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IBI Announces Third Quarter Results

  • Revenue at $86.8 million, an increase of $2.5 million, +3.0%
  • EBITDA1 $9.4 million, a decrease of $3.5 million, -27.0%
  • Basic and diluted earnings per share of $0.1250
  • Cash flows from operations at $6.0 million, an increase of $4.0 million, +200%
  • Distributable Cash1 of $4.9 million; a decrease of $3.3 million, -40.2%
  • Distributable Cash1 per share of $0.2252 vs declared of $0.2127.  Payout ratio of 94.5%
  • Backlog at equivalent level of work of approximately 9.3 months

TORONTO, Nov. 9, 2012 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG) today announced its financial results for the three and nine months ended September 30, 2012.

Revenue for the third quarter 2012 was approximately $3.0 million less than expectations. This was caused principally by the slowdown of the educational markets in the USA, particularly California, New York and the Pacific North West; the slowdown in the social infrastructure market in the UK; the suspension of a major toll project in Greece; and the decline in the level of activity in China. Additionally, the third quarter of 2012 had one working day less than the average quarter, representing approximately $1.4 million in revenue. Further compounding the lower revenue was greater vacation days typical of the third quarter compared to other quarters in the year.

The highlights of the third quarter ended September 30, 2012 are:

  • Revenue at $86.8 million, up $2.5 million compared to the third quarter of 2011, down $1.7 million compared with the second quarter of 2012 and down $0.1 million compared with the first quarter of 2012.

  • EBITDA1 of $9.4 million decreased $3.5 million from the third quarter of 2011, decreased $2.6 million compared to the second quarter of 2012 and decreased $2.0 million compared to the first quarter of 2012.

  • EBITDA1 as a percentage of revenue for the third quarter of 2012 was 10.8%, a decrease of 4.5% when compared to the third quarter of 2011, a decrease of 2.8% when compared to the second quarter of 2012 and a decrease of 2.3% when compared to the first quarter of 2012.

  • Basic and diluted earnings per share ("EPS") for the third quarter of 2012 was $0.1250, a decrease of 0.1105 (46.9%) compared with EPS1 of $0.2355 for the third quarter of 2011, a decrease of $0.1549 (55.3%) compared with EPS of $0.2799 for the second quarter of 2012 and a decrease of $0.0815 (39.5%) compared with the EPS of $0.2065 for the first quarter of 2012.

  • Distributable cash1 of $4.9 million was down $3.3 million from the third quarter of 2011, down $1.7 million when compared to the second quarter of 2012 and down $1.4 million when compared to the first quarter of 2012. The payout ratio1 for the third quarter of 2012 was 94.5%, an increase from 71.3% for the third quarter of 2011, an increase from 88.6% for the second quarter of 2012 and an increase from 89.0% for the first quarter of 2012.

  • Cash flows provided by operations for the three months ended September 30, 2012 were $6.0 million compared to cash flows from operations of $2.0 million for the three months ended September 30, 2011 for a net change of $4.0 million. The $6.0 million positive cash flow from operations is due to an improvement in $3.1 million working capital, primarily due to a significant decrease in accounts receivable in the quarter. The $6.0 million from operations exceeds the dividends paid of $4.6 million and purchase of property, plant and equipment of $0.5 million by $0.9 million in the quarter, representing excess cash generation.

__________________________________

(1)     See "Definition of Non-IFRS Measures"

Intensive efforts were made in the third quarter of 2012 to enhance ongoing performance which is expected to be achieved in the fourth quarter of 2012. These efforts include:

  • Compensation costs were reduced in operating units that underperformed, to better align costs to committed work. The full benefit of these will be realized in the fourth quarter of 2012 with compensation costs expected to be approximately $0.5 million less than the third quarter of 2012. This process is continuing in the fourth quarter.

  • Significant number of new projects and extensions of existing projects were committed that will result in work to be completed and revenue to be earned in the fourth quarter to be the highest to date.

As a result of the above efforts, EBITDA1 for the fourth quarter is expected to result in the Company's highest to date.

Efforts also focused on enhancing free cash flow1. Cash collected from operations exceeded cash used in operations including dividend payments. This was achieved by:

  • Enhanced collection of accounts receivable. Accounts receivable at the end of the third quarter of 2012 decreased by $11.4 million compared the second quarter of 2012 in the 30-90 days and greater than 90 days aging categories and increased by $4.0 million in current amounts outstanding.

  • The introduction of the Dividend Reinvestment Program ("DRIP").

__________________________________

(2)     The Company corrected an amount for its 2011 quarterly reporting related to non-cash imputed interest. See Note 13 of the unaudited interim condensed financial statements for the three and nine months ended September 30, 2012.

