Altus Group Income Fund Announces First Quarter Results
Management Team to Hold Conference Call on Tuesday, May 11, 2010 at 9:00am EDT
TORONTO, ONTARIO–(Marketwire – May 10, 2010) – Altus Group Income Fund (“Fund”) (TSX:AIF.UN) today announced financial and operating results for the quarter ended March 31, 2010.
- Year-over-year revenue growth of 20% for the quarter
- Year-over-year EBITDA growth of 34% for the quarter
- Achieved an adjusted payout ratio of 98.6% for the quarter compared to 124% in the first quarter of 2009
Revenue for the first quarter of 2010 was $60.8 million, compared to $50.6 million for the comparable period in 2009, a 20% increase, of which approximately 17% is attributable to revenues from businesses acquired in 2009. EBITDA for the first quarter 2010 was $8.4 million, compared to $6.2 million in the same period last year, an increase of 34%.
“As the global economy exhibited a glimmer of recovery, Altus’ committed efforts fuelled encouraging Q1 results,” said Gary Yeoman, Chief Executive Officer of Altus Group. “These results, in what is typically a softer quarter, position us well for continued strong performance in 2010 as we further capitalize on the emergent opportunities we see in our business lines and geographic reach.”
Salaries and benefits were $36.0 million for the first quarter 2010, compared to $28.2 million in the same quarter last year. Salaries and benefits as a percentage of revenue increased to 59% for the quarter ended March 31, 2010 from 56% in the same period in 2009. Total salaries increased as a result of additional headcount from acquisitions.
Net earnings (loss) for the first quarter 2010 were $(0.1) million, or $0.00 per unit, compared to $0.1 million, or $0.00 per unit, for the first quarter of 2009. Net earnings (loss) per unit are basic and diluted.
In the first quarter of 2010, the Fund generated adjusted distributable cash of $6.7 million, or $0.30 per unit, and achieved an adjusted payout ratio of 98.6%, compared to $5.1 million, or $0.24 per unit, and an adjusted payout ratio of 124.0% in the first quarter of 2009. For the quarter, distributions declared totaled $0.30 per unit.
Analyst Call Details
Altus Group Income Fund will hold an analyst conference call at 9:00 a.m. Eastern Daylight Time on Tuesday, May 11, 2010 to discuss these financial results and current industry conditions. Please dial 1-866-226-1792 (toll free) or 416-340-2216 (GTA) to access the call. You will be required to identify yourself and your organization. A recording of this call will be made available beginning at 11:30 a.m. EDT. To access the recording, please call 1-800-408-3053 or 416-695-5800 (passcode: 4787323). The recording will also be available at altusgroupincomefund.com.
About Altus Group Income Fund
Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,600, Altus Group has a network of over 50 offices in 11 countries worldwide, including Canada, UK, Australia, Asia and the United States. We operate four interrelated Business Units, bringing years of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting and Geomatics services. Altus’ clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
For more information on Altus Group, please visit: www.altusgroup.com.
Certain statements in this press release may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Fund and its subsidiary entities, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements use words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Fund’s publicly filed documents, including the Annual Information Form, dated March 24, 2010 (which are available on SEDAR at www.sedar.com). Those risks and uncertainties include: general state of the economy; dependence on oil and gas sector; competition in the industry; reliance on and retention of professionals; interest rate risk; currency risk; credit risk; ability to maintain profitability and manage growth; revenue and cash flow volatility; dependence on Canadian multi-residential market; integration of acquisitions; protection of intellectual property; weather; fixed-price and contingency engagements; performance of obligations / maintenance of client satisfaction; appraisal mandates; customer concentration; restrictions on potential growth; operating risks; risk of future legal proceedings; legislative and regulatory changes and insurance limits. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and, except in accordance with applicable law, the Fund assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, the Fund undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Fund, its financial or operating results, or its securities.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations