May 23, 2019 - 7:00 AM EDT
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Computer Modelling Group Announces Year End Results

CALGARY, Alberta, May 23, 2019 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. (“CMG” or the “Company”) is pleased to announce its financial results for the fiscal year ended March 31, 2019.

ANNUAL PERFORMANCE   
($ thousands, unless otherwise stated)March 31, 2019 March 31, 2018 (1)  March 31, 2017 (1) 
    
Annuity/maintenance licenses  63,800    64,679   65,263 
Perpetual licenses   5,000    4,164   4,971 
Software licenses  68,800    68,843   70,234 
Professional services  6,057    5,837    4,863 
Total revenue  74,857    74,680   75,097 
Operating profit  29,554    28,030   33,321 
Operating profit (%)39%38%44%
Net income for the year  22,135    20,806   24,269 
EBITDA(2)  31,507    30,027   34,414 
Cash dividends declared and paid  32,090     32,041   31,697 
Funds flow from operations (3)  25,593    25,503   27,560 
Total assets  90,305    97,990   106,725 
Total shares outstanding  80,227    80,215   79,482 
Trading price per share at March 31  6.15    9.29   10.35 
Market capitalization at March 31   493,396    745,194   822,634 
Per share amounts - ($/share)   
Earnings per share - basic  0.28    0.26   0.31 
Earnings per share - diluted   0.28    0.26   0.31 
Cash dividends declared and paid  0.40    0.40   0.40 
Funds flow from operations per share - basic (3)   0.32    0.32   0.35 

(1) On April 1, 2018, the Company adopted IFRS 15 Revenue from Contracts with Customers using the cumulative effect method, by recognizing the cumulative effect of initially applying IFRS 15 as an adjustment to the opening balance of equity at April 1, 2018. Accordingly, comparative information is not restated and continues to be reported under the previous standard
(2) EBITDA is defined as net income before adjusting for depreciation expense, finance income, finance costs, and income and other taxes. See “Non-IFRS Financial Measures”.
(3) Funds flow from operations is a non-IFRS financial measure that represents net income adjusted for depreciation expense, non-cash stock-based compensation expense and deferred tax expense (recovery). See “Non-IFRS Financial Measures”.



Quarterly PerformanceFiscal 2018  Fiscal 2019
($ thousands, unless otherwise stated)Q1Q2Q3Q4Q1Q2Q3Q4
         
Annuity/maintenance licenses  16,516  16,341  16,158  15,664  14,715  15,111  17,240  16,734
Perpetual licenses  1,078  290  743  2,053  326  1,172  611  2,891
Software licenses  17,594  16,631  16,901  17,717  15,041  16,283  17,851  19,625
Professional services  1,392  1,350  1,418  1,677  1,664  1,658  1,222  1,513
Total revenue  18,986  17,981  18,319  19,394  16,705  17,941  19,073  21,138
Operating profit  6,978  6,615  6,908  7,529  5,374  7,024  8,406  8,750
Operating profit (%)  37  37  38  39  32  39  44  41
Profit before income and other taxes  6,930  6,253  7,151  8,547  5,980  7,104  9,406  8,400
Income and other taxes  1,973  1,647  2,054  2,401  1,722  2,048  2,559  2,426
Net income for the period  4,957  4,606  5,097  6,146  4,258  5,056  6,847  5,974
EBITDA  7,447  7,090  7,400  8,090  5,837  7,505  8,915  9,250
Cash dividends declared and paid  7,977  8,021  8,022  8,021  8,021  8,024  8,022  8,023
Funds flow from operations  6,205  5,788  6,225  7,285  5,242  5,777  7,550  7,024
Per share amounts - ($/share)        
Earnings per share - basic  0.06  0.06  0.06  0.08  0.05  0.06  0.09  0.07
Earnings per share - diluted  0.06  0.06  0.06  0.08  0.05  0.06  0.09  0.07
Cash dividends declared and paid  0.10  0.10  0.10  0.10  0.10  0.10  0.10  0.10
Funds flow from operations per share - basic  0.08  0.07  0.08  0.09  0.07  0.07  0.09  0.09

Highlights

During the year ended March 31, 2019, as compared to the previous fiscal year, CMG’s:

  • Net income increased by 6% and basic earnings per share increased by 8%;
  • Total revenue remained consistent;
  • Perpetual license revenue grew by 20%;
  • Total operating expenses decreased by 3%.

