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Press release from Marketwire

Altus Group Posts Positive Third Quarter EBITDA Growth and Welcomes New CEO

Management Team to Hold Conference Call on Thursday, November 15, 2012 at 9:30 a.m. EST

Wednesday, November 14, 2012

Altus Group Posts Positive Third Quarter EBITDA Growth and Welcomes New CEO11:20 EST Wednesday, November 14, 2012TORONTO, ONTARIO--(Marketwire - Nov. 14, 2012) - Altus Group Limited ("Altus") (TSX:AIF) today announced its financial and operating results for the quarter ended September 30, 2012.Highlights:The business continued to deliver improved EBITDA (adjusted) with a strong YOY quarterly increase of 24.5% and a YTD increase of 51.3%; Adjusted earnings per share of $0.25 for the quarter and $0.67 YTD, compared favourably to $0.19 and $0.34 in the corresponding periods in 2011; Positive amendments to our bank credit facilities that provide greater flexibility on repayments and bank covenant provisions; and, Appointment of new Chief Executive Officer, Robert Courteau, an accomplished business leader with valuable experience gained at a number of well-respected, international technology companies. "Altus continues to demonstrate positive results in each of our core business units; this has allowed us to strengthen our balance sheet and establish a solid foundation going into 2013," said Robert Courteau, Chief Executive Officer, Altus Group. "Going forward, we will continue to focus on the business fundamentals that have driven our success in 2012."Revenue for the third quarter of 2012 was $76.8 million, compared to $76.6 million in the same period in 2011, representing an increase of 0.2%. Year-over-year revenue growth was negatively impacted, due to operations that have been discontinued ($3.0 million of non-continuing revenue in the prior year). Revenue for the nine months ended September 30, 2012 was $241.9 million, compared to $214.9 million in the same period in 2011, representing an increase of 12.6%. Adjusted EBITDA for the third quarter of 2012 was $13.7 million, up 24.5% from $11.0 million in the same period last year. Adjusted EBITDA for the nine months ended September 30, 2012 was $39.4 million, up 51.3% from $26.0 million in the same period last year.Profit (loss) for the third quarter of 2012 was $2.3 million, or $0.10 per share, basic and diluted, compared to $(4.5) million, or $(0.19) per share, basic and diluted, in the same period in 2011. For the nine months ended September 30, 2012, profit (loss) was $8.8 million, or $0.38 per share, basic and $0.12 per share, diluted, compared to $(20.6) million, or $(0.91) per share, basic and diluted, in the same period in 2011.Adjusted earnings per share for the third quarter of 2012 was $0.25, compared to $0.19 in the same period in 2011. For the nine months ended September 30, 2012, adjusted earnings per share was $0.67, compared to $0.34 in the same period in 2011.For the third quarter of 2012, dividends declared were $0.15 per common share. For the nine months ended September 30, 2012, dividends declared were $0.45 per common share.Effective October 31, 2012, new positive amendments were made to Altus' credit facilities, providing greater flexibility on repayments and on bank covenants. The Non-revolving Reducing Term Facility ("Facility C") was cancelled and the balance of $29.7 million was transferred to the Revolving Term Facility ("Facility B"). As a result, Facility B limit was increased from $110.0 million to $139.7 million. "Our strategy is clear - we intend to bring together our unique data assets, expertise, analytics and leading software solutions on behalf of our clients to differentiate us in the marketplace," said Robert Courteau, Chief Executive Officer, Altus Group.Analyst Call DetailsAltus will hold an analyst conference call at 9:30 a.m. Eastern Standard Time on Thursday, November 15, 2012 to discuss these financial results and current industry conditions. Please dial 1-866-225-0198 (toll-free) or 416-340-8061 (GTA) to access the call. You will be required to identify yourself and your organization. A recording of this call will be made available beginning at 11:00 a.m. EST. To access the recording, please call 1-800-408-3053 or 905-694-9451 (passcode: 5714162). The recording will also be available at www.altusgroup.com.About Altus GroupAltus leads the global real estate industry in offering professional real estate advisory services, data solutions and intelligence about an organization's assets, generating a wealth of knowledge and insight. With a staff of over 1,700, Altus has a network of over 50 offices in a number of countries worldwide, including Canada, the United Kingdom, the United States, Australia and China. We operate five interrelated Business Units, bringing years of experience and a broad range of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting; Geomatics, and ARGUS Software. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry. Forward-Looking InformationCertain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors which could cause actual results, performance or achievements of Altus, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include: general state of the economy; competition in the industry; ability to attract and retain professionals; integration of acquisitions; dependence on oil and gas sector; dependence on Canadian multi-residential market; customer concentration; currency risk; interest rate risk; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; ability to maintain profitability and manage growth; revenue and cash flow volatility; credit risk; protection of intellectual property or defending against claims of intellectual property rights of others; weather; fixed-price and contingency engagements; operating risks; performance of obligations/maintenance of client satisfaction; appraisal mandates; legislative and regulatory changes; risk of future legal proceedings; insurance limits; income tax matters; ability to meet solvency requirements to pay dividends; leverage and restrictive covenants; unpredictability and volatility of common share price; capital investment; and issuance of additional common shares diluting existing shareholders' interests, as well as those described in Altus' publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com). Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects Altus' and management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus, its financial or operating results, or its securities.Non-IFRS MeasuresAltus uses certain non-IFRS measures as indicators of financial performance. Readers are cautioned that they are not defined performance measures under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. We believe that these measures are useful supplemental measures that may assist investors in assessing an investment in shares of Altus and provide more insight into our performance.Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, ("Adjusted EBITDA"), represents operating profit (loss) adjusted for the effect of amortization of intangibles, depreciation of property, plant and equipment, acquisition related expenses (income), restructuring costs, corporate conversion and legal reorganization costs, share of profit or loss of associate, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of business assets, impairment charges, the effect of stock options and other equity-settled performance plans, gains (losses) on hedging transactions and other expenses or income of a non-operating and/or non-recurring nature.Adjusted Earnings (Loss) per Share, ("Adjusted EPS"), represents basic earnings per share adjusted for the effect of amortization of intangibles acquired as part of business acquisitions, non-cash finance costs (income) related to the revaluation of unitholders' liabilities, distributions on unitholders' liabilities, acquisition related expenses (income), restructuring costs, corporate conversion and legal reorganization costs, share of profit or loss of associate, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of business assets, interest accretion on vendor payables, gain (loss) on settlement of US convertible debentures, impairment charges, the effect of stock options and other equity-settled performance plans, gains (losses) on hedging transactions and other expenses or income of a non-operating and/or non-recurring nature. All of the adjustments are made net of tax. FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Altus Group LimitedSayla NordinVP, Investor Relations and Corporate Communications(416) 557-0939www.altusgroup.com