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MARKHAM, ONTARIO -- (Marketwired) -- 09/10/13 -- Enghouse Systems Limited (TSX: ESL) today announced its unaudited third quarter financial results for the period ended July 31, 2013.

Third quarter revenue was $46.3 million, an increase of 31% over revenue of $35.4 million in the third quarter last year, with incremental revenue coming primarily from acquisitions. Revenue includes recurring hosted and maintenance services contributions of $23.5 million in the quarter, an increase of 21% over last year's revenue of $19.5 million. Adjusted EBITDA for the quarter was $12.2 million or $0.46 per diluted share compared to $9.2 million or $0.35 per diluted share in last year's third quarter. Results from operating activities for the quarter were $11.7 million compared to $8.3 million in the prior year's third quarter and include special charges booked on acquisitions of $0.1 million in the quarter. Net income for the third quarter was $6.3 million or $0.24 per diluted share compared to the prior year's third quarter net income of $4.3 million or $0.16 per share. On a year to date basis, revenue was $132.7 million compared to $97.4 million, an increase of 36%. Adjusted EBITDA for the year to date was $32.5 million or $1.23 per diluted share compared to $24.9 million or $0.96 per share.

Operating expenses increased to $21.2 million from $17.5 million in the prior year's third 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 $4.0 million compared to $2.9 million in the prior year's third quarter and includes amortization charges for acquired software and customer relationships including operations acquired in the current year.

Enghouse closed the quarter with $92.0 million in cash, cash equivalents and short-term investments, compared to $80.9 million at April 30, 2013 and $83.7 million at October 31, 2012. This reflects cash paid in the quarter of approximately $3.0 million related to holdbacks for the acquisitions of Zeacom and Locus. It also reflects a cash dividend of $2.1 million paid in June 2013. The Company continues to have no long-term debt.

During the quarter, the corporate management team was strengthened with the additions of Craig Wallace as Chief Operations Officer and Geoff Bartle as Corporate Vice President, Information Systems. The additional corporate management was needed to take the Company to the next level of its development.

On September 6, 2013, the Company acquired Safeharbor Knowledge Systems, LLC. Based in Satsop (Seattle), Washington, Safeharbor delivers a SaaS based, unified knowledge base and community forum platform with proven scalability, augmenting the Company's Interactive Management solutions portfolio.

The Board of Directors has approved an eligible quarterly dividend of $0.08 per common share, payable on November 29, 2013 to shareholders of record at the close of business on November 15, 2013.

Enghouse continues to seek further acquisitions to grow its market share.

A conference call to discuss the results will be held on Wednesday, September 11, 2013 at 8:45 a.m. EST. To participate, please call 416-849-8296 (PIN 89681544#) in Toronto or North American Toll-Free 1-866-551-3680 (PIN 89681544#).

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.

Adjusted EBITDA:

The table below reconciles Adjusted EBITDA to net income:

                                  Three Months ended     Nine Months ended
                                  July 31,   July 31,   July 31,   July 31,
                                      2013       2012       2013       2012

Total Revenue                    $  46,247  $  35,427  $ 132,715  $  97,416

Net income for the period            6,297      4,288     14,635     12,528
Provision for income taxes           1,723      1,244      3,971      3,873
Depreciation of property, plant
 and equipment                         425        377      1,303        942
Amortization of acquired
 software and customer
 relationships                       4,025      2,949     11,485      7,770
Finance income                         (90)      (194)      (517)      (698)
Finance expenses                        81         72        258        183
Other income                          (307)       (13)    (1,116)      (168)
Special charges                         77        491      2,491        491
Adjusted EBITDA                  $  12,231  $   9,214  $  32,510  $  24,921
Adjusted EBITDA margin                  26%        26%        24%        26%
Adjusted EBITDA per diluted
 share                           $    0.46  $    0.35  $    1.23  $    0.96

Enghouse Systems Limited
Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)
(Unaudited)
                                            July 31, 2013  October 31, 2012

                                   Assets
Current assets:
  Cash and cash equivalents               $        58,792 $          59,544
  Short-term investments                           33,245            24,108
  Accounts receivable, net                         30,971            31,368
  Prepaid expenses and other assets                 5,593             3,853
                                          ----------------------------------
                                                  128,601           118,873
Non-current assets:
Property, plant and equipment                       3,651             3,365
Intangibles                                       121,696           106,995
Deferred income tax assets                          7,637            10,477
                                          ----------------------------------

Total assets                              $       261,585 $         239,710
                                          ----------------------------------
                                          ----------------------------------

                              Liabilities
Current liabilities:
  Trade payables                          $        29,556 $          26,053
  Income taxes payable                                303             2,008
  Dividends payable                                 2,079             1,676
  Accrued provisions                                3,292             1,621
  Deferred revenue                                 41,797            35,935
                                          ----------------------------------
                                                   77,027            67,293
Non-current liabilities:
Deferred income tax liabilities                    13,502            13,241
Deferred revenue                                    1,750             1,236
                                          ----------------------------------
Total liabilities                                  92,279            81,770
                                          ----------------------------------
                     Shareholders' Equity

