Aimia reports first quarter results

Strong Growth in Net Earnings & Adjusted EBITDA; 7% Dividend Increase

• Record consolidated Gross Billings and Adjusted EBITDA driven by
  continued strength and momentum of Nectar UK and Nectar Italia along
  with strong credit card performance and margin expansion in Canada
• US/APAC region recovery on track; pivotal agreement signed with Standard
  Chartered Bank
• 2012 guidance confirmed – outlook calls for growth in both top line and
  Adjusted EBITDA along with further investment in global footprint
• Common share dividend increased by 7% to $0.64 per share on an annual
  basis
• Normal Course Issuer Bid renewed

FIRST QUARTER HIGHLIGHTS	Three Months Ended March 31,		Year Over Year3
(in millions of Canadian dollars, except per share amounts)	2012	2011	% Change
	As Reported		As Reported	Constant Currency1
Gross Billings	536.6	527.9	1.7	1.2
Total Revenue	567.7	546.2	3.9	3.5
Net Earnings	44.6	25.3	76.7	na
Earnings per Common Share	0.24	0.12	100.0	na
Adjusted EBITDA2	88.9	72.6	22.5	22.5
Free Cash Flow before Dividends Paid2	18.3	(21.2)	186.6	na

1	Constant currency excludes the translation effect of foreign operations on consolidated results.  For more information on constant currency please refer to the Use of Non-GAAP Financial Information section of this news release.
2	A non-GAAP measurement, please refer to the Use of Non-GAAP Financial Information section of this news release.
3	Discrepancies in variances may arise due to rounding.

MONTREAL, May 3, 2012 /CNW Telbec/ – (TSX:AIM) Aimia today reported its
financial results for the first quarter ended March 31, 2012. All
financial information is in Canadian dollars unless otherwise noted.

“We had a strong start to the year and we are on track to deliver
results in line with our guidance” said Rupert Duchesne, Group Chief
Executive. “Our Canadian business posted record profitability as we
continued to benefit from significant margin expansion despite some top
line softness. In EMEA, our Nectar UK program achieved its third
consecutive quarter of double digit top line growth, underscoring its
leading position in the market. In addition, I am pleased to say that
our US/APAC region is on the road to recovery following the rightsizing
exercise implemented within our US operations last year. While the
economy remains challenging in several of our key markets, we are well
positioned to achieve our long-term growth objectives.”

Added Duchesne, “Our focus continues to be on the creation of long term
shareholder value, and our announcement today of an increase in our
dividend, together with the renewal of our Normal Course Issuer Bid,
further demonstrates our ongoing commitment to shareholders.”

First Quarter Highlights
Consolidated – Solid Start to the Year

• First quarter Gross Billings of $536.6 million, an increase of 1.7 per cent or 1.2 per cent on a constant currency basis compared with the same period in 2011
• Adjusted EBITDA of $88.9 million in the quarter, an increase of 22.5 per cent compared to the same period in 2011
• Record Adjusted EBITDA due to significant margin expansion in Canada

Canada – Benefits from Margin Expansion

• First quarter Gross Billings of $313.2 million compared with $319.9 million in the same period of 2011
• Gross Billings were down slightly in the first quarter as overall strong
  credit card performance along with strength on the retail side was
  offset by a reduction in accumulation at Air Canada and by reduced
  performance in the financial vertical in the proprietary loyalty
  service area
• Adjusted EBITDA of $97.4 million in the first quarter, an increase of 10.7 per cent compared to the prior year period
• Strong growth in Aeroplan’s Adjusted EBITDA was attributable to improved
  margins driven by lower unit costs and a favourable redemption mix
• Aeroplan Miles issued decreased by 0.5 per cent in the quarter
• Total Aeroplan Miles redeemed increased by 7.5 per cent in the quarter
  driven primarily by the popularity of a new air redemption product, the
  mileage grid change implemented in 2011 and an increase in volume of
  non-air redemptions
• Redemptions as a result of the implementation of the seven year mileage
  expiry policy at the end of 2013 continue to fall within our
  expectations
• Launched Destination Miles, a new service exclusive to Aeroplan members that allows members to earn
  miles while using cash to book hotel stays, car rentals and vacation
  packages through Aeroplan affiliate Destination Miles Booking Service
• Proprietary Loyalty Services awarded a multi-year contract in the retail
  energy sector

