Mr. Robert Courteau reports

ALTUS GROUP REPORTS FIRST QUARTER FINANCIAL RESULTS FOR 2013

Altus Group Ltd. has released financial and operating results for the first quarter ended March 31, 2013.

Revenues for the quarter were $76.2-million, compared with $86.2-million for the same period in 2012, representing a decline of 11.6 per cent. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $12.3-million, down 11.6 per cent from $13.9-million in the same period last year. Strong quarterly results from value-added offerings at Argus Software and North America RVA were primarily offset by adverse weather affecting Geomatics, lower year-over-year results in North America Cost and key strategic hires.

Highlights:

• Solid performance from Argus Software, as revenues rose 21 per cent and adjusted EBITDA was up 171 per cent year over year on 24-per-cent adjusted EBITDA margins;
• North America RVA delivered strong results, as revenues rose 6.9 per cent and adjusted EBITDA was up 34.5 per cent year over year;
• Sale of Altus Residential Ltd. to Real Matters Inc. for $8.2-million resulted in a gain of $5.3-million;
• Adjusted earnings per share came in at 25 cents for the quarter, compared with 27 cents in 2012;
• Declared dividends of 15 cents per common share and launched a dividend reinvestment plan.

"Our solid results from Argus affirm our turnaround and the software opportunity. Additionally, healthy North America RVA performance furthers our value-added services strategy in the U.S. market," said Robert Courteau, chief executive officer, Altus Group. "Altus continues to focus on strengthening each business unit to underpin our core operations. I remain strongly optimistic about our plans to realize greater synergies across all business units, and drive innovation from our software and data solutions."

Adjusted earnings per share for the first quarter of 2013 came in at 25 cents, compared with 27 cents in the same period in 2012. Under international financial reporting standards accounting, profit for the quarter ended March 31, 2013, was $6.8-million, or 30 cents per share, basic, and 26 cents per share, diluted, compared with $2.9-million, or 12 cents per share, basic, and nine cents per share, diluted, in the first quarter of 2012.

During the quarter, the company sold its 100-per-cent interest in Altus Residential to Real Matters for $8.2-million, which was settled through the issuance of additional Real Matters shares. This resulted in an accounting gain of $5.3-million.

In connection with the restructuring activities at Argus Software, a total of $1.1-million was recorded in the first quarter of 2013. These charges relate primarily to employee severance costs.

Altus introduced a dividend reinvestment plan during the quarter, and declared a dividend of 15 cents per share for the period.

Analyst call details

Altus will hold an analyst conference call at 5:30 p.m. Eastern Time on Tuesday, May 7, 2013, to discuss these financial results and current industry conditions. Please dial 1-866-226-1792 (toll-free) or 416-340-2216 (Greater Toronto Area) to access the call. A recording of this call will be available beginning at 11 a.m. ET on May 8, 2013, until May 15, 2013. To access the recording, please call 1-800-408-3053 or 905-694-9451 (passcode: 9184271). The recording will also be available at the company's website.

   
                 INTERIM CONDENSED CONSOLIDATED STATEMENTS
                       OF COMPREHENSIVE INCOME (LOSS)
           FOR THE THREE MONTHS ENDED MARCH 31, 2013, AND 2012
     (expressed in thousands of dollars, except for per-share amounts)

                                                 Three months ended March 31,
                                                         2013           2012
Revenues
Revenues                                          $    76,154   $     86,178
Less disbursements                                      7,297         12,638
Net revenue                                            68,857         73,540
Expenses
Employee compensation                                  45,743         47,769
Occupancy                                               3,540          3,218
Office and other operating                              7,058          6,069
Amortization of intangibles                             3,521          4,436
Depreciation of property, plant and equipment           1,128          1,171
Acquisition-related expenses (income)                     210              -
Share of (profit) loss of associate                        78            400
Restructuring costs                                     1,133          1,786
(Gain) loss on sale of certain business assets         (5,278)             -
Operating profit (loss)                                11,724          8,691
Finance costs (income), net                             3,943          5,230
Profit (loss) before income tax                         7,781          3,461
Income tax expense (recovery)                             938            593
Profit (loss) for the period attributable to
equityholders                                     $     6,843   $      2,868
Other comprehensive income (loss)
Cash flow hedges                                           51            919
Currency translation differences                        1,299         (3,274)
Other comprehensive income (loss), net of tax           1,350         (2,355)
Total comprehensive income (loss) for the
period, net of tax, attributable to equityholders $     8,193   $        513
Earnings (loss) per share attributable to
the equityholders of the company during
the period
Basic earnings (loss) per share                   $      0.30   $       0.12
Diluted earnings (loss) per share                 $      0.26   $       0.09

We seek Safe Harbor.