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MARKHAM, ONTARIO -- (Marketwired) -- 03/04/14 -- Enghouse Systems Limited (TSX: ESL) today announced its unaudited first quarter financial results for the period ended January 31, 2014.

First quarter revenue was $47.5 million, an increase of 13% over revenue of $42.0 million in the first quarter last year. The increase in revenue was primarily the result of incremental revenue contributions from acquisitions. Revenue reflects hosted and maintenance services contributions of $25.0 million in the quarter, an increase of 22% over last year. Adjusted EBITDA for the quarter was $12.2 million or $0.45 per diluted share compared to $9.6 million or $0.36 per diluted share in last year's first quarter. Results from operating activities for the quarter were $11.5 million compared to $7.3 million in the prior year's first quarter, an increase of 57% over the prior year. Net income for the quarter was $6.2 million or $0.23 per diluted share compared to the prior year's first quarter net income of $3.4 million or $0.13 per share.

Operating expenses before special charges related to restructuring of acquired operations were $21.9 million compared to $21.2 million in the prior year's first quarter and reflect incremental costs of acquired operations. Of note, as a percentage of revenue, operating expenses before special charges decreased from 50.6% to 46.2% in the quarter. Non-cash amortization charges in the quarter were $3.9 million and include amortization charges for acquired software and customer relationships from acquired operations.

Enghouse closed the quarter with $100.1 million in cash, cash equivalents and short-term investments, compared to $90.3 million at October 31, 2013. This is after cash paid of $2.2 million for acquisitions completed in the quarter and cash dividends of $2.1 million paid in the quarter. The Company continues to have no long-term debt.

Effective March 3, 2014 the Company completed the acquisition of IT Sonix AG ("IT Sonix"). IT Sonix is a software provider specializing in the outbound contact center solutions with offices in Germany, Italy and the UK. IT Sonix's products are installed in 10 of the 30 largest German contact centers and can be deployed as an on-premise, hosted offering or SAAS solution.

The Board of Directors also approved a 25% increase in its eligible quarterly dividend to $0.10 per common share, payable on May 30, 2014 to shareholders of record at the close of business on May 16, 2014. Enghouse has increased its dividend in each of the past six years.

Enghouse remains committed to diversifying its revenue stream and accelerating its expansion into new markets such as Germany and continues to seek accretive acquisitions to grow its market share.

A conference call to discuss the results will be held on Wednesday, March 5, 2014 at 8:45 a.m. EST. To participate, please call 1-416-850-9144 or North American Toll-Free 1-866-400-3310. No PIN is 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 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 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
                                                 January 31,    January 31,
                                                        2014           2013
Total Revenue                                  $      47,492  $      41,957

Income before income taxes                             7,702          4,348
Depreciation of property, plant and equipment            529            468
Amortization of acquired software and customer
 relationships                                         3,910          3,584
Finance income                                          (143)          (333)
Finance expenses                                          58             81
Other income                                              (7)          (361)
Special charges                                          112          1,815
                                              ------------------------------
Adjusted EBITDA                                $      12,161  $       9,602
                                              ------------------------------
                                              ------------------------------
Adjusted EBITDA margin                                    26%            23%
Adjusted EBITDA per diluted share              $        0.45  $        0.36

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

                                                   January 31,   October 31,
                                                          2014          2013
                     Assets
Current assets:
  Cash and cash equivalents                       $     76,997  $     70,109
  Short-term investments                                23,084        20,188
  Accounts receivable, net                              43,103        36,444
  Prepaid expenses and other assets                      7,321         5,839
                                                ----------------------------
                                                       150,505       132,580
Non-current assets:
Property, plant and equipment                            3,921         3,599
Intangible assets                                      138,912       132,358
Deferred income tax assets                              10,339         9,419
                                                ----------------------------

Total assets                                      $    303,677  $    277,956
                                                ----------------------------
                                                ----------------------------

