Proactiveinvestors USA & Canada ISC https://www.proactiveinvestors.com Proactiveinvestors USA & Canada ISC RSS feed en Mon, 20 May 2019 05:40:46 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - ISC reports all matters approved at annual general meeting ]]> https://www.proactiveinvestors.com/companies/news/220354/isc-reports-all-matters-approved-at-annual-general-meeting-220354.html Information Services Corporation (TSE:ISV) unveiled news Wednesday that all matters have been approved at its annual general meeting, held May 15. 

Headquartered in Regina, Saskatchewan, ISC is a provider of registry and information management services for public data and records.

WATCH: ISC releases Q-1 2019 numbers that show strong growth and a healthy balance sheet

The firm noted Joel Teal, Tom Christiansen and Doug Emsley were appointed to its board by the Lieutenant Governor In Council of the Province of Saskatchewan in lieu of Crown Investments Corporation of Saskatchewan (CIC) voting its shares on any resolution to elect directors, as provided for in The Information Services Corporation Act.

Other directors appointed to the board include Karyn Brooks, Tony Guglielmin, Scott Musgrave, Iraj Pourian, Laurie Powers, Heather Ross and Dion E. Tchorzewski. 

The company noted Deloitte LLP was appointed as auditor for the ensuing year. 

Shares of ISC were at C$16.60 on Wednesday.

Contact Katie Lewis at katie@proactiveinvestors.com

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Wed, 15 May 2019 14:15:00 -0400 https://www.proactiveinvestors.com/companies/news/220354/isc-reports-all-matters-approved-at-annual-general-meeting-220354.html
<![CDATA[Media files - ISC releases Q-1 2019 numbers that show strong growth and a healthy balance sheet ]]> https://www.proactiveinvestors.com/companies/stocktube/13326/isc-releases-q-1-2019-numbers-that-show-strong-growth-and-a-healthy-balance-sheet-13326.html Mon, 13 May 2019 15:56:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/13326/isc-releases-q-1-2019-numbers-that-show-strong-growth-and-a-healthy-balance-sheet-13326.html <![CDATA[Media files - Information Services wins second US contract as RegSys gains recognition globally ]]> https://www.proactiveinvestors.com/companies/stocktube/9705/information-services-wins-second-us-contract-as-regsys-gains-recognition-globally-9705.html Tue, 26 Jun 2018 13:50:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9705/information-services-wins-second-us-contract-as-regsys-gains-recognition-globally-9705.html <![CDATA[News - Information Services Corporation to honour more than 190 Saskatchewan families with Century Family Farm Award ]]> https://www.proactiveinvestors.com/companies/news/199082/information-services-corporation-to-honour-more-than-190-saskatchewan-families-with-century-family-farm-award-199082.html Information Services Corporation (ISC) (TSX:ISV) is celebrating the legacy of family farms in Saskatchewan and will honour more than 190 Saskatchewan families with a Century Family Farm Award this June. 

The program is aimed at celebrating family-owned farms that have been in operation for 100 years or more. 

“For a family to work the same land through several generations, is to be a part of Saskatchewan’s history,” says ISC President and CEO Jeff Stusek. “ISC is proud to recognize families that have reached this significant milestone in the legacy of their family farm.”

Since starting the program in 2007, ISC has honoured nearly 4,300 Saskatchewan farm families with a Century Family Farm Award.

ISC is a safekeeper of important historical documents including land grants and titles, geographic maps and photos, and survey information 

As part of the recognition, each family receives a high-quality reproduction of their ancestor’s original land title.

Families receiving awards will be attending celebratory luncheon events in Regina at Turvey Centre on June 19 and in Saskatoon at the Western Development Museum on June 20.

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Mon, 18 Jun 2018 16:53:00 -0400 https://www.proactiveinvestors.com/companies/news/199082/information-services-corporation-to-honour-more-than-190-saskatchewan-families-with-century-family-farm-award-199082.html
<![CDATA[News - Information Services wins US$2.1mln government contract in Missouri ]]> https://www.proactiveinvestors.com/companies/news/198475/information-services-wins-us21mln-government-contract-in-missouri-198475.html Public data tech group Information Services Corp (TSE:ISV) has won yet another big contract - this time in the US state of Missouri.

The deal is worth around US$2.1mln, is for two years, and will see the tech group replace the current technology supporting the business services division of the Office of the Missouri Secretary of State's system with the RegSys platform.

"We are extremely pleased to partner with the Secretary of State in Missouri," said Jeff Stusek,  the president and chief executive of ISV.

"RegSys is starting to gain recognition in the U.S. as a trusted platform which secretaries of state can rely upon to improve the delivery of their business services divisions and registry-related services.

"We will continue to pursue opportunities like this in the U.S. as part of our overall growth strategy."

The Missouri Secretary of State's Office is responsible for maintaining the register of corporations, limited liability corporations, partnerships, trademarks, and uniform commercial code and service of process for the state.

The group's RegSys platform, says the group, delivers the flexibility, scalability and features that enable public sector organizations to deliver enhanced services to businesses and citizens.

The solution has also been used to manage other legal registries including intellectual property (IP), securities, licences, charities, UCC and pension schemes.

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Thu, 07 Jun 2018 11:06:00 -0400 https://www.proactiveinvestors.com/companies/news/198475/information-services-wins-us21mln-government-contract-in-missouri-198475.html
<![CDATA[News - ISC receives boost to revenues and profits from AVS Systems acquisition ]]> https://www.proactiveinvestors.com/companies/news/196445/isc-receives-boost-to-revenues-and-profits-from-avs-systems-acquisition-196445.html The December acquisition of AVS Systems turned out to be a nice little Christmas present for Information Services Corp (TSE:ISV).

The provider of registry and information management services for public data and records reported a rise in revenue in the first three months of 2018 to C$26.87mln from C$21.50mln in the same period of 2017.

READ Information Services bolsters its services business with acquisition of AVS Systems Inc

The Registry Operations part of the business saw its revenue hold steady from a year earlier at C$16.91mln.

Revenue from services, which includes automation software firm AVS Systems, saw revenue rise 136% to C$8.9mln from C$3.75mln.

Technology Solutions segment revenue was C$4.9mln, up C$0.4 million (+8.5%) compared to the same quarter of 2017.

Adjusted underlying earnings, or Ebitda, improved to C$6.96mln from C$6.22mln.

As at March 31, 2018, the company held C$27.2 million in cash, compared to C$31.3 million as at the end of 2017.

Debt for the three months ended March 31, 2018, remained unchanged from the year-end total of C$21.6mln.

On a consolidated basis, ISC continues to expect total revenue of between C$124.0 and C$130.0 million with an Ebitda margin of between 24.0% ad 26%.

“The addition of AVS Systems Inc. to our Services segment has clearly had a positive impact to our revenue, EBITDA and net income, supported by solid and stable results in our Registry Operations and Technology Solutions segments,” said Jeff Stusek, the president and chief executive officer of ISC.

“Our strategy to diversify our business is yielding definitive results. Most importantly, our Services and Technology Solutions segments provide us with two avenues for organic growth, while our Registry Operations segment provides a stable foundation to our overall business,” he added.

ISC declared a quarterly cash dividend of $0.20 per Class A limited voting share. The dividend will be paid on or before July 15, 2018, to shareholders of record as of June 30, 2018.

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Fri, 04 May 2018 10:07:00 -0400 https://www.proactiveinvestors.com/companies/news/196445/isc-receives-boost-to-revenues-and-profits-from-avs-systems-acquisition-196445.html
<![CDATA[News - Information Services hails C$5.6mln tech contract with Yukon government ]]> https://www.proactiveinvestors.com/companies/news/194277/information-services-hails-c56mln-tech-contract-with-yukon-government-194277.html Public data tech group Information Services Corp (TSE:ISV) has won another multi-million dollar contract - this time with the government of Yukon, Canada.

The deal is worth around C$5.6mln and will see the firm move Yukon's paper-based land title registration processes to an electronic registry system.

"We are proud to partner with the government of Yukon to improve the delivery of land title services and access to land titles information for its citizens," said Jeff Stusek, president and chief executive at ISC.