During the year ended March 31, 2019, CMG:

  • Achieved EBITDA of 42% of total revenue;
  • Realized basic earnings per share of $0.28;
  • Generated funds flow from operations of $0.32 per share;
  • Declared and paid a regular dividend of $0.40 per share.

Revenue

Three months ended March 31,2019 2018  $ change  % change 
($ thousands)    
     
Software license revenue  19,625    17,717   1,908 11%
Professional services  1,513    1,677   (164)-10%
Total revenue  21,138    19,394   1,744 9%
     
Software license revenue - % of total revenue93%91%  
Professional services - % of total revenue7%9%  


Year ended March 31,2019 2018  $ change  % change 
($ thousands)    
     
Software license revenue  68,800    68,843   (43)0%
Professional services  6,057    5,837    220 4%
Total revenue  74,857    74,680   177 0%
     
Software license revenue - % of total revenue92%92%  
Professional services - % of total revenue8%8%  

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, 2019 increased by 9%, compared to the same period of the previous fiscal year, mainly due to an increase in software license revenue. Total revenue for the year ended March 31, 2019 remained consistent with the previous fiscal year.

Software License Revenue

Three months ended March 31,2019 2018  $ change % change 
($ thousands)    
     
Annuity/maintenance license revenue  16,734    15,664   1,0707%
Perpetual license revenue  2,891    2,053   83841%
Total software license revenue  19,625    17,717   1,90811%
     
Annuity/maintenance as a % of total software license revenue85%88%  
Perpetual as a % of total software license revenue15%12%  


Year ended March 31,2019 2018  $ change  % change 
($ thousands)    
     
Annuity/maintenance license revenue  63,800    64,679   (879)-1%
Perpetual license revenue  5,000    4,164   836 20%
Total software license revenue  68,800    68,843   (43)0%
     
Annuity/maintenance as a % of total software license revenue93%94%  
Perpetual as a % of total software license revenue7%6%  

Total software license revenue for the three months ended March 31, 2019 increased by 11% compared the same period of the previous fiscal year, due to increases in both annuity/maintenance license revenue and perpetual license revenue. Total software license revenue for the year ended March 31, 2019 remained consistent with the previous fiscal year, as an increase in perpetual licenses revenue was offset by a decrease in annuity/maintenance license revenue.

CMG’s annuity/maintenance license revenue increased by 7% during the three months ended March 31, 2019, compared to the same period of the previous fiscal year, primarily due to maintenance reactivation and increased licensing by a customer in the Eastern Hemisphere.

CMG’s annuity/maintenance license revenue decreased by 1% during the year ended March 31, 2019, compared to the previous fiscal year, mainly due to lower licensing in Canada and South America, partially offset by increases in the Eastern Hemisphere and the United States.

Perpetual license revenue increased by 41% for the three months ended March 31, 2019, compared to the same period of the previous fiscal year, due to increases in the United States and the Eastern Hemisphere. On an annual basis, more perpetual sales were realized in most geographic areas, with the exception of South America, which resulted in a 20% increase in perpetual license revenue, compared to the previous fiscal year. Software licensing under perpetual sales may fluctuate significantly between periods due to the uncertainty associated with the timing and the location where sales are generated. For this reason, even though we expect to achieve a certain level of aggregate perpetual sales on an annual basis, we expect to observe fluctuations in the quarterly perpetual revenue amounts throughout the fiscal year.

Software Revenue by Geographic Segment

Three months ended March 31,20192018 $ change  % change 
($ thousands)    
Annuity/maintenance license revenue    
  Canada  3,725   3,748  (23)-1%
  United States  4,664   4,565   99 2%
  South America  1,924   2,142  (218)-10%
  Eastern Hemisphere(1)  6,421   5,209  1,212 23%
   16,734   15,664  1,070 7%
Perpetual license revenue    
  Canada  -  -  - 0%
  United States  582   107  475 444%
  South America   -  -  - 0%
  Eastern Hemisphere  2,309   1,946  363 19%
   2,891   2,053  838 41%
Total software license revenue    
  Canada  3,725   3,748  (23)-1%
  United States  5,246   4,672  574 12%
  South America  1,924   2,142  (218)-10%
  Eastern Hemisphere  8,730   7,155  1,575 22%
   19,625   17,717  1,908 11%
 
