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MARKHAM, ONTARIO -- (Marketwire) -- 12/13/12 -- Enghouse Systems Limited (TSX: ESL) today announced its fourth quarter (unaudited) and year-end financial results for the period ended October 31, 2012.

Revenue increased by 11% to $136.4 million for the fiscal year, compared to revenue of $122.6 million in the previous fiscal year, as the Company continues to execute against its acquisition strategy. Results from operating activities were $33.2 million compared to $29.3 million last year. Net income for the fiscal year was $20.9 million or $0.80 per diluted share compared to $23.1 million or $0.90 per diluted share in the prior year, which reflected tax credits of $7.9 million booked on transition to International Financial Reporting Standards. Adjusted EBITDA for the fiscal year was $35.1 million or $1.35 per diluted share compared to $32.2 million or $1.26 per diluted share last year.

Revenue for the quarter was $39.0 million, an increase of 22% over last year's fourth quarter revenue of $31.8 million. Results from operating activities for the quarter were $9.7 million compared to $9.3 million last year. Net income for the quarter was $8.3 million or $0.32 per diluted share. Adjusted EBITDA for the quarter was $10.2 million or $0.39 per diluted share compared to $9.6 million or $0.37 per diluted share last year.

Increased revenue in the quarter reflects incremental revenue from acquisitions including Zeacom and CustomCall acquired earlier in the fiscal year. Revenue also includes hosted and maintenance services revenue of $20.1 million in the quarter, an increase of 24% over last year's fourth quarter. In fiscal 2012, hosted and services revenue was $71.6 million reflecting an increase of $13.1 million over fiscal 2011 attributable to contributions from recent acquisitions and solid performance in organic hosted and maintenance services revenue.

Operating expenses were $18.4 million for the quarter and $66.5 million for the fiscal year compared to $14.7 million and $59.4 million respectively last year. This includes research and development costs of $5.9 million and $21.5 million in the quarter and year, respectively, consistent with the Company's investment in software. Non-cash amortization charges for the year were $11.0 million compared to $10.3 million in the prior fiscal year and relate to amortization of acquired software and customer relationships.

The Company closed the year with $83.7 million in cash, cash equivalents and short-term investments, which is after the payment of approximately $32.5 million related to the acquisitions and $5.9 million to dividends. The Company generated operating cash flows before non-cash working capital items of $36.2 million in the year compared to $31.8 million in 2011. Enghouse continues to have no long-term debt and did not repurchase any shares in the year.

The Board of Directors also announced today an eligible quarterly dividend of $0.065 per common share, payable on February 28, 2013 to shareholders of record at the close of business on February 14, 2013.

As previously announced, the Company completed two acquisitions subsequent to year end. On November 1, 2012 the Company acquired 100% of the issued and outstanding common shares of Visionutveckling AB and acquired 100% of the issued and outstanding common shares of Albatross Scandinavia AB on December 1, 2012. Both acquisitions expand the Company's presence in the Nordic region. The Company continues to seek further acquisitions to continue to grow its market share globally.

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        Year ended
                                   October    October    October    October
                                       31,        31,        31,        31,
                                      2012       2011       2012       2011
Total Revenue                    $  38,952  $  31,836  $ 136,368  $ 122,559

Net income for the period        $   8,345     13,345     20,873     23,065
Provision for income taxes          (1,639)    (5,884)     2,234     (2,575)
Depreciation of property, plant
 and equipment                         444        285      1,386      1,102
Amortization of acquired
 software and customer
 relationships                       3,204      2,687     10,974     10,291
Finance income                        (289)      (278)      (987)      (692)
Finance expenses                        86         49        269        201
Other income                            23       (629)      (145)      (956)
Special charges                         53          -        544      1,775
                                --------------------------------------------
Adjusted EBITDA                  $  10,227  $   9,575  $  35,148  $  32,211
Adjusted EBITDA margin                  26%        30%        26%        26%
Adjusted EBITDA per diluted
 share                           $    0.39  $    0.37  $    1.35  $    1.26


