Daily Archives: May 2, 2017

Invivoscribe® ได้รับการรับรองจาก FDA สำหรับวิธีทดสอบการวินิจฉัยควบคู่ของ LeukoStrat® CDx FLT3 Mutation Assay เพื่อคัดเลือกอาสาสมัครสำหรับ Rydapt® และเป็นวิธีเพื่อการวินิจฉัยควบคู่แรกสำหรับโรค AML

SAN DIEGO, May 02, 2017 (GLOBE NEWSWIRE) — Invivoscribe® Technologies Inc. บริษัทระดับโลกที่มีประสบการณ์มากกว่า 20 ปี นำมาซึ่งแนวทางการทดสอบเซลล์และตัวชี้วัดทางชีวภาพสำหรับสาขาเนื้องอกวิทยา การวินิจฉัยระดับโมเลกุลส่วนบุคคล® และการรักษาด้วยยาระดับโมเลกุลส่วนบุคคล® วันนี้ Invivoscribe ได้ประกาศการรับรองวิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ก่อนออกสู่ตลาด ที่ปัจจุบันได้รับการอนุมัติจากทาง FDA เพื่อทดสอบการกลายพันธุ์ของ FLT3 วิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ได้มีการดำเนินการโดยเฉพาะโดย The Laboratory ซึ่งเป็นบริษัทในเครือของ Invivoscribe Technologies, Inc. เพื่อการรักษาด้วยยาระดับโมเลกุลส่วนบุคคล โดย LeukoStrat® CDx FLT3 Mutation Assay ได้รับการรับรองโดย FDA เพื่อการทดสอบ FLT3 ว่าเป็นการวินิจฉัยควบคู่สำหรับยา Novartis ของ Rydapt® ใน FLT3+ AML ที่มีการวินิจฉัยใหม่

ภายใต้เงื่อนไขของข้อตกลงที่ได้ประกาศไปก่อนหน้านี้แล้วกับทาง Thermo Fisher ทาง Invivoscribe จะดำเนินการยื่นขอการรับรองวิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ที่จะทำให้สามารถขายชุดทดสอบให้กับห้องปฏิบัติการอื่นๆ ได้ วิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ของ Invivoscribe เป็นการทดสอบอัตราสัญญาณที่ระบุทั้งการกลายพันธุ์แบบแทนเดม ดูพลิเคชั่นภายใน (Internal tandem duplication, ITD) และไทโรซีนไคเนสโดเมน (Tyrosine kinase domain, TKD) และระบุแม้กระทั่งการกลายพันธุ์ของ ITD ขนาดใหญ่ ซึ่งขาดไปในการใช้วิธีทดสอบที่ใช้ NGS ที่มีอยู่ในปัจจุบันหลายวิธี

FLT3 ของร่างกายที่เปลี่ยนแปลงไปเป็นส่วนเร่งการกลายพันธุ์ที่พบมากที่สุด โดยมีผลมากที่สุดต่อการรอดชีวิตโดยรวมในผู้ป่วยที่เป็นมะเร็งเม็ดเลือดขาวเฉียบพลันชนิดมัยอิลอยด์1
(AML) ซึ่งเป็นมะเร็งเม็ดเลือดขาวชนิดที่อันตรายร้ายแรงที่สุด มีการวินิจฉัยพบมะเร็งชนิดนี้ในผู้ป่วยใหม่ในสหรัฐอเมริกาแต่ละปีประมาณ 20,000 ราย และมีอัตราการรอดชีวิต2 ในแต่ละปีเพียงร้อยละ 26.6 ทาง Invivoscribe กำลังทำงานภายใต้ข้อตกลงการวินิจฉัยควบคู่กับ Novartis ที่พัฒนาวิธีการวินิจฉัยควบคู่นี้สำหรับ FLT3 และประสบความสำเร็จได้รับการรับรองโดยผ่านกฎข้อบังคับของ FDA และ LeukoStrat® CDx FLT3 Mutation Assay ของ Invivoscribe ก็เป็นการวินิจฉัยควบคู่แรกสำหรับโรค AML

ดร. Jeffrey Miller, CSO & CEO ของ Invivoscribe ได้กล่าวว่า “การรับรองการทดสอบนี้จะเป็นประโยชน์อย่างมากต่อผู้ป่วยที่เจ็บป่วยด้วยโรค AML และเป็นเครื่องมือที่สำคัญสำหรับผู้ให้บริการด้านสุขภาพที่จะระบุวิธีการรักษาที่เหมาะสมที่สุดสำหรับผู้ป่วย AML ที่มี FLT3-กลายพันธุ์ที่วินิจฉัยพบใหม่ นอกจากนี้ยังสามารถใช้ในการวินิจฉัยระดับโมเลกุลส่วนบุคคลและให้ความแม่นยำในการรักษาด้วยยา และดังที่ได้ระบุไปแล้วก่อนหน้านี้โดยผู้อื่น3 ว่าจำเป็นต้องมีวิธีการทดสอบการกลายพันธุ์ของ FLT3 ที่เป็นมาตรฐานสากล และการวินิจฉัยควบคู่นี้เป็นอีกก้าวที่จะเติมเต็มความต้องการดังกล่าว”

