TORONTO, ONTARIO (May 6, 2009) — Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced its financial results for the first quarter ended March 31, 2009. Please note that all dollar amounts referred to in this press release are U.S. Dollars unless otherwise stated.
The following press release should be read in conjunction with the unaudited consolidated interim financial statements for the three month period ended March 31, 2009 and the accompanying notes, and with our audited consolidated annual financial statements and our annual MD&A for the year ended December 31, 2008 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 2009 Highlights:
- Revenue increased $24 million or 32% to $97 million as compared to Q1 2008
- Adjusted EBITDA increased $8 million or 64% to $21 million as compared to Q1 2008
- Adjusted Net Income increased $6 million or 51% to $17 million ($0.79 on a fully diluted per share basis) from $11 million ($0.52 on a fully diluted per share basis) in Q1 2008
- $3 million was deployed on one acquisition and $2 million in holdbacks related to prior acquisitions was paid
First quarter revenue was $97 million, an increase of 32%, or $24 million, compared to $73 million for the comparable period in 2008. The increase was entirely attributable to growth from acquisitions, as organic growth from our existing business was estimated at approximately negative 6%.
Adjusted EBITDA for the first quarter was $21 million, a 64% increase compared to the prior year’s first quarter Adjusted EBITDA of $13 million. First quarter Adjusted EBITDA per share on a fully diluted basis increased 64% to $0.97 compared to $0.59 for the same period last year.
Adjusted Net Income for the first quarter was $17 million, compared to the prior year’s first quarter Adjusted Net Income of $11 million, a 51% increase. First quarter Adjusted Net Income per share on a fully diluted basis increased 52% to $0.79 compared to $0.52 for the prior year’s first quarter.
Net income for the first quarter was $3.8 million compared to the prior year’s first quarter net income of $4.3 million. On a fully diluted per share basis, this translates into net income per share of $0.18 for the first quarter of 2009, compared to $0.20 in the same period of 2008.