"This is a welcome opportunity for ISC to bring our land registry systems and operations experience to another Canadian jurisdiction."

At the beginning of March, the firm inked a contract worth around C$7.1mln with the province of Nova Scotia to replace the current technology on a business registry.

Around a week later, ISV's Irish subsidiary, Enterprise Registry Solutions Ltd, has inked an agreement with the Companies Registry Office to replace and support all of its registry systems with the firm's RegSys platform.

The service delivery agreement with Yukon includes implementation of the electronic land titles registry system, as well as ongoing services for registry support and maintenance from ISC.

Shares in Toronto shed 0.88% to stand at C$16.99 each.

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Wed, 04 Apr 2018 15:41:00 -0400 https://www.proactiveinvestors.com/companies/news/194277/information-services-hails-c56mln-tech-contract-with-yukon-government-194277.html
<![CDATA[Media files - ISC seeing big opportunities for growth after significant year of acquisitions ]]> https://www.proactiveinvestors.com/companies/stocktube/8889/isc-seeing-big-opportunities-for-growth-after-significant-year-of-acquisitions-8889.html Fri, 16 Mar 2018 12:08:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/8889/isc-seeing-big-opportunities-for-growth-after-significant-year-of-acquisitions-8889.html <![CDATA[News - Information Services hails increased net income and revenue in strong set of 2017 numbers ]]> https://www.proactiveinvestors.com/companies/news/193176/information-services-hails-increased-net-income-and-revenue-in-strong-set-of-2017-numbers-193176.html Public data tech group Information Services Corp (TSE:ISV) shares nudged higher in Toronto as it hailed a strong 2017, which saw increased revenue, EBITDA (underlying earnings) and net income.

Chief executive Jeff Stusek also noted the information management specialist had last year made significant acquisitions, consistent with its strategy of acquiring companies with competencies or operations in its industry.

"Our subsidiaries ESC and ERS are delivering organic growth, while our Registries business continues to demonstrate its resilience in the face of economic challenge," he said.

The board has declared a quarterly cash dividend of 20 cents per Class A limited voting share to be paid on or before  April 15 this year to shareholders of record as of March 31.

The numbers...

In the year to end December, the firm posted net income of C$27.8mln, or C$1.58 per diluted share compared to C$15.5mln and C$0.88 per diluted share in 2016.

That was on revenues of C$93.6mln compared to C$88.4mln in 2016 - an increase of 5.9%.

EBITDA (earnings before interest, taxes, depreciation and amortisation) for the year came in at C$30mln compared to C$29.5mln in 2016, up 1.7%.

The EBITDA margin was 32.1% compared to 33.4% in 2016.

Notably, during the year, the firm completed three acquisitions - They are Enterprise Registry Solutions Ltd (ERS) in January, Alliance Online Solutions in June and AVS in December.

By way of comparison and to underline the firm's recent progress, net income in the fourth quarter came in at C$18.8mln, compared to C$2.9mln in the fourth quarter of 2016.

Revenue by segment for the year was registries: C$74.9mln , up 1.3%, with land registry revenue at $54.8mln, down 0.2% versus 2016.

The personal property registry  was stable at $10.0mln, up 0.1%compared to 2016, while the corporate registry revenue was $10.1mln, up 11.7% compared to 2016.

Services segment revenue was $14.9mln, up 9.2% compared to 2016.

Looking to 2018...

Looking ahead, the firm said the acquisition of automation software group AVS in December last year, with a high revenue, lower margin profile, changed ISC's consolidated revenue and EBITDA margin profile compared to previous years.

Because of that, ISC currently expects total revenue in 2018 of between C$124mln and C$130mln, with an EBITDA margin of between 24% and 26%.

Capital expenditures are now expected to be in the range between C$4mln and C$6mln, and will be funded through operating cash flow, the company added.

In general, ISV  added it expects the performance of its Registries segment in 2018 to be in line with that of 2017, despite recent changes to mortgage rules and an increase in overnight lending rates.

In the services segment, it expects to see further customer growth in the Financial Support Services revenue category, it added.

Shares in Toronto added 2.10% to C$17.51.

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Wed, 14 Mar 2018 10:53:00 -0400 https://www.proactiveinvestors.com/companies/news/193176/information-services-hails-increased-net-income-and-revenue-in-strong-set-of-2017-numbers-193176.html
<![CDATA[News - Information Services on a roll as it gets deal to supply tech at Irish Companies Registry Office ]]> https://www.proactiveinvestors.com/companies/news/192858/information-services-on-a-roll-as-it-gets-deal-to-supply-tech-at-irish-companies-registry-office-192858.html Information Services Corp (TSE:ISV) is a firm going from strength to strength and has now unveiled a deal for its new registry technology in Ireland.

The group's Irish subsidiary, Enterprise Registry Solutions Ltd, has inked an agreement with the Companies Registry Office to replace and support all of its registry systems with the firm's RegSys platform.

READ: Information Services shares higher as it wins C$7.1mln contract from Province of Nova Scotia

It comes hot on the heels of a contract worth around C$7.1mln with the province of Nova Scotia to replace the current technology on a business registry there.

"When we acquired ERS in January, 2017, we did so because we anticipate that the market for registry opportunities will continue to expand," said Jeff Stusek, the president and chief executive of ISV.

"This, along with last week's announcement regarding our agreement with the Province of Nova Scotia, demonstrates not only that the market is developing but also the strength of the RegSys platform.

"The Companies Registry Office in Ireland has elected to continue its long-standing relationship with us and we value their confidence in the ERS team and the RegSys solution."

The CRO (Companies Registry Office) is the central repository of public information on Irish companies and business names and has been a client of ERS since 2002.

WATCH: ISC seeing big opportunities for growth after significant year of acquisitions

Once the implementation of RegSys is completed toward the end of 2019, CRO customers will benefit from an enhanced customer experience, ISV said.

The RegSys solution has also been used to manage other legal registers such as intellectual property (IP), securities, licences, charities, UCC and pension schemes.

Shares in Information Services Corp  added 1.42% to stand a C$17.19 on Thursday

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Thu, 08 Mar 2018 09:04:00 -0500 https://www.proactiveinvestors.com/companies/news/192858/information-services-on-a-roll-as-it-gets-deal-to-supply-tech-at-irish-companies-registry-office-192858.html
<![CDATA[News - Information Services shares higher as it wins C$7.1mln contract from Province of Nova Scotia ]]> https://www.proactiveinvestors.com/companies/news/192464/information-services-shares-higher-as-it-wins-c71mln-contract-from-province-of-nova-scotia-192464.html Shares in Information Services Corp (TSE:ISV) ticked higher as it inked a contract worth around C$7.1mln with the province of Nova Scotia to replace the current technology on a business registry.

ISC provides registry and information management services for public data and records.

Its subsidiary Enterprise Registry Solutions (ERS) has signed an agreement with the Province of Nova Scotia to replace the current technology supporting the Nova Scotia registry of joint stock companies with the RegSys platform.

It is a ten year contract.

“We are extremely pleased to partner with the Province of Nova Scotia," said Jeff Stusek, the president and chief executive of ISC.

"We acquired ERS in January 2017 to better position ourselves to offer exceptional registry technology solutions to our current and future clients. 

"I expect this to be the first of many new business opportunities as we continue to expand our portfolio of services and solutions to help governments and private sector organisations improve the delivery of their registry services.”

The Nova Scotia registry of joint stock companies maintains significant public information about the Province's business community.

Once the implementation of RegSys is complete in 2019, ISC said customers will benefit from an enhanced experience while employees will realise improved workflows and processes as a result of the advanced back office capabilities.

Shares in ISC added 0.29% to C$17 in Toronto.

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Thu, 01 Mar 2018 13:53:00 -0500 https://www.proactiveinvestors.com/companies/news/192464/information-services-shares-higher-as-it-wins-c71mln-contract-from-province-of-nova-scotia-192464.html
<![CDATA[News - Information Services named one of Saskatchewan's top employers of 2018 ]]> https://www.proactiveinvestors.com/companies/news/190577/information-services-named-one-of-saskatchewan-s-top-employers-of-2018-190577.html Information Services Corp. (TSE:ISV) has been named one of Saskatchewan’s best places to work for a tenth straight year.