เกี่ยวกับ Invivoscribe
Invivoscribe® Technologies Inc. เป็นบริษัทเอกชนที่ดำเนินกิจการด้านเทคโนโลยีชีวภาพที่อุทิศตนเพื่อพัฒนาคุณภาพสุขภาพผู้คนทั่วโลกโดยการพัฒนา สารเพื่อการวิเคราะห์ วิธีการทดสอบ และเครื่องมือทางชีวสารสนเทศศาสตร์ที่มีคุณภาพสูง น่าเชื่อถือ และล้ำสมัย เพื่อทำให้วิธีการวินิจฉัยระดับโมเลกุลส่วนบุคคล® และการรักษาด้วยยาระดับโมเลกุลส่วนบุคคล® ให้มีความก้าวหน้าขึ้น บริษัท Invivoscribe ได้รับการรับรองโดยมาตรฐาน ISO 13485 และมีการผลิตสารเพื่อการวิเคราะห์ที่มี PCR และ NGS เป็นองค์ประกอบด้วยสิ่งอำนวยการผลิตที่ได้รับการจดทะเบียนกับ FDA รวมไปถึง ชุดทดสอบ RUO; CE-marked IVDs และ IdentiClone® และ LymphoTrack® Dx Assays ที่มีทั้ง LymphoTrack® และ LymphoTrack® Dx ซอฟต์แวร์; สำหรับการตรวจสอบเซลล์ MRD และการทดสอบโซมาติกไฮเปอมิวเตชั่น นอกจากนี้ Invivoscribe ยังนำเสนอ MyAML®, MyHeme®, MyMRD® ที่ครอบคลุม และแผงยีนส์เลือกเฉพาะ เพื่อใช้ร่วมกับซอฟต์แวร์ MyInformatics® ของ Invivoscribe วิธีการทดสอบเหล่านี้สามารถระบุและติดตามตัวเร่งการกลายพันธุ์ปฐมภูมิได้ รวมถึงระบุโครงสร้างย่อยของเซลล์และอุบัติการณ์ของยีนส์ที่เร่งให้เกิดการกลายพันธุ์อย่างรวดเร็วในผู้ป่วยที่เป็นโรคทางโลหิต ห้องปฏิบัติการของ Invivoscribe ในสหรัฐอเมริกา ยุโรป และญี่ปุ่นได้อนุญาตให้มีการเข้าถึงสากลสำหรับการทดสอบทางคลินิกที่ได้รับการยอมรับอย่าง CLIA, CAP และ ISO 15189 ที่เข้ากันได้และการบริการขององค์กรวิจัยสัญญา (Contract research organization, CRO) ปัจจุบันมีการใช้บริการการทดสอบทางคลินิก การทดสอบ และสารเพื่อการวิเคราะห์ของ Invivoscribe ในทางคลินิกและห้องปฏิบัติการเพื่องานวิจัยกว่า 650 แห่งใน 65 ประเทศทั่วโลก Invivoscribe ได้รวมไว้ซึ่งคุณค่าของระบบที่มีคุณภาพมาอย่างยาวนาน และมีการพัฒนาผลิตภัณฑ์ทั้งหมดไม่ว่าจะเป็น ซอฟต์แวร์ชีวสารสนเทศศาสตร์ โดยเป็นไปตามการควบคุมรูปแบบ ISO 13485 ที่ทำให้ผลิตภัณฑ์เหล่านี้มีคุณสมบัติที่สามารถเข้าสู่กระบวนการทางกฎข้อบังคับ และนำไปสู่หน่วยงานที่มีอำนาจทั่วโลกได้ สามารถดูข้อมูลเพิ่มเติมได้ที่ www.invivoscribe.com และ www.flt3cdx.com

อ้างอิง:
1. Papaemmanuil E, Gerstung M, Bullinger L, et al. N Engl J Med 2016;374(23):2209-2221
2. https://seer.cancer.gov/statfacts/html/amyl.html
3. Levis, M. Hematology Am Soc Hematol Educ Program 2013;2013:220-6

ติดต่อ:
Kevin Dobyns 858-224-6600

Invivoscribe® ได้รับการรับรองจาก FDA สำหรับวิธีทดสอบการวินิจฉัยควบคู่ของ LeukoStrat® CDx FLT3 Mutation Assay เพื่อคัดเลือกอาสาสมัครสำหรับ Rydapt® และเป็นวิธีเพื่อการวินิจฉัยควบคู่แรกสำหรับโรค AML

SAN DIEGO, May 02, 2017 (GLOBE NEWSWIRE) — Invivoscribe® Technologies Inc. บริษัทระดับโลกที่มีประสบการณ์มากกว่า 20 ปี นำมาซึ่งแนวทางการทดสอบเซลล์และตัวชี้วัดทางชีวภาพสำหรับสาขาเนื้องอกวิทยา การวินิจฉัยระดับโมเลกุลส่วนบุคคล® และการรักษาด้วยยาระดับโมเลกุลส่วนบุคคล® วันนี้ Invivoscribe ได้ประกาศการรับรองวิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ก่อนออกสู่ตลาด ที่ปัจจุบันได้รับการอนุมัติจากทาง FDA เพื่อทดสอบการกลายพันธุ์ของ FLT3 วิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ได้มีการดำเนินการโดยเฉพาะโดย The Laboratory ซึ่งเป็นบริษัทในเครือของ Invivoscribe Technologies, Inc. เพื่อการรักษาด้วยยาระดับโมเลกุลส่วนบุคคล โดย LeukoStrat® CDx FLT3 Mutation Assay ได้รับการรับรองโดย FDA เพื่อการทดสอบ FLT3 ว่าเป็นการวินิจฉัยควบคู่สำหรับยา Novartis ของ Rydapt® ใน FLT3+ AML ที่มีการวินิจฉัยใหม่

ภายใต้เงื่อนไขของข้อตกลงที่ได้ประกาศไปก่อนหน้านี้แล้วกับทาง Thermo Fisher ทาง Invivoscribe จะดำเนินการยื่นขอการรับรองวิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ที่จะทำให้สามารถขายชุดทดสอบให้กับห้องปฏิบัติการอื่นๆ ได้ วิธีการทดสอบ LeukoStrat® CDx FLT3 Mutation Assay ของ Invivoscribe เป็นการทดสอบอัตราสัญญาณที่ระบุทั้งการกลายพันธุ์แบบแทนเดม ดูพลิเคชั่นภายใน (Internal tandem duplication, ITD) และไทโรซีนไคเนสโดเมน (Tyrosine kinase domain, TKD) และระบุแม้กระทั่งการกลายพันธุ์ของ ITD ขนาดใหญ่ ซึ่งขาดไปในการใช้วิธีทดสอบที่ใช้ NGS ที่มีอยู่ในปัจจุบันหลายวิธี

FLT3 ของร่างกายที่เปลี่ยนแปลงไปเป็นส่วนเร่งการกลายพันธุ์ที่พบมากที่สุด โดยมีผลมากที่สุดต่อการรอดชีวิตโดยรวมในผู้ป่วยที่เป็นมะเร็งเม็ดเลือดขาวเฉียบพลันชนิดมัยอิลอยด์1
(AML) ซึ่งเป็นมะเร็งเม็ดเลือดขาวชนิดที่อันตรายร้ายแรงที่สุด มีการวินิจฉัยพบมะเร็งชนิดนี้ในผู้ป่วยใหม่ในสหรัฐอเมริกาแต่ละปีประมาณ 20,000 ราย และมีอัตราการรอดชีวิต2 ในแต่ละปีเพียงร้อยละ 26.6 ทาง Invivoscribe กำลังทำงานภายใต้ข้อตกลงการวินิจฉัยควบคู่กับ Novartis ที่พัฒนาวิธีการวินิจฉัยควบคู่นี้สำหรับ FLT3 และประสบความสำเร็จได้รับการรับรองโดยผ่านกฎข้อบังคับของ FDA และ LeukoStrat® CDx FLT3 Mutation Assay ของ Invivoscribe ก็เป็นการวินิจฉัยควบคู่แรกสำหรับโรค AML