Share capital                                      57,879            55,751
Contributed surplus                                 3,007             2,847
Retained earnings                                 108,171            99,371
Accumulated other comprehensive gain
 (loss)                                               249               (29)
                                          ----------------------------------
Total shareholders' equity                        169,306           157,940
                                          ----------------------------------
Total liabilities and shareholders'
 equity                                   $       261,585 $         239,710
                                          ----------------------------------
                                          ----------------------------------

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     Nine months ended
                                              July 31               July 31
                                      2013       2012       2013       2012
Revenue
  Software licenses              $  15,189  $  10,853  $  43,877  $  32,001
  Hosted and maintenance
   services                         23,543     19,475     67,500     51,494
  Professional services              6,013      4,727     17,581     12,873
  Hardware                           1,502        372      3,757      1,048
                                 -------------------------------------------
                                    46,247     35,427    132,715     97,416
                                 -------------------------------------------
Direct costs
  Software licenses                  1,113        808      3,191      2,583
  Services                          11,243      8,567     31,719     22,549
  Hardware                             941        242      2,538        726
                                 -------------------------------------------
                                    13,297      9,617     37,448     25,858
                                 -------------------------------------------

Revenue, net of direct costs        32,950     25,810     95,267     71,558

Operating expenses
  Selling, general and
   administrative                   13,298     11,255     40,221     31,092
  Research and development           7,421      5,341     22,536     15,545
  Depreciation of property,
   plant and equipment                 425        377      1,303        942
  Special charges                       77        491      2,491        491
                                 -------------------------------------------
                                    21,221     17,464     66,551     48,070
                                 -------------------------------------------

Results from operating
 activities                         11,729      8,346     28,716     23,488

Amortization of acquired
 software and customer
 relationships                      (4,025)    (2,949)   (11,485)    (7,770)
Finance income                          90        194        517        698
Finance expenses                       (81)       (72)      (258)      (183)
Other income                           307         13      1,116        168
                                 -------------------------------------------

Income before income taxes           8,020      5,532     18,606     16,401

Provision for income taxes           1,723      1,244      3,971      3,873
                                 -------------------------------------------

Net income for the period        $   6,297  $   4,288  $  14,635  $  12,528
                                 -------------------------------------------
                                 -------------------------------------------
Items that are or may be
 reclassified subsequently to
 profit or loss:
Foreign currency translation
 differences from foreign
 operations                           (162)      (373)       221     (1,664)
Transfer to net income of
 realized gains on available for
 sale investments, net of tax of
 ($177); nine months - ($291)       (1,156)         -     (1,910)      (132)
Unrealized gain (loss) on
 available for sale investments,
 net of tax of $169; nine
 months-$300                         1,106       (291)     1,967       (883)
                                 -------------------------------------------

Other comprehensive (loss)
 income                               (212)      (664)       278     (2,679)
                                 -------------------------------------------

Comprehensive income             $   6,085  $   3,624  $  14,913  $   9,849
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share
Basic                            $    0.24  $    0.17  $    0.57  $    0.49
Diluted                          $    0.24  $    0.16  $    0.55  $    0.48

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

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



                                                       Share    Contributed
                                       Number of     capital        surplus
                                   common shares           $              $

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 on available-for-
 sale investments, net of tax                  -           -              -
                                   -----------------------------------------
Comprehensive income (loss) for
 the period                                    -           -              -
                                   -----------------------------------------
                                   -----------------------------------------
Employee share options:
 Value of services recognized                  -           -            704
 Proceeds on issuing shares              207,400       2,128           (544)
Dividends                                      -           -              -
                                   -----------------------------------------
Balance - July 31, 2013               25,987,962      57,879          3,007
                                   -----------------------------------------
                                   -----------------------------------------


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

Net income                                     -           -              -
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment              -           -              -
Transfer to net income of realized
 gain on available-for-sale
 investments, net of tax                       -           -              -
Unrealized (loss) on available-
 for-sale investments, net of tax              -           -              -
                                   -----------------------------------------
Comprehensive income (loss) for
 the period                                    -           -              -
                                   -----------------------------------------
                                   -----------------------------------------
Employee share options:
 Value of services recognized                  -           -            502
 Proceeds on issuing shares              332,300       2,951           (634)
Dividends                                      -           -              -
                                   -----------------------------------------
Balance - July 31, 2012               25,669,562      55,085          2,838
                                   -----------------------------------------
                                   -----------------------------------------