The provincial competition, which honours the top employers of the year, is judged using the same criteria as the national competition that’s administered by editors of Canada’s Top 100 Employers.

"Receiving this honour year-to-year speaks to the dedication of our people and their ongoing efforts to create a great workplace,” said ISC’s CEO, Jeff Stusek.

READ: Information Services bolsters its services business with acquisition of AVS Systems Inc

Employers are evaluated in eight areas: physical workplace; work and social atmosphere; health, financial and family benefits; vacation and time off; employee communications; performance management; training and skills development; and community involvement.

Honourees are then compared to competitors in their field to see which offers the most progressive and forward-thinking programs.

"We know that attracting talent relies on providing an environment where people are motivated to perform at their best,” Stusek said.

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Wed, 24 Jan 2018 15:35:00 -0500 https://www.proactiveinvestors.com/companies/news/190577/information-services-named-one-of-saskatchewan-s-top-employers-of-2018-190577.html
<![CDATA[News - Information Services bolsters its services business with acquisition of AVS Systems Inc ]]> https://www.proactiveinvestors.com/companies/news/189178/information-services-bolsters-its-services-business-with-acquisition-of-avs-systems-inc-189178.html Information Services Corp (TSE:ISV) has bolstered its services business with the acquisition of automation software group AVS Systems Inc in a deal worth up to C$45mln.

The latter provides technology services to the lending, leasing, and credit issuing firms in Canada.

READ - Information Services hails good overall performance as it posts third quarter numbers

The deal, made by ISC subsidiary ESC, is expected to be earnings accretive in terms of EPS (earnings per share) in 2019 providing access to new sources of recurring revenue.

"With the addition of AVS’s services and existing customer base, our Services segment is positioned to deliver proven credit due diligence, protection and default solutions to the Canadian financing industry," said Jeff Stusek, president  and chief executive of ISC.

"We continue to invest in our technology platforms and service teams to deliver comprehensive solutions to customers. 

"This, in conjunction with our financial strength, means that we are poised to capitalize on new avenues for growth in our services segment."

ISC said C$25mln was paid in cash on closing of the deal and the firm may pay up to a further C$20mln over the next 13 months, depending on the realization of future business with financial institutions and auto and equipment finance companies across Canada.

WATCH - 'Steady as she goes' at ISC as the group reports a 4.4% increase in Q3 revenue

AVS is a fast growing business with compound annual revenue growth of around 60%between 2012 and 2016.

For the nine months to September 30, 2017, it realised revenues of around C$17 mln and EBITDA (underlying earnings) of approximately C$2.4 million.

ISC is the leading provider of registry and information management services and the bulk of its revenue is linked to registry transaction volumes.

Land registry revenues for its third quarter, reported last month, were C$14,335 out of an overall revenue figure of C$23.9mln versus C$22.9mln in 2016 - an increase of 4.4%.

EBITDA (earnings before interest, taxes, depreciation and amortization) came in at C$7.6 million compared to C$7.3 million in the same period of 2016 -  up 4.1%.

Free cash flow was up 42.9% to C$8mln in the period.

Shares added over 4% to C$18.40 on the day.

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Thu, 21 Dec 2017 09:24:00 -0500 https://www.proactiveinvestors.com/companies/news/189178/information-services-bolsters-its-services-business-with-acquisition-of-avs-systems-inc-189178.html
<![CDATA[Media files - 'Steady as she goes' at ISC as the group reports a 4.4% increase in Q3 revenue ]]> https://www.proactiveinvestors.com/companies/stocktube/8356/-steady-as-she-goes-at-isc-as-the-group-reports-a-44-increase-in-q3-revenue-8356.html Mon, 13 Nov 2017 09:44:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/8356/-steady-as-she-goes-at-isc-as-the-group-reports-a-44-increase-in-q3-revenue-8356.html <![CDATA[News - Information Services hails good overall performance as it posts third quarter numbers ]]> https://www.proactiveinvestors.com/companies/news/186966/information-services-hails-good-overall-performance-as-it-posts-third-quarter-numbers-186966.html Information Services Corp (TSE:ISV) reported a 4.4% increase in revenue in the  third quarter of 2017 but tax rate changes caused a drop in net income.

The bulk of ISC's revenue is linked to registry transaction volumes and values driven by economic conditions in Saskatchewan.

 

Land registry revenues for the quarter were C$14,335 out of an overall figure of C$23.9mln versus C$22.9mln in 2016 - an increase of 4.4%.

EBITDA (earnings before interest, taxes, depreciation and amortization) came in at C$7.6 million compared to C$7.3 million in the same period of 2016 -  up 4.1%.

Free cash flow was up 42.9% to C$8mln in the period.

Net income though fell 50% to C$1.9 million or C$0.11 per basic and diluted share compared to C$3.8 million or $0.22 per basic and diluted share in the same period last year.

ISC said the drop was mainly due to the impact of a 1% reduction in "substantively enacted future corporate tax rates" by the Saskatchewan government during 2017, reducing the carrying value of deferred tax assets, resulting in a charge to the current period

"The first nine months of 2017 have been productive for ISC," said Jeff Stusek, the president and chief executive.

"Our consolidated performance has been good overall. We continue to execute on our strategy of focusing on our core business while examining opportunities for growth.

"Economic conditions in Saskatchewan are still expected to remain flat in 2017 and into 2018 but I continue to remain positive that we will weather these conditions due to the robust nature of our Registries business."

The group' total debt was up 38% to C$32.3 mln versus C$23.4mln at the end of 2016, while cash stood at C$38.6mln - up 15.2% from the end of 2016.

Looking ahead, based on various factors, ISC continues to expect an EBITDA margin of between 31% and 33% in 2017.

It has revised guidance for capital expenditures for 2017 downward from a range of between C$3.5 and C$5 million, to a range of $1 and $2 million due to management's focus on integration activities and the resultant changes to the timing and nature of certain planned projects.

Management expects capital expenditures for 2018 to return to historic levels as it resumes planned activities.

ISC shares eased 2.48% to C$17.72 each.

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Wed, 08 Nov 2017 12:12:00 -0500 https://www.proactiveinvestors.com/companies/news/186966/information-services-hails-good-overall-performance-as-it-posts-third-quarter-numbers-186966.html
<![CDATA[News - Information Services to release third quarter results on November 7 ]]> https://www.proactiveinvestors.com/companies/news/186212/information-services-to-release-third-quarter-results-on-november-7-186212.html Information Services Corp (TSE:ISV) will release its third quarter results on November 7 after market close, it said.

There will be an investor conference call the following day on November 8, it said.

Earlier this month, the group revealed it had beefed up its leadership team.

Loren Cisyk has joined ISC from IBM as executive vice president of Technology Solutions, bringing with him more than 30 years of information technology leadership, consulting and sales experience.

He will assume responsibility for technology solutions.

Dennis White, previously a director of client management at Hewlett Packard Enterprise, has been appointed as vice president of marketing and business development.

He will replace Peter Hamill, who is retiring.

Meanwhile, assuming new leadership roles from within the company are Laurel Garven, vice president of business strategy and Catherine McLean, vice president of people and culture.

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Wed, 25 Oct 2017 11:10:00 -0400 https://www.proactiveinvestors.com/companies/news/186212/information-services-to-release-third-quarter-results-on-november-7-186212.html
<![CDATA[News - Information Services Corp strengthens leadership team ]]> https://www.proactiveinvestors.com/companies/news/185592/information-services-corp-strengthens-leadership-team-185592.html Information Services Corp (TSE:ISV) has beefed up its leadership team.

Loren Cisyk has joined ISC from IBM as executive vice president of Technology Solutions, bringing with him more than 30 years of information technology leadership, consulting and sales experience.

He will assume responsibility for technology solutions at ISC.