ดร. Jeffrey Miller, CSO & CEO ของ Invivoscribe ได้กล่าวว่า “การรับรองการทดสอบนี้จะเป็นประโยชน์อย่างมากต่อผู้ป่วยที่เจ็บป่วยด้วยโรค AML และเป็นเครื่องมือที่สำคัญสำหรับผู้ให้บริการด้านสุขภาพที่จะระบุวิธีการรักษาที่เหมาะสมที่สุดสำหรับผู้ป่วย AML ที่มี FLT3-กลายพันธุ์ที่วินิจฉัยพบใหม่ นอกจากนี้ยังสามารถใช้ในการวินิจฉัยระดับโมเลกุลส่วนบุคคลและให้ความแม่นยำในการรักษาด้วยยา และดังที่ได้ระบุไปแล้วก่อนหน้านี้โดยผู้อื่น3 ว่าจำเป็นต้องมีวิธีการทดสอบการกลายพันธุ์ของ FLT3 ที่เป็นมาตรฐานสากล และการวินิจฉัยควบคู่นี้เป็นอีกก้าวที่จะเติมเต็มความต้องการดังกล่าว”

เกี่ยวกับ Invivoscribe
Invivoscribe® Technologies Inc. เป็นบริษัทเอกชนที่ดำเนินกิจการด้านเทคโนโลยีชีวภาพที่อุทิศตนเพื่อพัฒนาคุณภาพสุขภาพผู้คนทั่วโลกโดยการพัฒนา สารเพื่อการวิเคราะห์ วิธีการทดสอบ และเครื่องมือทางชีวสารสนเทศศาสตร์ที่มีคุณภาพสูง น่าเชื่อถือ และล้ำสมัย เพื่อทำให้วิธีการวินิจฉัยระดับโมเลกุลส่วนบุคคล® และการรักษาด้วยยาระดับโมเลกุลส่วนบุคคล® ให้มีความก้าวหน้าขึ้น บริษัท Invivoscribe ได้รับการรับรองโดยมาตรฐาน ISO 13485 และมีการผลิตสารเพื่อการวิเคราะห์ที่มี PCR และ NGS เป็นองค์ประกอบด้วยสิ่งอำนวยการผลิตที่ได้รับการจดทะเบียนกับ FDA รวมไปถึง ชุดทดสอบ RUO; CE-marked IVDs และ IdentiClone® และ LymphoTrack® Dx Assays ที่มีทั้ง LymphoTrack® และ LymphoTrack® Dx ซอฟต์แวร์; สำหรับการตรวจสอบเซลล์ MRD และการทดสอบโซมาติกไฮเปอมิวเตชั่น นอกจากนี้ Invivoscribe ยังนำเสนอ MyAML®, MyHeme®, MyMRD® ที่ครอบคลุม และแผงยีนส์เลือกเฉพาะ เพื่อใช้ร่วมกับซอฟต์แวร์ MyInformatics® ของ Invivoscribe วิธีการทดสอบเหล่านี้สามารถระบุและติดตามตัวเร่งการกลายพันธุ์ปฐมภูมิได้ รวมถึงระบุโครงสร้างย่อยของเซลล์และอุบัติการณ์ของยีนส์ที่เร่งให้เกิดการกลายพันธุ์อย่างรวดเร็วในผู้ป่วยที่เป็นโรคทางโลหิต ห้องปฏิบัติการของ Invivoscribe ในสหรัฐอเมริกา ยุโรป และญี่ปุ่นได้อนุญาตให้มีการเข้าถึงสากลสำหรับการทดสอบทางคลินิกที่ได้รับการยอมรับอย่าง CLIA, CAP และ ISO 15189 ที่เข้ากันได้และการบริการขององค์กรวิจัยสัญญา (Contract research organization, CRO) ปัจจุบันมีการใช้บริการการทดสอบทางคลินิก การทดสอบ และสารเพื่อการวิเคราะห์ของ Invivoscribe ในทางคลินิกและห้องปฏิบัติการเพื่องานวิจัยกว่า 650 แห่งใน 65 ประเทศทั่วโลก Invivoscribe ได้รวมไว้ซึ่งคุณค่าของระบบที่มีคุณภาพมาอย่างยาวนาน และมีการพัฒนาผลิตภัณฑ์ทั้งหมดไม่ว่าจะเป็น ซอฟต์แวร์ชีวสารสนเทศศาสตร์ โดยเป็นไปตามการควบคุมรูปแบบ ISO 13485 ที่ทำให้ผลิตภัณฑ์เหล่านี้มีคุณสมบัติที่สามารถเข้าสู่กระบวนการทางกฎข้อบังคับ และนำไปสู่หน่วยงานที่มีอำนาจทั่วโลกได้ สามารถดูข้อมูลเพิ่มเติมได้ที่ www.invivoscribe.com และ www.flt3cdx.com

อ้างอิง:
1. Papaemmanuil E, Gerstung M, Bullinger L, et al. N Engl J Med 2016;374(23):2209-2221
2. https://seer.cancer.gov/statfacts/html/amyl.html
3. Levis, M. Hematology Am Soc Hematol Educ Program 2013;2013:220-6

ติดต่อ:
Kevin Dobyns 858-224-6600

Colliers International Reports Strong First Quarter Results

Revenue up 12% with substantial increase to earnings

Operating highlights:

Three months ended  
March 31  
(in millions of US$, except EPS) 2017 2016  
 
Revenues $ 422.8 $ 376.1  
Adjusted EBITDA (note 1) 29.3 22.2  
Adjusted EPS (note 2) 0.33 0.19  
 
GAAP operating earnings 10.9 8.9  
GAAP EPS (0.19 )  

TORONTO, May 02, 2017 (GLOBE NEWSWIRE) — Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) today reported operating and financial results for its first quarter ended March 31, 2017. All amounts are in US dollars.

Revenues for the first quarter were $422.8 million, a 12% increase (13% in local currency) relative to the same quarter in the prior year, Adjusted EBITDA (note 1) was $29.3 million, up 32% (33% in local currency) and Adjusted EPS (note 2) was $0.33, a 74% increase versus the prior year quarter. GAAP operating earnings were $10.9 million, relative to $8.9 million reported in the prior year period. GAAP diluted net earnings per common share was breakeven for the quarter, versus a loss of $0.19 per share for the same quarter a year ago. First quarter adjusted EPS and GAAP EPS would have been approximately unchanged excluding foreign exchange impacts.

