TORONTO, ONTARIO (August 5, 2009) — Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced its financial results for the three and six months ended June 30, 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 and six month periods ended June 30, 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.
Q2 2009 Highlights:
- Revenue increased to $102 million from $78 million in Q2 2008, representing a 31% increase
- Adjusted EBITDA increased to $22 million from $14 million in Q2 2008, representing a 61% increase
- Adjusted Net Income increased to $16 million ($0.77 on a fully diluted per share basis) from $12 million ($0.57 on a fully diluted per share basis) in Q2 2008, representing a 36% increase
- One acquisition was completed in the quarter for net cash consideration of $2.7 million, and holdbacks related to prior acquisitions of $0.6 million were paid
- The Board of Directors approved the adoption of a majority voting policy for uncontested director elections
Second quarter revenue was $102 million, an increase of 31%, or $24 million, compared to $78 million for the comparable period in 2008. Total revenue for the six months ended June 30, 2009 was $199 million, an increase of 31% over last year’s revenues of $151 million for the same period.
Adjusted EBITDA for the second quarter was $22 million, a 61% increase compared to the prior year’s second quarter Adjusted EBITDA of $14 million. Second quarter Adjusted EBITDA per share on a fully diluted basis increased 59% to $1.05, compared to $0.66 for the same period last year. Adjusted EBITDA for the six month period ended June 30, 2009 was $43 million, an increase of 62% over last year’s Adjusted EBITDA of $26 million for the same period. Adjusted EBITDA per share on a fully diluted basis for the six month period increased 62% to $2.02, compared to $1.25 for the same period in 2008.
Adjusted Net Income for the second quarter was $16 million, compared to the prior year’s second quarter Adjusted Net Income of $12 million, a 36% increase. Second quarter Adjusted Net Income per share on a fully diluted basis increased 35% to $0.77 compared to $0.57 for the prior year’s second quarter. Adjusted Net Income for the six month period ended June 30, 2009 was $33 million, an increase of 44% over last year’s Adjusted Net Income of $23 million. Adjusted Net Income per share on a fully diluted basis for the six month period ended June 30, 2009 increased 44% to $1.57 compared to $1.09 for the same period in 2008.
Net income for the second quarter was $3.7 million compared to the prior year’s second quarter net income of $3.4 million. On a fully diluted per share basis, this translates into net income per share of $0.18 for the second quarter of 2009, compared to $0.16 in the same period of 2008. For the six months ended June 30, 2009 net income was $7.5 million or $0.36 per fully diluted share compared to $7.7 million or $0.36 per fully diluted share last year.