Dennis White, previously a director of client management at Hewlett Packard Enterprise, has been appointed as vice president of marketing and business development.

He will replace Peter Hamill, who is retiring today.

Meanwhile, assuming new leadership roles from within the company are Laurel Garven, vice president of business strategy and Catherine McLean, vice president of people and culture.

“Since going public four years ago, ISC has been evolving as an organization, including through our acquisitions of ESC and ERS, while ensuring the continuity of our Saskatchewan registry business. We are proud of these achievements but we must always have an eye to the future to ensure continuing success,” said Jeff Stusek, president and chief executive officer of ISC.

“ISC’s business pursuits will have a renewed focus on offering leading technology solutions, which, along with ISC’s unique registry operations experience, position us to meet the wide array of client and customer needs for registry and related information service solutions.”


 

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Fri, 13 Oct 2017 10:54:00 -0400 https://www.proactiveinvestors.com/companies/news/185592/information-services-corp-strengthens-leadership-team-185592.html
<![CDATA[News - ISC sells stake in Dye & Durham for C$25mln ]]> https://www.proactiveinvestors.com/companies/news/185207/isc-sells-stake-in-dye-durham-for-c25mln-185207.html Information Services Corporation (TSE:ISV) has sold its 30% stake in Dye & Durham (D&D) for C$25mln in cash.

The stake has been sold to the other shareholders of D&D.

The sale crystallizes an C$18mln gain on ISC's initial investment in the data solutions provider. The funds will further strengthen the balance sheet of the provider of registry and information management services for public data and records.

“ISC has been very pleased with its investment in D&D; however, the time is right to divest and to focus on our other growth objectives and core business, deploying our capital resources at the appropriate time,” said Jeff Stusek, president and chief executive officer of ISC.

Shares in ISC rose 4.2% to C$17.98 in Toronto.

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Fri, 06 Oct 2017 11:21:00 -0400 https://www.proactiveinvestors.com/companies/news/185207/isc-sells-stake-in-dye-durham-for-c25mln-185207.html
<![CDATA[Media files - ISC's Jeff Stusek excited about growth opportunities amid 'challenging' economic conditions ]]> https://www.proactiveinvestors.com/companies/stocktube/7907/isc-s-jeff-stusek-excited-about-growth-opportunities-amid-challenging-economic-conditions-7907.html Wed, 09 Aug 2017 15:52:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/7907/isc-s-jeff-stusek-excited-about-growth-opportunities-amid-challenging-economic-conditions-7907.html <![CDATA[News - ISC improves free cash flow in "in-line" second quarter ]]> https://www.proactiveinvestors.com/companies/news/182011/isc-improves-free-cash-flow-in-in-line-second-quarter-182011.html Information Services Corp (TSE:ISV) continues to expect 2017's performance to be on a par with 2016's, after an in-line second quarter.

The bulk of ISC's revenue is linked to registry transaction volumes and values driven by economic conditions in Saskatchewan, and the second quarter saw a bit of a dip in revenue from its Land Registry unit that was only partially offset by increases in revenue from the Personal Property Registry and the Corporate Registry.

Total revenue eased to C$24.65mln from C$24.67mln in the corresponding quarter of 2017.

Adjusted underlying earnings, or EBITDA, eased to C$9.55mln from C$11.13mln the year before, resulting in the adjusted EBITDA margin sliding to 38.8% from 45.1%.

Net income retreated to C$4.73mln from C$6.58mln, which was equivalent to 27 cents (2016: 37 cents).

Free cash flow improved to C$7.48mln from C$6.30mln in the corresponding period of 2016.

As at June 30, 2017, the company held C$31.6 million in cash, compared to C$33.5 million as at December 31, 2016, a decrease of C$1.9 million.

Total debt rose to C$32.3mln at the end of June from C$23.4mln at the end of 2016.

“We are pleased that our core registry business remained stable and that our consolidated performance was in line with our expectations," said Jeff Stusek, president and chief executive officer of ISC.

“Despite the recent improvement in the outlook for the Canadian economy, we continue to anticipate a flat year ahead of us and remain confident in the stability of our business. With the first half of 2017 already behind us, we continue to expect our consolidated annual EBITDA margin to be between 31% and 33%. However, we expect capital expenditures to be lower in 2017, in the range of $3.5 to $5.0 million, as we focus on integration and other operational activities,” Stusek said.

“We will continue to pursue our strategies for growth while ensuring the stability of our core business," he concluded.

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Fri, 04 Aug 2017 12:36:00 -0400 https://www.proactiveinvestors.com/companies/news/182011/isc-improves-free-cash-flow-in-in-line-second-quarter-182011.html
<![CDATA[Media files - ISC's Jeff Stusek 'pretty happy' with Q1 performance ]]> https://www.proactiveinvestors.com/companies/stocktube/7435/isc-s-jeff-stusek-pretty-happy-with-q1-performance-7435.html Wed, 10 May 2017 15:44:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/7435/isc-s-jeff-stusek-pretty-happy-with-q1-performance-7435.html <![CDATA[News - ISC's profits rise as all three arms see growth ]]> https://www.proactiveinvestors.com/companies/news/177524/isc-s-profits-rise-as-all-three-arms-see-growth-177524.html Information Services Corporation, or ISC (TSE:ISV), saw a small increase in first quarter earnings as the Saskatchewan economy showed signs of rousing itself.

The Saskatchewan-based business services provider saw net income rise to C$2.43mln from C$2.20mln in the first quarter of the prior year.

Underlying earnings, or EBITDA, rose to C$5.8mln from C$5.1mln the previous year, lifting the EBITDA margin (EBITDA as percentage of revenue) to 26.8% from 25.9% a year earlier.

The company said it expects an EBITDA margin of between 31% and 33% for 2017 as a whole.

Earnings per share on a diluted basis rose to 14 cents from 12 cents the year before.

Revenue rose to C$21.5mln from C$19.61mln a year earlier, with growth seen in all three arms of the business.

Land registry revenues – the bedrock of the business - edged up to C$11.75mln from C$11.50mln in the same quarter of 2016.

Revenue from the personal property registry business climbed to C$2.35mln from C$2.23mln the year before, while revenue from the corporate registry arm rose to C$2.82mln from C$2.59mln.

"We remain confident that our focus on our existing businesses will position us well to benefit from any future economic growth. In addition, we continue to examine business development opportunities in Canada as well as internationally, ensuring that any potential acquisition is right for the company and will deliver long-term value for our shareholders," said Jeff Stusek, president and chief executive officer of ISV.

The company has declared a quarterly dividend of 20 cents, having finished the quarter with cash of C$28mln, down from C$33.5mln at the end of 2016.

Total long-term debt weighed in C$33.1mln.

Much of the company's business is dependent on the vibrancy of the Saskatchewan economy, and the company reported that since January there had been some signs of improvement.

Recent forecasts of Saskatchewan's real gross domestic product in 2017 have been trending higher, ISV reported.

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Tue, 09 May 2017 09:17:00 -0400 https://www.proactiveinvestors.com/companies/news/177524/isc-s-profits-rise-as-all-three-arms-see-growth-177524.html
<![CDATA[Media files - Information Services Corp sees good growth in Eastern Canada services business ]]> https://www.proactiveinvestors.com/companies/stocktube/7119/information-services-corp-sees-good-growth-in-eastern-canada-services-business-7119.html Fri, 17 Mar 2017 09:06:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/7119/information-services-corp-sees-good-growth-in-eastern-canada-services-business-7119.html <![CDATA[News - ISC churning out the cash in low growth climate ]]> https://www.proactiveinvestors.com/companies/news/174856/isc-churning-out-the-cash-in-low-growth-climate-174856.html Information Services Corp (TSE:ISV), better known as ISC, notched up its fourteenth consecutive quarter of profitability in the final three months of 2016.

The Saskatchewan-based business services provider reported underlying earnings (EBITDA) of C$6.98mln in the final quarter of 2016 on revenue of C$21.2mln.

That took the full-year totals to C$29.53mln, up from EBITDA the previous year of C$28.86mln, and C$88.4mln, up from revenue of C$78.3mln in 2015.

