury shares purchased under Restricted Share
    Plan                                                  (2,277)         -
   Interest paid to other unitholders                       (210)      (236)
----------------------------------------------------------------------------
 Net cash provided by (used in) financing activities     (25,014)   (28,737)
----------------------------------------------------------------------------
 Cash flows from investing activities
   Purchase of intangibles                                  (731)    (2,192)
   Purchase of property, plant and equipment              (3,866)    (4,705)
   Proceeds from disposal of property, plant and
    equipment                                                117      5,417
   Acquisitions                                           (4,416)         -
   Proceeds from partial sale of investment in
    associate                                              2,605          -
   Proceeds from disposal of certain business assets           -      6,251
----------------------------------------------------------------------------
 Net cash provided by (used in) investing activities      (6,291)     4,771
----------------------------------------------------------------------------
Effect of foreign currency translation                       293        147
----------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents      11,961     (1,887)
Cash and cash equivalents
   Beginning of year                                       4,703      6,590
----------------------------------------------------------------------------
   End of year                                        $   16,664  $   4,703
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Company Adopts Advance Notice By-law:

The Board of Directors today approved the adoption of By-law No. 2 of the Company (the "Advance Notice By-law"), a by-law which establishes a framework for advance notice of nominations of directors by shareholders of Altus Group. Among other things, the Advance Notice By-law fixes a deadline by which shareholders must submit director nominations to the Secretary of the Company prior to any annual or special meeting of shareholders and sets forth the information a shareholder must include in such notice for an effective nomination to occur.

In the case of an annual meeting of shareholders, notice to the Company must be given not less than 30 and not more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice shall be given not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Board of Directors also adopted certain amendments to the Company's existing general By-law No. 1 (the "By-law Amendments"), which are intended to ensure that By-law No. 1 remains consistent with evolving corporate governance practices. The By-law Amendments increase the quorum requirements for shareholder meetings to two or more persons holding or representing at least 25 percent of the outstanding common shares of the Company.

The Advance Notice By-law and the By-law Amendments are effective immediately. Shareholders of Altus Group will be asked to ratify and confirm the Advance Notice By-law and the By-law Amendments at the next meeting of shareholders that is currently scheduled for April 28, 2014. If either the Advance Notice By-law or the By-law amendments are not confirmed by ordinary resolution of the shareholders at such meeting, they will terminate and be of no further force and effect following the termination of such meeting. The full text of the Advance Notice By-law and By-law No. 1, as amended by the By-law Amendments, have been filed under Altus Group's profile at www.sedar.com and posted on Altus Group's website at www.altusgroup.com.

Analyst Call Details

To discuss these results, Altus Group will hold its Q4 and FY 2013 analyst conference call at 5:00 p.m. (ET) on Tuesday, February 25, 2014. To access the conference call, please dial one of the following numbers five minutes prior to the scheduled start time: 416-340-2216 (GTA) or 1-866-226-1792 toll-free.

A recording of this call will be available February 26 - March 4, 2014. To access the recording, please call 905-694-9451 (GTA) or 1-800-408-3053 toll-free (passcode: 9166759). The recording will also be available at www.altusgroup.com.

Non-IFRS Measures

Altus Group uses certain non-IFRS measures as indicators of financial performance. Readers are cautioned that they are not defined performance measures under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. We believe that these measures are useful supplemental measures that may assist investors in assessing an investment in shares of Altus Group and provide more insight into our performance.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, ("Adjusted EBITDA"), represents operating profit (loss) adjusted for the effect of amortization of intangibles, depreciation of property, plant and equipment, acquisition-related expenses (income), restructuring costs, share of profit or loss of associate, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of business assets, impairment charges, Executive Compensation Plan costs, gains (losses) on hedging transactions and other expenses or income of a non-operating and/or non-recurring nature.

Adjusted Basic Earnings (Loss) per Share, ("Adjusted Basic EPS"), represents basic earnings per share adjusted for the effect of amortization of intangibles acquired as part of business acquisitions, non-cash finance costs (income) related to the revaluation of amounts payable to unitholders, distributions related to amounts payable to unitholders, acquisition-related expenses (income), restructuring costs, share of profit or loss of associate, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of business assets, interest accretion on vendor payables, gain (loss) on settlement of US convertible debentures, impairment charges, Executive Compensation Plan costs, gains (losses) on hedging transactions and other expenses or income of a non-operating and/or non-recurring nature. All of the adjustments are made net of tax.

Forward-Looking Information

Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, its objectives, strategies and intentions, and future financial and operating performance and prospects. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement.

Forward-looking information includes, but is not limited to, the discussion of Altus Group's business and operating initiatives; its expectations of future performance for its various business units and its consolidated financial results; and its expectations with respect to cash flows and its level of liquidity.

Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that were identified and were applied by Altus Group in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of Altus Group's business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which Altus Group operates; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of Altus Group's businesses; and the continued availability of qualified professionals.

Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause Altus Group's actual results, performance or achievements, 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, but are not limited to: general state of the economy; competition in the industry; ability to attract and retain professionals; commercial real estate market; integration of acquisitions; oil and gas sector; 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; information technology governance and security; 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 Group's publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com).

Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus Group has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus Group does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.

About Altus Group

Altus Group is a leading provider of independent commercial real estate consulting and advisory services, software and data solutions. We operate five Business Units, bringing together years of experience and a broad range of expertise into one comprehensive platform: Research, Valuation and Advisory; ARGUS Software; Property Tax Consulting; Cost Consulting and Project Management and Geomatics. Our suite of services and software enables clients to analyze, gain insight and recognize value on their real estate investments.

Altus Group has over 1,800 employees in multiple offices around the world, including Canada, the United States, the United Kingdom, Australia and Asia Pacific. Altus Group's clients include financial institutions, private and public investment funds, insurance companies, accounting firms, public real estate organizations, real estate investment trusts, healthcare institutions, industrial companies, foreign and domestic private investors, real estate developers, governmental institutions and firms in the oil and gas sector.

For more information, please visit www.altusgroup.com.

Contacts:
Altus Group Limited
Elif McDonald
Vice President, Investor Relations
(416) 641 - 9804
[email protected]
www.altusgrouplimited.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...