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Davis + Henderson Q1 profit, revenue jump in wake of US$1.2-billion acquisition

TORONTO - Davis + Henderson Corp. (TSX:DH) has reported sharply higher profit and revenue in this year's first quarter, thanks to the financial service technology company's internal growth, the elimination of a non-core business and the US$1.2-billion acquisition of a U.S. software company that serves the banking sector.

The Toronto-based company had $12 million of net income under standard accounting and $38 million after adjustments in the first quarter on revenue of $266.3 million, both up dramatically compared with a year earlier and prior to the acquisition of Harland Financial Solutions.

Revenue was up 55 per cent from $171.7 million a year before, with D+H's U.S. segment accounting for nearly half of the total, while adjusted net income was up 68 per cent from $23.1 million in 2013 and net income more than doubled from $5.7 million.

Earnings per share didn't rise as much, on a relative basis, due to additional shares outstanding as a result of equity issued to fund some of the Harland deal.

On an adjusted basis, Davis + Henderson earned about 48 cents per share, up from 39 cents per share in the first quarter of 2013 and in line with analyst estimates of 48 cents per share as compiled by Thomson Reuters.

Net income without adjustments was 14.84 cents per share, up from 9.69 cents per share a year before. Last year's net profit was reduced by D+H's discontinued operations, which lost 18.06 cents per share in the first quarter of 2013, prior to being divested last May.

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