Revenue for the registries segment for 2016 was C$74.0-million, a decrease of 1.4% compared with 2015.

Within that, revenue for the land registry business eased 3.4% to C$54.9mln, while revenue from the personal property registry was down just a shade at C$9.9mln.

Revenue for the corporate registry activities rose 11.7% year-on-year from 2015’s level.

In 2016, the group got a full year’s contribution from ESC, the company it bought in October 2015, which contributed to a C$10.5mln increase in revenue to C$13.6mln.

Depreciation and amortization costs were C$8.4mln in 2016, compared with C$5.7mln the year before.

The increase was mainly due to the additional depreciation from capital assets of the services segment and the acceleration of depreciation of certain assets replaced by the new technology system for the Saskatchewan corporate registry, due to a reassessment of their useful lives.

ISC ended 2016 with C$33.7mln in cash, down slightly from C$36.6mln a year earlier. At the end of the year it had C$23.4mln of long-term debt.

It has declared a quarterly dividend of 20 cents.

In its outlook statement the company made its now traditional observation about how the company’s fortunes on the Registries side are more than somewhat tied to the activity levels in the economies of Saskatchewan and, to a lesser extent, in Ontario and Quebec.

At present, the company expects the 2017 Saskatchewan economy to be comparable with 2016, which drives its registries segment results, with stability or some softening of growth anticipated for the central Canadian markets, affecting the services segment.

ISC said it expects an EBITDA margin of between 31 per cent and 33 per cent in 2017.

Management expects capital expenditure in 2017 to be in the range of C$5.0mln to $6.0mln, financed from operating cash flow.

This expenditure is expected to continue to focus on the maintenance, enhancement and upgrade of core technology components and enterprise systems in both the registries and services segments.

On the Services side, the company's is expecting a slowing economy to deliver modest growth across most of the services business, with some 2016 new business contributing to improving margins and growing revenue in particular segments of the business.

ISC expects some increases in its overall expenses as it continues to invest in additional sales and information technology support.

"Despite flat economic conditions, our continued focus on our customers and our costs has shown that we can generate strong free cash flow in a challenging environment. Looking forward into 2017, you can continue to expect much the same from ISC. We intend to stay the course with our focus on our existing business while looking for opportunities which will position our company for the future," said Jeff Stusek, president and chief executive officer of ISC.

Shares in ISC were down 55 cents at C$18.55 in mid-morning trading.

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Wed, 15 Mar 2017 11:49:00 -0400 https://www.proactiveinvestors.com/companies/news/174856/isc-churning-out-the-cash-in-low-growth-climate-174856.html
<![CDATA[News - ISC showing resilience as it spreads its wings ]]> https://www.proactiveinvestors.com/companies/news/171271/isc-showing-resilience-as-it-spreads-its-wings-171271.html ISC (TSE:ISV), which some of you may know better as Information Services Corp, continues to make the best of the hand it has been dealt.

It is a Saskatchewan-based business services provider that administers registries, such as land titles, as well as corporate and personal property (e.g. vehicles) registries, and it also maintains geographic databases.

All of this useful information is then made easily available to the general public.

If that sounds like the sort of service that is typically performed by local government, that's because it is. The Province of Saskatchewan was ahead of the curve, however, in hiving off the organization responsible for maintaining all of these records, and thus ISC floated on the Toronto Stock Exchange in 2013.

A resilient business providing essential services

The company’s trading is closely hitched to economic conditions in Saskatchewan, which affect registry transactions and volumes, and to a lesser extent the economies of Ontario and Quebec, where recently acquired subsidiary ESC is strongly represented.

ESC provides law firms, corporations, financial service institutions and others with services across Canada and around the world.

It has offered these corporate services in Ontario since 2009 and in Quebec since 2014.

The acquisition of ESC continues to look a wise one.

ESC, which now forms ISC’s Services segment, was largely responsible for the group’s third quarter revenue rising to C$22.9mln from C$19.7mln in the same period of 2015.

The Services segment’s contribution was C$3.3mln, up from zero the year before but down some C$300,000 on the second quarter of 2016.

ISC’s core Registries business saw its top line head south a little, to C$19.5mln, from C$19.7mln the previous year.

Net income and total comprehensive income for the three months ended September 30, 2016, was C$3.8mln, or C$0.22 per share, compared to C$4.7mln, or C$0.27 share for the same period in 2015.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the third quarter dipped to C$9.5mln from C$9.6mln a year earlier. The EBITDA margin fell to 41.5% from 48.6% a year earlier.

“Our Registries segment experiences moderate seasonality, primarily because Land Titles revenue fluctuates in line with real estate transaction activity in Saskatchewan. Typically, our second and third quarters generate higher revenue during the fiscal year when real estate activity is traditionally highest,” the company said.

“Our Services segment is sufficiently diversified with little seasonality to its revenue performance; however, some smaller categories of products or services can have some seasonal variation, slightly increasing during the second and fourth quarters,” it noted.

Increasing the range of services and geographical footprint

Diversification is important for the company, because although it has a solid revenue stream that comes from providing essential services individuals and corporations will always need, growth is undeniably easier when economic activity is rising.

In a Canadian economy that has been hit by the downturn in commodity markets, the importance of not relying too much on one sector has been underlined.

Saskatchewan’s gross domestic product, in real terms, was much the same in 2016 as it was in 2015, while, when the final end-of-year numbers are in, moderate growth is expected for the central Canadian markets.

As a result, in November ISC reiterated that its expected consolidated EBITDA margin for fiscal 2016 will be in the range of 32.0 to 34.0%.

''ISC is a strong company and it has a strong business model so we're pleased with where we're at. Again, it's what we would've expected, but our company takes very seriously things like cost management and a strong, prudent approach to running the business and so we protect our margins and we run a very strong business'', president and chief executive officer Jeff Stusek told Proactive Investors.

“In our Services segment, we expect the growth of that business to continue in specific categories relating to the financial services and legal sectors in both its core markets of Ontario and Quebec. The expectation is that the growing base of new customers, as well as new mandates from existing customers, should continue to support overall revenue growth,” the company told investors in November.

Paying dividends

The board of directors of ISC declared a quarterly cash dividend of 20 cents per Class A limited voting share.

ISC ended the reporting period with cash of C$38.3mln and total debt of C$23.4mln.

"This has been another steady quarter with continued resilience shown by our Registry business, which is supported strongly by our Services segment," said company boss Jeff Stusek.

Watch ISC ''a strong company with a strong business model''

"I have been pleased with our performance overall and as we move towards the end of the year, I expect that we are on course to meet our EBITDA guidance for 2016," he added.

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Fri, 06 Jan 2017 09:53:00 -0500 https://www.proactiveinvestors.com/companies/news/171271/isc-showing-resilience-as-it-spreads-its-wings-171271.html
<![CDATA[News - Information's Saskatchewan registry resumes services ]]> https://www.proactiveinvestors.com/companies/news/170489/information-s-saskatchewan-registry-resumes-services-170489.html Information Services Corp’s (TSE:ISV) Saskatchewan registry services resumed operations Tuesday evening, the company said in a statement on Wednesday.

The company experienced a broad technology service disruption affecting the availability of Saskatchewan registry services and support on Wednesday, Dec. 7. Read more.

This outage was not isolated to the company. The firm understands the outage also impacted other clients of its technology service provider.

"Our system technology was restored on Friday, Dec. 9,” said Jeff Stusek, president and chief executive officer.

“This was just the first of many steps required for the orderly resumption of registry services to the public. Over the past few days, we have worked in close collaboration with the statutory officials from the Ministry of Justice to develop and execute this methodical series of steps designed to ensure continued integrity of these important registries," he added.

As registry operations resume, the company will be working to address any backlog that may have accumulated. It will also be reviewing the financial impact to fiscal 2016, if any, as a result of this temporary suspension of registry services.

