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Marketwired
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Enghouse Releases First Quarter Results

MARKHAM, ONTARIO -- (Marketwired) -- 03/09/17 -- Enghouse Systems Limited (TSX: ENGH) today announced its first quarter (unaudited) financial results for the period ended January 31, 2017.

First quarter revenue increased to $78.8 million, compared to revenue of $74.4 million in the first quarter of the prior year. Increased revenue in the quarter reflects incremental revenue from acquisitions net of the unfavourable impact of foreign exchange estimated at $5.2 million. Income from operating activities was $22.4 million compared to $17.8 million in prior year's first quarter, an increase of 25.8%. Net income for the quarter was $11.7 million or $0.43 per diluted share compared to $8.5 million or $0.31 per diluted share in the prior year's first quarter. Adjusted EBITDA for the first quarter was $23.2 million or $0.85 per diluted share compared to $19.1 million or $0.70 per diluted share last year, an increase of 21.4%.

Operating expenses before special charges related to restructuring of acquired operations were $30.9 million compared to $32.4 million in the prior year's first quarter and reflect incremental operating costs related to acquisitions and the positive impact of foreign exchange. Operating costs reflect continued efficiencies related to measures undertaken late in the last fiscal year to scale operating costs to revenues. Non-cash amortization charges in the quarter were $7.5 million compared to $6.8 million in the prior year's first quarter and include amortization charges for acquired software and customer relationships from acquired operations.

Enghouse closed the quarter with $88.3 million in cash, cash equivalents and short-term investments, compared to $85.9 million at October 31, 2016. The cash balance was achieved after payment of $3.8 million in cash dividends and $1.7 million to partially settle loans inherited with the Presence Technology, S.L. acquisition, completed on October 28, 2016.

The Board of Directors also approved a 14% increase in its eligible quarterly dividend to $0.16 per common share, payable on May 31, 2017 to shareholders of record at the close of business on May 17, 2017. Enghouse has now increased its dividend in each of the past nine years.

A conference call to discuss the results will be held on Friday March 10, 2017 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 "ENGH". 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
                                          January 31, 2017  January 31, 2016

Total Revenue                                     $ 78,840          $ 74,370

Results from operating activities                   22,448            17,843
Depreciation of property, plant and
 equipment                                             614               826
Special charges                                         98               407
                                        ------------------------------------
Adjusted EBITDA                                   $ 23,160          $ 19,076
Adjusted EBITDA margin                               29.4%             25.7%
Adjusted EBITDA per diluted share                   $ 0.85            $ 0.70

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

                                          January 31, 2017  October 31, 2016

                 Assets
Current assets:
  Cash and cash equivalents                       $ 80,644          $ 78,436
  Short-term investments                             7,609             7,423
  Accounts receivable, net                          83,489            73,588
  Prepaid expenses and other assets                  9,436             9,720
                                        ------------------------------------
                                                   181,178           169,167
Non-current assets:
  Long-term deposits and accounts
   receivable, net                                   1,179             1,357
  Property, plant and equipment                      5,476             5,696
  Intangible assets                                 77,564            86,632
  Goodwill                                         141,741           144,578
  Deferred income tax assets                         9,691            11,765
                                        ------------------------------------

Total assets                                     $ 416,829         $ 419,195
                                        ------------------------------------
                                        ------------------------------------

               Liabilities
Current liabilities:
  Accounts payable and accrued
   liabilities                                    $ 49,176          $ 55,440
  Income taxes payable                               3,353             5,139
  Dividends payable                                  3,771             3,767
  Provisions                                         1,280             2,111
  Deferred revenue                                  63,345            54,300
                                        ------------------------------------
                                                   120,925           120,757
Non-current liabilities:
  Deferred income tax liabilities                   18,384            21,053
  Deferred revenue                                   4,728             4,788
  Long-term loans                                    2,500             4,049
                                        ------------------------------------

Total liabilities                                  146,537           150,647
                                        ------------------------------------
          Shareholders' Equity

