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MARKHAM, ONTARIO -- (Marketwired) -- 12/17/13 -- Enghouse Systems Limited (TSX: ESL) today announced its fourth quarter (unaudited) and year-end financial results for the period ended October 31, 2013.

Revenue increased by 32% to $179.9 million for the fiscal year, compared to revenue of $136.4 million in the previous fiscal year, culminating in another record year as the Company continues to execute its acquisition strategy. Income from operating activities was $40.7 million compared to $33.2 million last year, an increase of 23%. Net income for the fiscal year was $24.3 million or $0.92 per diluted share compared to $20.9 million or $0.80 per diluted share in the prior year. Adjusted EBITDA for the fiscal year was $44.9 million or $1.69 per diluted share compared to $35.1 million or $1.35 per diluted share last year.

Revenue for the fourth quarter was $47.2 million, an increase of 21% over last year's fourth quarter revenue of $39.0 million. Income from operating activities for the quarter was $12.0 million compared to $9.7 million last year, an increase of 23%. Net income for the quarter was $9.7 million or $0.36 per diluted share compared to $8.3 million or $0.32 per diluted share last year. Adjusted EBITDA for the quarter was $12.4 million or $0.46 per diluted share compared to $10.2 million or $0.39 per diluted share last year.

Increased revenue in the quarter reflects incremental revenue from acquisitions including nominal contributions from recent acquisitions, Safeharbor Knowledge Solutions, acquired September 6, 2013 and Andtek GmbH, acquired October 7, 2013. Revenue also includes hosted and maintenance services revenue of $24.3 million in the quarter, an increase of 21% over last year's fourth quarter. In fiscal 2013, hosted and services revenue was $91.8 million compared to $71.6 million in fiscal 2012 and is attributable to contributions from recent acquisitions and an increase in organic hosted and maintenance services revenue. Software license revenue was $58.9 million compared to $45.1 million, an increase of 31% over fiscal 2012.

Operating expenses were $21.5 million for the quarter and $88.1 million for the fiscal year compared to $18.4 million and $66.5 million respectively last year as a result of the incremental cost of acquired operations. This also includes research and development costs of $7.9 million and $30.5 million in the quarter and year, respectively, consistent with the Company's continued investment in software development. Non-cash amortization charges for the year were $15.6 million compared to $11.0 million in the prior fiscal year and relate to incremental amortization charges for acquired software and customer relationship intangibles recorded on the current year's acquisitions.

The Company closed the year with $90.3 million in cash, cash equivalents and short-term investments, after the payment of approximately $25.0 million related to acquisitions and $7.5 million to dividends for the year. The Company generated operating cash flows before non-cash working capital items of $44.1 million in the year compared to $36.2 million in 2012. Enghouse continues to have no long-term debt.

As previously announced, on November 4, 2013 the Company acquired 100% of the issued and outstanding common shares of Information Access Technologies Inc. ("IAT"). IAT is a dynamic company specializing in innovative communication technology which enables companies to design, execute and measure customer communication campaigns for a variety of marketing, customer care and payment processing markets. IAT solutions add premise and hosted products and services for both outbound dialing and broadcast messaging and will be included in the Interactive Management Group results in fiscal 2014. The Company continues to seek further acquisitions to continue to grow its market share globally.

The Board of Directors also announced today an eligible quarterly dividend of $0.08 per common share, payable on February 28, 2014 to shareholders of record at the close of business on February 14, 2014.

A conference call to discuss the results will be held on Wednesday, December 18, 2013 at 8:45 a.m. EST. To participate, please call 416-216-4169 (PIN 8836 010#) or North American Toll-Free 1-866-229-4144 (PIN 8836 610#).

About Enghouse

Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of distinct vertical markets. Its strategy is to build a larger and more diverse software company through strategic acquisitions and managed growth. Enghouse shares are listed on the Toronto Stock Exchange under the symbol "ESL". Further information about Enghouse may be obtained from the Company's web site at www.enghouse.com.

Non-GAAP Measures

The Company uses non-GAAP measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than GAAP do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as measures of operating performance. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is calculated as income before income taxes adjusted for depreciation of property, plant and equipment, amortization of acquired software and customer relationships, finance income, finance expenses, other income, and special charges for acquisition related restructuring costs. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, other income and restructuring costs primarily related to acquisitions.

