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MARKHAM, ONTARIO -- (Marketwired) -- 06/10/15 -- Enghouse Systems Limited (TSX: ESL) today announced its unaudited second quarter financial results for the period ended April 30, 2015.

Second quarter revenue was $68.7 million, an increase of 25% over revenue of $55.0 million in the second quarter last year. On a year to date basis, revenue was $131.7 million compared to $102.4 million last year, an increase of 29%. The revenue increase primarily reflects incremental revenue contributions from acquisitions. Hosted and maintenance services revenue was $33.7 million in the quarter, an increase of 19% over the same period last year.

Adjusted EBITDA for the quarter was $16.2 million ($0.60 per diluted share) compared to $13.9 million ($0.52 per diluted share) in last year's second quarter. Adjusted EBITDA for the year to date was $32.4 million ($1.20 per diluted share) compared to $26.0 million ($0.97 per diluted share) last year, an increase of 25%.

Net income for the quarter was $7.6 million ($0.28 per diluted share) compared to the prior year's second quarter net income of $6.6 million ($0.24 per diluted share). Results from operating activities for the quarter were $15.5 million compared to $12.5 million in the prior year's second quarter, an increase of 24% over the prior year.

Operating expenses before special charges related to restructuring of acquired operations were $31.0 million compared to $25.5 million in the prior year's second quarter and primarily includes incremental operating costs related to acquisitions. Non-cash amortization charges in the quarter were $5.7 million compared to $4.2 million in the prior year's second quarter and include amortization charges for acquired software and customer relationships from acquired operations.

Enghouse generated cash flows from operations of $12.2 million in the quarter and closed the quarter with $88.5 million in cash, cash equivalents and short-term investments, compared to $84.9 million at October 31, 2014. The cash balance was achieved after net cash paid of $19.8 million for the acquisition of CDRator A/S, completed March 3, 2015 and dividends of $5.2 million paid year to date. The Company continues to have no debt.

The Board of Directors has approved an eligible quarterly dividend of $0.12 per common share, payable on August 28, 2015 to shareholders of record at the close of business on August 14, 2015.

Subsequent to quarter end, Enghouse completed the acquisition of Reitek S.p.A, a leading provider of omni-channel contact center solutions for enterprises, expanding the Company's footprint in Italy. Enghouse remains committed to diversifying its revenue stream and continues to seek accretive acquisitions to grow its market share.

A conference call to discuss the results will be held on Thursday, June 11, 2015 at 8:45 a.m. EST. To participate, please call 416-640-5946 or North American Toll-Free 1-866-233-4585. 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, profitable and more diverse software company through strategic acquisitions targeting the Contact Center, Networks (OSS/BSS) and Transportation/Public Safety sectors. Enghouse shares are listed on the Toronto Stock Exchange under the symbol "ESL". Further information about Enghouse may be obtained from the Company's website 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, litigation settlements 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:

(In thousands of Canadian dollars)

(Unaudited)

                                --------------------------------------------
                                   Three Months ended      Six Months ended
                                 April 30,  April 30,  April 30,  April 30,
                                      2015       2014       2015       2014
                                --------------------------------------------

Total Revenue                    $  68,701  $  54,951  $ 131,720  $ 102,443

Income before income taxes           9,705      8,301     11,165     16,003
Depreciation of property, plant
 and equipment                         682        566      1,274      1,095
Amortization of acquired
 software and customer
 relationships                       5,734      4,231     11,088      8,141
Finance income                         (51)      (124)      (164)      (267)
Finance expenses                       170         75        287        133
Other income                           (58)        (1)       (75)        (8)
Litigation settlements                   -          -      8,774          -
Special charges                         55        810         79        922
Adjusted EBITDA                  $  16,237  $  13,858  $  32,428  $  26,019
Adjusted EBITDA margin                  24%        25%        25%        25%
Adjusted EBITDA per diluted
 share                           $    0.60  $    0.52  $    1.20  $    0.97

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

                                                     April 30,   October 31,
                                                          2015          2014

                      Assets
Current assets
  Cash and cash equivalents                         $   78,463  $     72,780
  Short-term investments                                10,078        12,084
  Accounts receivable, net                              59,969        54,341
  Prepaid expenses and other assets                      8,377         7,571
                                                  --------------------------
                                                       156,887       146,776
Non-current assets
Property, plant and equipment                            4,469         4,020
Intangible assets                                      180,730       166,548
Deferred income tax assets                              10,828        10,427
                                                  --------------------------

Total assets                                        $  352,914  $    327,771
                                                  --------------------------
                                                  --------------------------