                   Liabilities
Current liabilities:
  Accounts payable and accrued liabilities        $     32,397  $     32,659
  Income taxes payable                                   2,468         1,555
  Dividends payable                                      2,087         2,083
  Accrued provisions                                     3,020         3,427
  Deferred revenue                                      49,408        39,325
                                                ----------------------------
                                                        89,380        79,049
Non-current liabilities:
Deferred income tax liabilities                         15,389        14,482
Deferred revenue                                         1,937         1,797
                                                ----------------------------
Total liabilities                                      106,706        95,328
                                                ----------------------------

              Shareholders' Equity
Share capital                                           58,994        58,514
Contributed surplus                                      3,215         3,175
Retained earnings                                      119,885       115,800
Accumulated other comprehensive income                  14,877         5,139
                                                ----------------------------
Total shareholders' equity                             196,971       182,628
                                                ----------------------------
Total liabilities and shareholders' equity        $    303,677  $    277,956
                                                ----------------------------
                                                ----------------------------

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
                                                                January 31,
                                                        2014           2013
Revenue
  Software licenses                            $      15,763  $      15,064
  Hosted and maintenance services                     25,014         20,563
  Professional services                                5,132          5,491
  Hardware                                             1,583            839
                                              ------------------------------
                                                      47,492         41,957
                                              ------------------------------
Direct costs
  Software licenses                                    1,200          1,429
  Services                                            11,716          9,584
  Hardware                                             1,019            593
                                              ------------------------------
                                                      13,935         11,606
                                              ------------------------------

Revenue, net of direct costs                          33,557         30,351

Operating expenses
  Selling, general and administrative                 12,676         13,406
  Research and development                             8,720          7,343
  Depreciation of property, plant and
   equipment                                             529            468
  Special charges                                        112          1,815
                                              ------------------------------
                                                      22,037         23,032
                                              ------------------------------

Results from operating activities                     11,520          7,319

Amortization of acquired software and customer
 relationships                                        (3,910)        (3,584)
Finance income                                           143            333
Finance expenses                                         (58)           (81)
Other income                                               7            361
                                              ------------------------------

Income before income taxes                             7,702          4,348

Provision for income taxes                             1,530            913
                                              ------------------------------

Net income for the period                      $       6,172  $       3,435
                                              ------------------------------
                                              ------------------------------
Items that are or may be reclassified
 subsequently to profit or loss:
Foreign currency translation gain from foreign
 operations                                            9,770            861
Transfer to net income of realized gains on
 available for sale investments                          (20)          (425)
Unrealized (loss) gain on available for sale
 investments                                             (17)           782
Deferred income tax recovery (expense)                     5            (47)
                                              ------------------------------

Other comprehensive income                             9,738          1,171
                                              ------------------------------

Comprehensive income                           $      15,910  $       4,606
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Earnings per share
Basic                                          $        0.24  $        0.13
Diluted                                        $        0.23  $        0.13
----------------------------------------------------------------------------

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, 2013
                                   26,042,962         58,514          3,175
Net income                                  -              -              -
Other Comprehensive Income:
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
 period                                     -              -              -
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized                                          159
  Proceeds on issuing shares           44,000            480           (119)
Dividends                                   -              -              -
                               ---------------------------------------------
Balance - January 31, 2014         26,086,962         58,994          3,215
                               ---------------------------------------------
                               ---------------------------------------------


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

Net income                                  -              -              -
Other Comprehensive Income:
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 expense                 -              -              -
                               ---------------------------------------------
Comprehensive income for the
 period                                     -              -              -
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -              -            137
  Proceeds on issuing shares           70,400            709           (184)
Dividends                                   -              -              -
                               ---------------------------------------------
Balance - January 31, 2013         25,850,962         56,460          2,800
                               ---------------------------------------------
                               ---------------------------------------------


