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    CMG   CA2052491057

COMPUTER MODELLING GROUP LTD.

(CMG)
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Computer Modelling : Announces Year End Results

05/20/2021 | 07:01am EDT

CALGARY, Alberta, May 20, 2021 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. (“CMG” or the “Company”) announces its financial results for year ended March 31, 2021.

Annual Performance   
($ thousands, unless otherwise stated)March 31, 2021 March 31, 2020 March 31, 2019 
Annuity/maintenance licenses 55,934  63,974 63,800 
Perpetual licenses 3,619  4,672 5,000 
Software licenses 59,553  68,646 68,800 
Professional services 7,810  7,140 6,057 
Total revenue 67,363  75,786 74,857 
Operating profit 30,565  31,751 29,554 
Operating profit (%)45%42%39%
Net income for the year 20,190  23,485 22,135 
EBITDA(1) 34,836  36,111 31,507 
Cash dividends declared and paid 16,055  32,097 32,090 
Funds flow from operations 26,283  28,765 25,593 
Free cash flow (1) 24,473  26,547 24,851 
Total assets 122,491  120,866 90,305 
Total shares outstanding 80,286  80,249 80,227 
Trading price per share at March 31 5.75  3.83 6.15 
Market capitalization at March 31 461,645  307,353 493,396 
Per share amounts – ($/share)   
Earnings per share – basic and diluted0.25 0.29 0.28 
Cash dividends declared and paid0.20 0.40 0.40 
Funds flow from operations per share – basic0.33 0.36 0.32 
Free cash flow per share – basic (1)0.30 0.33 0.31 

(1)   Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures” section.

     
Quarterly Performance Fiscal 2020 Fiscal 2021
($ thousands, unless otherwise stated)Q1Q2Q3Q4Q1Q2Q3Q4
Annuity/maintenance licenses15,75616,37316,61215,23314,52314,14413,47713,790
Perpetual licenses1,1591,1469641,403-1,7756601,184
Software licenses16,91517,51917,57616,63614,52315,91914,13714,974
Professional services1,2082,3541,6991,8792,1491,9331,9011,827
Total revenue18,12319,87319,27518,51516,67217,85216,03816,801
Operating profit7,0689,3437,5387,8025,7119,8618,4376,556
Operating profit (%)3947394234555339
Profit before income and other taxes6,4399,3507,0549,6134,4059,3607,4105,747
Income and other taxes1,9972,4821,9422,5501,1432,6001,5351,454
Net income for the period4,4426,8685,1127,0633,2626,7605,8754,293
EBITDA8,11810,4268,6448,9236,76710,9339,5097,627
Cash dividends declared and paid8,0228,0268,0258,0244,0134,0134,0154,014
Funds flow from operations6,0977,7877,3667,5154,7037,9917,3226,267
Free cash flow5,7077,2746,7266,8404,2397,4747,0055,755
Per share amounts – ($/share)        
Earnings per share (EPS) – basic and diluted0.060.090.060.090.040.080.070.05
Cash dividends declared and paid0.100.100.100.100.050.050.050.05
Funds flow from operations per share - basic0.080.100.090.090.060.100.090.08
Free cash flow per share – basic0.070.090.080.090.050.090.090.07

Commentary on Quarterly Performance

For the Three Months EndedFor the Year Ended
March 31, 2021 and compared to the same period of the previous fiscal year, when appropriate:
 
