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Marketwired
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Enghouse Releases Third Quarter Results

MARKHAM, ONTARIO -- (Marketwired) -- 09/08/16 -- Enghouse Systems Limited (TSX: ESL) today announced its third quarter (unaudited) financial results for the period ended July 31, 2016.

Third quarter revenue was $76.4 million, an increase of 7.1% over revenue of $71.3 million in the third quarter last year. On a year to date basis, revenue was $229.3 million compared to $203.0 million last year, an increase of 12.9%. The revenue increase primarily reflects incremental revenue contributions from acquisitions and the favorable impact of foreign exchange compared to last year. Hosted and maintenance services revenue was $37.9 million in the quarter, an increase of 12.2% over the same period last year.

Adjusted EBITDA for the quarter was $21.6 million ($0.79 per diluted share) compared to $18.5 million ($0.68 per diluted share) in last year's third quarter. Adjusted EBITDA for the year to date was $60.0 million ($2.20 per diluted share) compared to $50.9 million ($1.88 per diluted share) last year, an increase of 17.8%.

Net income for the quarter was $10.4 million ($0.38 per diluted share) compared to the prior year's third quarter net income of $8.1 million ($0.30 per diluted share). Results from operating activities for the quarter were $20.6 million compared to $16.2 million in the prior year's third quarter, an increase of 26.9% over the prior year.

Operating expenses before special charges related to restructuring of acquired operations were $31.4 million compared to $29.8 million in the prior year's third quarter and reflect incremental operating costs related to acquisitions and the impact of favourable foreign exchange gains. Non-cash amortization charges in the quarter were $7.0 million compared to $5.7 million in the prior year's third quarter and include amortization charges for acquired software and customer relationships from acquired operations.

Enghouse generated cash flows from operations of $16.4 million in the quarter and closed the quarter with $90.7 million in cash, cash equivalents and short-term investments, compared to $98.4 million at October 31, 2015. The cash balance was achieved after year-to-date payments related to acquisitions comprised of $36.2 million (net of cash acquired and holdbacks) for CTI Group (Holdings) Inc. acquired on December 7, 2015, CellVision AS acquired on March 4, 2016 and NetBoss Technologies acquired May 27, 2016. The Company paid $4.1 million for prior period acquisition holdbacks and $10.2 million in dividends. The Company continues to have no debt.

The Board of Directors has approved an eligible quarterly dividend of $0.14 per common share, payable on November 30, 2016 to shareholders of record at the close of business on November 16, 2016. Enghouse remains committed to its acquisition strategy and continues to seek accretive acquisitions.

A conference call to discuss the results will be held on Friday September 9, 2016 at 8:45 a.m. EST. To participate, please call 416-640-5946 or North American Toll-Free 1-866-233-4585. No PIN required.

About Enghouse

Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of distinct vertical markets. Its strategy is to build a diverse software company through strategic acquisitions targeting the Contact Center, Networks (OSS/BSS) and Transportation/Public Safety sectors. Enghouse shares are listed on the Toronto Stock Exchange under the symbol "ESL". Further information about Enghouse may be obtained from the Company's website at www.enghouse.com.

Non-GAAP Measures

The Company uses non-GAAP measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than GAAP do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is calculated as results from operating activities adjusted for depreciation of property, plant and equipment, and special charges for acquisition related restructuring costs. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, other income and restructuring costs primarily related to acquisitions.

Adjusted EBITDA:

The table below reconciles Adjusted EBITDA to the most directly comparable IFRS measure, Results from operating activities:

----------------------------------------
                                     Three Months ended  Nine Months ended
                                     July 31,  July 31,  July 31,  July 31,
                                         2016      2015      2016      2015
                                    ----------------------------------------

Total Revenue                        $ 76,350  $ 71,264  $229,257  $202,984

Results from operating activities      20,581    16,221    56,540    47,296
Depreciation of property, plant and
 equipment                                830       647     2,447     1,921
Special charges                           151     1,582       970     1,661
Adjusted EBITDA                      $ 21,562  $ 18,450  $ 59,957  $ 50,878
Adjusted EBITDA margin                   28.2%     25.9%     26.2%     25.1%
Adjusted EBITDA per diluted share    $   0.79  $   0.68  $   2.20  $   1.88

Enghouse Systems Limited
Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)
(Unaudited)