Adjusted EBITDA:

The table below reconciles Adjusted EBITDA to income before income taxes:

----------------------------------------------------------------------------
                               Three Months ended                Year ended
                         October 31,  October 31,  October 31,  October 31,
                                2013         2012         2013         2012
----------------------------------------------------------------------------
Total Revenue            $    47,171  $    38,952  $   179,886  $   136,368

Income before income
 taxes                   $     8,441  $     6,706  $    27,047  $    23,107
Depreciation of
 property, plant and
 equipment                       440          444        1,743        1,386
Amortization of acquired
 software and customer
 relationships                 4,083        3,204       15,568       10,974
Finance income                  (124)        (289)        (641)        (987)
Finance expenses                  55           86          313          269
Other income                    (466)          23       (1,582)        (145)
Special charges                    -           53        2,491          544
                        ----------------------------------------------------
Adjusted EBITDA          $    12,429  $    10,227  $    44,939  $    35,148
Adjusted EBITDA margin            26%          26%          25%          26%
Adjusted EBITDA per
 diluted share           $      0.46  $      0.39  $      1.69  $      1.35

Enghouse Systems Limited
Consolidated Statements of Financial Position
(in thousands of Canadian dollars)

                                                  October 31,   October 31,
                                                         2013          2012

                     Assets
Current assets:
  Cash and cash equivalents                      $     70,109  $     59,544
  Short-term investments                               20,188        24,108
  Accounts receivable, net                             36,444        31,368
  Prepaid expenses and other assets                     5,839         3,853
                                               -----------------------------
                                                      132,580       118,873
Non-current assets:
  Property, plant and equipment                         3,599         3,365
  Intangible assets                                   132,358       106,995
  Deferred income tax assets                            9,419        10,477
                                               -----------------------------

Total assets                                     $    277,956  $    239,710
                                               -----------------------------
                                               -----------------------------

                  Liabilities
Current liabilities:
  Accounts payable and accrued liabilities       $     32,659  $     26,053
  Income taxes payable                                  1,555         2,008
  Dividends payable                                     2,083         1,676
  Accrued provisions                                    3,427         1,621
  Deferred revenue                                     39,325        35,935
                                               -----------------------------
                                                       79,049        67,293
Non-current liabilities:
  Deferred income tax liabilities                      14,482        13,241
  Deferred revenue                                      1,797         1,236
                                               -----------------------------
Total liabilities                                      95,328        81,770
                                               -----------------------------
              Shareholders' Equity

Share capital                                          58,514        55,751
Contributed surplus                                     3,175         2,847
Retained earnings                                     115,800        99,371
Accumulated other comprehensive income (loss)           5,139           (29)
                                               -----------------------------
Total equity                                          182,628       157,940
                                               -----------------------------
Total liabilities and equity                     $    277,956  $    239,710
                                               -----------------------------
                                               -----------------------------

Enghouse Systems Limited
Consolidated Interim Statements of Operations and Comprehensive Income
(in thousands of Canadian dollars, except per share amounts)

                         (Unaudited)  (Unaudited)
                               Three months ended                Year ended
                                       October 31                October 31
                                2013         2012         2013         2012
Revenue
  Software licenses      $    15,010  $    13,107  $    58,887  $    45,108
  Hosted and maintenance
   services                   24,262       20,114       91,762       71,608
  Professional services        6,350        5,210       23,931       18,083
  Hardware                     1,549          521        5,306        1,569
                        ----------------------------------------------------
                              47,171       38,952      179,886      136,368
                        ----------------------------------------------------
Direct costs
  Software licenses            1,145        1,532        4,336        4,115
  Services                    11,471        8,861       43,190       31,410
  Hardware                     1,054          408        3,592        1,134
                        ----------------------------------------------------
                              13,670       10,801       51,118       36,659
                        ----------------------------------------------------

Revenue, net of direct
 costs                        33,501       28,151      128,768       99,709

Operating expenses
  Selling, general and
   administrative             13,145       11,977       53,366       43,069
  Research and
   development                 7,927        5,947       30,463       21,492
  Depreciation of
   property, plant and
   equipment                     440          444        1,743        1,386
  Special charges                  -           53        2,491          544
                        ----------------------------------------------------
                              21,512       18,421       88,063       66,491
                        ----------------------------------------------------

Results from operating
 activities                   11,989        9,730       40,705       33,218

