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Services or for dissemination in the United States./
CALGARY, Jan. 16, 2012 /CNW/ - Sylogist Ltd. (TSXV:SYZ) ("Sylogist"), a leading provider of intellectual property solutions to public and
private sector customers, announces its audited financial results for
the fiscal year ended September 30, 2011.
In fiscal 2011:
Net income per fully diluted share was $0.09 compared to $0.17 in 2010.
Total net income after tax was $1.9 million compared to $3.1 in 2010.
EBITDA(1) was $3.8 million compared to $4.2 million in the previous year.
Cash Flow from Operations was up 16% to $4 million.
Gross profit margins improved to 72%, up from 63% in fiscal 2010.
Revenues increased by 4% year over year to $10.1 million.
Cash and short-term investments as at September 30, 2011 totalled $14.2
million or $0.71 per share.
Working capital (net of deferred revenue)(1) was $15.7 million or $0.78 per share.
Federal tax pools at the end of fiscal 2011 stood at $10 million.
Dividends payments doubled to $1.8 million compared to $0.9 million in
the previous year.
"Fiscal 2011 saw increases in revenue, profit margins, cash flow from
operations and dividend payments to shareholders. Net income compared
to fiscal 2010 results was lower due to non-cash expenses including
stock compensation, future taxes, and investment tax credits. We are
pleased with the results." stated Jim Wilson, Chairman, President and
CEO of Sylogist Ltd.
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
(1)EBITDA and Working Capital are non-GAAP financial measures. EBITDA
is calculated as earnings before stock based compensation, interest,
income taxes, depreciation and amortization. Working Capital is
calculated as current assets less current liabilities adjusted for
(2) Per share calculations are based on the weighted average number of
shares outstanding at year end.
Full financial statements together with Management's Discussion and
Analysis are available on SEDAR.
The Company's stock is traded on the TSX Venture Exchange under the
symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
This news release contains forward-looking statements relating to the
future operations 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