  • Annuity/maintenance license revenue decreased by 9%, primarily due to the ongoing disruption to the oil and gas industry caused by the COVID-19 pandemic, consolidations in the industry and reduced activity in unconventional shale plays both prior to and during the COVID-19 pandemic;
  • Annuity/maintenance license revenue decreased by 13%, primarily due to the ongoing disruption to the oil and gas industry caused by the COVID-19 pandemic, consolidations in the industry and reduced activity in unconventional shale plays both prior to and during the COVID-19 pandemic;
  • Perpetual revenue, which is variable in nature, decreased by 16%;
  • Perpetual revenue, which is variable in nature, decreased by 23%;
  • Total revenue decreased by 9%, due to decreases in software revenue, as well as professional services revenue;
  • Total revenue decreased by 11%, with lower software revenue being slightly offset by higher professional services revenue;
  • Total operating expenses decreased by 4%, due to CEWS and CERS benefits of $1.2 million and compensation reductions, partially offset by higher stock-based compensation expenses as a result of the share price increase;
  • Total operating expenses decreased by 16%, due to CEWS and CERS benefits of $5.5 million and compensation reductions, partially offset by higher stock-based compensation expenses as a result of the share price increase;
  • Quarterly operating profit margin of 39%, down from the comparative quarter’s figure of 42%. Without the impact of the CEWS and CERS benefits, the operating profit margin was 32%, below our fiscal 2019 and fiscal 2020 historic average of 40%;
  • Year-to-date operating profit margin was 45%, up from the previous year’s 42%. Without the impact of the CEWS and CERS benefits, the year-to-date operating profit margin was 37%, slightly below our fiscal 2019 and fiscal 2020 historic average of 40%;
  • Basic EPS of $0.05 was lower than the comparative quarter;
  • Basic EPS of $0.25 was lower than the previous year;
  • Achieved free cash flow per share of $0.07;
  • Achieved free cash flow per share of $0.30;
  • Declared and paid a dividend of $0.05 per share.
  • Declared and paid dividends of $0.20 per share.

Outlook

This year has been a year like no other.

CMG, as many other companies worldwide, has been affected by the COVID-19 pandemic. Our fiscal 2021 total revenue decreased by 11%, with lower software revenue being slightly offset by higher professional services revenue. Annuity and maintenance license revenue decreased by 13% when compared to last year, due to ongoing oil and gas industry disruption caused by the pandemic, corporate consolidations, economic pressures and lower unconventional shale activity both prior to and during the pandemic.

On a full-year basis, Canada, the US and South America accounted for the decrease in annuity and maintenance revenue, while the Eastern Hemisphere increased by 2%, due to the addition of a multi-year contract and increased licensing by existing customers.

Outside of our control are the extent to which this pandemic continues, future global developments, and the precise impact those will have on our operating results, financial condition and cash flow. What remains within our control, however, is to manage elements critical to seeing CMG emerge from this pandemic in a position of strength and resiliency. Accordingly, in response to the COVID-19 pandemic and the range of scenarios, challenges and uncertainties it presented, CMG took the following steps, which were within its control, in order to preserve liquidity, financial flexibility, balance sheet strength and profitability:

  • reduced the quarterly dividend by 50% (from $0.10 per share to $0.05 per share) effective June 15, 2020;
  • reduced the CEO’s annual salary by 25% effective July 1, 2020;
  • reduced the directors’ cash compensation by 20% effective July 1, 2020;
  • reduced the executive officers’ annual salaries by 20% effective July 1, 2020; and
  • implemented graduated salary reductions across all staff.

The Company intends to review the salary and cash compensation reductions after it has finalized and released its 2021 year-end results. The salary reductions to staff, executives and the CEO were reallocated to variable cash compensation. Based on the 2021 year-end results, executive variable cash compensation was 67% of its corporate performance target, as compared to a 92% achievement rate for 2020.

We continue to monitor the effect that the prolonged continuance of the COVID-19 pandemic is having on our operations, including sales levels and financial performance, and will make operational adjustments as appropriate.

In addition, our relative revenue decrease meant we were eligible for and received assistance from the Canada Emergency Wage Subsidy (“CEWS”) and the Canada Emergency Rent Subsidy ("CERS") federal government programs. Funds received were used to cover a portion of our salary, wages and office rent costs paid during the year.

Total operating expenses decreased by 16% in fiscal 2021, as a result of the compensation reductions and the CEWS and CERS subsidies (partially offset by higher stock-based compensation expense, which was a result of the year-over-year increase in CMG’s share price.)

Basic earnings per share was $0.25 per share, compared to $0.29 per share last year. During the year we declared and paid dividends totaling $0.20 per share.