Year ended March 31,20192018 $ change  % change 
($ thousands)    
Annuity/maintenance license revenue    
  Canada  15,151  16,754  (1,603)-10%
  United States  18,620  18,519  101 1%
  South America  8,734  9,009  (275)-3%
  Eastern Hemisphere(1)  21,295  20,397  898 4%
   63,800  64,679  (879)-1%
Perpetual license revenue    
  Canada  156  -  156 100%
  United States  1,096  262  834 318%
  South America  6   394  (388)-98%
  Eastern Hemisphere  3,742  3,508  234 7%
   5,000  4,164  836 20%
Total software license revenue    
  Canada  15,307  16,754  (1,447)-9%
  United States  19,716  18,781  935 5%
  South America  8,740  9,403  (663)-7%
  Eastern Hemisphere   25,037  23,905  1,132 5%
   68,800  68,843  (43)0%

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

During the three months ended March 31, 2019, on a geographic basis, total software license revenue increased in the United States and the Eastern Hemisphere, partially offset by decreases in South America.

During the year ended March 31, 2019, on a geographic basis, total software license sales remained flat, as increases in the United States and the Eastern Hemisphere were offset by decreases in Canada and South America.

The Canadian market (representing 22% of total annual software license revenue) remained relatively flat for the three months ended March 31, 2019, compared to the same period of the previous fiscal year, representing the first consistent quarter-over-quarter comparison since fiscal 2015. Canada experienced a decrease of 10% in annuity/maintenance license revenue during the year ended March 31, 2019, compared to the previous fiscal year, due to reduction in licensing by some customers. There were no significant perpetual sales realized in Canada during the three months and year ended March 31, 2019 or in the comparative periods.

The United States market (representing 29% of total annual software license revenue) experienced increases of 2% and 1% in annuity/maintenance license revenue during the three months and year ended March 31, 2019, respectively, compared to the same periods of the previous fiscal year, due to increased licensing by new and existing customers involved in unconventional shale and tight hydrocarbon recovery processes. The increase in annuity/maintenance license revenue for the year was partially offset by the negative impact of IFRS 15 adoption. There were more perpetual sales realized in the three months and year ended March 31, 2019, compared to the same periods of the previous fiscal year, primarily contributing to the growth in total U.S. software license revenue.

South America (representing 13% of total annual software license revenue) experienced decreases of 10% and 3% in annuity/maintenance license revenue during the three months and year ended March 31, 2019, compared to the same periods of the previous fiscal year, due to maintenance reactivation on perpetual licenses included in the comparative periods. Our revenue in South America can be significantly impacted by the variability of the amounts recorded from a long-standing customer and its affiliates for whom revenue is recognized only when cash is received. We recognized similar amounts of revenue from this customer in the years ended March 31, 2019 and 2018. There were no significant perpetual license sales in South America during fiscal 2019.

The Eastern Hemisphere (representing 36% of total annual software license revenue) experienced increases of 23% and 4% in annuity/maintenance license revenue during the three months and year ended March 31, 2019, respectively, compared to the same periods of the previous fiscal year, mainly due to maintenance reactivation and increased licensing by a customer in the Middle East. Eastern Hemisphere perpetual revenue for the three months and year ended March 31, 2019 was higher by 19% and 7%, respectively, compared the same periods of the previous fiscal year.

Deferred Revenue

  Fiscal Fiscal   
  2019 2018  $ change  % change 
($ thousands)       
Deferred revenue at:       
Q1 (June 30)   29,350  (4)   31,551(1)   (2,201)-7%
Q2 (September 30)   23,222  (5)   23,686(2)  (464)-2%
Q3 (December 31)   13,782    17,785   (4,003)-23%
Q4 (March 31)   35,015  (6)   34,362(3)653 2%
        

(1) Includes current deferred revenue of $30.3 million and long-term deferred revenue of $1.3 million.
(2) Includes current deferred revenue of $23.0 million and long-term deferred revenue of $0.6 million.
(3) Includes current deferred revenue of $33.4 million and long-term deferred revenue of $1.0 million.
(4) Includes current deferred revenue of $28.8 million and long-term deferred revenue of $0.6 million.
(5) Includes current deferred revenue of $22.9 million and long-term deferred revenue of $0.3 million.
(6) Includes current deferred revenue of $34.7 million and long-term deferred revenue of $0.3 million.

CMG’s deferred revenue consists primarily of amounts for pre-sold licenses. Our annuity/maintenance revenue is deferred and recognized on a straight-line basis or according to usage over the life of the related 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.

Deferred revenue as at Q4 of fiscal 2019 increased by 2% compared to Q4 of fiscal 2018, primarily due to increased licensing in the Eastern Hemisphere.

