Seguridad Mania.com - España y América Latina

MARKHAM, ONTARIO -- (Marketwire) -- 03/05/13 -- Enghouse Systems Limited (TSX: ESL) today announced its unaudited first quarter financial results for the period ended January 31, 2013.

First quarter revenue was $42.0 million, an increase of 37% over revenue of $30.5 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 $20.6 million in the quarter, an increase of 29% over last year. Adjusted EBITDA for the quarter was $9.6 million or $0.36 per diluted share compared to $7.9 million or $0.30 per diluted share in last year's first quarter. Results from operating activities for the quarter were $7.3 million compared to $7.6 million in the prior year's first quarter as a result of special charges booked on acquisitions of $1.8 million in the quarter. Excluding special charges related to restructuring of acquisitions, results from operating activities would be $9.1 million, an increase of 20% over the prior year. Net income for the first quarter was $3.4 million or $0.13 per diluted share compared to the prior year's first quarter net income of $4.1 million or $0.16 per share.

Operating expenses increased to $23.0 from $14.9 million in the prior year's first 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 $3.6 million and include amortization charges for acquired software and customer relationships from acquired operations.

Enghouse closed the quarter with $80.1 million in cash, cash equivalents and short-term investments, compared to $83.7 million at October 31, 2012. This reflects cash paid of nearly $10.0 million for the acquisitions of Visionutveckling AB and Albatross Scandinavia AB completed in the quarter. It also reflects a cash dividend paid of $1.7 million. The Company continues to have no long-term debt.

On March 1, 2013 the Company completed the acquisition of Locus Holdings AS ("Locus") of Norway for a cash purchase price of approximately $14.0 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.

The Board of Directors also has approved a 23% increase in its eligible quarterly dividend to $0.08 per common share, payable on May 31, 2013 to shareholders of record at the close of business on May 17, 2013. Enghouse has increased its dividend in each of the past five years.

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

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
                                                January 31,     January 31,
                                                       2013            2012
Total Revenue                                      $ 41,957        $ 30,533

Net income for the period                             3,435           4,060
Provision for income taxes                              913           1,282
Depreciation of property, plant and equipment           468             278
Amortization of acquired software and                 3,584           2,438
 customer relationships
Finance income                                         (333)           (243)
Finance expenses                                         81              41
Other (income) expense                                 (361)              2
Special charges                                       1,815               -
                                             -------------------------------
Adjusted EBITDA                                    $  9,602        $  7,860
Adjusted EBITDA margin                                   23%             26%
Adjusted EBITDA per diluted share                  $   0.36        $   0.30

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

                                                  January 31,   October 31,
                                                         2013          2012

                     Assets
Current assets:
  Cash and cash equivalents                        $   50,535    $   59,544
  Short-term investments                               29,516        24,108
  Accounts receivable, net                             38,114        31,368
  Income tax receivable                                   151             -
  Prepaid expenses and other assets                     4,610         3,853
                                               -----------------------------
                                                      122,926       118,873
Non-current assets:
Property, plant and equipment                           3,512         3,365
Intangibles                                           117,073       106,995
Deferred income taxes                                   8,318        10,477
                                               -----------------------------

Total assets                                       $  251,829    $  239,710
                                               -----------------------------
                                               -----------------------------

                  Liabilities
Current liabilities:
  Trade payables                                   $   29,419    $   26,053
  Income taxes payable                                      -         2,008
  Dividends payable                                     1,680         1,676
  Accrued provisions                                    2,876         1,621
  Deferred revenue                                     41,590        35,935
                                               -----------------------------
                                                       75,565        67,293
Non-current liabilities:
Deferred income tax liabilities                        13,433        13,241
Deferred revenue                                        1,303         1,236
                                               -----------------------------
Total liabilities                                      90,301        81,770
                                               -----------------------------
              Shareholders' Equity

Share capital                                          56,460        55,751
Contributed surplus                                     2,800         2,847
Retained earnings                                     101,126        99,371
Accumulated other comprehensive gain (loss)             1,142           (29)
                                               -----------------------------
Total shareholders' equity                            161,528       157,940
                                               -----------------------------
Total liabilities and shareholders' equity         $  251,829    $  239,710
                                               -----------------------------
                                               -----------------------------

Enghouse Systems Limited
Consolidated Interim Statements of Operations and Comprehensive Income
(in thousands of Canadian dollars, except per share amounts)
(Unaudited)
                                                  Quarter ended January 31,
                                                        2013           2012
Revenue
  Software licenses                                $  15,064       $ 10,518
  Hosted and maintenance services                     20,563         15,979
  Professional services                                5,491          3,740
  Hardware                                               839            296
                                               --------------   ------------
                                                      41,957         30,533
                                               --------------   ------------
Direct costs
  Software licenses                                    1,429            909
  Services                                             9,584          6,896
  Hardware                                               593            206
                                               --------------   ------------
                                                      11,606          8,011
                                               --------------   ------------

Revenue, net of direct costs                          30,351         22,522

Operating expenses
  Selling, general and administrative                 13,406          9,861
  Research and development                             7,343          4,803
  Depreciation of property, plant and equipment          468            278
  Special charges                                      1,815              -
                                               --------------   ------------
                                                      23,032         14,942
                                               --------------   ------------

Results from operating activities                      7,319          7,580

Amortization of acquired software and customer
 relationships                                        (3,584)        (2,438)
Finance income                                           333            243
Finance expenses                                         (81)           (41)
Other income (expense)                                   361             (2)
                                               --------------   ------------

Income before income taxes                             4,348          5,342

Provision for income taxes                               913          1,282
                                               --------------   ------------