“Colliers delivered strong results to start the year, with solid revenue growth from acquisitions and internally from our existing operations. Our revenue pipelines indicate sustained activity across all service lines, with generally stable conditions in most major markets,” said Jay S. Hennick, Chairman and CEO of Colliers International. “With five strategic acquisitions completed to date, expanding our presence in Northern California, Nevada, Minnesota and Denmark and strengthening our existing businesses in the UK and Michigan, we remain optimistic about our growth prospects for 2017. Anchored by our strong balance sheet and disciplined growth strategy, Colliers International is well positioned to continue building our global platform and market leadership in the years to come,” he concluded.

About Colliers International
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

Consolidated Revenues by Line of Service

Three months ended
(in thousands of US$) March 31 Growth Growth
(LC = local currency) 2017 2016 in USD % in LC %
                     
Outsourcing & Advisory $ 163,565 $ 159,818 2% 3%
Lease Brokerage   136,859 112,885 21% 22%
Sales Brokerage   122,418 103,405 18% 18%
   
Total revenues $ 422,843 $ 376,108 12% 13%

Consolidated revenues for the first quarter grew 13% on a local currency basis, led by significant increases in Lease Brokerage and Sales Brokerage in the Americas and Asia Pacific regions. Consolidated internal revenue growth in local currencies was 1% (note 3), impacted by a decline in lower margin Outsourcing & Advisory activity in the EMEA region relative to very strong comparatives in the prior year period. Excluding this, consolidated internal revenue growth in local currencies was 6%.

Segmented Quarterly Results
Americas region revenues totalled $257.0 million for the first quarter compared to $210.5 million in the prior year quarter, up 21% on a local currency basis. Revenue growth was comprised of 17% contribution from recent acquisitions and 4% internal growth. Adjusted EBITDA was $21.2 million, relative to $21.6 million in the prior year quarter, impacted by (i) recent investments in people to add new service line capabilities in the US and (ii) timing of expenses. GAAP operating earnings were $11.5 million, relative to $17.0 million in the prior year quarter, impacted by acquisition-related costs incurred in the current quarter.

EMEA region revenues totalled $89.0 million for the first quarter compared to $98.9 million in the prior year quarter, down 4% on a local currency basis, comprised of an 11% decline in internal revenues offset by 7% growth from recent acquisitions. Internal revenues were impacted by (i) a decline in Outsourcing & Advisory activity, particularly in France with several large project management assignments in the prior year quarter involving the supply and installation of materials at lower margins than other revenue types, offset by (ii) increased Lease Brokerage activity, primarily in the UK. Foreign exchange headwinds with respect to the UK pound sterling negatively affected results on a US dollar reporting currency basis. Adjusted EBITDA was $3.6 million, versus a loss of $0.6 million in the prior year quarter, driven by changes in revenue mix and recent acquisitions. The GAAP operating loss was $1.1 million for the quarter, relative to a loss of $5.9 million in the prior year quarter.

Asia Pacific region revenues totalled $76.4 million for the first quarter compared to $66.4 million in the prior year quarter, up 12% on a local currency basis entirely from internal growth, and concentrated in Lease Brokerage and Sales Brokerage. Foreign exchange tailwinds positively impacted results on a US dollar reporting currency basis. Adjusted EBITDA was $6.2 million versus $3.3 million in the prior year quarter, benefitting from operating leverage from higher revenues. GAAP operating earnings were $4.9 million for the first quarter, relative to $1.9 million in the prior year quarter.

Global corporate costs were $1.8 million in the first quarter, relative to $2.2 million in the prior year period, positively impacted by lower variable expenses. The corporate GAAP operating loss for the first quarter was $4.4 million, relative to a loss of $4.1 million in the prior year period.

Conference Call
Colliers will be holding a conference call on Tuesday, May 2, 2017 at 11:00 a.m. Eastern Time to discuss the quarter’s results. The call, as well as a supplemental slide presentation, will be simultaneously web cast and can be accessed live or after the call at www.colliers.com in the “Shareholders / Newsroom” section.

Forward-looking Statements
This press release includes or may include forward-looking statements. Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and business spending; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; the effects of changes in foreign exchange rates in relation to the US dollar on Canadian dollar, Australian dollar, UK pound sterling and Euro denominated revenues and expenses; competition in markets served by the Company; labor shortages or increases in commission, wage and benefit costs; disruptions or security failures in information technology systems; and political conditions or events, including elections, referenda, changes to international trade and immigration policies, and any outbreak or escalation of terrorism or hostilities.

Additional factors and explanatory information are identified in the Company’s Annual Information Form for the year ended December 31, 2016 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and other periodic filings with Canadian and US securities regulators. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Summary financial information is provided in this press release. This press release should be read in conjunction with the Company’s quarterly financial statements and MD&A to be made available on SEDAR at www.sedar.com.

Notes
1. Reconciliation of net earnings to adjusted EBITDA:

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other expense (income); (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; (vi) restructuring costs and (vii) stock-based compensation expense. We use adjusted EBITDA to evaluate our own operating performance and our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company’s service operations. We believe this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted EBITDA appears below.

Three months ended
(in thousands of US$) March 31
  2017 2016
       
Net earnings     $ 5,506 $ 4,032
Income tax       3,658 3,071
Other income, net       (1,229 ) (600 )
Interest expense, net       2,942 2,364
Operating earnings       10,877 8,867
Depreciation and amortization       12,027 11,034
Acquisition-related items       4,208 1,071
Restructuring costs       734
Stock-based compensation expense       1,443 1,212
Adjusted EBITDA     $ 29,289 $ 22,184

2. Reconciliation of net earnings and diluted net earnings (loss) per common share to adjusted net earnings and adjusted earnings per share:

Adjusted earnings per share is defined as diluted net earnings (loss) per common share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) amortization expense related to intangible assets recognized in connection with acquisitions; (iii) acquisition-related items; (iv) restructuring costs and (v) stock-based compensation expense. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted earnings per share is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings (loss) per share to adjusted earnings per share appears below.