We continue to maintain a strong financial position. We closed the year with $49.1 million of cash, no debt and no significant accounts receivable collectability concerns. Despite the turmoil resulting from the COVID-19 pandemic, we generated $0.30 per share of free cash flow, compared to $0.33 per share during the year before.

Ongoing progress in the development and distribution of the COVID-19 vaccine provides a reason for us to have cautious optimism. While the industry outlook and customer sentiment may be improving, we are unable to predict the timing of economies reopening, the level of global commodity demand or the impact that volatile commodity prices will have on a recovery. A year ago, there was significant uncertainty facing our customers and, by association, CMG. I would like to think that a large part of that uncertainty had abated by the end of our fiscal year.

As the market focuses on energy transition, capital discipline, operational efficiencies, improved returns, debt reduction and returning cash to shareholders, CMG intends to be responsive and proactive to our customers’ needs and to assist them in improving the value of their assets by optimizing production and realizing operational cost efficiencies.

Ultimately, the success of this company continues to rely on the efforts and talents of our employees, our ability to be nimble and resilient in the face of uncertainty, and the support of our shareholders. My deep appreciation and gratitude go out to all CMG staff and the executive team for their outstanding efforts and dedication throughout a particularly trying fiscal year.

I would also like to express my gratitude to our Board of Directors for their continued support and trusted counsel throughout the year.

(signed)

Ryan N. Schneider
President and Chief Executive Officer
May 20, 2021

Revenue

Three months ended March 31,2021 2020 $ change % change 
($ thousands)    
     
Software license revenue 14,974  16,636 (1,662)-10%
Professional services 1,827  1,879 (52)-3%
Total revenue 16,801  18,515 (1,714)-9%
     
Software license revenue as a % of total revenue89%90%  
Professional services as a % of total revenue11%10%  


Years ended March 31,2021 2020 $ change % change 
($ thousands)    
     
Software license revenue 59,553  68,646 (9,093)-13%
Professional services 7,810  7,140 670 9%
Total revenue 67,363  75,786 (8,423)-11%
     
Software license revenue as a % of total revenue88%91%  
Professional services as a % of total revenue12%9%  

CMG’s revenue is comprised of software license sales, which provide the majority of the Company’s revenue, and fees for professional services.

Total revenue for the three months ended March 31, 2021 decreased by 9%, due to decreases in both software license revenue and professional services revenue.

Total revenue for the year ended March 31, 2021 decreased by 11%, due to a decrease in software license revenue, slightly offset by an increase in professional services revenue.

Software License Revenue

Three months ended March 31,2021 2020 $ change % change 
($ thousands)    
     
Annuity/maintenance license revenue 13,790  15,233 (1,443)-9%
Perpetual license revenue 1,184  1,403 (219)-16%
Total software license revenue 14,974  16,636 (1,662)-10%
     
Annuity/maintenance as a % of total software license revenue92%92%  
Perpetual as a % of total software license revenue8%8%  


Years ended March 31,2021 2020 $ change % change 
($ thousands)      
     
Annuity/maintenance license revenue 55,934  63,974 (8,040)-13%
Perpetual license revenue 3,619  4,672 (1,053)-23%
Total software license revenue 59,553  68,646 (9,093)-13%
     
Annuity/maintenance as a % of total software license revenue94%93%  
Perpetual as a % of total software license revenue6%7%  

Total software license revenue for the three months and year ended March 31, 2021 decreased by 10% and 13%, compared to the same periods of the previous fiscal year, due to decreases in both annuity/maintenance license revenue and perpetual license revenue.

During the three months ended March 31, 2021, CMG’s annuity/maintenance license revenue decreased by 9%, compared to the same period of the previous fiscal year. Canada, the US and the Eastern Hemisphere contributed to the decrease, while South America stayed essentially level due to reactivation of maintenance on perpetual licenses recorded during the quarter. The decreases in Canada, the US and the Eastern Hemisphere were due to decreased licensing, some of which was triggered by the COVID-19 pandemic and the resulting economic uncertainty, as well as consolidation activity in the oil and gas industry and reduced activity levels in unconventional shale plays.

