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TORONTO, ONTARIO -- (Marketwire) -- 05/02/12 -- Constellation Software Inc. (TSX: CSU) ("Constellation" or the "Company") today announced its financial results for the first quarter ended March 31, 2012 and declared a $1.00 per share dividend payable on July 4, 2012 to all common shareholders of record at close of business on June 18, 2012. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.

The following press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2012 and the accompanying notes, and with our annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our annual Management's Discussion and Analysis for the year ended December 31, 2011, which can be found on SEDAR at www.sedar.com and on the Company's website www.csisoftware.com. Additional information about the Company is also available on SEDAR at www.sedar.com.

Q1 2012 Highlights:

--  Revenue grew 10% to $195 million compared to $178 million in Q1 2011.
    Organic revenue growth was 3% in Q1 2012 compared to 5% in Q1 2011.
--  Adjusted EBITDA increased $4 million or 12% to $39 million as compared
    to Q1 2011.
--  Adjusted Net Income increased $5 million or 17% to $32 million ($1.50 on
    a diluted per share basis) from $27 million ($1.28 on a diluted per
    share basis) in Q1 2012.
--  March 31, 2012 cash position (net of borrowings on our line of credit)
    increased to $38 million, from $33 million at December 31, 2011.
--  The Company's $160 million credit facility was replaced with a $300
    million credit facility on more favourable terms.
--  Four acquisitions were completed in the quarter for net cash
    consideration of $8 million.
--  Subsequent to March 31, 2012, the Company completed four acquisitions
    for aggregate cash consideration of $12 million plus holdbacks of $3
    million and declared a quarterly dividend of $1.00 per share payable on
    July 4, 2012 to all shareholders of record as of June 18, 2012.

First quarter 2012 revenue was $195 million, an increase of 10%, or $17 million, compared to $178 million for the comparable period in 2011. The increase was mainly attributable to growth from acquisitions, as organic growth from our existing businesses increased by approximately $5 million or 3% for the quarter.

Adjusted EBITDA for the first quarter 2012 was $39 million, a 12% increase compared to the prior year's first quarter Adjusted EBITDA of $35 million. First quarter 2012 Adjusted EBITDA per share on a diluted basis increased 12% to $1.85, compared to $1.65 for the same period last year.

Adjusted Net Income for the first quarter 2012 was $32 million, compared to the prior year's first quarter Adjusted Net Income of $27 million, a 17% increase. First quarter 2012 Adjusted Net Income per share on a diluted basis increased 17% to $1.50 compared to $1.28 for the prior year's first quarter.

Net income for the first quarter 2012 was $14 million compared to the prior year's first quarter net income of $62 million. On a diluted per share basis, this translates into net income per share of $0.66 for the first quarter of 2012. This compares unfavorably to $2.95 for the same period of 2011, which included an unusual deferred income tax recovery. Excluding the deferred income tax recovery, net income increased by 46% to $12 million in the quarter ended March 31, 2012 from $8 million in the quarter ended March 31, 2011.

The following table displays our revenue by reportable segment and the percentage change for the three months ended March 31, 2012 compared to the same period in 2011:

                       -----------------------------------------------------
                                                         Period-Over-Period
                       Three months ended March 31,                  Change
                       -----------------------------------------------------
                                  2012         2011             $         %
                       -----------------------------------------------------
                                    ($000, except percentages)
Public Sector
Licenses                         9,790       10,545          (755)       -7%
Professional services           32,302       33,459        (1,157)       -3%
Hardware and other              22,289       21,257         1,032         5%
Maintenance and other
 recurring                      73,851       65,689         8,162        12%
                       -----------------------------------------------------
                               138,232      130,950         7,282         6%
                       -----------------------------------------------------
                       -----------------------------------------------------

Private Sector
Licenses                         5,150        4,666           484        10%
Professional services            9,825        8,330         1,495        18%
Hardware and other               3,066        2,750           316        11%
Maintenance and other
 recurring                      39,005       30,936         8,069        26%
                       -----------------------------------------------------
                                57,046       46,682        10,364        22%
                       -----------------------------------------------------

Public Sector

For the quarter ended March 31, 2012, total revenue in the public sector reportable segment increased 6% or $7 million, to $138 million, compared to $131 million for the quarter ended March 31, 2011. Revenue growth from acquired businesses was significant as we completed ten acquisitions since the beginning of 2011 in our public sector segment. It is estimated that acquisitions completed since the beginning of 2011 contributed approximately $5 million to our Q1 2012 revenues. Revenues increased organically by 2% or $2 million in Q1 2012 compared to the same period in 2011.

