Sylogist Announces Fiscal 2012 9 Month Results and Dividend Increase
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CALGARY, Aug. 27, 2012 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of technology based IP solutions, is pleased to release its unaudited financial results for the 9 months of fiscal 2012 ended June 30, 2012.
In the first 9 months of fiscal 2012:
- Cash flow from operations improved 22% to $3.8 million ($0.19 per share) compared to $3.1 million in the first 9 months of fiscal 2011.
- EBITDA improved to $3.2 million ($0.16 per share) compared to $3.0 million in the same period of fiscal 2011.
- Revenues in the period were $7.2 million, as compared to $7.5 million last year.
- Excluding non-cash items, profit was $3.1 million ($0.15 per share). Reported profit of $1.7 million was up 6% over the same period in fiscal 2011.
- Dividends paid in the period totalled $3.2M ($0.16 per share), an increase of 140% over the same period in fiscal 2011.
- Cash and short term investments as at June 30, 2012 totalled $14.8 million ($0.75 per share).
- Working capital (net of deferred revenue) was $15.5 million or $0.80 per share.
- Combined federal tax attributes at the end of June 2012 were approximately $7 million.
- The board of directors has declared a quarterly dividend of 3.5 cents per share on Sylogist's Common Shares, an increase of 17% over the previous quarter. The dividend will be treated as an eligible dividend within the meaning of the Income Tax Act (Canada). The dividend will be paid on September 18, 2012 to shareholders of record at the close of business on September 7, 2012.
"Results in the first 9 months of fiscal 2012 improved over the previous year. Key financial metrics including cash flow from operations, EBITDA and profit increased over the same period in fiscal 2011. Moving into fiscal 2013 we expect a material increase in recurring revenue, cash flow from operations and EBITDA over 2012 results. This positive change reflects the implementation of market based pricing that recognizes the competitive value of our comprehensive solutions, specifically in education payroll and related services, which few others can offer. Given the expected increase in cash flow and EBITDA, the board has increased the quarterly dividend to 3.5 cents per share, subject to further review concurrent with Q1 2013 reported results," stated Jim Wilson, Chairman, President and CEO.
Sylogist is a technology innovation and licensing company which, through strategic acquisitions, investments and operations management, provides intellectual property solutions to a wide range of public and private sector customers.
Full financial statements together with Management's Discussion and Analysis are available on SEDAR.
Information about Sylogist can be found at http://www.sylogist.com. The Company's stock is traded on the TSX Venture Exchange under the symbol "SYZ".
This news release contains forward-looking statements relating to the future operations and profitability of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sylogist. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Sylogist does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
- Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release-
SOURCE: Sylogist Ltd.For further information:
Jim Wilson, President and CEO