Three months ended
(in thousands of US$) March 31
  2017 2016
       
Net earnings     $ 5,506 $ 4,032
Non-controlling interest share of earnings       (2,113 ) (2,414 )
Amortization of intangible assets       6,050 5,637
Acquisition-related items       4,208 1,071
Restructuring costs       734
Stock-based compensation expense       1,443 1,212
Income tax on adjustments       (2,010 ) (1,691 )
Non-controlling interest on adjustments       (844 ) (502 )
Adjusted net earnings     $ 12,974 $ 7,345
Three months ended
(in US$) March 31
  2017 2016
       
Diluted net earnings (loss) per common share     $ $ (0.19 )
Non-controlling interest redemption increment       0.08 0.23
Amortization of intangible assets, net of tax       0.10 0.09
Acquisition-related items       0.10 0.03
Restructuring costs, net of tax       0.01
Stock-based compensation expense, net of tax       0.04 0.03
Adjusted earnings per share     $ 0.33 $ 0.19

3. Local currency revenue growth rate and internal revenue growth

Percentage revenue variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Percentage revenue variances presented on an internal growth basis are calculated assuming acquired entities were owned for the entire current period as well as the entire prior period. Revenue from acquired entities is estimated based on the operating performance of each acquired entity for the year prior to the acquisition date. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers.

COLLIERS INTERNATIONAL GROUP INC.
Condensed Consolidated Statements of Earnings (Loss)
(in thousands of US dollars, except per share amounts)
Three months
ended March 31
(unaudited)     2017 2016
   
Revenues           $ 422,843 $ 376,108
       
Cost of revenues       258,871 236,867
Selling, general and administrative expenses       136,860 118,269
Depreciation       5,977 5,397
Amortization of intangible assets       6,050 5,637
Acquisition-related items (1)       4,208 1,071
Operating earnings           10,877   8,867
Interest expense, net       2,942 2,364
Other income, net       (1,229 ) (600 )
Earnings before income tax           9,164   7,103
Income tax expense       3,658 3,071
Net earnings           5,506   4,032
Non-controlling interest share of earnings       2,113 2,414
Non-controlling interest redemption increment       3,275 8,814
Net earnings (loss) attributable to Company         $ 118   $ (7,196 )
       
Net earnings (loss) per common share                        
    Basic           $   $ (0.19 )
    Diluted                   (0.19 )
                     
Adjusted earnings per share (2)       $ 0.33 $ 0.19
               
Weighted average common shares (thousands)    
Basic   38,720 38,558
Diluted   39,117 38,825

Notes to Condensed Consolidated Statements of Earnings (Loss)
(1) Acquisition-related items include transaction costs, contingent acquisition consideration fair value adjustments, and contingent acquisition consideration-related compensation expense.
(2) See definition and reconciliation above.

Condensed Consolidated Balance Sheets
(in thousands of US dollars)
   
   
(unaudited) March 31, 2017   December 31, 2016 March 31, 2016
     
Assets      
Cash and cash equivalents $ 97,695 $ 113,148 $ 107,468
Accounts receivable   289,336 311,020 260,635
Prepaids and other assets   90,606 82,154 85,806
Current assets   477,637 506,322 453,909
Other non-current assets   54,384 48,860 31,398
Fixed assets   69,169 65,274 63,937
Deferred income tax   70,993 82,252 97,389
Goodwill and intangible assets   586,145 487,563 476,574
Total assets $ 1,258,328 $ 1,190,271 $ 1,123,207
   
   
Liabilities and shareholders’ equity      
Accounts payable and accrued liabilities $ 396,683 $ 483,376 $ 381,455
Other current liabilities   30,259 24,890 18,435
Long-term debt – current   2,618 1,961 2,763
Current liabilities   429,560 510,227 402,653
Long-term debt – non-current   402,370 260,537 346,132
Other liabilities   65,840 57,609 56,108
Deferred income tax   16,206 14,582 19,639
Redeemable non-controlling interests   121,846 134,803 145,153
Shareholders’ equity   222,506 212,513 153,522
Total liabilities and equity $ 1,258,328 $ 1,190,271 $ 1,123,207
   
   
Supplemental balance sheet information    
Total debt $ 404,988 $ 262,498 $ 348,895
Total debt, net of cash   307,293 149,350 241,427
Net debt / pro forma adjusted EBITDA ratio   1.4 0.7 1.2
Consolidated Statements of Cash Flows    
(in thousands of US dollars)
    Three months ended
    March 31
(unaudited)         2017 2016
         
Cash provided by (used in)        
           
Operating activities        
Net earnings     $ 5,506 $ 4,032
Items not affecting cash:        
Depreciation and amortization       12,027 11,034
Deferred income tax       1,178 657
Other       8,220 1,329
      26,931 17,052
       
Net changes from assets / liabilities            
Accounts receivable       32,748 49,308
Payables and accruals       (145,107 ) (101,194 )
Other       4,191 (8,306 )
Contingent acquisition consideration paid       (301 )
Net cash used in operating activities             (81,538 )   (43,140 )
       
Investing activities        
Acquisition of businesses, net of cash acquired       (29,643 ) (36,575 )
Purchases of fixed assets       (6,733 ) (4,187 )
Other investing activities       (10,596 ) (6,142 )
Net cash used in investing activities       (46,972 ) (46,904 )
       
Financing activities        
Increase in long-term debt, net       140,137 86,467
Purchases of non-controlling interests, net       (24,282 ) 620
Dividends paid to common shareholders       (1,932 ) (1,541 )
Distributions paid to non-controlling interests       (4,118 ) (5,116 )
Other financing activities       (61 ) 1,190
Net cash provided by financing activities       109,744 81,620
       
Effect of exchange rate changes on cash       3,313 (258 )
       
Decrease in cash and cash equivalents       (15,453 ) (8,682 )
       
Cash and cash equivalents, beginning of period       113,148 116,150
       
Cash and cash equivalents, end of period     $ 97,695 $ 107,468
       
Segmented Results
(in thousands of US dollars)
                               
Asia
(unaudited) Americas EMEA Pacific Corporate Consolidated
                           
Three months ended March 31
2017                            
  Revenues $ 256,959   $ 89,022   $ 76,392   $ 470   $ 422,843
  Adjusted EBITDA   21,218     3,610     6,241     (1,780 )     29,289
  Operating earnings (loss)   11,477     (1,066 )     4,856     (4,390 )     10,877
   
2016
Revenues $ 210,545 $ 98,915 $ 66,441 $ 207 $ 376,108
Adjusted EBITDA 21,611 (561 ) 3,282 (2,150 ) 22,182
Operating earnings (loss) 16,959 (5,889 ) 1,934 (4,137 ) 8,867

 

COMPANY CONTACTS:

Jay S. Hennick
Chairman & CEO
                  
John B. Friedrichsen
CFO

(416) 960-9500

Copyright © 2017 GlobeNewswire, Inc.