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

Balance - November 1, 2013
                                        5,139        115,800        182,628
Net income                                  -          6,172          6,172
Other Comprehensive Income:
Cumulative Translation
 Adjustment                             9,770              -          9,770
Transfer to net income of
 realized gains on available-
 for-sale investments                     (20)             -            (20)
Unrealized loss on available-
 for-sale investments                     (17)             -            (17)
Deferred income tax recovery                5              -              5
                               ---------------------------------------------
Comprehensive income for the
 period                                 9,738          6,172         15,910
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -              -            159
  Proceeds on issuing shares                -              -            361
Dividends                                   -         (2,087)        (2,087)
                               ---------------------------------------------
Balance - January 31, 2014             14,877        119,885        196,971
                               ---------------------------------------------
                               ---------------------------------------------


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

Net income                                  -          3,435          3,435
Other Comprehensive Income:
Cumulative Translation
 Adjustment                               861              -            861
Transfer to net income of
 realized gains on available-
 for-sale investments                    (425)             -           (425)
Unrealized gain on available-
 for-sale investments                     782              -            782
Deferred income tax expense               (47)             -            (47)
                               ---------------------------------------------
Comprehensive income for the
 period                                 1,171          3,435          4,606
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -              -            137
  Proceeds on issuing shares                -              -            525
Dividends                                   -         (1,680)        (1,680)
                               ---------------------------------------------
Balance - January 31, 2013              1,142        101,126        161,528
                               ---------------------------------------------
                               ---------------------------------------------

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

                                                         Three months ended
                                                                January 31,
                                                           2014        2013
Cash flows from operating activities
Net income for the period                            $    6,172  $    3,435

Adjustments for:
  Depreciation of property, plant and equipment             529         468
  Amortization of acquired software and customer
   relationships                                          3,910       3,584
  Stock-based compensation expense                          159         137
  Income tax expense                                      1,530         913
  Finance expenses and other income                          51        (280)
                                                    ------------------------
                                                         12,351       8,257

Changes in non-cash operating working capital            (1,660)         71
  Income tax paid                                          (787)     (2,185)
----------------------------------------------------------------------------
Net cash flows from operating activities                  9,904       6,143

Cash flows from investing activities
Purchase of property, plant and equipment, net             (657)       (294)
Acquisitions, net of cash acquired of $334 (2013 -
 $196)                                                   (1,778)     (9,985)
Purchase consideration for prior period acquisitions       (382)          -
Net purchase of short-term investments                   (1,615)     (4,028)
----------------------------------------------------------------------------
Net cash flows used in investing activities              (4,432)    (14,307)

Cash flows from financing activities
Issuance of share capital                                   361         525
Payment of cash dividend                                 (2,083)     (1,676)
----------------------------------------------------------------------------
Net cash flows used in financing activities              (1,722)     (1,151)

Effect of currency translation adjustments on cash
 and cash equivalents                                     3,138         306
----------------------------------------------------------------------------

Net increase (decrease) in cash and cash equivalents
 during the period                                        6,888      (9,009)
Cash and cash equivalents- beginning of period           70,109      59,544

Cash and cash equivalents - end of period            $   76,997  $   50,535
----------------------------------------------------------------------------
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Enghouse Systems Limited
Selected Segment Reporting Information
(in thousands of Canadian dollars)
(Unaudited)

                                                       For the three months
                                                           ended January 31
                                                           2014        2013
                                                    ------------------------

Revenue:
  Asset Management Group                             $    9,692  $    5,245
  Interactive Management Group                           37,800      36,712
                                                    ------------------------
Total                                                $   47,492  $   41,957
                                                    ------------------------
                                                    ------------------------


Segment Profit
  Asset Management Group                             $    2,206  $    1,108
  Interactive Management Group                           10,606       7,077
  Corporate expenses                                     (1,292)       (866)
  Amortization of acquired software and customer
   relationships                                         (3,910)     (3,584)
  Finance income                                            143         333
  Finance expenses                                          (58)        (81)
  Other income                                                7         361
                                                    ------------------------
Total                                                $    7,702  $    4,348
                                                    ------------------------
                                                    ------------------------