Business
Constellation Software Inc. Announces Results for First Quarter of 2006
Constellation Software Inc. Announces Results for First Quarter of 2006.
About this update from Constellation Software Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, May 23 /CNW/ - Constellation Software Inc. (TSX:CSU)\n(\"Constellation\" or the \"Company\") today announced its unaudited first quarter\nfinancial results for the quarter ended March 31, 2006.\nFirst quarter revenue was $51.2 million, an increase of 37% compared to\n$37.5 million reported in the same period last year. First quarter revenue per\nshare on a fully diluted basis increased 34% compared to the prior year's\nfirst quarter.\nAdjusted EBITDA for the first quarter was $7.2 million, a 57% increase\ncompared to the prior year's first quarter Adjusted EBITDA of $4.6 million.\nFirst quarter Adjusted EBITDA per share on a fully diluted basis increased 54%\ncompared to the prior year's first quarter.\nAdjusted Net income for the first quarter was $5.1 million compared to\nthe prior year's first quarter Adjusted Net Income of $3.8 million, a 34%\nincrease. First quarter Adjusted Net Income per share on a fully diluted basis\nincreased 31% compared to the prior year's first quarter.\nNet loss for the first quarter was $8.7 million compared to the prior\nyear's first quarter net income of $1.1 million. On a fully diluted per share\nbasis this translates into a net loss per share of $0.43 for the first quarter\nof 2006 compared to a net income per fully diluted share of $0.05 in the same\nperiod of 2005. The principal reason for the net loss was a charge relating to\nthe appreciation of common shares eligible for redemption of $10.1 million, as\ndetailed in our first quarter report this charge will no longer occur in the\nfuture.\n\"During the quarter we delivered good results and progress across a\nnumber of financial metrics,\" said Mark Leonard, President of Constellation.\n\"It should be noted that both our revenue growth and Adjusted EBITDA growth\nrates during the quarter exceeded our five year objective of 20% per annum\naverage growth. In the future, we expect these growth rates to trend closer to\nthe five year average targets.\"\nDuring the quarter Constellation made three acquisitions for cash\nconsideration of $3.4 million, and made an annual distribution to shareholders\nof $2.5 million. At March 31, 2006 the Company had cash and marketable\nsecurities net of bank debt of $16.3 million, down from $19.2 million as of\nDecember 31, 2005. The Company continues to seek further organic growth\nopportunit...