Colliers International Reports Strong First Quarter Results

Revenue up 12% with substantial increase to earnings

Operating highlights:

Three months ended  
March 31  
(in millions of US$, except EPS) 2017 2016  
 
Revenues $ 422.8 $ 376.1  
Adjusted EBITDA (note 1) 29.3 22.2  
Adjusted EPS (note 2) 0.33 0.19  
 
GAAP operating earnings 10.9 8.9  
GAAP EPS (0.19 )  

TORONTO, May 02, 2017 (GLOBE NEWSWIRE) — Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) today reported operating and financial results for its first quarter ended March 31, 2017. All amounts are in US dollars.

Revenues for the first quarter were $422.8 million, a 12% increase (13% in local currency) relative to the same quarter in the prior year, Adjusted EBITDA (note 1) was $29.3 million, up 32% (33% in local currency) and Adjusted EPS (note 2) was $0.33, a 74% increase versus the prior year quarter. GAAP operating earnings were $10.9 million, relative to $8.9 million reported in the prior year period. GAAP diluted net earnings per common share was breakeven for the quarter, versus a loss of $0.19 per share for the same quarter a year ago. First quarter adjusted EPS and GAAP EPS would have been approximately unchanged excluding foreign exchange impacts.

“Colliers delivered strong results to start the year, with solid revenue growth from acquisitions and internally from our existing operations. Our revenue pipelines indicate sustained activity across all service lines, with generally stable conditions in most major markets,” said Jay S. Hennick, Chairman and CEO of Colliers International. “With five strategic acquisitions completed to date, expanding our presence in Northern California, Nevada, Minnesota and Denmark and strengthening our existing businesses in the UK and Michigan, we remain optimistic about our growth prospects for 2017. Anchored by our strong balance sheet and disciplined growth strategy, Colliers International is well positioned to continue building our global platform and market leadership in the years to come,” he concluded.

About Colliers International
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

Consolidated Revenues by Line of Service

Three months ended
(in thousands of US$) March 31 Growth Growth
(LC = local currency) 2017 2016 in USD % in LC %
                     
Outsourcing & Advisory $ 163,565 $ 159,818 2% 3%
Lease Brokerage   136,859 112,885 21% 22%
Sales Brokerage   122,418 103,405 18% 18%
   
Total revenues $ 422,843 $ 376,108 12% 13%

Consolidated revenues for the first quarter grew 13% on a local currency basis, led by significant increases in Lease Brokerage and Sales Brokerage in the Americas and Asia Pacific regions. Consolidated internal revenue growth in local currencies was 1% (note 3), impacted by a decline in lower margin Outsourcing & Advisory activity in the EMEA region relative to very strong comparatives in the prior year period. Excluding this, consolidated internal revenue growth in local currencies was 6%.

Segmented Quarterly Results
Americas region revenues totalled $257.0 million for the first quarter compared to $210.5 million in the prior year quarter, up 21% on a local currency basis. Revenue growth was comprised of 17% contribution from recent acquisitions and 4% internal growth. Adjusted EBITDA was $21.2 million, relative to $21.6 million in the prior year quarter, impacted by (i) recent investments in people to add new service line capabilities in the US and (ii) timing of expenses. GAAP operating earnings were $11.5 million, relative to $17.0 million in the prior year quarter, impacted by acquisition-related costs incurred in the current quarter.

EMEA region revenues totalled $89.0 million for the first quarter compared to $98.9 million in the prior year quarter, down 4% on a local currency basis, comprised of an 11% decline in internal revenues offset by 7% growth from recent acquisitions. Internal revenues were impacted by (i) a decline in Outsourcing & Advisory activity, particularly in France with several large project management assignments in the prior year quarter involving the supply and installation of materials at lower margins than other revenue types, offset by (ii) increased Lease Brokerage activity, primarily in the UK. Foreign exchange headwinds with respect to the UK pound sterling negatively affected results on a US dollar reporting currency basis. Adjusted EBITDA was $3.6 million, versus a loss of $0.6 million in the prior year quarter, driven by changes in revenue mix and recent acquisitions. The GAAP operating loss was $1.1 million for the quarter, relative to a loss of $5.9 million in the prior year quarter.

Asia Pacific region revenues totalled $76.4 million for the first quarter compared to $66.4 million in the prior year quarter, up 12% on a local currency basis entirely from internal growth, and concentrated in Lease Brokerage and Sales Brokerage. Foreign exchange tailwinds positively impacted results on a US dollar reporting currency basis. Adjusted EBITDA was $6.2 million versus $3.3 million in the prior year quarter, benefitting from operating leverage from higher revenues. GAAP operating earnings were $4.9 million for the first quarter, relative to $1.9 million in the prior year quarter.

Global corporate costs were $1.8 million in the first quarter, relative to $2.2 million in the prior year period, positively impacted by lower variable expenses. The corporate GAAP operating loss for the first quarter was $4.4 million, relative to a loss of $4.1 million in the prior year period.

Conference Call
Colliers will be holding a conference call on Tuesday, May 2, 2017 at 11:00 a.m. Eastern Time to discuss the quarter’s results. The call, as well as a supplemental slide presentation, will be simultaneously web cast and can be accessed live or after the call at www.colliers.com in the “Shareholders / Newsroom” section.

Forward-looking Statements
This press release includes or may include forward-looking statements. Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and business spending; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; the effects of changes in foreign exchange rates in relation to the US dollar on Canadian dollar, Australian dollar, UK pound sterling and Euro denominated revenues and expenses; competition in markets served by the Company; labor shortages or increases in commission, wage and benefit costs; disruptions or security failures in information technology systems; and political conditions or events, including elections, referenda, changes to international trade and immigration policies, and any outbreak or escalation of terrorism or hostilities.

Additional factors and explanatory information are identified in the Company’s Annual Information Form for the year ended December 31, 2016 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and other periodic filings with Canadian and US securities regulators. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Summary financial information is provided in this press release. This press release should be read in conjunction with the Company’s quarterly financial statements and MD&A to be made available on SEDAR at www.sedar.com.

Notes
1. Reconciliation of net earnings to adjusted EBITDA:

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other expense (income); (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; (vi) restructuring costs and (vii) stock-based compensation expense. We use adjusted EBITDA to evaluate our own operating performance and our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company’s service operations. We believe this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted EBITDA appears below.

