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MARKHAM, ONTARIO -- (Marketwired) -- 12/18/14 -- Enghouse Systems Limited (TSX: ESL) today announced its fourth quarter (unaudited) and year-end financial results for the period ended October 31, 2014.

Revenue increased by 22% to $220.0 million for the fiscal year, compared to revenue of $179.9 million in the previous fiscal year, resulting in another record year for the Company. Income from operating activities was $52.1 million compared to $40.7 million last year, an increase of 28%. Net income for the fiscal year was $29.7 million or $1.11 per diluted share compared to $24.3 million or $0.92 per diluted share in the prior year. Adjusted EBITDA for the fiscal year was $56.0 million or $2.09 per diluted share compared to $44.9 million or $1.69 per diluted share last year, an increase of 24%.

Revenue for the fourth quarter was $62.1 million, an increase of 32% over last year's fourth quarter revenue of $47.2 million. Income from operating activities for the quarter was $14.6 million compared to $12.0 million last year, an increase of 22%. Net income for the quarter was $9.7 million or $0.36 per diluted share compared to $9.7 million or $0.36 per diluted share last year. Adjusted EBITDA for the quarter was $15.6 million or $0.58 per diluted share compared to $12.4 million or $0.46 per diluted share last year, an increase of 25%.

Increased revenue in the quarter reflects incremental revenue from acquisitions, including Voxtron NV, acquired October 3, 2014, Jinny Software Limited, acquired August 5, 2014 and the favourable impact of foreign exchange. Revenue includes license revenue of $19.1 million, an increase of 27% over last year and $32.2 million from hosted and maintenance services, an increase of 33%. For the fiscal year, license revenue was $71.9 million compared to $58.9 million, while hosted and maintenance services revenue grew by 25% to $115.0 million.

Operating expenses increased to $28.3 million for the quarter and $102.6 million for the fiscal year compared to $21.5 million and $88.1 million respectively last year as a result of the incremental cost of acquired operations and the negative impact of foreign exchange. This also includes research and development costs of $10.7 million for the quarter and $37.7 million for the year, reflecting the Company's continued investment in product development. Foreign exchange continues to impact both the revenue and operating expenses denominated in currencies other than the Canadian dollar. Non-cash amortization charges for the year were $17.6 million compared to $15.6 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 $84.9 million in cash, cash equivalents and short-term investments, after the payment of approximately $45.0 million related to acquisitions and $9.4 million to dividends. The Company generated cash flows from operating activities of $47.6 million in the year compared to $32.4 million in 2013, an increase of 47%.

Enghouse completed five acquisitions during the fiscal year, expanded the scale and product portfolio of its Asset Management Group, entered new geographic regions and strengthened its presence in key markets. The Company generated strong cash flows and has a healthy balance sheet with no debt. Enghouse remains committed to seeking accretive acquisitions to continue to grow its market share and increase shareholder value.

The Board of Directors has approved an eligible quarterly dividend of $0.10 per common share, payable on February 27, 2015 to shareholders of record at the close of business on February 13, 2015.

A conference call to discuss the results will be held on Friday, December 19, 2014 at 8:45 a.m. EST. To participate, please call 416-640-5947 or North American Toll-Free 1-866-233-4606. No PIN required.

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 profitable 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 a measure 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,
                                   2014        2013        2014        2013
----------------------------------------------------------------------------

Total Revenue                $   62,056  $   47,171  $  219,987  $  179,886

Income before income taxes   $    9,371  $    8,441  $   34,624  $   27,047
Depreciation of property,
 plant and equipment                643         440       2,315       1,743
Amortization of acquired
 software and customer
 relationships                    5,195       4,083      17,609      15,568
Finance income                     (106)       (124)       (492)       (641)
Finance expenses                    178          55         410         313
Other income                        (44)       (466)        (87)     (1,582)
Special charges                     360           -       1,616       2,491
                            ------------------------------------------------
Adjusted EBITDA              $   15,597  $   12,429  $   55,995  $   44,939
Adjusted EBITDA margin               25%         26%         25%         25%
Adjusted EBITDA per diluted
 share                       $     0.58  $     0.46  $     2.09  $     1.69

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

                                                    October 31,  October 31,
                                                           2014         2013

                      Assets

Current assets:
  Cash and cash equivalents                         $    72,780  $    70,109
  Short-term investments                                 12,084       20,188
  Accounts receivable, net                               54,341       36,444
  Prepaid expenses and other assets                       7,571        5,839
                                                  --------------------------
                                                        146,776      132,580
Non-current assets:
  Property, plant and equipment                           4,020        3,599
  Intangible assets                                     166,548      132,358
  Deferred income tax assets                             10,427        9,419
                                                  --------------------------