IBI reports the working capital tied up (accounts receivable, work in process and deferred revenue) in terms of gross billings per day. The current level of the working capital tied up measured in gross billings is 147 days at the end of the third quarter 2012. This was a decrease of the equivalent of 9 days from the peak of 156 days at the end of the second quarter 2010. The 147 days at the end of the third quarter of 2012 is equal to the second quarter of 2012. Productive efforts in collection resulted in a decrease in accounts receivable of the equivalent of five working days compared to the second quarter of 2012. Work in process increased by four days, which largely arises from an increase in numerous new projects with large subconsultant work such as the Tel Aviv Red Line Transit project. Deferred revenue decreased by the equivalent of one day. As was achieved in the third quarter of 2012, Management continues its commitment to strive to reduce the total working capital tied up and enhance free cash flow1.

The policy of IBI Group is to maintain the current level of the dividend based on the current level of revenue and earnings, as IBI Group did through the first, second and third quarter of 2012. IBI Group will continue to strive to reduce accounts receivable as was achieved in the third quarter of 2012 and to grow the firm so as to increase revenue and earnings leading to the gradual reduction of the payout ratio1.

On April 20, 2012 the Company issued 2,700,000 common shares on a bought deal basis at a price of $15.00 per Share to a syndicate of underwriters for gross proceeds of $40.5 million.

The Company used the net proceeds from the Offering for debt reduction and intends to use the proceeds for potential future acquisitions and general corporate purposes.

Concurrent with the Offering, the Company completed, on a non-brokered private placement basis, the issuance of 667,000 Shares at $15.00 per Share to the Management Partnership in full satisfaction of $10.0 million of indebtedness owed by the Company to the Management Partnership.

Major Projects

IBI Group continued in the third quarter of 2012 to expand its capability. Notable areas of expansion of capability include:

  • IBI Group is experiencing continued growth worldwide in the architecture of social infrastructure; including health care, educational and justice related facilities, which includes new projects internationally;    

  • The  application of  IBI Group's capability in intelligent systems from transportation and communications to other applications including management of building systems, energy systems in water distribution and other significant applications that have applicability to metropolitan urban regions throughout the world, IBI Group continues to receive new mandates in world markets including the major new project for traffic management in South Africa, and a major toll project in Mexico;

  • The growth in major transportation projects in which IBI Group has been mandated with a lead role. A notable example is IBI Group being selected, after a rigorous international bidding process, as the prime contractor for the design contract by NTA - Metropolitan Mass Transit System Ltd. for the ten underground transit stations in the Tel Aviv metropolitan area; and the IBI scope is extending as contract negotiations are advanced for the continuation of the work over the ensuing years;

  • The growth in the private sector work in real estate and industrial developments, which continues to be strong in major Canadian urban areas, is now starting to increase in the US in automotive/industrial and real estate; and

  • The overall growth in the resources and capability of the firm. IBI Group has grown in the number of people reflecting the growth in revenue and now comprises 2,926 members of the firm, compared to 2,843 as at September 30, 2011. The 2,926 members is down from the June level of 3,050, when including members from Taylor Young, representing a decrease of 124 members. With this growth in personnel and professional excellence, IBI Group increasingly is awarded leading professional and managerial roles for proponents and owners of development projects. The progress of the firm in extending the excellence of its professional capability and the breadth and depth of resources provides an increasingly effective platform for IBI Group as a significant participant in the design of physical aspects of urbanization throughout the world with IBI Group's global experience, complemented by IBI Group's established physical and operating presence in local communities.

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(1)  See "Definition of Non-IFRS Measures"

The scope of these efforts is validation of IBI Group's integrated operating model of providing comprehensive professional services to clients in Canada, the US and in international markets.

Strategic Program of Growth

On August 3, 2012, IBI closed the acquisition of the practice of Taylor Young Limited Architects and Master Planners ("Taylor Young") within the IBI Group of Firms. Taylor Young is a full services architectural practice including professional skills in urban planning and design and landscape architecture, based in Manchester, UK with offices in Liverpool and London. The firm has a strong reputation in the design of facilities in healthcare, education, housing, as well as urban planning/design and landscape design for a broad range of clients. The firm is highly experienced in sustainability of design integrated with such facilities. This acquisition will further enhance IBI's professional strength in the UK market, particularly in the Midlands and the North, as well as contribute to the growing strength of the global practice of the firm in health and education. Professional experience in urban planning and urban design, as well as landscape architecture and the architecture of housing in the UK will broaden the current areas of practice of the IBI capabilities in the UK. Taylor Young has a very broad range of clients in the public sector with over 70% of the business gained on a repeat basis with long established client relationships. The firm has approximately 100 staff members and is well managed with profitable operations and a strong backlog of committed work.