On a full-year basis, CMG’s annuity/maintenance license revenue decreased by 13%, compared to the previous fiscal year. Canada, the US and South America contributed to the decrease, while the Eastern Hemisphere increased by 2%, due to the addition of a multi-year contract and increased licensing by existing customers.

Perpetual license revenue decreased by 16% and 23% during the three months and year ended March 31, 2021, compared to the same periods of the previous fiscal year. Low commodity prices and resulting lower cash flows in the oil and gas industry reduced our customers’ ability to purchase perpetual licenses in the near term.

Software Revenue by Geographic Region

Three months ended March 31,20212020$ change % change 
($ thousands)    
Annuity/maintenance license revenue    
Canada 3,012 3,324(312)-9%
United States 3,580 4,524(944)-21%
South America 1,752 1,69458 3%
Eastern Hemisphere(1) 5,446 5,691(245)-4%
  13,790 15,233(1,443)-9%
Perpetual license revenue    
Canada- -- 0%
United States 32 163(131)-80%
South America- -- 0%
Eastern Hemisphere 1,152 1,240(88)-7%
  1,184 1,403(219)-16%
Total software license revenue    
Canada 3,012 3,324(312)-9%
United States 3,612 4,687(1,075)-23%
South America 1,752 1,69458 3%
Eastern Hemisphere 6,598 6,931(333)-5%
  14,974 16,636(1,662)-10%


Years ended March 31,20212020$ change % change 
($ thousands)      
Annuity/maintenance license revenue    
Canada 12,464 14,977(2,513)-17%
United States 15,113 19,655(4,542)-23%
South America 6,164 7,625(1,461)-19%
Eastern Hemisphere(1) 22,193 21,717476 2%
  55,934 63,974(8,040)-13%
Perpetual license revenue    
Canada--- 0%
United States 32 461(429)-93%
South America 1,020 1,280(260)-20%
Eastern Hemisphere 2,567 2,931(364)-12%
  3,619 4,672(1,053)-23%
Total software license revenue    
Canada 12,464 14,977(2,513)-17%
United States 15,145 20,116(4,971)-25%
South America 7,184 8,905(1,721)-19%
Eastern Hemisphere 24,760 24,648112 0%
  59,553 68,646(9,093)-13%

(1)   Includes Europe, Africa, Asia and Australia.

During the three months ended March 31, 2021, total software license revenue decreased in all geographic regions except for South America, which experienced a 3% increase. During the year ended March 31, 2021, total software license revenue decreased in all geographic regions except for the Eastern Hemisphere, which remained flat.

The Canadian region (representing 21% of annual total software license revenue) experienced decreases of 9% and 17% in annuity/maintenance license revenue during the three months and year ended March 31, 2021, compared to the same periods of the previous fiscal year, due to decreases in licensing by existing customers. A portion of the year-over-year decrease was caused by consolidation activity in the industry.

The United States (representing 25% of annual total software license revenue) experienced decreases of 21% and 23% in annuity/maintenance license revenue during the three months and year ended March 31, 2021, compared to the same periods of the previous fiscal year. The decreases were a result of decreased licensing by some customers, precipitated by consolidation in the industry and reduced activity levels in unconventional shale plays both before and during the COVID-19 pandemic. Perpetual sales during the three months and year ended March 31, 2021 were lower than in the comparative periods.

South America (representing 12% of annual total software license revenue) experienced an increase of 3% in annuity/maintenance license revenue during the three months ended March 31, 2021, due to reactivation of maintenance on perpetual licenses during the quarter, partially offset by losses due to the COVID-19 pandemic and the resulting economic uncertainty. On a full-year basis, South America experienced a decrease of 19% in annuity/maintenance license revenue, due to the negative impact of the COVID-19 pandemic and the resulting economic uncertainty, which affected the renewal of some of our maintenance contracts. Perpetual sales during the year ended March 31, 2021 were lower than in the comparative period.