                                                      July 31,   October 31,
                                                          2016          2015

                        Assets
Current assets
  Cash and cash equivalents                          $  85,514  $     94,131
  Short-term investments                                 5,155         4,306
  Accounts receivable, net                              67,708        60,765
  Prepaid expenses and other assets                      9,689         8,330
                                                     -----------------------
                                                       168,066       167,532
Non-current assets
Property, plant and equipment                            5,727         5,039
Intangible assets                                       78,504        68,976
Goodwill                                               137,205       123,868
Deferred income tax assets                               5,787        10,600
                                                     -----------------------

Total assets                                         $ 395,289  $    376,015
                                                     -----------------------
                                                     -----------------------

                     Liabilities
Current liabilities
  Accounts payable and accrued liabilities           $  49,497  $     51,284
  Income taxes payable                                   4,289         2,680
  Dividends payable                                      3,755         3,190
  Provisions                                             4,074         3,335
  Deferred revenue                                      56,065        48,694
                                                     -----------------------
                                                       117,680       109,183
Non-current liabilities
Deferred income tax liabilities                         18,503        20,022
Deferred revenue                                         7,034         3,458
                                                     -----------------------

Total liabilities                                      143,217       132,663
                                                     -----------------------
                 Shareholders' Equity
Share capital                                           67,523        64,203
Contributed surplus                                      4,139         4,029
Retained earnings                                      171,504       154,866
Accumulated other comprehensive income                   8,906        20,254
                                                     -----------------------
Total shareholders' equity                             252,072       243,352
                                                     -----------------------
Total liabilities and shareholders' equity           $ 395,289  $    376,015
                                                     -----------------------
                                                     -----------------------

Enghouse Systems Limited
Condensed Consolidated Interim Statements of Operations and Comprehensive
Income
(in thousands of Canadian dollars, except per share amounts)
(Unaudited)

                                   Three months ended     Nine months ended
                                              July 31               July 31
                                      2016       2015       2016       2015
Revenue
  Software licenses              $  23,936  $  21,844  $  69,150  $  62,540
  Hosted and maintenance
   services                         37,879     33,751    113,985     99,697
  Professional services             13,510     13,493     42,427     34,826
  Hardware                           1,025      2,176      3,695      5,921
                                --------------------------------------------
                                    76,350     71,264    229,257    202,984
                                --------------------------------------------
Direct costs
  Software licenses                  1,718      1,958      4,078      5,601
  Services                          21,909     20,080     66,397     55,995
  Hardware                             603      1,591      2,333      4,006
                                --------------------------------------------
                                    24,230     23,629     72,808     65,602
                                --------------------------------------------

Revenue, net of direct costs        52,120     47,635    156,449    137,382

Operating expenses
  Selling, general and
   administrative                   19,133     19,482     62,189     56,119
  Research and development          11,425      9,703     34,303     30,385
  Depreciation of property,
   plant and equipment                 830        647      2,447      1,921
  Special charges                      151      1,582        970      1,661
                                --------------------------------------------
                                    31,539     31,414     99,909     90,086
                                --------------------------------------------

Results from operating
 activities                         20,581     16,221     56,540     47,296

Litigation settlements                   -          -          -     (8,774)
Amortization of acquired
 software and customer
 relationships                      (7,009)    (5,695)   (20,857)   (16,783)
Finance income                          19         47         73        211
Finance expenses                       (46)      (206)      (214)      (493)
Other income                             9         11         64         86
                                --------------------------------------------

Income before income taxes          13,554     10,378     35,606     21,543

Provision for income taxes           3,171      2,284      8,242      3,342
                                --------------------------------------------

Net income for the period        $  10,383  $   8,094  $  27,364  $  18,201
                                --------------------------------------------
                                --------------------------------------------

Items that are or may be
 reclassified subsequently to
 profit or loss:
Foreign currency translation
 differences from foreign
 operations                         (1,178)    11,737    (10,635)    11,642
Transfer to net income of
 realized gains on available for
 sale investments                        -          -        (14)       (74)
Unrealized (loss) gain on
 available for sale investments       (609)       159       (808)       342
Deferred income tax recovery
 (expense)                              81        (21)       109        (36)
                                --------------------------------------------

Other comprehensive (loss)
 income                             (1,706)    11,875    (11,348)    11,874
                                --------------------------------------------