Amortization of acquired
 software and customer
 relationships                (4,083)      (3,204)     (15,568)     (10,974)
Finance income                   124          289          641          987
Finance expenses                 (55)         (86)        (313)        (269)
Other income                     466          (23)       1,582          145
                        ----------------------------------------------------

Income before income
 taxes                         8,441        6,706       27,047       23,107

(Recovery of) provision
 for income taxes             (1,271)      (1,639)       2,700        2,234
                        ----------------------------------------------------

Net income for the
 period                  $     9,712  $     8,345  $    24,347  $    20,873
                        ----------------------------------------------------
                        ----------------------------------------------------
Items that are or may be
 reclassified
 subsequently to profit
 or loss:
Foreign currency
 translation gain (loss)
 from foreign operations       5,354        1,652        5,575          (12)
Transfer to net income
 of realized gains on
 available for sale
 investments                    (668)           -       (2,869)        (156)
Unrealized gain (loss)
 on available for sale
 investments                     126          (42)       2,393       (1,111)
Deferred income tax
 recovery                         78            5           69          215
                        ----------------------------------------------------

Other comprehensive
 income (loss)                 4,890        1,615        5,168       (1,064)
                        ----------------------------------------------------

Comprehensive income     $    14,602  $     9,960  $    29,515  $    19,809
----------------------------------------------------------------------------
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Earnings per share
Basic                    $      0.37  $      0.32  $      0.94  $      0.82
Diluted                  $      0.36  $      0.32  $      0.92  $      0.80
----------------------------------------------------------------------------

Enghouse Systems Limited
Consolidated Statements of Changes in Equity
(in thousands of Canadian dollars)




                                        Share          Share    Contributed
                                      Capital        capital        surplus
                                      -number              $              $

Balance - November 1, 2012         25,780,562         55,751          2,847

Net income                                  -              -              -
Other Comprehensive Income (net
 of tax):
Cumulative Translation
 Adjustment                                 -              -              -
Transfer to net income of
 realized gains on available-
 for-sale investments                       -              -              -
Unrealized gain on available-
 for-sale investments                       -              -              -
Deferred income tax recovery                -              -              -
                               ---------------------------------------------
Comprehensive income for the
 year                                       -              -              -
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized                                        1,016
  Proceeds on issuing shares          262,400          2,763           (688)
Dividends                                   -              -              -
                               ---------------------------------------------
Balance - October 31, 2013         26,042,962         58,514          3,175
                               ---------------------------------------------
                               ---------------------------------------------


Balance - November 1, 2011         25,337,262         52,134          2,970

Net income                                  -              -              -
Other Comprehensive Income (net
 of tax):
Cumulative Translation
 Adjustment                                 -              -              -
Transfer to net income of
 realized gains on available-
 for-sale investments                       -              -              -
Unrealized loss on available-
 for-sale investments                       -              -              -
Deferred income tax recovery                -              -              -
                               ---------------------------------------------
Comprehensive (loss) income for
 the year                                   -              -              -
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -              -            621
  Proceeds on issuing shares          443,300          3,617           (744)
Dividends                                   -              -              -
                               ---------------------------------------------
Balance - October 31, 2012         25,780,562         55,751          2,847
                               ---------------------------------------------
                               ---------------------------------------------


                                  Accumulated
                                        other
                                comprehensive       Retained
                                income (loss)       earnings          Total
                                            $              $              $

Balance - November 1, 2012                (29)        99,371        157,940

Net income                                  -         24,347         24,347
Other Comprehensive Income (net
 of tax):
Cumulative Translation
 Adjustment                             5,575              -          5,575
Transfer to net income of
 realized gains on available-
 for-sale investments                  (2,869)             -         (2,869)
Unrealized gain on available-
 for-sale investments                   2,393              -          2,393
Deferred income tax recovery               69              -             69
                               ---------------------------------------------
Comprehensive income for the
 year                                   5,168         24,347         29,515
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -              -          1,016
  Proceeds on issuing shares                -              -          2,075
Dividends                                   -         (7,918)        (7,918)
                               ---------------------------------------------
Balance - October 31, 2013              5,139        115,800        182,628
                               ---------------------------------------------
                               ---------------------------------------------