Enghouse Systems Limited
Condensed Consolidated Interim 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                                        -       14,635     14,635
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment               221            -        221
Transfer to net income of realized
 gains on available-for-sale
 investments, net of tax                     (1,910)           -     (1,910)
Unrealized gain on available-for-
 sale investments, net of tax                 1,967            -      1,967
                                  ------------------------------------------
Comprehensive income (loss) for
 the period                                     278       14,635     14,913
                                  ------------------------------------------
                                  ------------------------------------------
Employee share options:
 Value of services recognized                     -            -        704
 Proceeds on issuing shares                       -            -      1,584
Dividends                                         -       (5,835)    (5,835)
                                  ------------------------------------------
Balance - July 31, 2013                         249      108,171    169,306
                                  ------------------------------------------
                                  ------------------------------------------


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

Net income                                        -       12,528     12,528
Other Comprehensive Income (net of
 tax):
Cumulative Translation Adjustment            (1,664)           -     (1,664)
Transfer to net income of realized
 gain on available-for-sale
 investments, net of tax                       (132)           -       (132)
Unrealized (loss) on available-
 for-sale investments, net of tax              (883)           -       (883)
                                  ------------------------------------------
Comprehensive income (loss) for
 the period                                  (2,679)      12,528      9,849
                                  ------------------------------------------
                                  ------------------------------------------
Employee share options:
 Value of services recognized                     -            -        502
 Proceeds on issuing shares                       -            -      2,317
Dividends                                         -       (4,608)    (4,608)
                                  ------------------------------------------
Balance - July 31, 2012                      (1,644)      92,702    148,981
                                  ------------------------------------------
                                  ------------------------------------------

Enghouse Systems Limited
Condensed Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)
(Unaudited)
                                   Three months ended     Nine months ended
                                              July 31               July 31
                                      2013       2012       2013       2012
Cash flows from operating
 activities
Net income                       $   6,297  $   4,288  $  14,635  $  12,528

Adjustments for:
  Depreciation of property,
   plant and equipment                 425        377      1,303        942
  Amortization of acquired
   software and customer
   relationships                     4,025      2,949     11,485      7,770
  Stock-based compensation
   expense                             281        216        704        502
  Income tax expense                 1,723      1,244      3,971      3,873
  Finance expenses and other
   income                             (226)        59       (858)        15
                                 -------------------------------------------
                                    12,525      9,133     31,240     25,630

Changes in non-cash operating
 working capital                     2,725        990      2,475     (3,476)
Income tax paid                       (724)    (1,360)    (3,510)    (3,188)
----------------------------------------------------------------------------
Net cash flows from operating
 activities                         14,526      8,763     30,205     18,966

Cash flows from investing
 activities
Purchase of property, plant and
 equipment, net                       (194)      (224)    (1,165)    (1,893)
Acquisitions, net of cash
 acquired of $3,617                 (2,974)   (26,651)   (19,805)   (32,453)
Net (purchase) sale of short-
 term investments                  (10,773)     2,371     (6,058)    (8,692)
----------------------------------------------------------------------------
Net cash flows used in investing
 activities                        (13,941)   (24,504)   (27,028)   (43,038)

Cash flows from financing
 activities
Issuance of share capital              209        441      1,584      2,317
Payment of cash dividend            (2,076)    (1,664)    (5,432)    (4,206)
----------------------------------------------------------------------------
Net cash flows used in financing
 activities                         (1,867)    (1,223)    (3,848)    (1,889)

Effect of currency translation
 adjustments on cash and cash
 equivalents                            15        440        (81)       200
----------------------------------------------------------------------------

Net decrease in cash and cash
 equivalents during the period      (1,267)   (16,524)      (752)   (25,761)
Cash and cash equivalents-
 beginning of period                60,059     56,387     59,544     65,624

Cash and cash equivalents - end
 of period                       $  58,792  $  39,863  $  58,792  $  39,863
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Enghouse Systems Limited
Selected Segment Reporting Information
(in thousands of Canadian dollars)
(Unaudited)
                                 For the three months   For the nine months
                                     ended July 31         ended July 31
                                 -------------------------------------------
                                      2013       2012       2013       2012
                                 -------------------------------------------

Revenue:
  Asset Management Group         $   9,983  $   4,725  $  23,472  $  11,519
  Interactive Management Group      36,264     30,702    109,243     85,897
                                 -------------------------------------------
Total                            $  46,247  $  35,427  $ 132,715  $  97,416
                                 -------------------------------------------
                                 -------------------------------------------


Segment Profit (EBIT):
  Asset Management Group         $   2,001  $   1,016  $   2,957  $   1,918
  Interactive Management Group       6,961      5,383     17,440     16,430
  Corporate expenses                (1,258)    (1,002)    (3,166)    (2,630)
  Finance income                        90        194        517        698
  Finance expenses                     (81)       (72)      (258)      (183)
  Other income                         307         13      1,116        168
                                 -------------------------------------------
                                 -------------------------------------------
Total                            $   8,020  $   5,532  $  18,606  $  16,401
                                 -------------------------------------------
                                 -------------------------------------------