Three months ended
(in thousands of US$) March 31
  2017 2016
       
Net earnings     $ 5,506 $ 4,032
Income tax       3,658 3,071
Other income, net       (1,229 ) (600 )
Interest expense, net       2,942 2,364
Operating earnings       10,877 8,867
Depreciation and amortization       12,027 11,034
Acquisition-related items       4,208 1,071
Restructuring costs       734
Stock-based compensation expense       1,443 1,212
Adjusted EBITDA     $ 29,289 $ 22,184

2. Reconciliation of net earnings and diluted net earnings (loss) per common share to adjusted net earnings and adjusted earnings per share:

Adjusted earnings per share is defined as diluted net earnings (loss) per common share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) amortization expense related to intangible assets recognized in connection with acquisitions; (iii) acquisition-related items; (iv) restructuring costs and (v) stock-based compensation expense. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted earnings per share is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings (loss) per share to adjusted earnings per share appears below.

Three months ended
(in thousands of US$) March 31
  2017 2016
       
Net earnings     $ 5,506 $ 4,032
Non-controlling interest share of earnings       (2,113 ) (2,414 )
Amortization of intangible assets       6,050 5,637
Acquisition-related items       4,208 1,071
Restructuring costs       734
Stock-based compensation expense       1,443 1,212
Income tax on adjustments       (2,010 ) (1,691 )
Non-controlling interest on adjustments       (844 ) (502 )
Adjusted net earnings     $ 12,974 $ 7,345
Three months ended
(in US$) March 31
  2017 2016
       
Diluted net earnings (loss) per common share     $ $ (0.19 )
Non-controlling interest redemption increment       0.08 0.23
Amortization of intangible assets, net of tax       0.10 0.09
Acquisition-related items       0.10 0.03
Restructuring costs, net of tax       0.01
Stock-based compensation expense, net of tax       0.04 0.03
Adjusted earnings per share     $ 0.33 $ 0.19

3. Local currency revenue growth rate and internal revenue growth

Percentage revenue variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Percentage revenue variances presented on an internal growth basis are calculated assuming acquired entities were owned for the entire current period as well as the entire prior period. Revenue from acquired entities is estimated based on the operating performance of each acquired entity for the year prior to the acquisition date. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers.

COLLIERS INTERNATIONAL GROUP INC.
Condensed Consolidated Statements of Earnings (Loss)
(in thousands of US dollars, except per share amounts)
Three months
ended March 31
(unaudited)     2017 2016
   
Revenues           $ 422,843 $ 376,108
       
Cost of revenues       258,871 236,867
Selling, general and administrative expenses       136,860 118,269
Depreciation       5,977 5,397
Amortization of intangible assets       6,050 5,637
Acquisition-related items (1)       4,208 1,071
Operating earnings           10,877   8,867
Interest expense, net       2,942 2,364
Other income, net       (1,229 ) (600 )
Earnings before income tax           9,164   7,103
Income tax expense       3,658 3,071
Net earnings           5,506   4,032
Non-controlling interest share of earnings       2,113 2,414
Non-controlling interest redemption increment       3,275 8,814
Net earnings (loss) attributable to Company         $ 118   $ (7,196 )
       
Net earnings (loss) per common share                        
    Basic           $   $ (0.19 )
    Diluted                   (0.19 )
                     
Adjusted earnings per share (2)       $ 0.33 $ 0.19
               
Weighted average common shares (thousands)    
Basic   38,720 38,558
Diluted   39,117 38,825

Notes to Condensed Consolidated Statements of Earnings (Loss)
(1) Acquisition-related items include transaction costs, contingent acquisition consideration fair value adjustments, and contingent acquisition consideration-related compensation expense.
(2) See definition and reconciliation above.

Condensed Consolidated Balance Sheets
(in thousands of US dollars)
   
   
(unaudited) March 31, 2017   December 31, 2016 March 31, 2016
     
Assets      
Cash and cash equivalents $ 97,695 $ 113,148 $ 107,468
Accounts receivable   289,336 311,020 260,635
Prepaids and other assets   90,606 82,154 85,806
Current assets   477,637 506,322 453,909
Other non-current assets   54,384 48,860 31,398
Fixed assets   69,169 65,274 63,937
Deferred income tax   70,993 82,252 97,389
Goodwill and intangible assets   586,145 487,563 476,574
Total assets $ 1,258,328 $ 1,190,271 $ 1,123,207
   
   
Liabilities and shareholders’ equity      
Accounts payable and accrued liabilities $ 396,683 $ 483,376 $ 381,455
Other current liabilities   30,259 24,890 18,435
Long-term debt – current   2,618 1,961 2,763
Current liabilities   429,560 510,227 402,653
Long-term debt – non-current   402,370 260,537 346,132
Other liabilities   65,840 57,609 56,108
Deferred income tax   16,206 14,582 19,639
Redeemable non-controlling interests   121,846 134,803 145,153
Shareholders’ equity   222,506 212,513 153,522
Total liabilities and equity $ 1,258,328 $ 1,190,271 $ 1,123,207
   
   
Supplemental balance sheet information    
Total debt $ 404,988 $ 262,498 $ 348,895
Total debt, net of cash   307,293 149,350 241,427
Net debt / pro forma adjusted EBITDA ratio   1.4 0.7 1.2
Consolidated Statements of Cash Flows    
(in thousands of US dollars)
    Three months ended
    March 31
(unaudited)         2017 2016
         
Cash provided by (used in)        
           
Operating activities        
Net earnings     $ 5,506 $ 4,032
Items not affecting cash:        
Depreciation and amortization       12,027 11,034
Deferred income tax       1,178 657
Other       8,220 1,329
      26,931 17,052
       
Net changes from assets / liabilities            
Accounts receivable       32,748 49,308
Payables and accruals       (145,107 ) (101,194 )
Other       4,191 (8,306 )
Contingent acquisition consideration paid       (301 )
Net cash used in operating activities             (81,538 )   (43,140 )
       
Investing activities        
Acquisition of businesses, net of cash acquired       (29,643 ) (36,575 )
Purchases of fixed assets       (6,733 ) (4,187 )
Other investing activities       (10,596 ) (6,142 )
Net cash used in investing activities       (46,972 ) (46,904 )
       