In the recent years IBI has achieved major strategic growth in the UK. IBI initiated operations in the UK in the early 1990's and established through organic growth1, a presence in intelligent systems applied to transportation and communications. This practice was involved recently in traffic control planning and management for the London Olympics. More recently, IBI acquired the firm of Nightingale, architects with an international reputation as a centre of excellence in the planning and design of hospitals and other health care facilities, and now more recently in the third quarter of 2012, the acquisition of Taylor Young.

The US continues to be the largest economy in the world and as such IBI will continue to focus on building our US business. IBI Group will continue to pursue existing areas of practise as well as an enhanced focus going forward on the architecture of health care facilities. In the context of the continuing under-performing economic environment in the US, there are outstanding opportunities for acquisition/strategic alliances with outstanding professional firms. The resources from these firms can also participate with IBI Group on work in Canada as well as other international markets as the economy of the US recovers.

The basic model of IBI is to initiate its presence through organic growth1 in geographic regions in which IBI believes it can effectively provide its professional services in the four broad areas of practice. Following that initial organic growth1 creating an initial core group, IBI then accelerates the growth through strategic acquisitions as has now been largely accomplished in Canada and the UK.

IBI will similarly consider acquisitions/alliances in other international markets including China, India, Eastern Europe, Brazil and Mexico. Similarly to Canada and the UK, the long-term growth in these emerging markets for IBI will be based on continuing organic growth1 on top of the expanded base achieved through strategic growth1. In longer term, that will place IBI in a sustainable model of generating additional net fee revenues, income and cash earned through continuing organic growth1 on a global platform and mitigate the requirement for significant amounts of additional capital for financing strategic growth1. In the third quarter of 2012 IBI Group succeeded in securing significant new projects in international markets.

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(1)  See "Definition of Non-IFRS Measures"

Backlog

  • Committed fee volume for the target revenue for the fourth quarter 2012 is in hand, the ensuing 12 months represents in excess of 9 months equivalent of work. (Based on the current pace of work that IBI Group has achieved during the last twelve months ended September 30, 2012.) Backlog for government and public institutional clients now represents approximately 65% of total backlog. Backlog continues to be very strong in building facility areas in health care, education, and housing, the industrial sector, in transportation terminals, transportation networks and intelligent systems. IBI Group is increasingly receiving new mandates for a wide range of substantial projects in the design stage, as well as some of these now moving into design development and working drawings as projects proceed to sales;

  • IBI Group's committed backlog is approximately 14% of fee volume for projects outside of North America and 24% for the United States and 62% in Canada which is generally consistent with the distribution of revenue earned in the current quarter; and

IBI Group is in various stages of negotiation with a number of firms who could add further strength to the IBI Group program in the US. Accordingly, the outlook for IBI Group for the fourth quarter of 2012 is encouraging.

Selected Consolidated Financial Information and Reconciliation of Non-IFRS Measures

in thousands of  dollars except for per Share  and per
Unit amounts and ratios
Three months
ended September
30, 2012
Three months
ended September
30, 2011
Nine months
ended September
30, 2012
Nine Months
ended September
30, 2011
Revenue $ 86,809 $ 84,265 $ 262,263 $ 244,351
Expenses   77,407   71,383   229,430   208,052
Earnings before income taxes, interest and
amortization (EBITDA1)
  9,402   12,882   32,833   36,299
Interest   3,337   4,002   10,250   11,383
Change in fair value of financial instruments and other finance costs1   17   356   117   479
Income taxes - current   512   1,503   2,649   4,703
Income taxes - deferred   (478)   (497)   (1,061)   1,733
Amortization of property and equipment and intangible assets   2,519   2,664   7,583   7,996
Foreign exchange loss   357   77   504   361
Acquisition-related costs1   434   534   675   1,154
Earnings before non-controlling interest $ 2,704 $ 4,242 $ 12,116 $ 8,490
Non-controlling interest   630   1,185   3,043   2,371
Earnings attributable to owners of the company $ 2,074 $ 3,057 $ 9,073 $ 6,119
One time non-cash tax on conversion to a corporation   -   -   -   3,131
Proportion of earnings attributable to Class B
   Partnership Units
  -   -   -   (874)
Adjusted Net Earnings1 $ 2,074 $ 3,057 $ 9,073 $ 8,376
Basic and diluted adjusted net earnings per share2 $ 0.1250 $ 0.2354 $ 0.5999  $ 0.4722
Distributable Cash1                
Cash flow from (used in) operating activities $ (818) $ (17,437) $ (10,940) $ (14,312)
Less: Capital expenditures   (749)   (607)   (1,619)   (1,197)
Standardized Distributable Cash1 $ (1,567) $ (18,044) $ (12,559) $ (15,509)
Add (deduct):                
  Change in non-cash operating working   7,277   23,372   22,988   24,589
  Acquisition-related costs1   32     402   240   620
  Current income tax expense   1,047   1,548    2,137   3,200
  Exchange (gain) loss   (142)   66     147   284
Distributable cash1  $ 4,868 $ 8,160 $   17,821 $ 21,344
Weighted average basic and diluted distributable cash
   per Share2
$ 0.2252 $ 0.4530 $ 0.8923 $ 1.1865
Aggregate of dividends and Class B partnership distributions $ 6,608 $ 5,817 $ 18,112 $ 16,540
Dividends and Class B partnership distributions issued under DRIP3   (2,010)   -   (2,010)   -
Net dividends and Class B partnership distributions $ 4,598 $ 5,817 $ 16,102 $ 16,540
Aggregate of dividends and Class B partnership distributions per    Share $ 0.2127 $ 0.3229 $ 0.7991 $ 0.9195
Payout ratio1   94.5%   71.3%   89.6%   77.5%

