The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group


Monday, June 06, 2011

IBI GROUP INC. 2011 Q1; QUARTERLY REVENUE INFORMATION07:55 EDT Monday, June 06, 2011TORONTO, June 6, 2011 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG) is pleased to provide the additional following information with respect to the impact of foreign exchange rates on net revenue for the period ending March 31, 2011.The financial statements and Management's Discussion and Analysis for the quarter ended March 31, 2011 for IBI Group Inc., issued on June 1, 2011, provided all required information. For the year ended December 31, 2010 additional information on the impact of foreign exchange on revenue stated in Canadian currency was provided. Pursuant to a suggestion offered during the earnings conference, the Company is pleased to provide such additional information, by way of news release in order that all investors have equal access.The first quarter 2011 organic growth restated would be $1.9 million or 2.7% over the first quarter of 2010 as shown in the table below.Quarterly  1 Total   Millions    2011   77.8    2010   68.1    Reported Increase in Revenue   9.7             Revenue breakdown             Millions     %  Strategic growth   9.2   13.6Organic growth     1.9     2.7Total before Impact of FX   11.1   16.3Impact of FX   (1.4)   (2.1)         Strategic growth as reported   9.2   13.6Organic growth after FX as reported     0.5     0.6Total increase in revenue   9.7   14.2The first quarter of 2011 results demonstrated the continued firming of the operating results of IBI Group as compared to the first quarter of 2010. Adjusted for foreign exchange impacts revenue increased $11.1 million or 16.3%.The impact of foreign exchange on EBITDA was not as significant as the impact of foreign exchange on revenue as it was largely offset by the impact of foreign exchange on expenses.About IBI GROUP INC.IBI Group Inc. is a TSX listed company, which pays monthly dividends and trades under the symbol "IBG".  IBI Group Inc. holds an indirect 72% interest in IBI Group, a partnership (of a subsidiary of IBI Group Inc. and IBI Group Management Partnership) which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology.  The remaining 28% of IBI Group is owned by IBI Group Management Partnership, which receives distributions from IBI Group on a before tax basis equivalent to the distributions paid by IBI Group Inc. on its common shares.  On a partially diluted basis, assuming the exchange of its partnership units of IBI Group for common shares of IBI Group Inc., IBI Group Management Partnership together with affiliated entities holds a combined 46% interest in IBI Group Inc. For further information: Tony Long IBI Group Inc. 230 Richmond Street West, 5th Floor Toronto, ON M5V 1V6 Tel #: 416-596-1930, Fax #: 416-596-8024