Balance - November 1, 2011              1,035         84,782        140,921

Net income                                  -         20,873         20,873
Other Comprehensive Income (net
 of tax):
Cumulative Translation
 Adjustment                               (12)             -            (12)
Transfer to net income of
 realized gains on available-
 for-sale investments                    (156)             -           (156)
Unrealized loss on available-
 for-sale investments                  (1,111)             -         (1,111)
Deferred income tax recovery              215              -            215
                               ---------------------------------------------
Comprehensive (loss) income for
 the year                              (1,064)        20,873         19,809
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -              -            621
  Proceeds on issuing shares                -              -          2,873
Dividends                                   -         (6,284)        (6,284)
                               ---------------------------------------------
Balance - October 31, 2012                (29)        99,371        157,940
                               ---------------------------------------------
                               ---------------------------------------------

Enghouse Systems Limited
Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)

                         (Unaudited)  (Unaudited)
                               Three months ended                Year ended
                                       October 31                October 31
                                2013         2012         2013         2012
Cash flows from
 operating activities
Net income               $     9,712  $     8,345  $    24,347  $    20,873

Adjustments for:
  Depreciation of
   property, plant and
   equipment                     440          444        1,743        1,386
  Amortization of
   acquired software and
   customer
   relationships               4,083        3,204       15,568       10,974
  Stock-based
   compensation expense          312          119        1,016          621
  Income tax (recovery)
   expense                    (1,271)      (1,639)       2,700        2,234
  Finance expenses and
   other income                 (411)         109       (1,269)         124
                        ----------------------------------------------------
                              12,865       10,582       44,105       36,212

Changes in non-cash
 operating working
 capital                     (10,020)      (4,769)      (7,545)      (8,245)
Income tax paid                 (693)      (1,304)      (4,203)      (4,492)
----------------------------------------------------------------------------
Net cash flows from
 operating activities          2,152        4,509       32,357       23,475

Cash flows from
 investing activities
Purchase of property,
 plant and equipment,
 net                            (238)        (402)      (1,403)      (2,295)
Acquisitions, net of
 cash acquired of $6,004
 (2012 - $810)                (5,221)           -      (22,433)     (32,453)
Purchase consideration
 for prior period
 acquisitions                      -            -       (2,593)           -
Net proceeds from sale
 of short-term
 investments                  14,006       17,396        7,948        8,704
----------------------------------------------------------------------------
Net cash flows from
 (used in) investing
 activities                    8,547       16,994      (18,481)     (26,044)

Cash flows from
 financing activities
Issuance of share
 capital                         491          556        2,075        2,873
Payment of cash dividend      (2,079)      (1,669)      (7,511)      (5,875)
----------------------------------------------------------------------------
Net cash flows used in
 financing activities         (1,588)      (1,113)      (5,436)      (3,002)

Effect of currency
 translation adjustments
 on cash and cash
 equivalents                   2,206         (709)       2,125         (509)
----------------------------------------------------------------------------

Net increase (decrease)
 in cash and cash
 equivalents during the
 period                       11,317       19,681       10,565       (6,080)
Cash and cash
 equivalents - beginning
 of period                    58,792       39,863       59,544       65,624

Cash and cash
 equivalents - end of
 period                  $    70,109  $    59,544  $    70,109  $    59,544
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Enghouse Systems Limited
Selected Segment Reporting Information
(in thousands of Canadian dollars)
(Unaudited)

                     For the three months ended          For the year ended
                                     October 31                  October 31
                    --------------------------------------------------------
                             2013          2012          2013          2012
                    --------------------------------------------------------

Revenue:
  Asset Management
   Group             $     10,332  $      5,789  $     33,804  $     17,308
  Interactive
   Management Group        36,839        33,163       146,082       119,060
                    --------------------------------------------------------
Total                $     47,171  $     38,952  $    179,886  $    136,368
                    --------------------------------------------------------
                    --------------------------------------------------------


Segment Profit
  Asset Management
   Group             $      2,082  $      1,910  $      5,039  $      3,828
  Interactive
   Management Group         7,006         5,472        24,446        21,902
  Corporate expenses       (1,182)         (856)       (4,348)       (3,486)
  Finance income              124           289           641           987
  Finance expenses            (55)          (86)         (313)         (269)
  Other income                466           (23)        1,582           145
                    --------------------------------------------------------
Total                $      8,441  $      6,706  $     27,047  $     23,107
                    --------------------------------------------------------
                    --------------------------------------------------------