                    Liabilities
Current liabilities
  Accounts payable and accrued liabilities          $   42,623  $     41,297
  Income taxes payable                                     107         2,644
  Dividends payable                                      3,154         2,616
  Provisions                                            13,330         3,407
  Deferred revenue                                      56,990        47,745
                                                  --------------------------
                                                       116,204        97,709
Non-current liabilities
Deferred income tax liabilities                         20,853        19,930
Deferred revenue                                         1,710         1,877
                                                  --------------------------

Total liabilities                                      138,767       119,516
                                                  --------------------------
               Shareholders' Equity

Share capital                                           60,924        59,746
Contributed surplus                                      4,164         3,782
Retained earnings                                      139,887       135,554
Accumulated other comprehensive income                   9,172         9,173
                                                  --------------------------
Total shareholders' equity                             214,147       208,255
                                                  --------------------------
Total liabilities and shareholders' equity          $  352,914  $    327,771
                                                  --------------------------
                                                  --------------------------

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
                                      2015       2014       2015       2014
Revenue
  Software licenses              $  21,084  $  18,872  $  40,696  $  34,635
  Hosted and maintenance
   services                         33,687     28,345     65,946     53,359
  Professional services             12,412      6,100     21,333     11,232
  Hardware                           1,518      1,634      3,745      3,217
                                --------------------------------------------
                                    68,701     54,951    131,720    102,443
                                --------------------------------------------
Direct costs
  Software licenses                  1,966      1,684      3,643      2,884
  Services                          19,131     13,377     35,915     25,093
  Hardware                           1,082      1,078      2,415      2,097
                                --------------------------------------------
                                    22,179     16,139     41,973     30,074
                                --------------------------------------------

Revenue, net of direct costs        46,522     38,812     89,747     72,369

Operating expenses
  Selling, general and
   administrative                   19,493     15,514     36,637     28,190
  Research and development          10,792      9,440     20,682     18,160
  Depreciation of property,
   plant and equipment                 682        566      1,274      1,095
  Special charges                       55        810         79        922
                                --------------------------------------------
                                    31,022     26,330     58,672     48,367
                                --------------------------------------------

Results from operating
 activities                         15,500     12,482     31,075     24,002

Litigation settlements                   -          -     (8,774)         -
Amortization of acquired
 software and customer
 relationships                      (5,734)    (4,231)   (11,088)    (8,141)
Finance income                          51        124        164        267
Finance expenses                      (170)       (75)      (287)      (133)
Other income                            58          1         75          8
                                --------------------------------------------

Income before income taxes           9,705      8,301     11,165     16,003

Provision for income taxes           2,137      1,743      1,058      3,273
                                --------------------------------------------

Net income for the period        $   7,568  $   6,558  $  10,107  $  12,730
                                --------------------------------------------
                                --------------------------------------------

Items that are or may be
 reclassified subsequently to
 profit or loss:
Foreign currency translation
 differences from foreign
 operations                         (9,501)       751        (95)    10,521
Transfer to net income of
 realized gains on available for
 sale investments                      (74)       (17)       (74)       (37)
Unrealized (loss) gain on
 available for sale investments         (6)       (40)       182        (57)
Deferred income tax recovery
 (expense)                              11          7        (14)        12
                                --------------------------------------------

Other comprehensive (loss)
 income                             (9,570)       701         (1)    10,439
                                --------------------------------------------

Comprehensive (loss) income      $  (2,002) $   7,259  $  10,106  $  23,169
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share
Basic                            $    0.29  $    0.25  $    0.39  $    0.49
Diluted                          $    0.28  $    0.24  $    0.37  $    0.47
----------------------------------------------------------------------------

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, 2014         26,163,962         59,746          3,782

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              -              -            622
  Proceeds on issuing shares          121,500          1,178           (240)
Dividends                                   -              -              -
                               ---------------------------------------------
Balance - April 30, 2015           26,285,462         60,924          4,164
                               ---------------------------------------------
                               ---------------------------------------------


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              -              -            364
  Proceeds on issuing shares           83,500            922           (207)
Dividends                                   -              -              -
                               ---------------------------------------------
Balance - April 30, 2014           26,126,462         59,436          3,332
                               ---------------------------------------------
                               ---------------------------------------------