Comprehensive income             $   8,677  $  19,969  $  16,016  $  30,075
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share
Basic                            $    0.39  $    0.31  $    1.02  $    0.69
Diluted                          $    0.38  $    0.30  $    1.01  $    0.67
----------------------------------------------------------------------------

Enghouse Systems Limited
Consolidated Statements of Changes in Equity
(in thousands of Canadian dollars)
(Unaudited)

                                              Share      Share  Contributed
                                            Capital    capital      surplus
                                            -number          $            $

Balance - November 1, 2015               26,587,262     64,203        4,029

Net income                                        -          -            -
Other Comprehensive Income:
Cumulative Translation Adjustment                 -          -            -
Transfer to net income of realized
 gains on available-for-sale
 investments                                      -          -            -
Unrealized loss on available-for-sale
 investments                                      -          -            -
Deferred income tax recovery                      -          -            -
                                     ---------------------------------------
Comprehensive income for the period               -          -            -
                                     ---------------------------------------
                                     ---------------------------------------
Employee share options:
  Value of services recognized                    -          -          748
  Proceeds on issuing shares                237,700      3,320         (638)
Dividends                                         -          -            -
                                     ---------------------------------------
Balance - July 31, 2016                  26,824,962     67,523        4,139
                                     ---------------------------------------
                                     ---------------------------------------


Balance - November 1, 2014               26,163,962     59,746        3,782

Net income                                        -          -            -
Other Comprehensive Income:
Cumulative Translation Adjustment                 -          -            -
Transfer to net income of realized
 gains on available-for-sale
 investments                                      -          -            -
Unrealized gain on available-for-sale
 investments                                      -          -            -
Deferred income tax expense                       -          -            -
                                     ---------------------------------------
Comprehensive income for the period               -          -            -
                                     ---------------------------------------
                                     ---------------------------------------
Employee share options:
  Value of services recognized                    -          -          937
  Proceeds on issuing shares                121,500      1,178         (240)
Dividends                                         -          -            -
                                     ---------------------------------------
Balance - July 31, 2015                  26,285,462     60,924        4,479
                                     ---------------------------------------
                                     ---------------------------------------

                                        Accumulated
                                              other
                                      comprehensive   Retained
                                      income (loss)   earnings        Total
                                                  $          $            $

Balance - November 1, 2015                   20,254    154,866      243,352

Net income                                        -     27,364       27,364
Other Comprehensive Income:
Cumulative Translation Adjustment           (10,635)         -      (10,635)
Transfer to net income of realized
 gains on available-for-sale
 investments                                    (14)         -          (14)
Unrealized loss on available-for-sale
 investments                                   (808)         -         (808)
Deferred income tax recovery                    109          -          109
                                     ---------------------------------------
Comprehensive income for the period         (11,348)    27,364       16,016
                                     ---------------------------------------
                                     ---------------------------------------
Employee share options:
  Value of services recognized                    -          -          748
  Proceeds on issuing shares                      -          -        2,682
Dividends                                         -    (10,726)     (10,726)
                                     ---------------------------------------
Balance - July 31, 2016                       8,906    171,504      252,072
                                     ---------------------------------------
                                     ---------------------------------------


Balance - November 1, 2014                    9,173    135,554      208,255

Net income                                        -     18,201       18,201
Other Comprehensive Income:
Cumulative Translation Adjustment            11,642          -       11,642
Transfer to net income of realized
 gains on available-for-sale
 investments                                    (74)         -          (74)
Unrealized gain on available-for-sale
 investments                                    342          -          342
Deferred income tax expense                     (36)         -          (36)
                                     ---------------------------------------
Comprehensive income for the period          11,874     18,201       30,075
                                     ---------------------------------------
                                     ---------------------------------------
Employee share options:
  Value of services recognized                    -                     937
  Proceeds on issuing shares                      -                     938
Dividends                                               (8,928)      (8,928)
                                     ---------------------------------------
Balance - July 31, 2015                      21,047    144,827      231,277
                                     ---------------------------------------
                                     ---------------------------------------

Enghouse Systems Limited
Condensed Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)
(Unaudited)

                                   Three months ended     Nine months ended
                                              July 31               July 31
                                      2016       2015       2016       2015
Cash flows from operating
 activities
Net income                       $  10,383  $   8,094  $  27,364  $  18,201

