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MARKHAM, ONTARIO -- (Marketwired) -- 06/05/13 -- Enghouse Systems Limited (TSX: ESL) today announced its unaudited second quarter financial results for the period ended April 30, 2013.

Second quarter revenue was $44.5 million, an increase of 41% over revenue of $31.5 million in the second quarter last year, with incremental revenue coming from acquisitions. Revenue includes hosted and maintenance services contributions of $23.4 million in the quarter, an increase of 46% over last year's revenue of $16.0 million. Adjusted EBITDA for the quarter was $10.7 million or $0.40 per diluted share compared to $7.8 million or $0.30 per diluted share in last year's second quarter. Results from operating activities for the quarter were $9.7 million compared to $7.6 million in the prior year's second quarter and include special charges booked on acquisitions of $0.6 million in the quarter. Excluding special charges related to restructuring of acquisitions, results from operating activities would be $10.3 million, an increase of 36% over the prior year. Net income for the second quarter was $4.9 million or $0.19 per diluted share compared to the prior year's second quarter net income of $4.2 million or $0.16 per share. On a year to date basis, revenue was $86.5 million compared to $62.0 million, an increase of 39%. Adjusted EBITDA for the year to date was $20.3 million or $0.77 per diluted share compared to $15.7 million or $0.60 per share.

Operating expenses increased to $22.3 million from $15.7 million in the prior year's second quarter and include incremental operating costs related to acquisitions as well as special charges related to restructuring of acquired operations. Non-cash amortization charges in the quarter were $3.9 million compared to $2.4 million in the prior year's second quarter and include amortization charges for acquired software and customer relationships including operations acquired in the current year.

On March 1, 2013 the Company completed the acquisition of Locus Holdings AS ("Locus") of Norway for a cash purchase price of approximately $12.7 million, subject to certain price adjustments. Locus is a leading supplier of fleet management solutions for the Public Safety and Transport & Logistics (including Security) sectors in the Scandinavian market and has a dominant position in the Norwegian Public Safety sector. Its products are installed in police cars, ambulances, rescue helicopters and fire brigades. Locus's transportation, logistics and M2M products are also well established in these markets.

Enghouse closed the quarter with $80.9 million in cash, cash equivalents and short-term investments, compared to $80.1 million at January 31, 2013 and $83.7 million at October 31, 2012. This reflects cash paid in the quarter of approximately $10.2 million on the acquisition of Locus. It also reflects a cash dividend of $1.7 million paid in March 2013. The Company continues to have no long-term debt.

The Board of Directors has approved an eligible quarterly dividend to $0.08 per common share, payable on August 31, 2013 to shareholders of record at the close of business on August 17, 2013.

Enghouse continues to seek further acquisitions to grow its market share.

A conference call to discuss the results will be held on Thursday, June 6, 2013 at 8:45 a.m. EST. To participate, please call 416-849-8296 (PIN 15953109#) in Toronto or North American Toll-Free 1-866-551-3680 (PIN 15953109#).

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-IFRS Measures

The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS 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 results from operating activities and Adjusted EBITDA as a measure of operating performance. Therefore, results from operating activities and Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Results from operating activities are calculated as net income before amortization of acquired software and customer relationships, finance income, finance expenses, other income, and the provision for income taxes. Results from Adjusted EBITDA are calculated as net income before depreciation of property, plant and equipment, amortization of acquired software and customer relationships, finance income, finance expenses, other income, the provision of income tax and special charges for acquisition related restructuring and transaction costs. Management uses results from operating activities and Adjusted EBITDA to evaluate operating performance as they exclude 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.

The table below reconciles Adjusted EBITDA to net income:

                                   Three Months ended      Six Months ended
                                 April 30,  April 30,  April 30,  April 30,
                                      2013       2012       2013       2012

Total Revenue                    $  44,511  $  31,456  $  86,486  $  61,989

Net income for the period            4,903      4,180      8,338      8,240
Provision for income taxes           1,335      1,347      2,248      2,629
Depreciation of property, plant
 and equipment                         410        287        878        565
Amortization of acquired
 software and customer
 relationships                       3,876      2,383      7,460      4,821
Finance income                         (94)      (261)      (427)      (504)
Finance expenses                        96         70        177        111
Other income                          (448)      (157)      (809)      (155)
Special charges                        599          -      2,414          -
Adjusted EBITDA                  $  10,677  $   7,849  $  20,279  $  15,707
Adjusted EBITDA margin                  24%        25%        23%        25%
Adjusted EBITDA per diluted
 share                           $    0.40  $    0.30  $    0.77  $    0.60

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

                                                     April 30,  October 31,
                                                          2013         2012
                      Assets
Current assets:
  Cash and cash equivalents                       $     60,059 $     59,544
  Short-term investments                                20,881       24,108
  Accounts receivable, net                              34,674       31,368
  Income tax receivable                                    369            -
  Prepaid expenses and other assets                      5,785        3,853
                                                 ---------------------------
                                                       121,768      118,873
Non-current assets:
Property, plant and equipment                            4,007        3,365
Intangibles                                            126,488      106,995
Deferred income taxes                                    9,327       10,477
                                                 ---------------------------