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

                                   October 31,   October 31,   November 1,
                                          2012          2011          2010

             Assets
Current assets:
  Cash and cash equivalents       $     59,544  $     65,624  $     46,640
  Short-term investments                24,108        33,967        31,627
  Accounts receivable, net              31,368        23,006        24,500
  Income tax receivable                      -             -           591
  Prepaid expenses and other
   assets                                3,853         3,479         3,360
                                ------------------------------------------
                                       118,873       126,076       106,718

Non-current assets:
  Property, plant and equipment          3,365         1,543         1,588
  Acquired software and customer
   relationships                        42,637        29,709        34,330
  Goodwill                              64,358        44,242        35,137
  Deferred income taxes                 10,477         9,548         3,478
                                ------------------------------------------

Total assets                      $    239,710  $    211,118  $    181,251
                                ------------------------------------------
                                ------------------------------------------

           Liabilities
Current liabilities:
  Trade payables                  $     26,053  $     22,686  $     18,808
  Income taxes payable                   2,008         3,520             -
  Dividends payable                      1,676         1,267         1,007
  Accrued provisions                     1,621         2,442         1,307
  Deferred revenue                      35,935        28,933        26,040
                                ------------------------------------------
                                        67,293        58,848        47,162
Non-current liabilities:
  Deferred income tax
   liabilities                          13,241         9,525        12,571
  Long-term income taxes payable             -           420           522
  Deferred revenue                       1,236         1,404           790
                                ------------------------------------------
Total liabilities                       81,770        70,197        61,045
                                ------------------------------------------
      Shareholders' Equity

Share capital                           55,751        52,134        50,705
Contributed surplus                      2,847         2,970         2,653
Retained earnings                       99,371        84,782        66,546
Accumulated other comprehensive
 (loss) gain                              (29)         1,035           302
                                ------------------------------------------
Total equity                           157,940       140,921       120,206
                                ------------------------------------------
Total liabilities and equity      $    239,710  $    211,118  $    181,251
                                ------------------------------------------
                                ------------------------------------------


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

                               Three months ended
                                       October 31     Year ended October 31
                                2012         2011         2012         2011
Revenue
    Software licenses    $    13,107  $    11,386  $    45,108  $    45,691
    Hosted and
     maintenance
     services                 20,114       16,182       71,608       58,526
    Professional
     services                  5,210        4,049       18,083       15,734
    Hardware                     521          219        1,569        2,608
                        ----------------------------------------------------
                              38,952       31,836      136,368      122,559
                        ----------------------------------------------------
Direct costs
    Software licenses          1,532          769        4,115        5,208
    Services                   8,861        6,871       31,410       26,635
    Hardware                     408          237        1,134        1,966
                        ----------------------------------------------------
                              10,801        7,877       36,659       33,809
                        ----------------------------------------------------

Revenue, net of direct
 costs                        28,151       23,959       99,709       88,750

  Operating expenses
    Selling, general and
     administrative           11,977       10,171       43,069       40,861
    Research and
     development               5,947        4,213       21,492       15,678
    Depreciation of
     property, plant and
     equipment                   444          285        1,386        1,102
    Special charges               53            -          544        1,775
                        ----------------------------------------------------
                              18,421       14,669       66,491       59,416
                        ----------------------------------------------------

Results from operating
 activities                    9,730        9,290       33,218       29,334

Amortization of acquired
 software and customer
 relationships                (3,204)      (2,687)     (10,974)     (10,291)
Finance income                   289          278          987          692
Finance expenses                 (86)         (49)        (269)        (201)
Other income                     (23)         629          145          956
                        ----------------------------------------------------

Income before income
 taxes                         6,706        7,461       23,107       20,490