(1)      See "Definition of Non-IFRS Measures".
(2)      Distributable cash per Share amounts are calculated by including both the common shares of the Company and the Class B partnership units in the denominator which is a non-IFRS measure.
(3)      The Company corrected an amount for its 2011 quarterly reporting related to non-cash imputed interest. See Note 13 of the unaudited interim condensed financial statements for the three and nine months ended September 30, 2012.
   

Definition of Non-IFRS Measures

References in this MD&A to EBITDA are to earnings before interest, income taxes, depreciation and amortization, acquisition-related costs, foreign exchange gains and losses, fund distributions treated as an expense, fair value adjustment on financial liabilities and restructuring and special charges. Management of the Company believes that in addition to net earnings, EBITDA is a useful supplemental measure as it provides readers with an indication of cash available for dividend prior to debt service, capital expenditures and income taxes. Readers should be cautioned, however, that EBITDA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of the Company's performance or to cash flows from operating activities as a measure of liquidity and cash flows. EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS, and the Company's method of calculating EBITDA may differ from the methods used by other similar entities. Accordingly, EBITDA may not be comparable to similar measures used by such entities. Reconciliations of net earnings to EBITDA have been provided under the headings "Selected Consolidated Financial Information" and "Summary of Quarterly Results".

The Company defines distributable cash as cash flow from operating activities before change in non-cash operating working capital, interest paid, income tax expense, acquisition-related costs, foreign exchange losses and after capital expenditures, foreign exchange gains, interest recovered, and income tax recovery, where applicable. Reconciliations of distributable cash to cash flow from operating activities have been provided under the headings "Distributable Cash" and "Summary of Quarterly Results". The Company's method of calculating distributable cash may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to distributable cash as reported by such entities. Management of the Company believes that distributable cash is a useful supplemental measure that may assist readers in assessing the return on an investment in Common Shares.

Payout ratio is defined by the Company as dividends declared plus Class B partnership distributions less shares issued under the DRIP in the period divided by distributable cash.

Free cash flow is defined by the Company as net cash provided by (used in) operating activities less purchases of property, plant and equipment in the period.

Strategic growth is defined by the Company as the additional revenue generated by new acquisitions in the period as compared to the prior period revenue. 

Organic growth is defined by the Company as the additional revenue generated in the period, excluding any revenue generated by new acquisitions in the period, as compared to the prior period revenue.

Other operating costs (other than interest) is defined by the Company as the sum of rent, other operating expenses and impairment of financial assets.

Other finance costs is defined by the Company for the purposes of the MD&A as other finance costs as recorded in the consolidated financial statements of the Company less deferred transaction costs and change in the fair value of interest rate swap.

Acquisition-related costs are defined by the Company as legal, accounting and other fees incurred in the period relating to acquisitions.

Adjusted net earnings is equal to the earnings for the period plus a one time non-cash adjustment on conversion to a corporation for 2011.

Basic and diluted adjusted net earnings per share is equal to the adjusted net earnings for the period divided by the weighted average number of Class A shares outstanding during the period.

Standardized distributable cash is defined by the Company as net cash provided by (used in) operating activities less capital expenditures.

Investor Conference Call

The Company will hold a conference call on November 12, 2012 at 8:30 a.m. Eastern Standard Time (EST).  To participate in the conference call, please dial in before 8:30 a.m. EST to 1-800-381-7839 for local and toll-free North American access, or 1-212-231-2900 for international access.

An audio replay of the call will be available for 14 days, by dialling 416-626-4100 for local and international access, or 1-800-558-5253 for toll-free North American access, passcode 21605867 followed by the number sign on your telephone keypad.

 

SOURCE IBI Group Inc.

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