Europe, Middle East & Africa (EMEA) – Strong Momentum Continues

• First quarter Gross Billings of $143.9 million, an increase of 19.0 per cent or 19.7 per cent on a constant currency basis compared with the same period in 2011
• Adjusted EBITDA of $4.0 million in the quarter, an increase of $0.8 million or 25.9 per cent compared to the first quarter 2011. Note that these results were
  achieved under the new Breakage rates associated with the signing of
  the new long term contracts with Sainsbury’s and HSBC, the revised
  commercial terms of which became effective on April 1, 2012. Applying
  the current Breakage rates in the Nectar UK and Air Miles Middle East
  programs to the prior year period would result in a year on year
  increase in Adjusted EBITDA of $4.2 million
• Nectar Points issued in the first quarter increased by 22.5 per cent
  compared to the same period in 2011, driven by strong underlying growth
  at Sainsbury’s, Homebase and new program partner, British Gas
• Redemption activity for the Nectar Program increased by 15.3 per cent in
  the quarter mainly driven by an increase in the number of Nectar Points
  outstanding
• In the first quarter, Nectar Italia Gross Billings increased by $3.3
  million, while Nectar Italia Points issued increased by 19.6 per cent
  in comparison to the same period in 2011 due to program growth,
  increased bonusing and the introduction of a new retail partner
• Gross Billings for Intelligent Shopper Solutions (ISS) increased by 23.3
  per cent due to increased activity related to the international
  expansion of its services

US & Asia Pacific – Recovery on Track

• First quarter Gross Billings of $80.9 million, a decrease of 8.0 per cent or 11.7 per cent on a constant currency basis compared to the same period 2011. Excluding the impact of the Qantas
  loss, Gross Billings were down 2.8 per cent or 6.7 per cent on a constant currency basis
• First quarter Adjusted EBITDA of $1.8 million, compared to an Adjusted EBITDA of ($6.9) million in 2011
• The decrease in Gross Billings was related to the loss of the Qantas
  business and the impact of the remaining phase-out of a portion of the
  Visa business in the US
• The improvement in Adjusted EBITDA resulted from the successful
  restructuring and rightsizing undertaken within the US operations in
  2011
• Pivotal agreement announced with Standard Chartered Bank to enhance its
  rewards proposition across markets in Asia, Africa, and the Middle East

Cash Flow and Financial Position
At March 31, 2012, Aimia had $179.8 million of cash and cash
equivalents, $17.4 million of restricted cash, $52.9 million of
short-term investments and $280.7 million of long-term investments in
bonds, for a total of $530.8 million.

Aimia’s Free Cash Flow (before dividends paid) was $18.3 million at
quarter end compared to $(21.2) million at the end of the first quarter
of 2011. Free Cash Flow showed an improvement year over year primarily
due to working capital associated with timing of receivable collections
and the return to normalized inventory levels.

Normal Course Issuer Bid
During the first quarter of 2012, pursuant to the Normal Course Issuer
Bid (NCIB) previously announced on May 12, 2011, the corporation
purchased 480,000 common shares for total cash consideration of $5.9
million. Subsequent to March 31, 2012, Aimia purchased 1,481,900 
common shares for total cash consideration of $18.3 million, pursuant
to the NCIB. In addition, on May 3, 2012, Aimia received approval from
the Toronto Stock Exchange and announced the renewal of its NCIB to
repurchase up to 17,179,599 of its issued and outstanding common shares
during the period from May 16, 2012 to May 15, 2013.

Dividend Policy and Dividends Declared
On May 3, 2012, the Board of Directors approved a 7% increase to the
dividends payable on the Corporation’s common shares to $0.64 per
common share per year, or $0.16 per common share per quarter.

Common Shares
The Board of Directors declared a quarterly dividend of $0.16 per common
share, payable on June 29, 2012 to shareholders of record at the close
of business on June 15, 2012.

Preferred Shares
The Board also declared a quarterly dividend in the amount of $0.40625
per Cumulative Rate Reset Preferred Share, Series 1, payable on June
29, 2012 to the holders of record at the close of business on June 15,
2012.

Dividends paid by Aimia to Canadian residents on both its common and
preferred shares are “eligible dividends” for Canadian income tax
purposes.