Provision for (recovery
 of) income taxes             (1,639)      (5,884)       2,234       (2,575)
                        ----------------------------------------------------

Net income for the
 period                  $     8,345  $    13,345  $    20,873  $    23,065
                        ----------------------------------------------------
                        ----------------------------------------------------

Foreign currency
 translation differences
 from foreign operations         285        2,800       (1,379)        (763)
Transfer to net income
 of realized gains on
 available for sale
 investments, net of tax
 of ($nil); 2012 - ($24)           -         (532)        (132)        (674)
Unrealized (loss) gain
 on available for sale
 investments, net of tax
 of ($7); 2012 - ($173)          (37)       1,377         (928)       2,112
Unrealized foreign
 currency translation
 gain on available for
 sale investments, net
 of tax of $nil; 2012 -
 $1                                -          127            8           58
                        ----------------------------------------------------

Other comprehensive
 income (loss)                   248        3,772       (2,431)         733
                        ----------------------------------------------------

Comprehensive income     $     8,593  $    17,117  $    18,442  $    23,798
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share
Basic                    $      0.32  $      0.53  $      0.82  $      0.91
Diluted                  $      0.32  $      0.52  $      0.80  $      0.90
----------------------------------------------------------------------------

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

                                                 Accum-
                                                 ulated
                                                  other
                                       Contri-  compre-
                       Share    Share    buted  hensive  Retained
                     Capital  capital  surplus   income  earnings     Total
                     -number        $        $        $         $         $

Balance -
 November 1, 2011 25,337,262   52,134    2,970    1,035    84,782   140,921

Net income                 -        -        -        -    20,873    20,873
Other
 Comprehensive
 Income (net of
 tax):
Cumulative
 Translation
 Adjustment                -        -        -      (12)        -       (12)
Transfer to net
 income of
 realized gains
 on available-
 for-sale
 investments, net
 of tax                    -        -        -     (132)        -      (132)
Unrealized loss
 on available-
 for-sale
 investments, net
 of tax                    -        -        -     (928)        -      (928)
Unrealized
 foreign currency
 translation gain
 on available-
 for-sale
 investments, net
 of tax                    -        -        -        8         -         8
                 -----------------------------------------------------------
Comprehensive
 income (loss)
 for the period            -        -        -   (1,064)   20,873    19,809
                 -----------------------------------------------------------
                 -----------------------------------------------------------
Employee share
 options:
  Value of
   services
   recognized              -        -      621        -         -       621
  Proceeds on
   issuing shares    443,300    3,617     (744)       -         -     2,873
Purchase and
 cancellation of
 common shares                                        -         -         -
Dividends                  -        -        -        -    (6,284)   (6,284)
                 -----------------------------------------------------------
Balance - October
 31, 2012         25,780,562   55,751    2,847      (29)   99,371   157,940
                 -----------------------------------------------------------
                 -----------------------------------------------------------


Balance -
 November 1, 2010 25,171,662   50,705    2,653      302    66,546   120,206

Net income                 -        -        -        -    23,065    23,065
Other
 Comprehensive
 Income (net of
 tax):
Cumulative
 Translation
 Adjustment                -        -        -     (763)        -      (763)
Transfer to net
 income of
 realized gains
 on available-
 for-sale
 investments, net
 of tax                    -        -        -     (674)        -      (674)
Unrealized gain
 on available-
 for-sale
 investments, net
 of tax                    -        -        -    2,112         -     2,112
Unrealized
 foreign currency
 translation gain
 on available-
 for-sale
 investments, net
 of tax                    -        -        -       58         -        58
                 -----------------------------------------------------------
Comprehensive
 income (loss)
 for the period            -        -        -      733    23,065    23,798
                 -----------------------------------------------------------
                 -----------------------------------------------------------
Employee share
 options:
  Value of
   services
   recognized              -        -      625        -         -       625
  Proceeds on
   issuing shares    170,400    1,439     (308)       -         -     1,131
Purchase and
 cancellation of
 common shares        (4,800)     (10)       -        -       (33)      (43)
Dividends                  -        -        -        -    (4,796)   (4,796)
                 -----------------------------------------------------------
Balance - October
 31, 2011         25,337,262   52,134    2,970    1,035    84,782   140,921
                 -----------------------------------------------------------
                 -----------------------------------------------------------