Total assets                                        $   327,771  $   277,956
                                                  --------------------------
                                                  --------------------------

                    Liabilities

Current liabilities:
  Accounts payable and accrued liabilities          $    41,297  $    32,659
  Income taxes payable                                    2,644        1,555
  Dividends payable                                       2,616        2,083
  Accrued provisions                                      3,407        3,427
  Deferred revenue                                       47,745       39,325
                                                  --------------------------
                                                         97,709       79,049
Non-current liabilities:
  Deferred income tax liabilities                        19,930       14,482
  Deferred revenue                                        1,877        1,797
                                                  --------------------------

Total liabilities                                       119,516       95,328
                                                  --------------------------

               Shareholders' Equity

Share capital                                            59,746       58,514
Contributed surplus                                       3,782        3,175
Retained earnings                                       135,554      115,800
Accumulated other comprehensive income                    9,173        5,139
                                                  --------------------------
Total equity                                            208,255      182,628
                                                  --------------------------
Total liabilities and equity                        $   327,771  $   277,956
                                                  --------------------------
                                                  --------------------------

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
                                   2014        2013        2014        2013
Revenue
  Software licenses          $   19,119  $   15,010  $   71,926  $   58,887
  Hosted and maintenance
   services                      32,221      24,262     115,004      91,762
  Professional services           8,859       6,350      26,708      23,931
  Hardware                        1,857       1,549       6,349       5,306
                            ------------------------------------------------
                                 62,056      47,171     219,987     179,886
                            ------------------------------------------------
Direct costs
  Software licenses               1,454       1,145       5,480       4,336
  Services                       16,379      11,471      55,543      43,190
  Hardware                        1,346       1,054       4,281       3,592
                            ------------------------------------------------
                                 19,179      13,670      65,304      51,118
                            ------------------------------------------------

Revenue, net of direct costs     42,877      33,501     154,683     128,768

  Operating expenses
    Selling, general and
     administrative              16,573      13,145      60,965      53,366
    Research and development     10,707       7,927      37,723      30,463
    Depreciation of
     property, plant and
     equipment                      643         440       2,315       1,743
    Special charges                 360           -       1,616       2,491
                            ------------------------------------------------
                                 28,283      21,512     102,619      88,063
                            ------------------------------------------------

Results from operating
 activities                      14,594      11,989      52,064      40,705

Amortization of acquired
 software and customer
 relationships                   (5,195)     (4,083)    (17,609)    (15,568)
Finance income                      106         124         492         641
Finance expenses                   (178)        (55)       (410)       (313)
Other income                         44         466          87       1,582
                            ------------------------------------------------

Income before income taxes        9,371       8,441      34,624      27,047

(Recovery of) provision for
 income taxes
  Current income tax expense      2,844       2,373       6,110       4,519
  Deferred income tax
   recovery                      (3,212)     (3,644)     (1,170)     (1,819)
                            ------------------------------------------------
                                   (368)     (1,271)      4,940       2,700
                            ------------------------------------------------

                            ------------------------------------------------
                            ------------------------------------------------
Net income for the period    $    9,739  $    9,712  $   29,684  $   24,347
                            ------------------------------------------------
                            ------------------------------------------------

Items that are or may be
 reclassified subsequently
 to profit or loss:
Foreign currency translation
 (loss) gain from foreign
 operations                      (1,925)      5,354       4,220       5,575
Transfer to net income of
 realized gains on available
 for sale investments               (18)       (668)        (74)     (2,869)
Unrealized (loss) gain on
 available for sale
 investments                        (84)        126        (147)      2,393
Deferred income tax recovery         20          78          35          69
                            ------------------------------------------------

Other comprehensive (loss)
 income                          (2,007)      4,890       4,034       5,168
                            ------------------------------------------------

Comprehensive income         $    7,732  $   14,602  $   33,718  $   29,515
----------------------------------------------------------------------------
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Earnings per share
Basic                        $     0.37  $     0.37  $     1.14  $     0.94
Diluted                      $     0.36  $     0.36  $     1.11  $     0.92
----------------------------------------------------------------------------

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

                                      Share           Share     Contributed
                                    Capital         capital         surplus
                                    -number               $               $

Balance - November 1, 2013       26,042,962          58,514           3,175

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 income for the
 year                                     -               -               -
                            ------------------------------------------------
                            ------------------------------------------------
Employee share options:
  Value of services
   recognized                             -               -             877
  Proceeds on issuing shares        121,000           1,232            (270)
Dividends                                 -               -               -
                            ------------------------------------------------
Balance - October 31, 2014       26,163,962          59,746           3,782
                            ------------------------------------------------
                            ------------------------------------------------