Expenses

Three months ended March 31,20192018 $ change % change 
($ thousands)    
     
Sales, marketing and professional services  5,216   5,068  1483%
Research and development  5,280   5,171  1092%
General and administrative  1,892   1,626  26616%
Total operating expenses  12,388    11,865  5234%
     
Direct employee costs(1)  9,237   8,877  3604%
Other corporate costs  3,151   2,988  1635%
   12,388   11,865   5234%


Year ended March 31,20192018 $ change  % change 
($ thousands)    
     
Sales, marketing and professional services  18,690   19,535  (845)-4%
Research and development  19,893   20,371  (478)-2%
General and administrative  6,720   6,744  (24)0%
Total operating expenses  45,303   46,650  (1,347)-3%
     
Direct employee costs(1)  33,481    33,959  (478)-1%
Other corporate costs  11,822   12,691  (869)-7%
   45,303   46,650  (1,347)-3%

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

CMG’s total operating expenses increased by 4% for the three months ended March 31, 2019, compared to the same period of the previous fiscal year, due to increases in both direct employee costs and other corporate costs. CMG’s total operating expenses decreased by 3% for the year ended March 31, 2019, compared to the previous fiscal year, due to decreases in both direct employee costs and other corporate costs.

Direct employee costs increased by 4% during the three months ended March 31, 2019, compared to the same period of the previous fiscal year, due to higher commissions and a bonus adjustment as a result of higher billings and revenue achievement during the quarter. Direct employee costs decreased by 1% during the year ended March 31, 2019, compared to the previous fiscal year, due to lower stock-based compensation and a lower headcount during the year. Other corporate costs increased by 5% during the three months ended March 31, 2019, compared to the same period of the previous fiscal year, mainly as a result of increased travel for customer visits and contract negotiation and a strengthening of the US dollar compared to the Canadian dollar. Other corporate costs decreased by 7% during the year ended March 31, 2019, compared to the same period of the previous fiscal year, mainly because the comparative year included $0.6 million of non-recurring charges related to the head office move, which were incurred in the first quarter of the year.

Outlook

As we exit fiscal 2019, we are very pleased with the financial performance achieved in the last quarter of the year. During the fourth quarter, annuity and maintenance revenue increased by 7%, mainly due to an increase in the Eastern Hemisphere, while perpetual license sales grew by 41% as a result of increases in both the United States and the Eastern Hemisphere.

Supported by the strong fourth quarter revenue growth, we achieved increases in operating profit and EBITDA of 16% and 14%, respectively, compared to the fourth quarter of the previous fiscal year.

Our total software revenue for fiscal 2019 remained consistent with the previous fiscal year as a decrease in annuity and maintenance revenue was offset by an increase in perpetual sales. We are very pleased to have achieved $5.0 million in perpetual sales during fiscal 2019, which represents an increase of 20% over the previous year. 

Annuity and maintenance revenue decreased by 1% during the year, mainly due to decreased licensing in Canada, as the Canadian oil and gas industry continued to be under pressure. We are, however, encouraged by fourth quarter Canadian annuity and maintenance revenue, which was consistent with the fourth quarter of last year. The United States region continued to benefit from strong activity by unconventional customers during fiscal 2019; however, the revenue growth in that region was partially offset by the negative impact of adopting the new revenue recognition accounting standard and the movement in the CAD/USD exchange rate. While South America saw a slight decrease in annuity and maintenance revenue during fiscal 2019, the Eastern Hemisphere grew by 5%, mainly due to revenue growth experienced in the fourth quarter. Another positive indicator was a 2% increase in deferred revenue as we exited the year.

Operating expenses decreased by 3% during fiscal 2019.

During fiscal 2019, we maintained strong profitability with operating profit of 39% of revenue and EBITDA of 42% of revenue, demonstrating the resilience of our business model and the value of our products even in the difficult operating environment faced by the oil and gas sector. One of the notable accomplishments during the fiscal year was the closing of our first commercial contract for CoFlow, our newest product, in February for use on an onshore asset, which was followed by two more contracts, signed in March and April, with two new customers for short-term use of CoFlow on specific projects.

We continued to maintain a strong balance sheet and closed the year with $54.3 million of cash in our bank account and no debt. We further demonstrated a solid liquidity position by maintaining annual funds flow from operations at the same level as in the previous fiscal year, at $0.32 per share.