Financing activities        
Increase in long-term debt, net       140,137 86,467
Purchases of non-controlling interests, net       (24,282 ) 620
Dividends paid to common shareholders       (1,932 ) (1,541 )
Distributions paid to non-controlling interests       (4,118 ) (5,116 )
Other financing activities       (61 ) 1,190
Net cash provided by financing activities       109,744 81,620
       
Effect of exchange rate changes on cash       3,313 (258 )
       
Decrease in cash and cash equivalents       (15,453 ) (8,682 )
       
Cash and cash equivalents, beginning of period       113,148 116,150
       
Cash and cash equivalents, end of period     $ 97,695 $ 107,468
       
Segmented Results
(in thousands of US dollars)
                               
Asia
(unaudited) Americas EMEA Pacific Corporate Consolidated
                           
Three months ended March 31
2017                            
  Revenues $ 256,959   $ 89,022   $ 76,392   $ 470   $ 422,843
  Adjusted EBITDA   21,218     3,610     6,241     (1,780 )     29,289
  Operating earnings (loss)   11,477     (1,066 )     4,856     (4,390 )     10,877
   
2016
Revenues $ 210,545 $ 98,915 $ 66,441 $ 207 $ 376,108
Adjusted EBITDA 21,611 (561 ) 3,282 (2,150 ) 22,182
Operating earnings (loss) 16,959 (5,889 ) 1,934 (4,137 ) 8,867
COMPANY CONTACTS:

Jay S. Hennick
Chairman & CEO
                  
John B. Friedrichsen
CFO

(416) 960-9500

Visiting EU, Suu Kyi Refuses UN Probe Into Alleged Myanmar War Crimes

LONDON � Myanmar’s State Counselor Aung San Suu Kyi has again refused to allow a United Nations probe into alleged atrocities against minority Rohingya Muslims in the east of the country, despite pressure from the European Union and human rights organizations.

Those recommendations which will divide further the two communities in Rakhine we will not accept, because it will not help us to resolve the problems that are arising all the time, Suu Kyi told reporters Tuesday following meetings with European Union chiefs in Brussels.

She denied she was ignoring the allegations of crimes against humanity.

We have not in any way ignored allegations of rape or murder or arson or anything,” she said. “We have asked that these be placed before a court and tried.

Myanmar’s military has long been accused of carrying out widespread killing, torture and rape.

Hundreds die in attack

The latest allegations stem from the army’s response to an attack by Rohingya militants on a border post last October. Witnesses say the army responded with ground forces and helicopter gunships, killing around 600 people. Hundreds of women were allegedly raped. Amateur video taken at the time appears to show the charred bodies of adults, children, even babies littering the torched villages.

Thirty-year-old Shamsida fled across the border to Bangladesh along with 75,000 other Rohingya refugees after the attack. She recalls her treatment at the hands of the soldiers:

After the noon prayers, about 300 to 400 soldiers seized our village and surrounded all our women. They started beating our children and destroyed all our belongings in our homes. At that time, three soldiers raped me.

Official laments global response

Kyaw Win, secretary general of the Burma Human Rights Network, laments the global response to the evidence of war crimes by Myanmar’s military.

They are not doing it only in Rakhine state, they did it in Karen state, they are doing it in Shan state as well and Kachin state as well,” Win said. “But where is the response from the international community? And this failure of this response is not only letting down the victims, this is also indicating that the Burmese government and Burmese army can do similar things in the future.

Suu Kyi won a landslide election victory in 2016 after the military junta initiated a political transition. The armed forces still control security and domestic affairs.

We need to focus on the military more than we are focusing on Aung San Suu Kyi. But of course she has a moral duty. She is not saying what she is supposed to say, Win said.

Arms embargo in place

An EU arms embargo on Myanmar remains in place. Nevertheless, the head of Myanmar’s military, Min Aung Hlaing, visited Germany and Austria last week. Win said Europe is hosting an alleged war criminal.

His army committed crimes against humanity,” Win said. “Yet he’s been so warmly welcomed in a civilized world.

Suu Kyi is to visit London next week, where protests are planned against the alleged atrocities in Rakhine state.

Source: Voice of America

Visiting EU, Suu Kyi Refuses UN Probe Into Alleged Myanmar War Crimes

LONDON � Myanmar’s State Counselor Aung San Suu Kyi has again refused to allow a United Nations probe into alleged atrocities against minority Rohingya Muslims in the east of the country, despite pressure from the European Union and human rights organizations.

Those recommendations which will divide further the two communities in Rakhine we will not accept, because it will not help us to resolve the problems that are arising all the time, Suu Kyi told reporters Tuesday following meetings with European Union chiefs in Brussels.

She denied she was ignoring the allegations of crimes against humanity.

We have not in any way ignored allegations of rape or murder or arson or anything,” she said. “We have asked that these be placed before a court and tried.

Myanmar’s military has long been accused of carrying out widespread killing, torture and rape.

Hundreds die in attack

The latest allegations stem from the army’s response to an attack by Rohingya militants on a border post last October. Witnesses say the army responded with ground forces and helicopter gunships, killing around 600 people. Hundreds of women were allegedly raped. Amateur video taken at the time appears to show the charred bodies of adults, children, even babies littering the torched villages.

Thirty-year-old Shamsida fled across the border to Bangladesh along with 75,000 other Rohingya refugees after the attack. She recalls her treatment at the hands of the soldiers:

After the noon prayers, about 300 to 400 soldiers seized our village and surrounded all our women. They started beating our children and destroyed all our belongings in our homes. At that time, three soldiers raped me.

Official laments global response

Kyaw Win, secretary general of the Burma Human Rights Network, laments the global response to the evidence of war crimes by Myanmar’s military.

They are not doing it only in Rakhine state, they did it in Karen state, they are doing it in Shan state as well and Kachin state as well,” Win said. “But where is the response from the international community? And this failure of this response is not only letting down the victims, this is also indicating that the Burmese government and Burmese army can do similar things in the future.

Suu Kyi won a landslide election victory in 2016 after the military junta initiated a political transition. The armed forces still control security and domestic affairs.

We need to focus on the military more than we are focusing on Aung San Suu Kyi. But of course she has a moral duty. She is not saying what she is supposed to say, Win said.

Arms embargo in place

An EU arms embargo on Myanmar remains in place. Nevertheless, the head of Myanmar’s military, Min Aung Hlaing, visited Germany and Austria last week. Win said Europe is hosting an alleged war criminal.

His army committed crimes against humanity,” Win said. “Yet he’s been so warmly welcomed in a civilized world.

Suu Kyi is to visit London next week, where protests are planned against the alleged atrocities in Rakhine state.

Source: Voice of America