The Eastern Hemisphere (representing 42% of annual total software license revenue) experienced a decrease of 4% in annuity/maintenance license revenue during the three months ended March 31, 2021, compared to the same period of the previous fiscal year, as decreased licensing by some customers was partially offset by increased licensing by others, including a new multi-year annuity contract that commenced at the end of the previous fiscal year. On a full-year basis, annuity/maintenance license revenue in the Eastern Hemisphere increased slightly by 2%, due to increased licensing from existing customers and the aforementioned multi-year contract, partially offset by reduced licensing by some customers. Perpetual sales were down by 7% and 12% during the three months and year ended March 31, 2021, compared to the same periods of the previous fiscal year.

Deferred Revenue

($ thousands)Fiscal
2021
Fiscal
2020
$ change % change 
Deferred revenue at:    
Q1 (June 30)25,492 29,266(3,774)-13%
Q2 (September 30)19,54923,849(4,300)-18%
Q3 (December 31)15,34715,679(332)-2%
Q4 (March 31)30,461 33,838(3,377)-10%

CMG’s deferred revenue consists primarily of amounts for prepaid licenses. Our annuity/maintenance revenue is deferred and recognized ratably over the license period, which is generally one year or less. Amounts are deferred for licenses that have been provided and revenue recognition reflects the passage of time.

The above table illustrates the normal trend in the deferred revenue balance from the beginning of the calendar year (which corresponds with Q4 of our fiscal year), when most renewals occur, to the end of the calendar year (which corresponds with Q3 of our fiscal year). Our fourth quarter corresponds with the beginning of the fiscal year for most oil and gas companies, representing a time when they enter a new budget year and sign/renew their contracts.

The deferred revenue balance at the end of Q4 of fiscal 2021 decreased by 10% when compared to Q4 of fiscal 2020.

Expenses

Three months ended March 31,  20212020$ change % change 
($ thousands)      
       
Sales, marketing and professional services   4,481 4,39883 2%
Research and development   4,036 4,783(747)-16%
General and administrative   1,728 1,532196 13%
Total operating expenses   10,245 10,713(468)-4%
       
Direct employee costs(1)   7,970 8,153(183)-2%
Other corporate costs   2,275 2,560(285)-11%
    10,245 10,713(468)-4%


Years ended March 31,  20212020$ change% change
($ thousands)      
       
Sales, marketing and professional services   15,690 18,126(2,436)-13%
Research and development   15,194 19,244(4,050)-21%
General and administrative   5,914 6,665(751)-11%
Total operating expenses   36,798 44,035(7,237)-16%
       
Direct employee costs(1)   28,227 33,905(5,678)-17%
Other corporate costs   8,571 10,130(1,559)-15%
    36,798 44,035(7,237)-16%

(1)   Includes salaries, bonuses, stock-based compensation, benefits, commissions, and professional development. See “Non-IFRS Financial Measures”.

Total operating expenses for the three months and year ended March 31, 2021 decreased by 4% and 16%, respectively, compared to the same periods of the previous fiscal year, due to decreases in both direct employee costs and other corporate costs.

Direct employee costs for the three months and year ended March 31, 2021 decreased by 2% and 17%, respectively, compared to the same periods of the previous fiscal year. The decrease was due to the CEWS benefit and salary reductions, partially offset by higher stock-based compensation expense due to increases in the share price. Salary reductions were announced in our March 31, 2020 MD&A and implemented effective July 1, 2020. CMG became eligible for the CEWS program as a result of the decline in revenue and recorded a CEWS benefit of $1.1 million and $5.2 million during the three months and year ended March 31, 2021.

Other corporate costs for the three months and year ended March 31, 2021 decreased by 11% and 15%, respectively, compared to the same periods of the previous fiscal year, due to lower travel, marketing and office costs as a result of COVID-19 restrictions and the CERS benefit. These decreases were partially offset by lower SR&ED credits, as explained in the next section.

For further details on the results, please refer to CMG's Management Discussion and Analysis and Consolidated Financial Statements, which are available on SEDAR at www.sedar.com or on CMG's website at www.cmgl.ca.

Additional IFRS Measure

Funds flow from operations is an additional IFRS measure that the Company presents in its consolidated statements of cash flows. Funds flow from operations is calculated as cash flows provided by operating activities adjusted for changes in non-cash working capital. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods.