During fiscal 2019, we paid dividends of $0.40 per share. CMG’s Board of Directors declared a quarterly dividend of $0.10 per share to be paid on June 14, 2019, representing the 50th successive quarter of dividend payments.

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.

Non-IFRS Financial Measures

This press release includes certain measures that have not been prepared in accordance with IFRS, such as “EBITDA”, “direct employee costs”, “other corporate costs” and “funds flow from operations”. Since these measures do not have a standard meaning prescribed by IFRS, they are unlikely to be comparable to similar measures presented by other issuers. 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 people-related 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.

“Funds flow from operations” is a non-IFRS financial measure that represents net income adjusted for certain non-cash items, such as depreciation expense, stock-based compensation expense, deferred tax expense (recovery) and deferred rent. The Company considers funds flow from operations a useful measure as it represents the cash generated during the period, regardless of the timing of collection of receivables and payment of payables, and demonstrates the Company’s ability to generate the cash flow necessary to fund future growth and dividend payments. Funds flow from operations may not be comparable to similar measures presented by other companies.

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, 2019 March 31, 2018* 
   
Assets  
Current assets:  
Cash  54,290    63,719 
Trade and other receivables  19,220    16,272 
Prepaid expenses   1,332    1,415 
Prepaid income taxes  367    - 
   75,209    81,406 
Property and equipment   14,501    16,062 
Deferred tax asset  595    522 
Total assets  90,305    97,990 
   
Liabilities and shareholders’ equity  
Current liabilities:  
Trade payables and accrued liabilities  6,162    6,550 
Income taxes payable  60     126 
Deferred revenue  34,653    33,360 
   40,875    40,036 
Deferred revenue  362     1,002 
Deferred rent liability  1,813    1,388 
Total liabilities  43,050    42,426 
   
Shareholders’ equity:  
Share capital  79,711    79,598 
Contributed surplus  12,808    11,775 
Deficit  (45,264)  (35,809)
Total shareholders' equity  47,255    55,564 
Total liabilities and shareholders' equity  90,305    97,990 
   

Consolidated Statements of Operations and 
Comprehensive Income

Years ended March 31,
(thousands of Canadian $ except per share amounts)
20192018* 
   
Revenue  74,857   74,680 
   
Operating expenses  
  Sales, marketing and professional services  18,690   19,535 
  Research and development  19,893   20,371 
  General and administrative  6,720   6,744 
   45,303   46,650 
Operating profit  29,554   28,030 
   
Finance income  1,336   905 
Finance costs  -   (54)
Profit before income and other taxes  30,890   28,881 
Income and other taxes  8,755   8,075 
   
Net and total comprehensive income  22,135   20,806 
   
Earnings Per Share  
Basic  0.28   0.26 
Diluted  0.28   0.26 
   

Consolidated Statements of Cash Flows

Years ended March 31,
(thousands of Canadian $)
  2019 2018 
     
Operating activities    
  Net income    22,135    20,806 
Adjustments for:    
Depreciation    1,953    1,997 
Income and other taxes    8,755    8,075 
Stock-based compensation    1,154    2,087 
Interest income    (1,214)  (905)
Deferred rent    425    1,388 
     33,208    33,448 
Changes in non-cash working capital:    
Trade and other receivables    (2,954)  9,033 
Trade payables and accrued liabilities    (63)  35 
Prepaid expenses    83    (179)
Deferred revenue    1,338    (3,870)
Cash provided by operating activities    31,612    38,467 
  Interest received    1,221    905 
  Income taxes paid    (9,447)  (8,842)
Net cash provided by operating activities    23,386    30,530 
     
Financing activities    
Proceeds from issue of common shares    17    6,664 
Dividends paid    (32,090)  (32,041)
Net cash used in financing activities    (32,073)  (25,377)
     
Investing activities    
Property and equipment additions    (742)  (4,673)
(Decrease) increase in cash    (9,429)  480 
Cash, beginning of year    63,719    63,239 
Cash, end of year    54,290    63,719 
     

* The Company adopted IFRS 15 effective April 1, 2018 using the cumulative effect method. Under this method, comparative information is not restated.

See accompanying notes to consolidated financial statements.

For further information, contact:

Ryan N. Schneider
President & CEO
(403) 531-1300
ryan.schneider@cmgl.ca
or     Sandra Balic
Vice President, Finance & CFO
(403) 531-1300
sandra.balic@cmgl.ca

www.cmgl.ca

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Source: GlobeNewswire (May 23, 2019 - 7:00 AM EDT)

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