The organic revenue change was primarily driven by the following:

--  Volaris operating group (increase of approximately $2 million for the
    three months ended March 31, 2012). The organic growth was primarily
    driven from strong revenue in its PTS and agriculture verticals.

Private Sector

For the quarter ended March 31, 2012, total revenue in the private sector reportable segment increased by 22%, or $10 million, to $57 million, compared to $47 million for the quarter ended March 31, 2011. Revenue growth from acquired businesses was significant for the three month period as we completed twelve acquisitions since the beginning of 2011 in our private sector segment. It is estimated that acquisitions completed since the beginning of 2011 contributed approximately $7 million to our Q1 2012 revenues. Revenues increased organically by 6% or $3 million in Q1 2012 compared to the same period in 2011.

The organic revenue change was primarily driven by the following:

--  Jonas operating group (increase of approximately $3 million for the
    three months ended March 31, 2012). Jonas' organic growth was driven by
    strong sales to both existing and new customers primarily in its
    fitness, construction, and food service verticals.

During the quarter, Constellation completed four acquisitions for total net cash consideration of approximately $8 million, and made $1 million in acquisition holdback payments. At March 31, 2012, Constellation's cash position (net of borrowings on our line of credit) increased to $38 million, from $33 million at December 31, 2011. Subsequent to March 31, 2012, the Company completed four acquisitions for aggregate cash consideration of $12 million.

"Q1 was a respectable quarter across all metrics. Our businesses generated high rates of return while delivering modest organic growth." commented John Billowits, Chief Financial Officer of Constellation. "As previously noted, it was anticipated that our overall growth will slow in 2012 given the relatively small amount of capital deployed on acquisitions in 2011 and a moderation in the PTS organic revenue growth rate. However, we are optimistic about our acquisition prospects in the short term."

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Thursday, May 3, 2012 to answer questions regarding the results. The teleconference numbers are 416-340-8061 or 800-396-7098. The call will also be webcast live and archived on Constellation's website at www.csisoftware.com.

A replay of the conference call will be available as of 11:30 a.m. ET the same day until 11:59 p.m. ET on May 17, 2012. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 3771898.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Non-IFRS Measures

The term "Adjusted EBITDA" refers to net income before adjusting for finance income, finance costs, income taxes, equity in net loss of equity investees, impairment of non-financial assets, depreciation, amortization, and foreign exchange loss (gain). The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and the other items listed above. "Adjusted EBITDA margin" refers to the percentage that Adjusted EBITDA for any period represents as a portion of total revenue for that period.

"Adjusted net income" means net income plus non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income). The Company believes that Adjusted net income is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income) incurred by the Company from time to time. "Adjusted net income margin" refers to the percentage that Adjusted net income for any period represents as a portion of total revenue for that period.

Adjusted EBITDA and Adjusted net income are not recognized measures under IFRS and, accordingly, shareholders are cautioned that Adjusted EBITDA and Adjusted net income should not be construed as alternatives to net income determined in accordance with IFRS. The Company's method of calculating Adjusted EBITDA and Adjusted net income may differ from other issuers and, accordingly, Adjusted EBITDA and Adjusted net income may not be comparable to similar measures presented by other issuers. See "Results of Operations -Adjusted EBITDA" and "- Adjusted net income" for a reconciliation of Adjusted EBITDA and Adjusted net income to net income.

The following table reconciles Adjusted EBITDA to net income:

                                      --------------------------------------
                                               Three months ended March 31,
                                      --------------------------------------
                                                    2012               2011
                                      --------------------------------------
                                                 ($000, except percentages)

Total revenue                                   $195,278          $ 177,632
                                      --------------------------------------
                                      --------------------------------------

Net income                                        13,924             62,488
Adusted for:
Income tax expense (recovery)                      3,311            (50,963)
Foreign exchange loss                                208              2,065
Equity in net loss of equity investees               882                  0
Finance income                                    (1,069)              (368)
Finance costs                                      1,018              1,161
Amortization of intangible assets                 19,275             18,525
Depreciation                                       1,718              2,126

Adjusted EBITDA                                   39,267             35,034
Adjusted EBITDA margin                                20%                20%
                                      --------------------------------------

The following table reconciles Adjusted net income to net income:

                              -------------------------------------
                                      Three months ended March 31,
                                             2012             2011
                              -------------------------------------
                                    ($000, except percentages)

Total revenue                            $195,278        $ 177,632
                              -------------------------------------
                              -------------------------------------

Net income                                 13,924           62,488
Adusted for:
Amortization of intangible
 assets                                    19,275           18,525
Deferred income tax recovery               (1,492)         (53,971)