Non-IFRS Financial Measures

Certain financial measures in this press release – namely, direct employee costs, other corporate costs, EBITDA and free cash flow – do not have a standard meaning prescribed by IFRS and, accordingly, may not be comparable to measures used by other companies. Management believes that these indicators nevertheless provide useful measures in evaluating the Company’s performance.

Direct employee costs include salaries, bonuses, stock-based compensation, benefits, commission expenses, and professional development. Other corporate costs include facility-related expenses, corporate reporting, professional services, marketing and promotion, computer expenses, travel, and other office-related expenses. Direct employee costs and other corporate costs should not be considered an alternative to total operating expenses as determined in accordance with IFRS. People-related costs represent the Company’s largest area of expenditure; hence, management considers highlighting separately corporate and direct employee costs to be important in evaluating the quantitative impact of cost management of these two major expenditure pools. See “Expenses” heading for a reconciliation of direct employee costs and other corporate costs to total operating expenses.

EBITDA refers to net income before adjusting for depreciation expense, finance income, finance costs, and income and other taxes. EBITDA should not be construed as an alternative to net income as determined by IFRS. The Company believes that EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities prior to consideration of how those activities are amortized, financed or taxed.

Free cash flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Management uses free cash flow to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

Forward-Looking Information

Certain information included in this press release is forward-looking. Forward-looking information includes statements that are not statements of historical fact and which address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as investment objectives and strategy, the development plans and status of the Company’s software development projects, the Company’s intentions, results of operations, levels of activity, future capital and other expenditures (including the amount, nature and sources of funding thereof), business prospects and opportunities, research and development timetable, and future growth and performance. When used in this press release, statements to the effect that the Company or its management “believes”, “expects”, “expected”, “plans”, “may”, “will”, “projects”, “anticipates”, “estimates”, “would”, “could”, “should”, “endeavours”, “seeks”, “predicts” or “intends” or similar statements, including “potential”, “opportunity”, “target” or other variations thereof that are not statements of historical fact should be construed as forward-looking information. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management of the Company. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Corporate Profile

CMG is a computer software technology company serving the oil and gas industry. The Company is a leading supplier of advanced process reservoir modelling software with a blue chip customer base of international oil companies and technology centers in approximately 60 countries. The Company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. CMG has sales and technical support services based in Calgary, Houston, London, Dubai, Bogota and Kuala Lumpur. CMG’s Common Shares are listed on the Toronto Stock Exchange (“TSX”) and trade under the symbol “CMG”.

 
Consolidated Statements of Financial Position
 
(thousands of Canadian $)March 31, 2021 March 31, 2020 
     
Assets  
Current assets:  
Cash49,068  40,505 
Trade and other receivables23,239  26,277 
Prepaid expenses820  913 
Prepaid income taxes8  771 
 73,135  68,466 
Property and equipment12,025  13,507 
Right-of-use assets35,509  37,901 
Deferred tax asset1,822  992 
Total assets 122,491  120,866 
   
Liabilities and shareholders’ equity  
Current liabilities:  
Trade payables and accrued liabilities6,316  5,779 
Income taxes payable49  60 
Deferred revenue30,461  33,838 
Lease liability1,356  1,313 
 38,182  40,990 
Long-term stock-based compensation liability1,281 445 
Long-term lease liability39,606 41,062 
Total liabilities79,069 82,497 
   
Shareholders’ equity:  
Share capital80,051 79,851 
Contributed surplus14,251 13,533 
Deficit(50,880)(55,015)
Total shareholders' equity43,422 38,369 
Total liabilities and shareholders' equity122,491 120,866 


 
Consolidated Statements of Operations and Comprehensive Income
 
Years ended March 31,  2021 2020 
(thousands of Canadian $ except per share amounts)    
     
Revenue  67,363 75,786 
     
Operating expenses    
Sales, marketing and professional services    15,690  18,126 
Research and development     15,194  19,244 
General and administrative     5,914  6,665 
    36,798  44,035 
Operating profit     30,565  31,751 
     
Finance income  374 2,833 
Finance costs   (4,017)(2,128)
Profit before income and other taxes   26,922 32,456 
Income and other taxes   6,732 8,971 
     