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Wed, 14 Dec 2016 15:43:00 -0500 https://www.proactiveinvestors.com/companies/news/170489/information-s-saskatchewan-registry-resumes-services-170489.html
<![CDATA[News - Information Services Corp working with suppliers to mend Saskatchewan outage ]]> https://www.proactiveinvestors.com/companies/news/170332/information-services-corp-working-with-suppliers-to-mend-saskatchewan-outage-170332.html Information Services Corp (TSE:ISV) said it is working with its suppliers to repair an external outage which affected the technology services provider’s provision of registry services in Saskatchewan recently.

The registry services provider said the outage, which was not isolated to Information Services Corp (ISC), disrupted the service and support functions over the past three days.

The good news is that the supplier appears to have got its act together; the systems have been restored and ISC is in the process of testing them to make sure they are stable. It will inform the market when registry services have been restored.

ISC said it is actively collaborating with statutory officials with the Saskatchewan Ministry of Justice Office of Public Registry Administration respecting this service disruption and resumption of registry services.

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Mon, 12 Dec 2016 09:05:00 -0500 https://www.proactiveinvestors.com/companies/news/170332/information-services-corp-working-with-suppliers-to-mend-saskatchewan-outage-170332.html
<![CDATA[Media files - ISC ''a strong company with a strong business model'' says President and CEO ]]> https://www.proactiveinvestors.com/companies/stocktube/6333/isc-a-strong-company-with-a-strong-business-model-says-president-and-ceo-6333.html Fri, 04 Nov 2016 13:13:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/6333/isc-a-strong-company-with-a-strong-business-model-says-president-and-ceo-6333.html <![CDATA[News - ISC on course to meet 2016 earnings guidance ]]> https://www.proactiveinvestors.com/companies/news/168490/isc-on-course-to-meet-2016-earnings-guidance-168490.html The acquisition of ESC Corporate Services by Information Services Corp (TSE:ISV), the Saskatchewan-based provider of registry services, continues to look a wise one.

ESC, which now forms Information Services Corp’s (ISC’s) Services segment, was largely responsible for the group’s third quarter revenue rising to C$22.9mln from C$19.7mln in the same period of 2015.

The Services segment’s contribution was C$3.3mln, up from zero the year before but down some C$300,000 on the second quarter of 2016.

ISC’s core Registries business saw its top line head south a little, to C$19.5mln, from C$19.7mln the previous year.

Net income and total comprehensive income for the three months ended September 30, 2016, was C$3.8mln, or C$0.22 per share, compared to C$4.7mln, or C$0.27 share for the same period in 2015.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the third quarter dipped to C$9.5mln from C$9.6mln a year earlier. The EBITDA margin fell to 41.5% from 48.6% a year earlier.

“Our Registries segment experiences moderate seasonality, primarily because Land Titles revenue fluctuates in line with real estate transaction activity in Saskatchewan. Typically, our second and third quarters generate higher revenue during the fiscal year when real estate activity is traditionally highest,” the company said.

“Our Services segment is sufficiently diversified with little seasonality to its revenue performance; however, some smaller categories of products or services can have some seasonal variation, slightly increasing during the second and fourth quarters,” it noted.

The company’s trading is closely hitched to economic conditions in Saskatchewan, which affect registry transactions and volumes, and to a lesser extent the economies of Ontario and Quebec.

The company continues to expect Saskatchewan’s gross domestic product, in real terms, to be much the same in 2016 as it was in 2015, while moderate growth is expected for the central Canadian markets.

As a result, ISC reiterated that its expected consolidated EBITDA margin for fiscal 2016 will be in the range of 32.0 to 34.0%.

“In our Services segment, we expect the growth of that business to continue in specific categories relating to the financial services and legal sectors in both its core markets of Ontario and Quebec. The expectation is that the growing base of new customers, as well as new mandates from existing customers, should continue to support overall revenue growth,” the company said.

The board of directors of ISC declared a quarterly cash dividend of 20 cents per Class A limited voting share.

ISC ended the reporting period with cash of C$38.3mln and total debt of C$23.4mln.

"This has been another steady quarter with continued resilience shown by our Registry business, which is supported strongly by our Services segment," said Jeff Stusek, president and chief executive officer of ISC.

"I have been pleased with our performance overall and as we move towards the end of the year, I expect that we are on course to meet our EBITDA guidance for 2016," he added.

Shares in ISC were off 48 cents at C$17.675 in early trading.

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Thu, 03 Nov 2016 10:44:00 -0400 https://www.proactiveinvestors.com/companies/news/168490/isc-on-course-to-meet-2016-earnings-guidance-168490.html
<![CDATA[Media files - Information Services Corporation boss Stusek "very pleased" with strong quarter ]]> https://www.proactiveinvestors.com/companies/stocktube/5390/information-services-corporation-boss-stusek-very-pleased-with-strong-quarter-5390.html Fri, 12 Aug 2016 09:17:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/5390/information-services-corporation-boss-stusek-very-pleased-with-strong-quarter-5390.html <![CDATA[News - Profits surge at Information Services Corp ]]> https://www.proactiveinvestors.com/companies/news/129202/profits-surge-at-information-services-corp-129202.html Information Services Corp (TSE:ISV) racked up its eleventh consecutive quarter of profitability in the three months to the end of June.

The Saskatchewan-based business services provider, which administers registries, such as land titles, as well as corporate and personal property (e.g. vehicles) registries, and also maintains geographic databases, saw underlying earnings (EBITDA) improve to C$10.28mln from C$8.25mln the year before.

EBITDA as a proportion of revenue rose to 41.7% from 41.1% as total revenue rose sharply to C$24.67mln from C$20.05mln in the previous year, largely as a result of the company’s acquisition of ESC Corporate Services.

The company told investors that revenue from services, as opposed to its registries business, totalled C$3.61mln versus zero in the corresponding period of the previous year.

Revenue for all registries was C$20.5mln, up $0.5mln or 2.4% year-on-year.

Adjusted EBITDA, which excludes certain exceptional items, improve to C$11.13mln from the previous year’s C$8.41mln, pushing the adjusted EBITDA margin up to 45.1% from 41.9%.

Net income clocked in at C$6.58mln, versus C$4.97mln in the second quarter of the previous year, and diluted earnings per share surged to 37 cents from 28 cents.

The company ended the reporting period with C$35.2mln in cash, down from C$36.6mlm at the end of 2015, and has declared a quarterly cash dividend of 20 cents per class A limited voting share.

Commenting on the company’s record of sustained profitability, Jeff Stusek, president and chief executive officer of the company, said: “This consistency is a testament to the strength and stability of our business.

"As expected, our Services segment has diversified our business and has made a meaningful contribution to our consolidated revenue. Our predictability and stability as a company has been consistent and we will continue to focus on maintaining this while pursuing new opportunities," he added.

To a large extent, the company’s prospects are tied into the health of the Saskatchewan economy, though management has been successful in achieving some diversification and reducing its reliance on Saskatchewan.

Management said the expectation is still that the Saskatchewan economy in 2016 will perform pretty much on a par with 2015, and it looks like the Services segment will do much of the heavy lifting in terms of pushing the top line north. 

Speaking to analysts in a conference call, Stusek noted: "Our Registries segment continues to perform well and in line with our expectations – in fact, we saw a slight uptick in revenue, year-over-year, across this segment."

"These results are a testament to the strength of our overall business in a tough economy and the value added by our Services segment," he added.

Stusek also highlighted a number of positive developments since the end of the reporting period, such as:

the launch of the new online application for the Corporate Registry, providing a more convenient service to search, register and maintain corporate entities in Saskatchewan the ratification of a collective bargaining agreement with the SGEU union

Looking ahead to the rest of the year, Stusek reiterated to analysts that Saskatchewan's real gross sdomestic product growth in projected to be close to zero in 2016, so the expectation is that the performance of the registries business this year will mirror that of 2015.

"In our Services segment, we believe the growth of ESC’s core business to continue in specific categories relating to the financial services and legal sectors in both its core markets of Ontario and Quebec. The expectation is that the growing base of new customers, as well as new mandates from existing customers, will continue to support overall revenue growth. We also intend a continued focus on cost efficiencies to improve margins," Stusek said.

Shares in the company rose 23 cents to C$17.13 on Wednesday.