2012 Outlook

The Corporation has no revisions to the 2012 annual guidance provided in
the February 22, 2012 earnings press release

Guidance (as provided February 22, 2012)
For the year ending December 31, 2012, Aimia expects to report the
following:

Key Financial Metric	Target Range
Consolidated Outlook
Gross Billings Growth 1	Between 3% and 5%
Adjusted EBITDA2	Between $370 and $380 million
Free Cash Flow 2,3	Between $220 million and $240 million
Capital Expenditures	To approximate $55 million
Income Taxes	Current income tax rate is anticipated to approximate 27% in Canada and 17% in Italy. The Corporation expects no significant cash income taxes will be incurred in the rest of its foreign operations.
Business Segment Gross Billings Growth Outlook
Canada	Between 2% and 4%
EMEA	Between 8% and 11%
US & APAC1	Between -2% and 2%
Other
Nectar Italia	Greater than €60 million in Gross Billings

1	The Gross Billings growth guidance excludes the effect of a client loss (Qantas) in APAC at the end of the first quarter of 2012. The target growth ranges are based on 2011 reported Gross Billings, excluding $40 million related to Qantas. The client loss will have a negligible impact on Adjusted EBITDA.
2	The Adjusted EBITDA and Free Cash Flow outlook range includes an assumption of planned incremental operating expenses in business development activities, principally in the U.S., India and Brazil, technology platform related expenditures that are operating in nature and additional brand related expenses associated with our new branding, which in total will approximate $20 million in 2012.
3	Free Cash Flow before dividends.

The above guidance excludes the effects of fluctuations in currency
exchange rates. In addition, Aimia made a number of economic and market
assumptions in preparing its 2012 forecasts, including assumptions
regarding the performance of the economies in which the Corporation
operates and market competition and tax laws applicable to the
Corporation’s operations. The Corporation cautions that the assumptions
used to prepare the above forecasts for 2012, although reasonable at
the time they were made, may prove to be incorrect or inaccurate.
Accordingly, our actual results could differ materially from our
expectations as set forth in this news release. The outlook provided
constitutes forward-looking statements within the meaning of applicable
securities laws and should be read in conjunction with the “Caution
Concerning Forward-Looking Statements” section.

Use of Non-GAAP Financial Information
In order to provide a better understanding of the results, the following
indicators are used:

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization
EBITDA adjusted for certain factors particular to the business, such as
changes in deferred revenue and Future Redemption Costs (“Adjusted
EBITDA”), is used by management to evaluate performance, and to measure
compliance with debt covenants. Management believes Adjusted EBITDA
assists investors in comparing the Corporation’s performance on a
consistent basis without regard to depreciation and amortization, which
are non-cash in nature and can vary significantly depending on
accounting methods and non-operating factors such as historical cost.

Adjusted EBITDA is not a measurement based on GAAP, is not considered an
alternative to operating income or net income in measuring performance,
and is not comparable to similar measures used by other issuers. For a
reconciliation to GAAP, please refer to the Summary of Consolidated
Operating Results and Reconciliation of EBITDA, Adjusted EBITDA,
Adjusted Net Earnings and Free Cash Flow included in the attached schedule. Adjusted EBITDA should not be used as
an exclusive measure of cash flow because it does not account for the
impact of working capital growth, capital expenditures, debt repayments
and other sources and uses of cash, which are disclosed in the
statements of cash flows.

Adjusted Net Earnings
Adjusted Net Earnings provides a measurement of profitability calculated
on a basis consistent with Adjusted EBITDA. Net earnings attributable
to equity holders of the Corporation are adjusted to exclude
Amortization of Accumulation Partners’ contracts, customer
relationships and technology, share of net earnings (loss) of PLM and
impairment charges. Adjusted Net Earnings includes the Change in
deferred revenue and Change in Future Redemption Costs, net of the
income tax effect and non controlling interest effect (where
applicable) on these items at an entity level basis.

Adjusted Net Earnings is not a measurement based on GAAP, is not
considered an alternative to net earnings in measuring profitability,
and is not comparable to similar measures used by other issuers. For a
reconciliation to GAAP, please refer to the Summary of Consolidated
Operating Results and Reconciliation of EBITDA, Adjusted EBITDA,
Adjusted Net Earnings and Free Cash Flow included in the attached
schedule.

Standardized Free Cash Flow (“Free Cash Flow”)
Free Cash Flow is a non-GAAP measure recommended by the CICA in order to
provide a consistent and comparable measurement of free cash flow
across entities of cash generated from operations and is used as an
indicator of financial strength and performance.

Free Cash Flow is defined as cash flows from operating activities, as
reported in accordance with GAAP, less adjustments for:

(a)	total capital expenditures as reported in accordance with GAAP; and
(b)	dividends, when stipulated, unless deducted in arriving at cash flows from operating activities.