Adjusted net income                        31,707           27,042
Adjusted net income margin                     16%              15%
                              -------------------------------------

The following tables provide supplemental statement of operations and cash
 flow information for PTS:

Supplemental financial information

----------------------------------------------------------------------------
                               For the three months ended March 31, 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Constellation
                              Software Inc.
(Unaudited)                 (excluding PTS)            PTS     Consolidated
                            ------------------------------------------------

Revenue                          $  162,468     $   32,810     $    195,278
Adjusted EBITDA                      32,611          6,656           39,267
 EBITDA as % Total Revenue               20%            20%              20%


----------------------------------------------------------------------------
Net Income                       $    8,178     $    5,746     $     13,924
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Cash flows from operating
 activities:
 Net income                      $    8,178     $    5,746     $     13,924
 Adjustments to reconcile
  net income to net cash
  flows from operations,
  including taxes paid:              21,780            861           22,641

 Change in non-cash
  operating working capital          (6,536)       (17,808)         (24,344)

----------------------------------------------------------------------------
 Cash flows from operating
  activities                     $   23,422     $  (11,201)    $     12,221

The following table reconciles Adjusted EBITDA to net income for PTS:

Adjusted EBITDA to net income reconciliation

---------------------------------------------------------------------------
                                For the three months ended March 31, 2012
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                             Constellation
                             Software Inc.
                                (excluding
(Unaudited)                           PTS)             PTS     Consolidated
                         --------------------------------------------------


Total revenue               $      162,468    $     32,810    $     195,278
                         --------------------------------------------------
                         --------------------------------------------------

Net income                           8,178           5,746           13,924
Adjusted for:
Income tax expense                   2,914             397            3,311
Other expenses (income)                691             348            1,039
Amortization of
 intangible assets                  19,275               -           19,275
Depreciation                         1,553             165            1,718

Adjusted EBITDA                     32,611           6,656           39,267
Adjusted EBITDA margin                  20%             20%              20%

About Constellation Software Inc.

Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. The Company acquires, manages and builds vertical market software businesses that provide mission-critical software solutions to address the specific needs of its customers in those industries.

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of U.S. dollars)

(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                  March 31,     December 31,
                                                       2012             2011
----------------------------------------------------------------------------

Assets

Current assets:
  Cash                                       $       48,813    $      33,492
  Equity securities available-for-sale               23,382           21,222
  Accounts receivable                               103,100          100,398
  Work in progress                                   29,209           26,244
  Inventories                                        15,205           13,539
  Other assets                                       27,702           25,633
----------------------------------------------------------------------------
                                                    247,411          220,528

Non-current assets:
  Property and equipment                             14,401           14,591
  Deferred income taxes                             101,636           99,659
  Other assets                                       26,205           28,005
  Intangible assets                                 262,756          267,792
----------------------------------------------------------------------------
                                                    404,998          410,047

----------------------------------------------------------------------------
Total assets                                 $      652,409    $     630,575
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
  Bank indebtedness                          $       11,198    $           -
  Accounts payable and accrued
   liabilities                                       80,158          114,952
  Dividends payable                                  21,192                -
  Deferred revenue                                  207,032          181,450
  Provisions                                          3,162            3,555
  Acquired contract liabilities                       1,438            4,750
  Acquisition holdback payments                      13,254           11,378
  Income taxes payable                                7,058            4,751
----------------------------------------------------------------------------
                                                    344,492          320,836

Non-current liabilities:
  Deferred income taxes                              12,423           11,259
  Acquired contract liabilities                      29,365           28,051
  Acquisition holdback payments                       2,723            2,474
  Other liabilities                                  10,725           11,675
----------------------------------------------------------------------------
                                                     55,236           53,459

----------------------------------------------------------------------------
Total liabilities                                   399,728          374,295
----------------------------------------------------------------------------


Shareholders' equity:
  Capital stock                                      99,283           99,283
  Accumulated other comprehensive income             10,630            6,961
  Retained earnings                                 142,768          150,036
----------------------------------------------------------------------------
                                                    252,681          256,280

----------------------------------------------------------------------------
Total liabilities and shareholders'
 equity                                      $      652,409    $     630,575
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Comprehensive Income
(In thousands of U.S. dollars, except per share amounts)

Three months ended March 31, 2012 and 2011
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                      2012             2011
----------------------------------------------------------------------------
                                                                   (Recast)