Adjustments for:
  Depreciation of property,
   plant and equipment                 830        647      2,447      1,921
  Amortization of acquired
   software and customer
   relationships                     7,009      5,695     20,857     16,783
  Stock-based compensation
   expense                             172        315        748        937
  Provision for income taxes         3,171      2,284      8,242      3,342
  Finance expenses and other
   income                               37        195        150        407
                                --------------------------------------------
                                    21,602     17,230     59,808     41,591

Changes in non-cash operating
 working capital                    (3,255)    (7,555)    (9,757)     2,001
  Income tax paid                   (1,996)      (336)    (6,101)    (4,404)
----------------------------------------------------------------------------
Net cash flows from operating
 activities                         16,351      9,339     43,950     39,188

Cash flows from investing
 activities
Purchase of property, plant and
 equipment, net                       (284)      (640)    (2,603)    (2,097)
Purchase of other software            (586)      (251)    (1,205)      (251)
Acquisitions, net of cash
 acquired of $2,362 ($5,475 -
 2015)                              (6,828)    (5,342)   (36,181)   (25,160)
Purchase consideration for prior
 period acquisitions                  (646)    (1,456)    (4,089)    (2,139)
Net sale of short-term
 investments                           175      1,039       (520)     3,386
----------------------------------------------------------------------------
Net cash flows used in investing
 activities                         (8,169)    (6,650)   (44,598)   (26,261)

Cash flows from financing
 activities
Issuance of share capital              174          -      2,682        938
Payment of cash dividend            (3,754)    (3,154)   (10,162)    (8,391)
----------------------------------------------------------------------------
Net cash flows used in financing
 activities                         (3,580)    (3,154)    (7,480)    (7,453)

Effect of currency translation
 adjustments on cash and cash
 equivalents                           784      3,466       (489)     3,210
----------------------------------------------------------------------------

Net increase (decrease) in cash
 and cash equivalents during the
 period                              5,386      3,001     (8,617)     8,684
Cash and cash equivalents -
 beginning of period                80,128     78,463     94,131     72,780

Cash and cash equivalents - end
 of period                       $  85,514  $  81,464  $  85,514  $  81,464
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Enghouse Systems Limited
Selected Segment Reporting Information
(In thousands of Canadian dollars)
(Unaudited)

                                 For the three months   For the nine months
                                        ended July 31         ended July 31
                                 -------------------------------------------

                                       2016      2015       2016       2015
                                 -------------------------------------------

Revenue:
  Asset Management Group          $  29,709 $  23,195  $  85,316  $  66,282
  Interactive Management Group       46,641    48,069    143,941    136,702
                                 -------------------------------------------
Total                             $  76,350 $  71,264  $ 229,257  $ 202,984
                                 -------------------------------------------
                                 -------------------------------------------



  Asset Management Group:
    - Segment profit before
     special charges              $   8,455 $   5,653  $  21,683  $  16,180
    - Special charges                  (105)     (264)      (618)      (246)
                                 -------------------------------------------
  Asset Management Group profit   $   8,350 $   5,389  $  21,065  $  15,934
                                 -------------------------------------------

  Interactive Management Group:
    - Segment profit before
     special charges              $  14,548 $  13,740  $  42,177  $  37,597
    - Special charges                   (46)   (1,318)      (352)    (1,415)
                                 -------------------------------------------
  Interactive Management Group
   profit                         $  14,502 $  12,422  $  41,825  $  36,182
                                 -------------------------------------------

  Corporate expenses                 (2,271)   (1,590)    (6,350)    (4,820)
                                 -------------------------------------------
Results from operating activities $  20,581 $  16,221  $  56,540  $  47,296
                                 -------------------------------------------


  Litigation settlements                  -         -          -     (8,774)
  Amortization of acquired
   software and customer
   relationships                     (7,009)   (5,695)   (20,857)   (16,783)
  Finance income                         19        47         73        211
  Finance expenses                      (46)     (206)      (214)      (493)
  Other income                            9        11         64         86
                                 -------------------------------------------
Income before income taxes        $  13,554 $  10,378  $  35,606  $  21,543
                                 -------------------------------------------
                                 -------------------------------------------

Contacts:
Enghouse Systems Limited
Sam Anidjar
Vice President, Corporate Development
(905) 946-3200
investor@enghouse.com
www.enghouse.com

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