For a reconciliation to cash flows from operations please refer to the
Summary of Consolidated Operating Results and Reconciliation of EBITDA,
Adjusted EBITDA, Adjusted Net Earnings and Free Cash Flow included in
the attached schedule.

EBITDA and Free Cash Flow are non-GAAP measurements recommended by the
CICA in accordance with the recommendations provided in their October
2008 publication, Improved Communications with Non-GAAP Financial Measures – General
Principles and Guidance for Reporting EBITDA and Free Cash Flow.

Constant Currency
Because exchange rates are an important factor in understanding period
to period comparisons, the presentation of various financial metrics on
a constant currency basis or after giving effect to foreign exchange
translation, in addition to the reported metrics, helps improve the
ability to understand operating results and evaluate performance in
comparison to prior periods. Constant currency information compares
results between periods as if exchange rates had remained constant over
the periods. Constant currency is derived by calculating current-year
results using prior-year foreign currency exchange rates. Results
calculated on a constant currency basis should be considered in
addition to, not as a substitute for, results reported in accordance
with GAAP and may not be comparable to similarly titled measures used
by other companies.

Q1 2012 Conference Call / Audio Webcast
Aimia will host a conference call to discuss its first quarter 2012
financial results at 8:00 a.m. ET on Friday, May 4, 2012. The call can
be accessed by dialing 1-800-731-5319 or 416-644-3426 for the Toronto
area. The call will be simultaneously audio webcast at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3789940

A slide presentation intended for simultaneous viewing with the
conference call will be available the evening of May 3, 2012 at: https://www.aimia.com/English/Investors/Financial-Reports/Quarterly-Reports/default.aspx and an archived audio webcast will be available at: https://www.aimia.com/English/Investors/Presentations-and-Events/Events/default.aspx for ninety days following the original broadcast.

The audited consolidated financial statements, the MD&A and a financial
highlights presentation will be accessible on the investor relations
website at: https://www.aimia.com/English/Investors/Financial-Reports/Quarterly-Reports/default.aspx.

About Aimia

Groupe Aeroplan Inc., doing business as Aimia (“Aimia” or the
“Corporation”), is a global leader in loyalty management. Aimia’s
unique capabilities include proven expertise in delivering proprietary
loyalty services, launching and managing coalition loyalty programs,
creating value through loyalty analytics and driving innovation in the
emerging digital and mobile spaces. Aimia owns and operates Aeroplan,
Canada’s premier coalition loyalty program and Nectar, the United
Kingdom’s largest coalition loyalty program. In addition, Aimia has
majority equity positions in Air Miles Middle East and Nectar Italia as
well as a minority position in Club Premier, Mexico’s leading coalition
loyalty program, and Cardlytics, a US-based private company operating
in merchant-funded transaction-driven marketing for electronic banking.

Aimia is a Canadian public company listed on the Toronto Stock Exchange
(TSX:AIM) and has over 3,400 employees in more than 20 countries around
the world. For more information about Aimia, please visit www.aimia.com.

Caution Concerning Forward-Looking Statements
Forward-looking statements are included in this news release. These
forward-looking statements are identified by the use of terms and
phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and
similar terms and phrases, including references to assumptions. Such
statements may involve but are not limited to comments with respect to
strategies, expectations, planned operations or future actions.

Forward-looking statements, by their nature, are based on assumptions
and are subject to important risks and uncertainties. Any forecasts,
predictions or forward-looking statements cannot be relied upon due to,
among other things, changing external events and general uncertainties
of the business and its corporate structure. Results indicated in
forward-looking statements may differ materially from actual results
for a number of reasons, including without limitation, dependency on
top accumulation partners and clients, conflicts of interest, greater
than expected redemptions for rewards, regulatory matters, retail
market/economic conditions, industry competition, Air Canada liquidity
issues, Air Canada or travel industry disruptions, airline industry
changes and increased airline costs, supply and capacity costs,
unfunded future redemption costs, failure to safeguard databases and
consumer privacy, changes to coalition loyalty programs, seasonal
nature of the business, other factors and prior performance, foreign
operations, legal proceedings, reliance on key personnel, labour
relations, pension liability, technological disruptions and inability
to use third party software, failure to protect intellectual property
rights, interest rate and currency fluctuations, leverage and
restrictive covenants in current and future indebtedness, uncertainty
of dividend payments, managing growth, credit ratings, as well as the
other factors identified in this news release and throughout Aimia’s
public disclosure record on file with the Canadian securities
regulatory authorities.