Revenue                                      $     195,278    $     177,632

Expenses
  Staff                                            105,631           95,919
  Hardware                                          12,227           12,121
  Third party license, maintenance and
   professional services                            14,246           12,663
  Occupancy                                          4,625            4,588
  Travel                                             8,246            6,268
  Telecommunications                                 2,497            2,537
  Supplies                                           3,432            4,163
  Professional fees                                  1,845            2,136
  Other                                              3,262            2,203
  Depreciation                                       1,718            2,126
  Amortization of intangible assets                 19,275           18,525
----------------------------------------------------------------------------
                                                   177,004          163,249

Foreign exchange loss                                  208            2,065
Equity in net loss of equity investees                 882                -
Finance income                                      (1,069)            (368)
Finance costs                                        1,018            1,161
----------------------------------------------------------------------------
                                                     1,039            2,858

Profit before income tax                            17,235           11,525

Current income tax expense                           4,803            3,008
Deferred income tax recovery                        (1,492)         (53,971)
----------------------------------------------------------------------------
Income tax expense (recovery)                        3,311          (50,963)

----------------------------------------------------------------------------
Net income                                          13,924           62,488
----------------------------------------------------------------------------

Net change in fair value
  on available-for-sale financial
  assets during the period                           3,848            3,325

Net unrealized foreign exchange
 adjustment gain on available-for-sale
 financial assets during the period                    121              209

Amounts reclassified to profit during the
 period related to realized gains on
 available-for-sale investments                     (1,032)            (334)

Foreign currency translation differences
 from foreign operations                             1,141            1,103

Current tax expense                                    (78)               -

Deferred tax expense                                  (331)            (480)

----------------------------------------------------------------------------
Other comprehensive income for the
 period, net of income tax                           3,669            3,823

----------------------------------------------------------------------------
Total comprehensive income for the period    $      17,593    $      66,311
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings per share
  Basic and diluted                          $        0.66    $        2.95

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

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)

Three months ended March 31, 2012
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                     CapitalAccumulated other comprehensive
                                       stock                  income/(loss)

                                                                    Amounts
                                                                 related to
                                                               gains/losses
                                                              on available-
                                                 Cumulative        for-sale
                                                translation       financial
                                                    account          assets

Balance at January 1, 2012         $  99,283   $        182    $      6,779

Total comprehensive income for
 the period

Net income

Other comprehensive income
 (loss)

Net change in fair value
 on available-for-sale financial
 assets during the period                                             3,848

Net unrealized foreign exchange
 adjustment
 gain (loss) on available-for-
  sale financial
 assets during the period                                               121

Amounts reclassified to profit
 during the period
 related to realized gains on
 available-for-sale investments                                      (1,032)

Foreign currency translation
 differences from foreign
 operations                                           1,141

Current tax expense                                     (78)

Deferred tax expense                                    (11)           (320)

----------------------------------------------------------------------------
Total other comprehensive income
 for the period                                       1,052           2,617

----------------------------------------------------------------------------
Total comprehensive income for
 the period                                           1,052           2,617
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Transactions with owners,
 recorded directly in equity
Dividends to owners of the
 Company

----------------------------------------------------------------------------
Balance at March 31, 2012          $  99,283   $      1,234    $      9,396
----------------------------------------------------------------------------
----------------------------------------------------------------------------


CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)

Three months ended March 31, 2012
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                          Total
                                    accumulated
                                          other
                                  comprehensive      Retained
                                  income/(loss)      earnings         Total



Balance at January 1, 2012         $      6,961   $   150,036   $   256,280

Total comprehensive income for
 the period

Net income                                             13,924        13,924

Other comprehensive income
 (loss)

Net change in fair value
 on available-for-sale financial
 assets during the period                 3,848             -         3,848

Net unrealized foreign exchange
 adjustment
 gain (loss) on available-for-
  sale financial
 assets during the period                   121             -           121

Amounts reclassified to profit
 during the period
 related to realized gains on
 available-for-sale investments          (1,032)            -        (1,032)

Foreign currency translation
 differences from foreign
 operations                               1,141             -         1,141

Current tax expense                         (78)                        (78)

Deferred tax expense                       (331)            -          (331)

----------------------------------------------------------------------------
Total other comprehensive income
 for the period                           3,669             -         3,669

----------------------------------------------------------------------------
Total comprehensive income for
 the period                               3,669        13,924        17,593
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Transactions with owners,
 recorded directly in equity
Dividends to owners of the
 Company                                              (21,192)      (21,192)

----------------------------------------------------------------------------
Balance at March 31, 2012          $     10,630   $   142,768   $   252,681
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)

Three months ended March 31, 2011
(Unaudited)
---------------------------------------------------------------------------
---------------------------------------------------------------------------


                                           Accumulated other comprehensive
                          Capital stock                      income/(loss)

                                                           Amounts related
                                                           to gains/losses
                                              Cumulative     on available-
                                             translation          for-sale
                                                 account  financial assets