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
                            ------------------------------------------------
                            ------------------------------------------------


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

Balance - November 1, 2013            5,139         115,800         182,628

Net income                                -          29,684          29,684
Other Comprehensive Income
 (net of tax):
Cumulative Translation
 Adjustment                           4,220               -           4,220
Transfer to net income of
 realized gains on
 available-for-sale
 investments                            (74)              -             (74)
Unrealized loss on
 available-for-sale
 investments                           (147)              -            (147)
Deferred income tax recovery             35               -              35
                            ------------------------------------------------
Comprehensive income for the
 year                                 4,034          29,684          33,718
                            ------------------------------------------------
                            ------------------------------------------------
Employee share options:
  Value of services
   recognized                             -               -             877
  Proceeds on issuing shares              -               -             962
Dividends                                 -          (9,930)         (9,930)
                            ------------------------------------------------
Balance - October 31, 2014            9,173         135,554         208,255
                            ------------------------------------------------
                            ------------------------------------------------


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
                            ------------------------------------------------
                            ------------------------------------------------

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
                                   2014        2013        2014        2013
Cash flows from operating
 activities
Net income                   $    9,739  $    9,712  $   29,684  $   24,347

Adjustments for:
  Depreciation of property,
   plant and equipment              643         440       2,315       1,743
  Amortization of acquired
   software and customer
   relationships                  5,195       4,083      17,609      15,568
  Stock-based compensation
   expense                          201         312         877       1,016
  Income tax (recovery)
   expense                         (368)     (1,271)      4,940       2,700
  Finance expenses                  178          55         410         313
  Other income                      (44)       (466)        (87)     (1,582)
                            ------------------------------------------------
                                 15,544      12,865      55,748      44,105

Changes in non-cash
 operating working capital       (7,399)    (10,020)     (2,539)     (7,545)
Income tax paid                  (1,251)       (693)     (5,568)     (4,203)
----------------------------------------------------------------------------
Net cash flows from
 operating activities             6,894       2,152      47,641      32,357

Cash flows from investing
 activities
Purchase of property, plant
 and equipment                      (11)       (238)     (1,324)     (1,403)
Acquisitions, net of cash
 acquired of $4,361 (2013 -
 $6,004)                        (22,466)     (5,221)    (40,287)    (22,433)
Purchase consideration for
 prior period acquisitions       (1,016)          -      (4,725)     (2,593)
Net proceeds from sale of
 short-term investments           7,138      14,006       8,429       7,948
----------------------------------------------------------------------------
Net cash flows (used in)
 from investing activities      (16,355)      8,547     (37,907)    (18,481)

Cash flows from financing
 activities
Issuance of share capital           144         491         962       2,075
Payment of cash dividend         (2,614)     (2,079)     (9,397)     (7,511)
----------------------------------------------------------------------------
Net cash flows used in
 financing activities            (2,470)     (1,588)     (8,435)     (5,436)

Effect of currency
 translation adjustments on
 cash and cash equivalents         (620)      2,206       1,372       2,125
----------------------------------------------------------------------------

Net (decrease) increase in
 cash and cash equivalents
 during the period              (12,551)     11,317       2,671      10,565
Cash and cash equivalents -
 beginning of period             85,331      58,792      70,109      59,544

Cash and cash equivalents -
 end of period               $   72,780  $   70,109  $   72,780  $   70,109
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

                                            For the                 For the
                                 three months ended              year ended
                                         October 31              October 31
                            ------------------------------------------------
                                   2014        2013        2014        2013
                            ------------------------------------------------

Revenue:
  Asset Management Group     $   19,457  $   10,332  $   51,094  $   33,804
  Interactive Management
   Group                         42,599      36,839     168,893     146,082
                            ------------------------------------------------
Total                        $   62,056  $   47,171  $  219,987  $  179,886
                            ------------------------------------------------
                            ------------------------------------------------


Segment Profit
  Asset Management Group     $    3,971  $    2,794  $   11,427  $    7,365
  Interactive Management
   Group                         12,106      10,377      46,286      37,688
  Corporate expenses             (1,483)     (1,182)     (5,649)     (4,348)
  Amortization of acquired
   software and customer
   relationships                 (5,195)     (4,083)    (17,609)    (15,568)
  Finance income                    106         124         492         641
  Finance expenses                 (178)        (55)       (410)       (313)
  Other income                       44         466          87       1,582
                            ------------------------------------------------
Total                        $    9,371  $    8,441  $   34,624  $   27,047
                            ------------------------------------------------
                            ------------------------------------------------