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

                               Three months ended
                                       October 31     Year ended October 31
                                2012         2011         2012         2011
Cash flows from
 operating activities
Net income               $     8,345  $    13,345  $    20,873  $    23,065

Adjustments for:
  Depreciation of
   property, plant and
   equipment                     444          285        1,386        1,102
  Amortization of
   acquired software and
   customer
   relationships               3,204        2,687       10,974       10,291
  Stock-based
   compensation expense          119          132          621          625
  Income tax (recovery)
   expense                    (1,639)      (5,884)       2,234       (2,575)
  Finance expenses and
   other income                  109         (580)         124         (755)
                        ----------------------------------------------------
                              10,582        9,985       36,212       31,753

Changes in non-cash
 operating working
 capital                      (4,071)        (843)      (8,245)      11,061
Income tax paid               (1,304)        (669)      (4,492)      (1,762)
----------------------------------------------------------------------------
Net cash flows from
 operating activities          5,207        8,473       23,475       41,052

Cash flows from
 investing activities
Purchase of property,
 plant and equipment,
 net                            (402)        (317)      (2,295)        (947)
Acquisitions, net of
 cash acquired of $810
 (2011 - $2,497)                   -         (194)     (32,453)     (16,842)
Net proceeds from sale
 of short-term
 investments                  16,698        4,406        8,704          695
----------------------------------------------------------------------------
Net cash flows used in
 investing activities         16,296        3,895      (26,044)     (17,094)

Cash flows from
 financing activities
Issuance of share
 capital                         556          667        2,873        1,131
Payment of cash dividend      (1,669)      (1,262)      (5,875)      (4,536)
Purchase and
 cancellation of common
 shares                            -            -            -          (43)
----------------------------------------------------------------------------
Net cash flows used in
 financing activities         (1,113)        (595)      (3,002)      (3,448)

Effect of currency
 translation adjustments
 on cash and cash
 equivalents                    (709)       1,579         (509)      (1,526)
----------------------------------------------------------------------------

Net increase (decrease)
 in cash and cash
 equivalents during the
 period                       19,681       13,352       (6,080)      18,984
Cash and cash
 equivalents- beginning
 of period                    39,863       52,272       65,624       46,640

Cash and cash
 equivalents - end of
 period                  $    59,544  $    65,624  $    59,544  $    65,624
----------------------------------------------------------------------------
----------------------------------------------------------------------------



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


                               For the three months      For the year ended
                                   ended October 31              October 31
                            ------------------------------------------------
                                   2012        2011        2012        2011
                            ------------------------------------------------

Revenue:
  Asset Management Group    $     5,789 $     3,075 $    17,308 $    12,842
  Interactive Management
   Group                         33,163      28,761     119,060     109,717
                            ------------------------------------------------
Total                       $    38,952 $    31,836 $   136,368 $   122,559
                            ------------------------------------------------
                            ------------------------------------------------


Segment Profit (EBIT):
  Asset Management Group    $     1,910 $       747 $     3,828 $     2,683
  Interactive Management
   Group                          5,472       7,077      21,902      19,977
  Corporate expenses               (856)     (1,221)     (3,486)     (3,617)
  Finance income                    289         278         987         692
  Finance expenses                  (86)        (49)       (269)       (201)
  Other income                      (23)        629         145         956
                            ------------------------------------------------
                            ------------------------------------------------
Total                       $     6,706 $     7,461 $    23,107 $    20,490
                            ------------------------------------------------
                            ------------------------------------------------