The forward-looking statements contained herein represent Aimia’s
expectations as of May 3, 2012, and are subject to change after such
date. However, Aimia disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required under
applicable securities regulations.

SUMMARY OF CONSOLIDATED OPERATING RESULTS AND RECONCILIATION OF EBITDA, ADJUSTED EBITDA, ADJUSTED NET EARNINGS AND FREE
CASH FLOW

			Three Months Ended March 31,				%∆
(in thousands, except share and per share information)			2012		2011		Q1
			$		$
Gross Billings			536,636		527,880		1.7
Gross Billings from the sale of Loyalty Units			385,984		362,739		6.4
Revenue from Loyalty Units			418,215		378,852		10.4
Revenue from proprietary loyalty services			122,457		139,638		(12.3)
Other revenue			27,053		27,718		(2.4)
Total revenue			567,725		546,208		3.9
Cost of rewards and direct costs			(322,396)		(327,616)		(1.6)
Gross margin before depreciation and amortization (a)			245,329		218,592		12.2
Depreciation and amortization			(8,462)		(7,820)		8.2
Amortization of Accumulation Partners’ contracts, customer relationships and technology			(20,795)		(23,329)		(10.9)
Gross margin			216,072		187,443		15.3
Operating expenses			(140,931)		(137,981)		2.1
Amortization of Accumulation Partners’ contracts, customer relationships and technology			20,795		23,329		(10.9)
Operating income before amortization of Accumulation Partners’ contracts, customer relationships and technology			95,936		72,791		31.8
Depreciation and amortization			8,462		7,820		8.2
EBITDA (a)(c)			104,398		80,611		29.5
Adjustments:
	Change in deferred revenue
		Gross Billings	536,636		527,880
		Revenue	(567,725)		(546,208)
	Change in Future Redemption Costs (b)		15,553		10,270
		(Change in Net Loyalty Units outstanding x Average Cost of Rewards per Loyalty Unit for the period)
Subtotal of Adjustments			(15,536)		(8,058)
Adjusted EBITDA (c)			88,862		72,553		22.5
Net earnings attributable to equity holders of the Corporation			45,293		25,428
Weighted average number of shares			173,820,140		185,482,236
Earnings per common share (d)			0.24		0.12
Net earnings attributable to equity holders of the Corporation			45,293		25,428		78.1
Amortization of Accumulation Partners’ contracts, customer relationships and technology			20,795		23,329
Share of net earnings of PLM			(1,155)		(6,138)
Adjusted EBITDA Adjustments (from above)			(15,536)		(8,058)
Tax on adjustments (e)			6,633		1,657
Non-controlling interests share on adjustments above			(223)		(116)
Adjusted Net Earnings  (c)			55,807		36,102		54.6
Adjusted Net Earnings per common share (c)(d)			0.30		0.18
Net earnings attributable to equity holders of the Corporation			45,293		25,428
Earnings per common share (d)			0.24		0.12
Cash flow from operations			30,970		(14,841)
Capital Expenditures			(12,656)		(6,312)
Dividends			(28,905)		(25,813)
Free Cash Flow (c)			(10,591)		(46,966)		77.4
Total assets			4,839,171		5,014,085
Total long-term liabilities			1,316,989		1,578,713
Total dividends			28,905		25,813
Total dividends per preferred share			0.406		0.406
Total dividends per common share			0.150		0.125

 

(a)						Excludes depreciation and amortization as well as amortization of Accumulation Partners’ contracts, customer relationships and technology.
(b)						The per unit cost derived from this calculation is retroactively applied to all prior periods with the effect of revaluing the Future Redemption Cost liability on the basis of the latest available average unit cost.
(c)						A non-GAAP measurement.
(d)						After deducting dividends paid on preferred shares.
(e)						The effective tax rates, calculated as income tax expense  / earnings before taxes for the period on an entity level basis, are applied to the related entity level adjustments noted above.