Balance at January 1, 2011    $  99,283   $          432    $        7,143

Total comprehensive income
 for the period

Net income

Other comprehensive income
 (loss)

Net change in fair value
 on available-for-sale
  financial
 assets during the period                                            3,325

Net unrealized foreign
 exchange adjustment
 gain (loss) on available-
  for-sale financial
 assets during the period                                              209

Amounts reclassified to
 profit during the period
 related to realized gains
  on
 available-for-sale
  investments                                                         (334)

Foreign currency
 translation differences
 from foreign operations                           1,103                 -

Deferred tax expense                                                  (480)

---------------------------------------------------------------------------
Total other comprehensive
 income (loss) for the
 period                                            1,103             2,720

---------------------------------------------------------------------------
Total comprehensive income
 for the period                                    1,103             2,720
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Transactions with owners,
 recorded directly in
 equity
Dividends to owners of the
 Company

---------------------------------------------------------------------------
Balance at March 31, 2011     $  99,283   $        1,535    $        9,863
---------------------------------------------------------------------------
---------------------------------------------------------------------------


CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)

Three months ended March 31, 2011
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                     Total
                               accumulated
                                     other         Retained
                             comprehensive         earnings
                             income/(loss)         (Recast)           Total



Balance at January 1, 2011   $       7,575   $       36,193   $     143,051

Total comprehensive income
 for the period

Net income                                           62,488          62,488

Other comprehensive income
 (loss)

Net change in fair value
 on available-for-sale
  financial
 assets during the period            3,325                -           3,325

Net unrealized foreign
 exchange adjustment
 gain (loss) on available-
  for-sale financial
 assets during the period              209                -             209

Amounts reclassified to
 profit during the period
 related to realized gains
  on
 available-for-sale
  investments                         (334)               -            (334)

Foreign currency
 translation differences
 from foreign operations             1,103                -           1,103

Deferred tax expense                  (480)               -            (480)

----------------------------------------------------------------------------
Total other comprehensive
 income (loss) for the
 period                              3,823                -           3,823

----------------------------------------------------------------------------
Total comprehensive income
 for the period                      3,823           62,488          66,311
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Transactions with owners,
 recorded directly in
 equity
Dividends to owners of the
 Company                                            (42,384)        (42,384)

----------------------------------------------------------------------------
Balance at March 31, 2011    $      11,398   $       56,297   $     166,978
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of U.S. dollars)

Three months ended March 31, 2012 and 2011
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                     2012              2011
----------------------------------------------------------------------------
                                                                   (Recast)

Cash flows from operating activities:
  Net income                               $       13,924    $       62,488
  Adjustments for:
    Depreciation                                    1,718             2,126
    Amortization of intangible assets              19,275            18,525
    Equity in net earnings of equity
     investees                                        882                 -
    Finance income                                 (1,069)             (368)
    Finance costs                                   1,018             1,161
    Income tax expense (recovery)                   3,311           (50,963)
    Foreign exchange loss                             208             2,065
  Change in non-cash operating working
   capital                                        (24,344)          (13,376)
  Income taxes paid                                (2,702)           (2,379)
  --------------------------------------------------------------------------
  Net cash flows from operating
   activities                                      12,221            19,279

Cash flows from financing activities:
  Interest paid                                      (336)             (887)
  Increase in other non current
   liabilities                                       (200)               87
  Increase in bank indebtedness, net               13,000            38,644
  Credit facility financing fees                   (1,840)                -
  Dividends paid                                        -           (42,384)
  --------------------------------------------------------------------------
  Net cash flows from financing
   activities                                      10,624            (4,540)

Cash flows from investing activities:
  Acquisition of businesses, net of
   cash acquired                                   (7,807)          (10,391)
  Post-acquisition settlement payments,
   net of receipts                                   (501)           (1,052)
  Purchases of available-for-sale
   equity securities                                    -            (1,249)
  Proceeds from sale of available-for-
   sale equity securities                           1,808               643
  Increase in restricted cash                           -               450
  Interest received                                    38                37
  Property and equipment purchased                 (1,290)           (2,599)
  --------------------------------------------------------------------------
Cash flows provided for (used in)
 investing activities                              (7,752)          (14,161)

Effect of currency translation
 adjustment on cash and cash
 equivalents                                          228            (1,346)

Increase (decrease) in cash and cash
 equivalents                                       15,321              (768)

Cash, beginning of period                          33,492            30,911

----------------------------------------------------------------------------
Cash, end of period                        $       48,813    $       30,143
----------------------------------------------------------------------------
----------------------------------------------------------------------------