--- adds management comments and share price reaction ---

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Wed, 10 Aug 2016 16:39:00 -0400 https://www.proactiveinvestors.com/companies/news/129202/profits-surge-at-information-services-corp-129202.html
<![CDATA[News - Union ratifies deal with Information Services ]]> https://www.proactiveinvestors.com/companies/news/128663/union-ratifies-deal-with-information-services-128663.html Information Services Corp (TSE:ISV) said on Tuesday that the membership of Saskatchewan Government and General Employees' Union Local 2214 (SGEU) has ratified a new collective agreement with respect to Information Services's in-scope employees.

"We appreciate the hard work and commitment of the negotiating teams on both sides of the table in reaching this agreement," said Jeff Stusek, president and chief executive officer of Information Services.

"This shows a mutual regard for the collective bargaining process, and we look forward to continuing our ongoing partnership with SGEU," he added.

The previous collective agreement expired on Sept. 30, 2015. The new four-year agreement, ending Sept. 30, 2019, includes annual wage increases, effective Oct. 1 of each year, consisting of 2 per cent retroactive to 2015, 1.75 per cent in 2016, 1.75 per cent in 2017 and 2 per cent in 2018.

Information Services shares were up 0.1% to C$16.78 on Tuesday.

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Tue, 26 Jul 2016 15:14:00 -0400 https://www.proactiveinvestors.com/companies/news/128663/union-ratifies-deal-with-information-services-128663.html
<![CDATA[Media files - Information Services Corp chief expects a “positive and stable” 2016 ]]> https://www.proactiveinvestors.com/companies/stocktube/5029/information-services-corp-chief-expects-a-positive-and-stable-2016-5029.html Mon, 16 May 2016 10:42:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/5029/information-services-corp-chief-expects-a-positive-and-stable-2016-5029.html <![CDATA[News - Information Services Corp spreads its wings ]]> https://www.proactiveinvestors.com/companies/news/125758/information-services-corp-spreads-its-wings-125758.html In a world of information overload it is good to know there are specialists such as Information Services Corporation (TSE:ISV) to make life easier.

It's a Saskatchewan-based business services provider that administers registries, such as land titles, as well as corporate and personal property (e.g. vehicles) registries, and it also maintains geographic databases.

All of this useful information is then made easily available to the general public.

If that sounds like the sort of service that is typically performed by local government, that's because it is. The Province of Saskatchewan was ahead of the curve, however, in hiving off the organization responsible for maintaining all of these records, and thus Information Services Corporation (ISC) floated on the Toronto Stock Exchange in 2013.

Prior to that it was a Crown corporation, a kind of government organization that operates at arm's length from the government.

Upon becoming a publicly listed company ISC executed a 20-year agreement with the Province of Saskatchewan to be the exclusive provider of the Province’s land titles registry, land surveys directory, personal property registry and corporate registry.

That mandate provides a solid bedrock upon which it can grow its business, both organically and through acquisition.

In essence, the company has two paths to growth: increase the range of services it provides, and expand the number of regions in which it provides them.

An example of the former was the completion in May last year of the development & implementation of the Saskatchewan Asbestos Registry, and other contracts with Saskatchewan were signed throughout the year, so the province is clearly a happy customer.

“What we do, we do very well,” said Jonathan Hackshaw, of ISC's Investor Relations department.

“When we were a Crown, we ran the business as if people had a choice, and that approach to customer service has continued and served us well,” Hackshaw added.

Its expertise in maintaining and providing key search and registry information services should prove appealing to other government agencies looking to outsource.

“We assume the operation and management of the services, integrate the people and the systems, and leave the government agencies to focus on what they do well,” Hackshaw explained.

Outsourcing the services also frees the government organizations from having to constantly upgrade their technology.

This being local government with very long sales cycles, this transformation in modus operandi is not going to happen overnight, but the pressure on government budgets is surely going to increase and the outsourcing option will look increasingly enticing under that scenario.

The acquisition in October 2015 of ESC Corporate Services, a company so complementary its name was virtually identical to ISC's, diversified the revenue stream and, importantly, expanded the geographical footprint beyond Saskatchewan.

ESC provides law firms, corporations, financial service institutions and others with services across Canada and around the world.

It has offered these corporate services in Ontario since 2009 in Quebec since 2014.

Diversification is important for the company, because although it has a solid revenue stream that comes from providing essential services that individuals and corporations will always need, growth is undeniably easier when economic activity is rising.

In a Canadian economy that has been hit by the downturn in commodity markets, the importance of not relying too much on one sector has been underlined.

“Saskatchewan is a very diversified economy,” Hackshaw stressed. “We have broad resource and industry sectors, such as mining and agriculture, which can help weather a downturn.

Perhaps there is a reason why the company features wheat fields on its web site rather than oil derricks …

Nevertheless, it is undeniable that ISC had to do a lot of running to stand still in 2015.

Revenue for the year was C$78.3mln, down 2.7% from the year before, while adjusted underlying earnings (EBITDA) eased to C$30.4mln from C$31.6mln the year before.

The adjusted EBITDA margin held up well, declining only a little to 38.8% in 2015 from 39.2% in 2014.

This looks a very suitable stock for the proverbial widows and orphans, with a full-year dividend pay-out of 80 cents, maintained from the year before. At the current share price of around C$15, the stock offers a yield of 5.3%.

“Despite a year-over-year decline in revenue, ISC generated C$21.5mln in free cash flow in 2015 and has generated nearly C$69mln since going public in July 2013,” chairman Joel Teal told shareholders in the company’s latest annual report.

That free cash flow enabled the company to shell out C$14mln in dividends in 2015, and over a nine-quarter period as a public company it has paid out more than C$31mln in dividends.

Meanwhile, the company has got off to a solid start to 2016.

Both the Registries and Services segments performed well in the first quarter and made strong contributions to results. The year-over-year improvement in free cash flow and margins is a reflection of the addition of ESC to the revenue stream, as well as prudent management of expenses, which continues to serve the company well in a flat economy.

Revenue and earnings growth may have stalled last year but while pocketing the dividends, shareholders can also look forward to the possibility of a return to revenue and earnings growth, as the company pursues its steady-as-she-goes growth strategy.

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Thu, 12 May 2016 09:44:00 -0400 https://www.proactiveinvestors.com/companies/news/125758/information-services-corp-spreads-its-wings-125758.html
<![CDATA[News - Information Services Corp makes solid start to 2016 ]]> https://www.proactiveinvestors.com/companies/news/125756/information-services-corp-makes-solid-start-to-2016-125756.html Registry and information services provider Information Services Corp (TSE:ISV) saw first quarter underlying earnings rise more than a third despite relatively flat revenues from registry services.

Total revenue rose to C$19.6mln from C$16.0mln the year before, largely as a result of a first time contribution of C$3.3mln from ESC Corporate Services, the company it acquired in October of last year.

Earnings before interest, tax, depreciation and amortization (EBITDA) in the first quarter of 2016 rose to C$5.08mln from C$3.76mln in the same period of 2015, while adjusted EBITDA climbed to C$5.47mln from C$3.78mln.

The adjusted EBITDA margin improved to 27.9% from 23.6%.

Net income clocked in at C$2.20mln, up from C$1.72mln the year before, while free cash flow was an impressive C$3.3mln, which Jeff Stusek, president and chief executive of Information Services Corp (ISC) said was a reflection of the addition of recently acquired ESC and careful management of expenses.

Earnings per share rose to 13 cents from 10 cents last year.

Although it is beginning to diversify away from its home market of Saskatchewan, the company's revenue is still largely dependent on economic activity in the province, and this accounts for the slight dip in Land Registry revenue to C$11.50mln from C$11.70mln the year before.

Revenue from the Personal Property Registry rose to C$2.23mln from C$2.11mln, while the Corporate Registry weighed in with a C2.59mln contribution, up from C$2.20mln in the first quarter of last year.

At present, ISC expects the 2016 Saskatchewan economy to be similar to 2015, while moderate growth is anticipated for the central Canadian markets. As a result, ISC reiterates that its expected consolidated EBITDA margin for fiscal 2016 will be in the range of 32.0% to 34.0%.

