IBI Group announces 2012 year-end results
TORONTO – IBI Group has announced its financial results for the three months (fourth quarter) and full year ending December 31, 2012.
The company reported:
- Revenue of $337.7 million compared to $332.3 million for 2011
- EBITDA of $27.3 million compared to $48.5 million for 2011
- Net loss of $14.4 million compared to net income of $12.7 million for 2011
Results for 2012 were affected by writedowns of unbilled work in progress ($12.6 million) and accounts receivable ($3.4 million), and impairment of goodwill ($14.5 million).
Excluding adjustments, IBI Group reported:
- Adjusted annual revenue of $350.3 million for 2012 was up $18 million from 2011
- Adjusted EBITDA of $43.3 million for 2012 was down $5.2 million from 2011
- Adjusted earnings per share for 2012 were $0.60 compared to $0.88 for 2011
The company launched an aggressive recovery program in the second half of 2012 that included a 50% dividend cut, staff reductions, the introduction of a Dividend Reinvestment Program, writedowns of aged accounts receivable and unbilled work in progress, and reduced goodwill for acquired firms in the United States.
As well, IBI Group has established two new executive positions – Scott Stewart and David Thom as Co-Presidents and Co-Chief Operating Officers.
Both have been with IBI Group since the 1970’s. Scott Stewart’s emphasis is Transportation and Intelligent Systems and David Thom’s emphasis is Urban Land and Facilities. IBI Group fully expects their work will continue to follow the IBI Group model of integration of the four areas of practice of IBI Group.
These two executives strengthen and broaden the corporate executive leadership group of the company led by the CEO, Phil Beinhaker, with support and participation of Tony Long, CFO.
IBI Group is continuing its broad-based growth strategy. The steps that the company has taken provide for the strengthening of IBI Group to continue to grow the professional practice and business of the firm with increased profitability.