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

Balance - November 1, 2014              9,173        135,554        208,255

Net income                                  -         10,107         10,107
Other Comprehensive Income:
Cumulative Translation
 Adjustment                               (95)             -            (95)
Transfer to net income of
 realized gains on available-
 for-sale investments                     (74)             -            (74)
Unrealized gain on available-
 for-sale investments                     182              -            182
Deferred income tax expense               (14)             -            (14)
                               ---------------------------------------------
Comprehensive income for the
 period                                    (1)        10,107         10,106
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -                           622
  Proceeds on issuing shares                -                           938
Dividends                                   -         (5,774)        (5,774)
                               ---------------------------------------------
Balance - April 30, 2015                9,172        139,887        214,147
                               ---------------------------------------------
                               ---------------------------------------------


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

Net income                                  -         12,730         12,730
Other Comprehensive Income:
Cumulative Translation
 Adjustment                            10,521              -         10,521
Transfer to net income of
 realized gains on available-
 for-sale investments                     (37)             -            (37)
Unrealized loss on available-
 for-sale investments                     (57)             -            (57)
Deferred income tax recovery               12              -             12
                               ---------------------------------------------
Comprehensive income for the
 period                                10,439         12,730         23,169
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
  Value of services recognized              -              -            364
  Proceeds on issuing shares                -              -            715
Dividends                                   -         (4,700)        (4,700)
                               ---------------------------------------------
Balance - April 30, 2014               15,578        123,830        202,176
                               ---------------------------------------------
                               ---------------------------------------------

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
                                      2015       2014       2015       2014
Cash flows from operating
 activities
Net income                       $   7,568  $   6,558  $  10,107  $  12,730

Adjustments for:
  Depreciation of property,
   plant and equipment                 682        566      1,274      1,095
  Amortization of acquired
   software and customer
   relationships                     5,734      4,231     11,088      8,141
  Stock-based compensation
   expense                             317        205        622        364
  Provision for income taxes         2,137      1,743      1,058      3,273
  Finance expenses and other
   income                              112         74        212        125
                                --------------------------------------------
                                    16,550     13,377     24,361     25,728

Changes in non-cash operating
 working capital                    (2,250)     2,874      9,556      1,214
  Income tax paid                   (2,093)    (2,385)    (4,068)    (3,172)
----------------------------------------------------------------------------
Net cash flows from operating
 activities                         12,207     13,866     29,849     23,770

Cash flows from investing
 activities
Purchase of property, plant and
 equipment, net                       (395)      (131)    (1,457)      (788)
Acquisitions, net of cash
 acquired of $4,015 ($969 -
 2014)                             (19,818)    (8,282)   (19,818)   (10,060)
Purchase consideration for prior
 period acquisitions                  (271)    (3,040)      (683)    (3,422)
Net sale of short-term
 investments                         4,442      4,861      2,347      3,246
----------------------------------------------------------------------------
Net cash flows used in investing
 activities                        (16,062)    (6,592)   (19,611)   (11,024)

Cash flows from financing
 activities
Issuance of share capital              673        354        938        715
Payment of cash dividend            (2,621)    (2,087)    (5,237)    (4,170)
----------------------------------------------------------------------------
Net cash flows used in financing
 activities                         (1,948)    (1,733)    (4,299)    (3,455)

Effect of currency translation
 adjustments on cash and cash
 equivalents                        (2,625)       264       (256)     3,402
----------------------------------------------------------------------------

Net (decrease) increase in cash
 and cash equivalents during the
 period                             (8,428)     5,805      5,683     12,693
Cash and cash equivalents -
 beginning of period                86,891     76,997     72,780     70,109

Cash and cash equivalents - end
 of period                       $  78,463  $  82,802  $  78,463  $  82,802
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

                                      2015       2014       2015       2014
                                --------------------------------------------

Revenue:
  Asset Management Group         $  23,820  $  11,054  $  43,087  $  20,746
  Interactive Management Group      44,881     43,897     88,633     81,697
                                --------------------------------------------
Total                            $  68,701  $  54,951  $ 131,720  $ 102,443
                                --------------------------------------------
                                --------------------------------------------


Segment Profit:
  Asset Management Group         $   5,467  $   2,748  $  10,527  $   4,955
  Interactive Management Group      11,480     11,100     23,778     21,705
  Corporate expenses                (1,447)    (1,366)    (3,230)    (2,658)
  Amortization of acquired
   software and customer
   relationships                    (5,734)    (4,231)   (11,088)    (8,141)
  Finance income                        51        124        164        267
  Finance expenses                    (170)       (75)      (287)      (133)
  Other income                          58          1         75          8
  Litigation settlements                 -          -     (8,774)         -
                                --------------------------------------------
                                --------------------------------------------
Total                            $   9,705  $   8,301  $  11,165  $  16,003
                                --------------------------------------------
                                --------------------------------------------