Total assets                                      $    261,590 $    239,710
                                                 ---------------------------
                                                 ---------------------------

                   Liabilities
Current liabilities:
  Trade payables                                  $     34,616 $     26,053
  Income taxes payable                                       -        2,008
  Dividends payable                                      2,076        1,676
  Accrued provisions                                     2,531        1,621
  Deferred revenue                                      41,331       35,935
                                                 ---------------------------
                                                        80,554       67,293
Non-current liabilities:
Deferred income tax liabilities                         14,876       13,241
Deferred revenue                                         1,350        1,236
                                                 ---------------------------
Total liabilities                                       96,780       81,770
                                                 ---------------------------
               Shareholders' Equity

Share capital                                           57,615       55,751
Contributed surplus                                      2,781        2,847
Retained earnings                                      103,953       99,371
Accumulated other comprehensive gain (loss)                461          (29)
                                                 ---------------------------
Total shareholders' equity                             164,810      157,940

                                                 ---------------------------
Total liabilities and shareholders' equity        $    261,590 $    239,710
                                                 ---------------------------
                                                 ---------------------------

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

                                     Three months ended    Six months ended
                                               April 30            April 30
                                         2013      2012      2013      2012
Revenue
  Software licenses                  $ 13,624  $ 10,630  $ 28,688  $ 21,148
  Hosted and maintenance services      23,394    16,040    43,957    32,019
  Professional services                 6,077     4,406    11,568     8,146
  Hardware                              1,416       380     2,255       676
                                    ----------------------------------------
                                       44,511    31,456    86,468    61,989
                                    ----------------------------------------
Direct costs
  Software licenses                       649       866     2,078     1,775
  Services                             10,892     7,086    20,476    13,982
  Hardware                              1,004       278     1,597       484
                                    ----------------------------------------
                                       12,545     8,230    24,151    16,241
                                    ----------------------------------------

Revenue, net of direct costs           31,966    23,226    62,317    45,748

Operating expenses
  Selling, general and
   administrative                      13,517     9,976    26,923    19,837
  Research and development              7,772     5,401    15,115    10,204
  Depreciation of property, plant
   and equipment                          410       287       878       565
  Special charges                         599         -     2,414         -
                                    ----------------------------------------
                                       22,298    15,664    45,330    30,606
                                    ----------------------------------------

Results from operating activities       9,668     7,562    16,987    15,142

Amortization of acquired software
 and customer relationships            (3,876)   (2,383)   (7,460)   (4,821)
Finance income                             94       261       427       504
Finance expenses                          (96)      (70)     (177)     (111)
Other income                              448       157       809       155
                                    ----------------------------------------

Income before income taxes              6,238     5,527    10,586    10,869

Provision for income taxes              1,335     1,347     2,248     2,629
                                    ----------------------------------------

Net income for the period            $  4,903  $  4,180  $  8,338  $  8,240
                                    ----------------------------------------
                                    ----------------------------------------

Items that may be reclassified
 subsequently to profit or loss:
Foreign currency translation
 differences from foreign operations     (478)     (709)      383    (1,291)
Transfer to net income of realized
 gains on available for sale
 investments, net of tax of ($58);
 six months - ($114)                     (385)     (132)     (754)     (132)
Unrealized gain (loss) on available
 for sale investments, net of tax of
 $28; six months - $236                   182        14       861      (592)
                                    ----------------------------------------

Other comprehensive (loss) income        (681)     (827)      490    (2,015)
                                    ----------------------------------------

Comprehensive income                 $  4,222  $  3,353  $  8,828  $  6,225
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share
Basic and diluted                    $   0.19  $   0.16  $   0.32  $   0.32
----------------------------------------------------------------------------

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




                                         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, net of tax                      -             -             -
Unrealized gain (loss) on
 available-for-sale investments,
 net of tax                                   -             -             -
                                  ------------------------------------------
Comprehensive income (loss) for
 the period                                   -             -             -
                                  ------------------------------------------
                                  ------------------------------------------
Employee share options:
  Value of services recognized                                          423
  Proceeds on issuing shares            172,400         1,864          (489)
Dividends
                                  ------------------------------------------
Balance - April 30, 2013             25,952,962        57,615         2,781
                                  ------------------------------------------
                                  ------------------------------------------


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
 gain on available-for-sale
 investments, net of tax                      -             -             -
Unrealized gain (loss) on
 available-for-sale investments,
 net of tax                                   -             -             -
                                  ------------------------------------------
Comprehensive income (loss) for
 the period                                   -             -             -
                                  ------------------------------------------
                                  ------------------------------------------
Employee share options:
  Value of services recognized                -             -           286
  Proceeds on issuing shares            268,300         2,398          (522)
Dividends                                     -             -             -
                                  ------------------------------------------
Balance - April 30, 2012             25,605,562        54,532         2,734
                                  ------------------------------------------
                                  ------------------------------------------