Net and total comprehensive income  20,190 23,485 
     
Earnings per share    
Basic and diluted  0.25 0.29 


 
Consolidated Statements of Cash Flows
 
Years ended March 31,2021 2020 
(thousands of Canadian $)  
   
Operating activities  
Net income 20,190  23,485 
Adjustments for:  
Depreciation 4,271  4,360 
Deferred income tax recovery (831)(13)
Stock-based compensation 2,653  933 
Funds flow from operations 26,283  28,765 
Movement in non-cash working capital:  
Trade and other receivables 3,038  (7,057)
Trade payables and accrued liabilities (361)86 
Prepaid expenses93 317 
Income taxes payable 752 (404)
Deferred revenue (3,377)(1,177)
Decrease (increase) in non-cash working capital 145 (8,235)
Net cash provided by operating activities 26,428  20,530 
   
Financing activities  
Repayment of lease liability (1,413)(1,228)
Dividends paid (16,055)(32,097)
Net cash used in financing activities (17,468)(33,325)
   
Investing activities  
Property and equipment additions (397)(990)
Increase (decrease) in cash 8,563 (13,785)
Cash, beginning of period 40,505  54,290 
Cash, end of period 49,068  40,505 
   
Supplementary cash flow information  
Interest received 374  1,135 
Interest paid 2,074  2,128 
Income taxes paid 6,107  7,893 

See accompanying notes to consolidated financial statements, which are available on SEDAR at www.sedar.com or on CMG's website at www.cmgl.ca.

For further information, contact:

Ryan N. Schneider
President & CEO
(403) 531-1300
ryan.schneider@cmgl.ca
www.cmgl.ca 
orKelly A. Tomyn
Interim Vice President, Finance & CFO
(403) 531-1300
kelly.tomyn@cmgl.ca

 


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Source: Computer Modelling Group Ltd

2021 GlobeNewswire, Inc., source Press Releases - Canada

All news about COMPUTER MODELLING GROUP LTD.
09/20COMPUTER MODELLING GROUP LTD.(TSX : CMG) dropped from S&P Global BMI Index
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09/03COMPUTER MODELLING GROUP LTD. : Ex-dividend day for
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08/11COMPUTER MODELLING : Announces First Quarter Results
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08/11COMPUTER MODELLING : Earnings Flash (CMG.TO) COMPUTER MODELLING GROUP Posts Q1 EPS Basic a..
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08/11NORTH AMERICAN MORNING BRIEFING : Investors Await -2-
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08/10Computer Modelling Group Declares Quarterly Dividend, Payable on September 15, 2021
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08/10COMPUTER MODELLING : Declares Quarterly Dividend
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08/10Computer Modelling Group Ltd. Reports Earnings Results for the First Quarter Ended June..
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07/08COMPUTER MODELLING : Announces Voting Results of Election of Directors
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06/04COMPUTER MODELLING GROUP LTD. : Ex-dividend day for
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More news
Financials
Sales 2022 61,9 M 50,0 M 50,0 M
Net income 2022 17,5 M 14,1 M 14,1 M
Net Debt 2022 - - -
P/E ratio 2022 22,9x
Yield 2022 4,11%
Capitalization 391 M 316 M 316 M
Capi. / Sales 2022 6,32x
Capi. / Sales 2023 5,93x
Nbr of Employees 201
Free-Float 97,5%
Chart COMPUTER MODELLING GROUP LTD.
Duration : Period :
Computer Modelling Group Ltd. Technical Analysis Chart | CMG | CA2052491057 | MarketScreener
Technical analysis trends COMPUTER MODELLING GROUP LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 4,87 CAD
Average target price 5,42 CAD
Spread / Average Target 11,2%
EPS Revisions
Managers and Directors
Ryan N. Schneider President, Chief Executive Officer & Director
Sandra Balic Chief Financial Officer & Vice President-Finance
John Brian Zaozirny Chairman
Long X. Nghiem Chief Technology Officer, Vice President-R&D
Patrick R. Jamieson Independent Director
Sector and Competitors
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