 

SEGMENTED INFORMATION
At March 31, 2012, the Corporation had three operating segments: Canada,
EMEA and US & APAC.
The tables below summarize the relevant financial information by
operating segment:

(in thousands)	Three months ended March 31,
	2012		2011(g)		2012		2011(g)		2012		2011(g)		2012		2011		2012		2011(g)		2012		2011(g)
Operating segments	Canada				EMEA				US & APAC				Corporate (b)				Eliminations				Consolidated
	$		$		$		$		$		$		$		$		$		$		$		$
Gross Billings	313,237		319,871		143,869	(c)	120,896	(c)	80,914	(c)	87,965	(c)	–		–		(1,384)		(852)		536,636	(c)	527,880	(c)
Gross Billings from the sale of Loyalty Units	261,732		261,634		124,252		101,105		–		–		–		–		–		–		385,984		362,739
Revenue from Loyalty Units	320,483		296,172		97,732		82,680		–		–		–		–		–		–		418,215		378,852
Revenue from proprietary loyalty services	40,291		44,735		4,155		7,095		78,011		87,808		–		–		–		–		122,457		139,638
Other revenue	11,954		13,569		15,099		14,149		–		–		–		–		–		–		27,053		27,718
Intercompany revenue	9		171		80		149		1,295		532		–		–		(1,384)		(852)		–		–
Total revenue	372,737		354,647		117,066		104,073		79,306		88,340		–		–		(1,384)		(852)		567,725		546,208
Cost of rewards and direct costs	194,437		204,367		84,091		70,753		43,957		52,593		–		–		(89)		(97)		322,396		327,616
Gross margin before depreciation and amortization	178,300		150,280		32,975		33,320		35,349		35,747		–		–		(1,295)		(755)		245,329		218,592
Depreciation and amortization (a)	23,234		25,091		3,906		3,439		2,117		2,619		–		–		–		–		29,257		31,149
Gross margin	155,066		125,189		29,069		29,881		33,232		33,128		–		–		(1,295)		(755)		216,072		187,443
Operating expenses before share-based compensation	57,217		52,457		35,484		32,250		35,129		42,247		11,408		10,119		(1,295)		(755)		137,943		136,318
Share-based compensation	–		–		–		–		–		–		2,988		1,663		–		–		2,988		1,663
Total operating expenses	57,217		52,457		35,484		32,250		35,129		42,247		14,396		11,782		(1,295)		(755)		140,931		137,981
Operating income (loss)	97,849		72,732		(6,415)		(2,369)		(1,897)		(9,119)		(14,396)		(11,782)		–		–		75,141		49,462
Adjusted EBITDA (f)	97,411		88,017		4,019		3,193		1,828		(6,875)		(14,396)		(11,782)		–		–		88,862		72,553
Additions to non-current assets (d)	8,805		3,717		2,494		2,140		1,357		455		2,273		–		N/A		N/A		14,929		6,312
Non-current assets (d)	3,239,959		3,310,028		460,939	(e)	449,530	(e)	42,341	(e)	101,839	(e)	2,152		–		N/A		N/A		3,745,391	(e)	3,861,397	(e)
Deferred revenue	1,755,923		1,812,068		441,635		283,524		15,697		15,365		–		–		N/A		N/A		2,213,255		2,110,957
Total assets	3,746,746		3,934,202		889,015		840,863		142,831		197,031		60,579		41,989		N/A		N/A		4,839,171		5,014,085

 

(a)

Includes depreciation and amortization as well as amortization of Accumulation Partners’ contracts, customer relationships and technology.

(b)

Includes expenses that are not directly attributable to any specific operating segment. Corporate also includes the financial position and operating results of our operations in India, the investments in PLM and Cardlytics and Aimia’s share of PLM’s net earnings (loss).

(c)

Includes Gross Billings of $119.1 million in the UK and $46.1 million in the US for the three months ended March 31, 2012, compared to Gross Billings of $99.7 million in the UK and $48.9 million in the US for the three months ended March 31, 2011. Third party Gross Billings are attributed to a country on the basis of the country where the contractual and management responsibility for the customer resides.

(d)

Non-current assets includes amounts relating to goodwill, Accumulation Partners’ contracts, trade names, customer relationships, other intangibles, software and technology and property and equipment.

(e)

Includes non-current assets of $409.6 million in the UK and $35.9 million in the US as of March 31, 2012, compared to non-current assets of $398.9 million in the UK and $96.4 million in the US as of March 31, 2011.

(f)

A non-GAAP measurement.

(g)

Intercompany revenue and expenses related to the comparative period have been reclassified to conform with the presentation adopted in the current period.

  

 

 

 

Contact:

Media
JoAnne Hayes
416-352-3706
joanne.hayes@aimia.com

Analysts & Investors
Trish Moran
416-352-3728
trish.moran@aimia.com

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