Net income for the period                          $   3,435       $  4,060
                                               --------------   ------------
                                               --------------   ------------
Items that may be reclassified subsequently to
 profit or loss:
Foreign currency translation differences from
 foreign operations                                      861           (582)
Transfer to net income of realized gains on
 available for sale investments, net of tax of
 ($56); Q1/2012 - $-                                    (369)             -
Unrealized gain (loss) on available for sale
 investments, net of tax of $103; Q1/2012 -
 ($194)                                                  679           (614)
Unrealized foreign currency translation gain on
 available for sale investments, net of tax of
 $-; Q1/2012 - $3                                          -              8

Other comprehensive income (loss)                      1,171         (1,188)
                                               --------------   ------------

Comprehensive income                               $   4,606       $  2,872
----------------------------------------------------------------------------
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Earnings per share
Basic and diluted                                  $    0.13       $   0.16
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Enghouse Systems Limited
Consolidated 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                  -            -          137
  Proceeds on issuing shares               70,400          709         (184)
Dividends                                       -            -            -
                                   -----------------------------------------
Balance - January 31, 2013             25,850,962       56,460        2,800
                                   -----------------------------------------
                                   -----------------------------------------


Balance - November 1, 2011             25,337,262       52,134        2,970

Net income                                      -            -            -
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment               -            -            -
Unrealized gain (loss) on
 available-for-sale investments,
 net of tax                                     -            -            -
Unrealized foreign currency
 translation gain (loss) on
 available-for-sale investments,
 net of tax                                     -            -            -
                                   -----------------------------------------
Comprehensive income (loss) for the
 period                                         -            -            -
                                   -----------------------------------------
                                   -----------------------------------------
Employee share options:
  Value of services recognized                  -            -          166
  Proceeds on issuing shares              163,300        1,435         (308)
Dividends                                       -            -            -
                                   -----------------------------------------
Balance - January 31, 2012             25,500,562       53,569        2,828
                                   -----------------------------------------
                                   -----------------------------------------


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


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

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

Net income                                        -       3,435       3,435
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment               861           -         861
Transfer to net income of realized
 gains on available-for-sale
 investments, net of tax                       (369)          -        (369)
Unrealized gain (loss) on
 available-for-sale investments,
 net of tax                                     679           -         679
                                   -----------------------------------------
Comprehensive income (loss) 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
                                   -----------------------------------------
                                   -----------------------------------------


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

Net income                                        -       4,060       4,060
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment              (582)          -        (582)
Unrealized gain (loss) on
 available-for-sale investments,
 net of tax                                    (614)          -        (614)
Unrealized foreign currency
 translation gain (loss) on
 available-for-sale investments,
 net of tax                                       8           -           8
                                   -----------------------------------------
Comprehensive income (loss) for the
 period                                      (1,188)      4,060       2,872
                                   -----------------------------------------
                                   -----------------------------------------
Employee share options:
  Value of services recognized                    -           -         166
  Proceeds on issuing shares                      -           -       1,127
Dividends                                         -      (1,275)     (1,275)
                                   -----------------------------------------
Balance - January 31, 2012                     (153)     87,657     143,811
                                   -----------------------------------------
                                   -----------------------------------------

Enghouse Systems Limited
Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)
(Unaudited)
                                                   Quarter ended January 31,
                                                            2013       2012
Cash flows from operating activities
Net income                                              $  3,435   $  4,060

Adjustments for:
  Depreciation of property, plant and equipment              468        278
  Amortization of acquired software and customer
   relationships                                           3,584      2,438
  Stock-based compensation expense                           137        166
  Income tax expense                                         913      1,282
  Finance expenses and other income                         (280)        43
                                                      ----------------------
                                                           8,257      8,267

Changes in non-cash operating working capital                747     (4,952)
Income tax paid                                           (2,185)      (533)
----------------------------------------------------------------------------
Net cash flows from operating activities                   6,819      2,782

Cash flows from investing activities
Purchase of property, plant and equipment, net              (294)      (491)
Acquisitions, net of cash acquired of $196                (9,985)      (243)
Net purchase of short-term investments                    (4,102)      (976)
----------------------------------------------------------------------------
Net cash flows used in investing activities              (14,381)    (1,710)

Cash flows from financing activities
Issuance of share capital                                    525      1,127
Payment of cash dividend                                  (1,676)    (1,267)
----------------------------------------------------------------------------
Net cash flows used in financing activities               (1,151)      (140)

Effect of currency translation adjustments on cash and
 cash equivalents                                           (296)       415
----------------------------------------------------------------------------

Net (decrease) increase in cash and cash equivalents
 during the period                                        (9,009)     1,347
Cash and cash equivalents- beginning of period            59,544     65,624

Cash and cash equivalents - end of period               $ 50,535   $ 66,971
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

                                                 For the three months ended
                                                                 January 31
                                                ----------------------------
                                                         2013          2012
                                                ----------------------------

Revenue:
  Asset Management Group                            $   5,245     $   3,071
  Interactive Management Group                         36,712        27,462
                                                ----------------------------
Total                                               $  41,957     $  30,533
                                                ----------------------------
                                                ----------------------------


Segment Profit (EBIT):
  Asset Management Group                            $     803     $     709
  Interactive Management Group                          3,798         5,279
  Corporate expenses                                     (866)         (846)
  Finance income                                          333           243
  Finance expenses                                        (81)          (41)
  Other income (expense)                                  361            (2)
                                                ----------------------------
                                                ----------------------------
Total                                               $   4,348     $   5,342
                                                ----------------------------
                                                ----------------------------