March 23, 2011

Management Team to Hold Conference Call on Wednesday, March 23, 2011 at 2:30 pm EDT

TORONTO, ONTARIO–(Marketwire – March 23, 2011) – Altus Group Limited (“Altus”) (TSX:AIF) today announced financial and operating results for the year ended December 31, 2010.

2010 Performance Highlights

  • Year-over-year revenue growth of 15%;
  • Achieved an adjusted payout ratio of 94.3% for the year , compared to 84.4% in 2009;
  • Strengthened the balance sheet with the issuance of $50.0 million convertible unsecured subordinated debentures; and,
  • Completed three acquisitions including two in the strategically important US market.

Revenue for the fourth quarter of 2010 was $68.1 million, compared to $64.5 million for the comparable period in 2009, a 6% increase, of which approximately 7% is attributable to revenues from acquired businesses. Revenue for the year ended December 31, 2010 was $252.5 million, compared to $219.8 million in 2009, a 15% increase, of which approximately 13% is attributable to acquired businesses.

EBITDA for the fourth quarter of 2010 was $5.2 million, compared to $9.7 million in the same period last year, a decrease of 46%. EBITDA for the year ended December 31, 2010 was $32.7 million, compared to $33.2 million in 2009, a decrease of 2%.

Net earnings for the fourth quarter of 2010 were $1.6 million, or $0.08 per unit, compared to $0.9 million, or $0.05 per unit for the fourth quarter of 2009. Net earnings for the year ended December 31, 2010 were $3.1 million, or $0.16 per unit, compared to $3.4 million, or $0.18 per unit in 2009. Net earnings per unit are basic and diluted.

“This past year saw Altus Group work hard to withstand the effects of lingering recessionary pressure and slower than hoped for recovery in specific regions. Notwithstanding, Altus maintained steady course, delivered positive growth and continued to identify new opportunities to strengthen the company,” said Gary Yeoman, Chief Executive Officer, Altus Group. “Our successful conversion to a public corporation structure, along with other key decisions and initiatives, has left us in a sound financial position – which affords unique flexibility in the year ahead.”

In the fourth quarter of 2010, Altus generated adjusted distributable cash of $5.0 million, or $0.22 per unit, and achieved an adjusted payout ratio of 136.0%, compared to $9.2 million, or $0.42 per unit, and an adjusted payout ratio of 71.5% in the fourth quarter of 2009. For the quarter, distributions declared totalled $0.30 per unit. For the year ended December 31, 2010, Altus generated adjusted distributable cash of $28.4 million, or $1.27 per unit, and achieved an adjusted payout ratio of 94.3%, compared to $30.6 million, or $1.42 per unit, and an adjusted payout ratio of 84.4% in 2009. For the year ended December 31, 2010, distributions declared totalled $1.20 per unit.

On December 1, 2010, the Fund successfully completed the issuance of $50.0 million convertible unsecured subordinated debentures (“convertible debentures”) with a maturity date of December 31, 2017. The convertible debentures bear interest at a rate of 5.75% per annum, and are payable semi‐annually on June 30 and December 31 each year.

In 2010, Altus completed three key acquisitions:

  • Brazos Tax Group, a US-based property tax company, provided Altus with a key foothold on which to build a significant US presence while taking advantage of North American client synergies;
  • Peters Surveys, which allowed for our geomatics team to profit from growing work in Saskatchewan as well as reinforced their ability to offer services across the West; and,
  • The US-based Real Estate Appraisal Management Practice of PricewaterhouseCoopers, which offered tremendous opportunity with its Databridge product; a proprietary data and analytics software package.

“Going forward, Altus’ increasing ability to leverage its unique data stores and proprietary technology platforms to offer clients additional clarity on their businesses, means the outlook and the opportunities for Altus are increasingly positive,” said Yeoman.

Analyst Call Details

Altus Group Limited will hold an analyst conference call at 2:30 p.m. Eastern Daylight Time on Wednesday, March 23, 2011 to discuss these financial results and current industry conditions. Please dial 1-877-240-9772 (toll free) or 416-340-9432 (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 4:30 p.m. EDT. To access the recording, please call 1-800-408-3053 or 905-694-9451 (passcode: 8438338). The recording will also be available at


Altus Group Limited

Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,700, Altus Group has a network of over 70 offices in 14 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’s 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:


Forward-Looking Information

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 Altus 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 which could cause actual results to differ materially from the forward-looking statements, including those described in Altus’ publicly filed documents, including the Annual Information Form (which are available on SEDAR at and in this document under “Key Factors Affecting the Business”. Those risks and uncertainties include: general state of the economy; dependence on oil and gas sector; competition in the industry; ability to attract and retain 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, Altus 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, Altus assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, Altus undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus, its financial or operating results, or its securities.


Camilla BartosiewiczBartosiewicz

Vice President, Investor Relations
forumContact us

Thank you for contacting us. we will get back to you shortly!

This site uses cookies to improve your user experience. By using our website, you are agreeing to our use of cookies.
Click here for more information.