Altus Group Income Fund
TSX : AIF.UN

Altus Group Income Fund

March 22, 2010 10:31 ET

Altus Group Income Fund Announces Year-End Results

Management Team to Hold Conference Call on Monday, March 22, 2010 at 3:00pm EDT

TORONTO, ONTARIO--(Marketwire - March 22, 2010) - Altus Group Income Fund ("Fund") (TSX:AIF.UN) today announced financial and operating results for the year ended December 31, 2009.

2009 Performance Highlights

  • Year-over-year revenue growth of 5%
  • Generated adjusted distributable cash of $1.42 per unit and distributed $1.20 per unit to unitholders resulting in a payout ratio of 84.4%
  • Completed two acquisitions that expanded regional and international reach

Revenue for the fourth quarter 2009 was $64.5 million, compared to $54.0 million for the comparable period in 2008, a 19% increase. Revenue for the year ended December 31, 2009 was $219.8 million, a year-over-year increase of 5%. EBITDA for the year was $33.2 million compared to $34.9 million in 2008.

"Given the challenging recessionary environment, Altus Group's ability to generate reasonable growth during 2009 is a testament to the robust nature of our business model and the success of our efforts to generate value for customers and unitholders alike," said Gary Yeoman, Chief Executive Officer of Altus Group. "In particular, strong fourth quarter results and an improving payout ratio provide Altus Group with added flexibility to capitalize on opportunities in 2010." 

Salaries and benefits were $39.8 million for the fourth quarter compared to $28.6 million in the same quarter last year. Salaries and benefits for the year ended December 31, 2009 increased 8% over 2008 and the ratio of salaries to revenues increased to 58% from 57% in 2008. Average headcount was 1,589 in 2009 compared to 1,230 in 2008.

Net earnings for the fourth quarter 2009 were $0.9 million or 5 cents per unit compared to $3.4 million or 19 cents per unit for the fourth quarter in 2008. Net earnings for the full year were $3.4 million or 18 cents per unit compared to $9.5 million or 55 cents per unit in 2008. Net earnings per unit are basic and diluted.

For the year, distributions declared totaled $1.20 per unit.

The acquisition of Australia-based Page-Kirkland closed in 2009, leaving Altus Group with a market-leading presence throughout Asia-Pacific. With a client-focused culture and services that span the international property and construction industry lifecycle, Page-Kirkland offers Altus Group privileged access to markets that are already leading the world in growth and recovery including China, India and the Middle East. 

"The virtues of the Page Kirkland acquisition have been immediately apparent, giving Altus Group a truly global platform from a strong Canadian base," continued Yeoman. "With Asia projected to drive a dramatic percentage of worldwide economic growth in 2010, the timing of this acquisition has been ideal and our pursuit of accretive, strategic acquisitions will continue to guide our plans in 2010." 

Analyst Call Details

Altus Group Income Fund will hold an analyst conference call at 3p.m., Eastern Daylight Time on Monday, March 22, 2010 to discuss these financial results and current industry conditions. Please dial 1-866-223-7781 (toll free) or 416-340-8018 (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 12:30 p.m. EDT. To access the recording, please call 1-800-408-3053 or 416-695-5800 (passcode: 1840350). 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 1,500, 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.

Forward Looking Statements

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" 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. Those risks and uncertainties include: general state of the economy; ability to maintain profitability and manage growth; dependence on oil and gas sector; competition in the industry; revenue and cash flow volatility; credit risk; reliance on and retention of professionals; currency risk; 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; interest rate risk; appraisal mandates; customer concentration; restrictions on potential growth; operating risks; risk of future legal proceedings; insurance limits; and legislative and regulatory changes. 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.

Non-GAAP Measures

The Fund uses non‐GAAP measures that are generally used by Canadian open‐ended income funds as indicators of financial performance. Readers are cautioned that they are not defined performance measures under GAAP and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. The Fund believes that these measures are useful supplemental measures that may assist investors in assessing an investment in units of the Fund ("Units").

Earnings before Interest, Taxes, Depreciation, Amortization and Non‐Controlling Interest, ("EBITDA"), represents revenue less disbursements, salaries, general and administrative expenses but before interest, taxes, depreciation, amortization, non‐controlling interest and equity accounted earnings (loss).

Contact Information

  • Altus Group Income Fund
    Sayla Nordin
    VP, Communications and Investor Relations
    (416) 557-0939
    altusgroupincomefund.com