Addenda Capital reports its 2007 first quarter results and declares its quarterly dividend



    (All figures in Canadian dollars, unless otherwise indicated)

    
    - The highlights for the three-month period ended March 31, 2007 were as
      follows:

      - 2.2% increase in EBITDA, reaching $6.3 million;
      - 0.8% increase in net earnings, reaching $4.2 million;
      - Basic and diluted net earnings per common share of $0.36;
      - Assets under management of $28.1 billion, an increase of $0.4 billion
        from December 31, 2006.

    - Dividend per common share of $0.33 for the second quarter of 2007.
    

    MONTREAL, April 25 /CNW Telbec/ - Addenda Capital Inc. ("Addenda")
(TSX:ADV) today announced its financial results for the three-month period
ended March 31, 2007. For the three-month period ended March 31, 2007, Addenda
reported revenues of $9.2 million, representing an increase of 0.3 million
dollars or 3.0% over the revenues for the same period in 2006, while EBITDA
reached $6.3 million, representing an increase of $135,667 or 2.2% compared to
the three-month period ended March 31, 2007. For the three-month periods ended
March 31, 2007 and 2006, net earnings reached $4.2 million. The basic and
diluted net earnings per common share for the three-month period ended March
31, 2007 reached $0.36 compared to $0.36 and $0.35 respectively for the same
period in 2006.
    In the three-month period ended March 31, 2007, our total assets under
management increased by $0.4 billion from $27.7 billion as at December 31,
2006, to $28.1 billion as at March 31, 2007, representing a increase of 1.5%.
Net contributions from clients amounted to $55 million while positive fixed
income market returns added $366 million to our assets under management during
the quarter.
    "Results for the first quarter were a reflection of the bond market's
stability at the start of the year" said Benoît Durocher, President and Chief
Executive Officer of Addenda. "In this context, the active management of our
clients' portfolios produced positive results and we expect business activity
to pick up around customized client specific needs in the next few quarters".
    Based on actual financial performance, the Board of Directors of Addenda
approved today a quarterly dividend of $0.33 per common share, payable on
August 1st 2007, to shareholders of record on June 30, 2007.
    A summary of Addenda's financial results for the three-month periods
ended March 31, 2007 and 2006 is provided hereinafter. Addenda's Management's
Discussion and Analysis (MD&A) and Interim Consolidated Financial Statements
(unaudited) for the first quarter ended March 31, 2007 are available via SEDAR
www.sedar.com or directly from Addenda's webpage: www.addenda-capital.com.

    Addenda will hold a conference call today, April 25, 2007, at 2:00 PM. To
participate in the call, please dial 1-888-942-8172. A replay will also be
available for 30 days through a webcast posted on www.addenda-capital.com.
    Addenda is holding the Annual and Special Meeting of its Shareholders,
today, April 25, 2007 at 3:30 PM at the Auditorium of the Montreal Exchange,
Tour de la Bourse, 4th Floor, 800 Square Victoria, Montréal, Québec.

    
    SUMMARY OF OPERATING RESULTS

                         Statement of Earnings Data
                (in $ thousands except per share information)

                                          Three-month Periods Ended March 31,
                                                  --------------------------
                                                          2007          2006
                                                    (unaudited)   (unaudited)
                                                  ------------  ------------

    Revenues
      Management fees                             $      9,164  $      8,838
      Investment income                                      8            70
                                                  ------------  ------------
    Total revenues                                       9,172         8,907
    General and administrative expenses (1)              2,828         2,699
                                                  ------------  ------------
    EBITDA (2)                                           6,344         6,209
    Amortization of capital assets                          32            99
    Income taxes                                         2,073         1,906
                                                  ------------  ------------
    Net earnings                                  $      4,239  $      4,204
                                                  ------------  ------------
                                                  ------------  ------------

    Earnings per share

    Basic net earnings available
     to common shareholders                       $      4,239  $      4,204
    Weighted average number of common shares        11,787,703    11,771,633
    Basic net earnings per common share           $       0.36  $       0.36
                                                  ------------  ------------
                                                  ------------  ------------

    Diluted net earnings available
     to common shareholders                       $      4,239  $      4,204
    Weighted average number
     of diluted common shares                       11,933,969    11,987,211
    Diluted net earnings per common share         $       0.36  $       0.35
                                                  ------------  ------------
                                                  ------------  ------------

    Dividends paid per common share               $       0.33  $       0.29
                                                  ------------  ------------
    -------------------------------------------------------------------------

    Notes
    (1) General and administrative expenses include the Stock-based
        compensation expense.
    (2) "EBITDA" means earnings before interest, income taxes, depreciation
        and amortization. See "Non-GAAP Financial Measures" and
        "Reconciliation of EBITDA to Net Earnings" in the MD&A for the three-
        month period ended March 31, 2007.
    

    Note that the financial statements of the Addenda Multi-credit Pooled
Fund were consolidated with the company's financial statements of the   
three-month period ended March 31, 2007. The consolidated financial statements
include the assets and liabilities and the results of operations of the
Addenda Multi-Credit Pooled Fund which meets the criteria for a variable
interest entity of which the company is the primary beneficiary.

    This press release presents certain forward-looking statements that
reflect management's current beliefs and assumptions. These are based on
management's current expectations and estimates related to the business
conditions under which Addenda operates. By their very nature, forward-looking
statements involve inherent risks and uncertainties as these beliefs,
assumptions, expectations, and estimates may prove to be inaccurate. Actual
results and events may therefore differ materially from those predicted by the
forward-looking statements. Please refer to our Annual Information Form for a
description of the principal risk factors. Readers are cautioned not to place
undue reliance on forward-looking statements.

    About Addenda

    Addenda is an investment management firm specializing in the active
management of fixed-income portfolios, primarily for institutional clients. As
at March 31, 2007, Addenda had assets under management of approximately
$28.1 billion.




For further information:

For further information: Myriam Larcher, Senior Vice-President, Risk
Management and Chief Financial Officer, (514) 287-7373,
info@addenda-capital.com

Organization Profile

ADDENDA CAPITAL INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890