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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Feb. 19, 2013 /CNW/ - Sylogist Ltd. (TSXV:SYZ) ("Sylogist" or
the "Corporation"), a provider of technology based IP solutions,
including enterprise information management systems for municipal,
utilities, education and private sector customers, is pleased to
announce its unaudited financial results for the first quarter of the
2013 fiscal year ended December 31, 2012.
In Q1 of Fiscal 2013:
Net income before tax increased to $1.3 millon or $0.07 per fully
diluted share, a 77% gain over the quarterly average of $ 0.7 million
in fiscal 2012.
Cash flow from operations was $1.6 million ($0.08 per share), a 58%
improvement over the fiscal 2012 quarterly average.
EBITDA(1) was $1.5 million ($0.08 per share), a 57% increase when compared to a
quarterly average of $1.0 million in the previous year.
Gross profit margins increased 10% to 79% of revenue compared to fiscal
Revenues were $2.8 million, 19% higher than the fiscal 2012 quarterly
Cash and cash equivalents as at December 31, 2012 totalled $11 million
or $0.60 per share.
Working capital (net of deferred revenue) was $12 million or $0.62 per
Federal tax pools at the end of Q1 fiscal 2013 stood at $ 4.8 million.
"The financial results for the first quarter of fiscal 2013 exceeded our
expectations, achieving our best financial results to date. Virtually
all financial metrics demonstrated significant improvement over fiscal
2012 results, some dramatically. With substantial cash flow from
operating results and a strong balance sheet, we are looking for
appropriate acquisitions that build our market share and leverage our
management strengths. Our recent acquisition of fuel system management
assets fits well into our acquisition strategy" stated Jim Wilson,
Chairman, President and CEO.
Sylogist is a technology innovation company which, through strategic
acquisitions, investments and operations management, provides
intellectual property solutions to a wide range of public and private
(1) EBITDA and Cash Flow from Operations are a non-IFRS financial
measure: earnings before stock based compensation, interest, income
taxes, depreciation and amortization.
(2) Per share calculations are based on the weighted average number of
shares outstanding at December 31, 2012
Full financial statements together with Management's Discussion and
Analysis are available on SEDAR.
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