According to several external forecasts, Saskatchewan's real gross domestic product growth is expected to be near zero after a weak 2015.

Away from the Registries side of the business, ISC expects its Services segment will see continued growth in ESC's core business, particularly in the financial services and legal sectors in Ontario and Quebec.

The expectation is that the growing base of new customers, as well as new mandates from existing customers, will continue to support overall revenue growth for the Services division, ISC said.

The company had cash of C$33.8mln and Total debt of C$24.2mln at the end of March. It has declared a quarterly dividend of 20 cents per class A share to be paid to shareholders who are on the registry at the end of June.

"The first quarter of 2016 was a solid start to the year for us. Both our Registries and Services segments performed well and made strong contributions to our results,” Stusek said.

“We will continue to stay the course while we look for ways to further diversify our revenue stream and generate long-term shareholder value," he added.

 

(An overview of ISC's business can be found here)

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Tue, 10 May 2016 09:31:00 -0400 https://www.proactiveinvestors.com/companies/news/125756/information-services-corp-makes-solid-start-to-2016-125756.html
<![CDATA[Media files - Information Services Corp CEO: Simple business approach key to success ]]> https://www.proactiveinvestors.com/companies/stocktube/4800/information-services-corp-ceo-simple-business-approach-key-to-success-4800.html Tue, 22 Mar 2016 09:33:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/4800/information-services-corp-ceo-simple-business-approach-key-to-success-4800.html <![CDATA[News - Information Services Corp to continue focus on improving margins ]]> https://www.proactiveinvestors.com/companies/news/123763/information-services-corp-to-continue-focus-on-improving-margins-123763.html Information Services Corp (TSE:ISV) cheered the market, revealing a solid finish to 2015, despite tougher market conditions.

The Saskatchewan-based registry and information services provider saw total revenue in the final quarter of last year rise to C$22.58mln from C$19.76mln in the same period of 2014, while underlying earnings, or EBITDA, advanced to C$8.19mln from C$7.04mln a year earlier.

The EBITDA margin hardened to 36.3% from 35.6% 12 months earlier.

For the year as a whole, EBITDA eased to C$28.3mln from C$30.2mln in 2014, as revenue dipped to C$78.32mln from C$80.46mln, reflecting a decline in economic activity in Saskatchewan, which is heavily dependent on an energy industry that is reeling from collapsing oil prices.

“As expected, the slowing of the economy in 2015, especially in the real estate sector, had a direct impact on total revenue. Despite this, we achieved a healthy EBITDA margin and also delivered service levels that exceeded our Master Service Agreement requirements with the Government of Saskatchewan,” declared Jeff Stusek, president and chief executive officer of Information Services.

"We also successfully acquired ESC Corporate Services Ltd, which diversified our revenue stream and expanded our presence beyond Saskatchewan. All in all, I'm very pleased with our performance in 2015,” Stusek added.

The company ended the year with cash of C$36.6mln, up from C$33.6mln at the end of 2014, and total long-term debt of C$24.56mln.

Currently, the majority of the company's revenue is linked to registry transaction volumes and values, and these are driven by economic conditions in Saskatchewan. The remainder of its revenue is linked to the overall economic conditions in Ontario and Quebec.

At present, the company expects the 2016 Saskatchewan economy to be similar to 2015, while a slowing economy is anticipated for the central Canadian market.

As a result, the company expects its consolidated EBITDA margin for fiscal 2016 will be in the range of 32.0% to 34.0%.

Information Services Corp is currently budgeting for the Saskatchewan economy in 2016 to be on a par with 2015, with many forecasting bodies predicting zero economic growth this year for the province.

Concerns exist related to commodity prices such as oil and potash. There may be a negative impact on registry revenues if the economy continues to experience challenges in 2016, the company said.

“Overall, we anticipate transaction volumes in the Land Titles Registry for 2016 to be comparable to 2015. The Land Titles Registry continued to see a large number of high-value property registrations in 2015 and, while high value property registrations in 2013 through 2015 were higher than our long-term average of 5.3% (2007-2014), we expect them to return towards a normalized level in 2016,” the company told investors.

For the Personal Property Registry, Saskatchewan new motor vehicle sales are anticipated to be lower in 2016 compared to 2015 volumes, according to Scotiabank. Similarly, Information Services expect key transaction volumes in the Personal Property Registry for 2016 will be little changed from 2015.

For the Corporate Registry, steady growth of active business entities contributes to stabilized revenue of the maintenance portion of the Corporate Registry, the company said.

New entity growth slowed in 2015 and this trend may continue into 2016, but the company said it expected key transaction volumes to be consistent with those seen in 2015.

In the Services part of the business, the growth of recently-acquired ESC's core business is tipped to continue in the areas of financial services and the legal sectors, where Information Services is keen to continue diversifying its customer base.

The expectation is that the growing base of new customers, as well as new mandates from existing customers, will continue to support overall revenue growth. The company said it will continue to focus on cost efficiencies to improve margins.

“Focusing on ESC's strengths in data access, transposition and analysis will provide customers and partners with timely and useful business-critical information. This supports effective practice management for law firms, as well as provides more effective use of data in meeting compliance challenges for financial institutions,” the company said.

The board of directors has declared a quarterly cash dividend of 20 cents per Class A limited voting share.  

Shares were up 2.5% at C14.19 in morning trading.

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Wed, 16 Mar 2016 10:58:00 -0400 https://www.proactiveinvestors.com/companies/news/123763/information-services-corp-to-continue-focus-on-improving-margins-123763.html
<![CDATA[News - Information Services Corp lands Saskatchewan contracts through 2033 ]]> https://www.proactiveinvestors.com/companies/news/123372/information-services-corp-lands-saskatchewan-contracts-through-2033-123372.html Information Services Corp (TSE:ISV) has unveiled a new business win, signing an agreement with the Province of Saskatchewan to continue operations under two existing programs up until 2033.

The company, the exclusive provider of the land titles, surveys, personal property and corporate registries for Saskatchewan, confirmed in a news release that it had now signed a new programs operating agreements (POA) for the Common Business Identifier (CBI) program and the Business Registrations Saskatchewan (BRS) program.

Under the agreements, ISV is set to receive $825,000 per year in operating fees in return for managing and operating the CBI and BRS programs on behalf of the province.  The fee is to be reviewed annually, and such reviews will be linked to inflation.

And the company also clarified that the agreement adds to an existing master service agreement for several registries for the Province of Saskatchewan.

Jeff Stusek, ISV chief executive, said:  "We are pleased that the province continues to trust in our ability to manage and operate registries and programs effectively and efficiently on its behalf."

"The CBI and BRS programs simplify the formation of a new business or non-profit enterprise and make it easier to do business in Saskatchewan."

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Mon, 07 Mar 2016 09:24:00 -0500 https://www.proactiveinvestors.com/companies/news/123372/information-services-corp-lands-saskatchewan-contracts-through-2033-123372.html
<![CDATA[News - Information Services Corp named as one of top Saskatchewan employers ]]> https://www.proactiveinvestors.com/companies/news/122758/information-services-corp-named-as-one-of-top-saskatchewan-employers-122758.html Information Services Corporation (TSE:ISV) was named  as one of Saskatchewan's top employers in 2016.

ISC provides registry and information services for government, individuals and private sector business.

The firm  provides and maintains land titles, surveys, personal property and registries for Saskatchewan.

The accolade acknowledges top employers that lead their industries in offering exceptional places to work.

President and chief executive Jeff Stusek said: "Our employees are our greatest asset, committed to doing their jobs well and really knowing how to provide great service to our customers.

"This award is recognition of what we've achieved and also a reminder to continue building a company that people want to work for and are proud of."

Employers are evaluated by the editors of Canada's top 100 employers using the same eight criteria as the national competition.

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Fri, 19 Feb 2016 10:14:00 -0500 https://www.proactiveinvestors.com/companies/news/122758/information-services-corp-named-as-one-of-top-saskatchewan-employers-122758.html