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

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

Net income                                    -         8,338         8,338
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment           383             -          (383)
Transfer to net income of realized
 gains on available-for-sale
 investments, net of tax                   (754)            -          (754)
Unrealized gain (loss) on
 available-for-sale investments,
 net of tax                                 861             -           861
                                  ------------------------------------------
Comprehensive income (loss) for
 the period                                 490         8,338         8,828
                                  ------------------------------------------
                                  ------------------------------------------
Employee share options:
  Value of services recognized                -             -           423
  Proceeds on issuing shares                  -             -         1,375
Dividends                                     -        (3,756)       (3,756)
                                  ------------------------------------------
Balance - April 30, 2013                    461       103,953       164,810
                                  ------------------------------------------
                                  ------------------------------------------


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

Net income                                    -         8,240         8,240
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment        (1,291)            -        (1,291)
Transfer to net income of realized
 gain on available-for-sale
 investments, net of tax                   (132)            -          (132)
Unrealized gain (loss) on
 available-for-sale investments,
 net of tax                                (592)            -          (592)
                                  ------------------------------------------
Comprehensive income (loss) for
 the period                              (2,015)        8,240         6,225
                                  ------------------------------------------
                                  ------------------------------------------
Employee share options:
  Value of services recognized                -             -           286
  Proceeds on issuing shares                  -             -         1,876
Dividends                                     -        (2,939)       (2,939)
                                  ------------------------------------------
Balance - April 30, 2012                   (980)       90,083       146,369
                                  ------------------------------------------
                                  ------------------------------------------

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

                                     Three months ended    Six months ended
                                               April 30            April 30
                                         2013      2012      2013      2012
Cash flows from operating activities
Net income                           $  4,903  $  4,180  $  8,338  $  8,240

Adjustments for:
  Depreciation of property, plant
   and equipment                          410       287       878       565
  Amortization of acquired software
   and customer relationships           3,876     2,383     7,460     4,821
  Stock-based compensation expense        286       120       423       286
  Income tax expense                    1,335     1,347     2,248     2,629
  Finance expenses and other income      (352)      (87)     (632)      (44)
                                    ----------------------------------------
                                       10,458     8,230    18,715    16,497

Changes in non-cash operating
 working capital                         (997)      225      (250)   (4,970)
  Income tax paid                        (601)   (1,295)   (2,786)   (1,828)
----------------------------------------------------------------------------
Net cash flows from operating
 activities                             8,860     7,160    15,679     9,699

Cash flows from investing activities
Purchase of property, plant and
 equipment, net                          (677)   (1,178)     (971)   (1,669)
Acquisitions, net of cash acquired
 of $3,617                             (6,846)   (5,802)  (16,831)   (5,802)
Net sale (purchase) of short-term
 investments                            8,817    (9,583)    4,715   (10,559)
----------------------------------------------------------------------------
Net cash flows used in investing
 activities                             1,294   (16,563)  (13,087)  (18,030)

Cash flows from financing activities
Issuance of share capital                 850       749     1,375     1,876
Payment of cash dividend               (1,680)   (1,275)   (3,356)   (2,542)
----------------------------------------------------------------------------
Net cash flows used in financing
 activities                              (830)     (526)   (1,981)     (666)

Effect of currency translation
 adjustments on cash and cash
 equivalents                              200      (655)      (96)     (240)
----------------------------------------------------------------------------

Net increase (decrease) in cash and
 cash equivalents during the period     9,524   (10,584)      515    (9,237)
Cash and cash equivalents- beginning
 of period                             50,535    66,971    59,544    65,624

Cash and cash equivalents - end of
 period                              $ 60,059  $ 56,387  $ 60,059  $ 56,387
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

                                 For the three months    For the six months
                                       ended April 30        ended April 30
                                --------------------------------------------
                                      2013       2012       2013       2012
                                --------------------------------------------

Revenue:
  Asset Management Group         $   8,243  $   3,723  $  13,489  $   6,794
  Interactive Management Group      36,268     27,733     72,979     55,195
                                --------------------------------------------
Total                            $  44,511  $  31,456  $  86,468  $  61,989
                                --------------------------------------------
                                --------------------------------------------


Segment Profit (EBIT):
  Asset Management Group         $     151  $     193  $     955  $     902
  Interactive Management Group       6,683      5,768     10,480     11,047
  Corporate expenses                (1,042)      (782)    (1,908)    (1,628)
  Finance income                        94        261        427        504
  Finance expenses                     (96)       (70)      (177)      (111)
  Other income                         448        157        809        155
                                --------------------------------------------
                                --------------------------------------------
Total                            $   6,238  $   5,527  $  10,586  $  10,869
                                --------------------------------------------
                                --------------------------------------------