Share capital                                       70,013            69,555
Contributed surplus                                  3,969             3,875
Retained earnings                                  195,611           187,649
Accumulated other comprehensive income                 699             7,469
                                        ------------------------------------
Total shareholders' equity                         270,292           268,548
                                        ------------------------------------
Total liabilities and shareholders'
 equity                                          $ 416,829         $ 419,195
                                        ------------------------------------
                                        ------------------------------------

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 January 31,
                                                      2017              2016
Revenue
  Software licenses                               $ 24,208          $ 20,770
  Hosted and maintenance services                   39,166            37,806
  Professional services                             13,968            14,435
  Hardware                                           1,498             1,359
                                        ------------------------------------
                                                    78,840            74,370
                                        ------------------------------------
Direct costs
  Software licenses                                  2,109             1,157
  Services                                          22,243            21,790
  Hardware                                           1,001               805
                                        ------------------------------------
                                                    25,353            23,752
                                        ------------------------------------

Revenue, net of direct costs                        53,487            50,618

Operating expenses
  Selling, general and administrative               19,491            20,141
  Research and development                          10,836            11,401
  Depreciation of property, plant and
   equipment                                           614               826
  Special charges                                       98               407
                                        ------------------------------------
                                                    31,039            32,775
                                        ------------------------------------

Results from operating activities                   22,448            17,843

  Amortization of acquired software and
   customer relationships                          (7,457)           (6,840)
  Finance income                                        39                33
  Finance expenses                                   (107)              (81)
  Other income                                         170                33
                                        ------------------------------------

Income before income taxes                          15,093            10,988

Provision for income taxes                           3,360             2,527
                                        ------------------------------------

Net income for the period                         $ 11,733           $ 8,461
                                        ------------------------------------
                                        ------------------------------------
Items that are or may be reclassified
 subsequently to profit or loss:
----------------------------------------
  Foreign currency translation (loss)
   gain from foreign operations                    (6,689)             8,799
  Transfer to net income of realized
   gains on available for sale
   investments                                           -              (14)
  Unrealized loss on available for sale
   investments                                        (93)             (139)
  Deferred income tax recovery                          12                20
                                        ------------------------------------

Other comprehensive (loss) income                  (6,770)             8,666
                                        ------------------------------------

Comprehensive income                               $ 4,963          $ 17,127
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share
Basic                                               $ 0.44            $ 0.32
Diluted                                             $ 0.43            $ 0.31
----------------------------------------------------------------------------

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




                                        Share                    Contributed
                                       Capital  Share capital        surplus
                                       -number              $              $

Balance - November 1, 2016          26,906,962         69,555          3,875

Net income                                   -              -              -
Other Comprehensive Income (net
 of tax):
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                -                           188
 Proceeds on issuing shares             29,500            458           (94)
Dividends                                    -              -              -
                               ---------------------------------------------
Balance - January 31, 2017          26,936,462         70,013          3,969
                               ---------------------------------------------
                               ---------------------------------------------


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

Net income                                   -              -              -
Other Comprehensive Income (net
 of tax):
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                -              -            325
 Proceeds on issuing shares            224,200          3,083          (586)
Dividends                                    -              -              -
                               ---------------------------------------------
Balance - January 31, 2016          26,811,462         67,286          3,768
                               ---------------------------------------------
                               ---------------------------------------------


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


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

Balance - November 1, 2016               7,469        187,649        268,548

Net income                                   -         11,733         11,733
Other Comprehensive Income (net
 of tax):
Cumulative Translation
 Adjustment                            (6,689)              -        (6,689)
Transfer to net income of
 realized gains on available
 for- sale investments                       -              -              -
Unrealized loss on available-
 for-sale investments                     (93)              -           (93)
Deferred income tax recovery                12              -             12
                               ---------------------------------------------
Comprehensive income for the
 period                                (6,770)         11,733          4,963
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
 Value of services recognized                -              -            188
 Proceeds on issuing shares                  -              -            364
Dividends                                    -        (3,771)        (3,771)
                               ---------------------------------------------
Balance - January 31, 2017                 699        195,611        270,292
                               ---------------------------------------------
                               ---------------------------------------------


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

Net income                                   -          8,461          8,461
Other Comprehensive Income (net
 of tax):
Cumulative Translation
 Adjustment                              8,799              -          8,799
Transfer to net income of
 realized gains on available
 for- sale investments                    (14)              -           (14)
Unrealized loss on available-
 for-sale investments                    (139)              -          (139)
Deferred income tax recovery                20              -             20
                               ---------------------------------------------
Comprehensive income for the
 period                                  8,666          8,461         17,127
                               ---------------------------------------------
                               ---------------------------------------------
Employee share options:
 Value of services recognized                -              -            325
 Proceeds on issuing shares                  -              -          2,497
Dividends                                    -        (3,217)        (3,217)
                               ---------------------------------------------
Balance - January 31, 2016              28,920        160,110        260,084
                               ---------------------------------------------
                               ---------------------------------------------

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

                                            Three months ended January 31,
                                                      2017              2016
Cash flows from operating activities
Net income for the period                         $ 11,733           $ 8,461

Adjustments for:
 Depreciation of property, plant and
  equipment                                            614               826
 Amortization of acquired software and
  customer relationships                             7,457             6,840
 Stock-based compensation expense                      188               325
 Provision for income tax                            3,360             2,527
 Finance expenses and other income                    (63)                48
                                        ------------------------------------
                                                    23,289            19,027

Changes in non-cash operating working
 capital                                           (8,018)          (10,623)
 Income tax paid                                   (4,596)           (1,497)
----------------------------------------------------------------------------
Net cash flows from operating activities            10,675             6,907

Cash flows from investing activities
Purchase of property, plant and
 equipment, net                                      (565)           (1,318)
Purchase of other software                           (489)             (134)
Acquisitions, net of cash acquired of
 nil (2016 $1,723)                                       -          (26,019)
Purchase consideration for prior period
 acquisitions                                        (393)             (690)
Net purchase of short-term investments               (608)           (1,045)
----------------------------------------------------------------------------
Net cash flows used in investing
 activities                                        (2,055)          (29,206)

Cash flows from financing activities
Issuance of share capital                              364             2,497
Repayment of loans                                 (1,667)                 -
Payment of cash dividend                           (3,767)           (3,190)
----------------------------------------------------------------------------
Net cash flows used in financing
 activities                                        (5,070)             (693)

Effect of currency translation
 adjustments on cash and cash
 equivalents                                       (1,342)             3,175
----------------------------------------------------------------------------

Net increase (decrease) in cash and cash
 equivalents during the period                       2,208          (19,817)
Cash and cash equivalents - beginning of
 period                                             78,436            94,131

Cash and cash equivalents - end of
 period                                           $ 80,644          $ 74,314
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

                                             For the three months ended
                                                     January 31

                                                      2017              2016
                                        ------------------------------------

Revenue:
  Asset Management Group                          $ 31,286          $ 25,758
  Interactive Management Group                      47,554            48,612
                                        ------------------------------------
Total                                             $ 78,840          $ 74,370
                                        ------------------------------------
                                        ------------------------------------



  Asset Management Group:
    - Segment profit before special
     charges                                       $ 8,525           $ 5,889
    - Special charges                                   96             (225)
                                        ------------------------------------
  Asset Management Group profit                    $ 8,621           $ 5,664
                                        ------------------------------------

  Interactive Management Group:
    - Segment profit before special
     charges                                      $ 15,768          $ 14,741
    - Special charges                                (194)             (182)
                                        ------------------------------------
  Interactive Management Group profit             $ 15,574          $ 14,559
                                        ------------------------------------

  Corporate expenses                               (1,747)           (2,380)
                                        ------------------------------------
Results from operating activities                 $ 22,448          $ 17,843
                                        ------------------------------------

  Amortization of acquired software and
   customer relationships                          (7,457)           (6,840)
  Finance income                                        39                33
  Finance expenses                                   (107)              (81)
  Other income                                         170                33
                                        ------------------------------------
Income before income taxes                        $ 15,093          $ 10,988
                                        ------------------------------------
                                        ------------------------------------

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

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