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CALGARY, Aug. 18 /CNW/ - Sylogist Ltd. ("Sylogist") (TSX-V:SYZ), a leading provider of enterprise information management solutions to municipal, education and private sector customers, is pleased to release its unaudited financial results for the 9 months and third quarter of fiscal 2010 ended June 30, 2010.
In the first 9 months of fiscal 2010:
- Revenues increased to $7.6 million from $6.8 million in the same
9 month period a year earlier.
- Gross profit margins improved to 63%, up from 52% in the comparable
9 months last year.
- Net after tax earnings improved to $2.8 million or $0.17 per share
from $0.8 million or $0.05 per share in the same nine month period
- EBITDA(1) was $2.7 million or $0.16 per share.
- The Sylogist Board declared a quarterly dividend of 1.75 cents per
common share, an increase of 0.10 cents over the previous quarter.
In the third quarter of fiscal 2010:
- Revenues were $2.4 million compared to $2.7 million in the same
period last year.
- Gross profit margins improved to 66%, up from 55% in the third
quarter of fiscal 2009.
- Net after tax earnings improved to $885,000 or $0.05 per share from
$0.02 in the same period in 2009.
- EBITDA(1) was $855,000 ($0.05 per share).
- Cash and cash equivalents as at June 30, 2010 totalled $7.2 million
($0.43 per share).
- Working capital (net of deferred revenue) was $8.6 million or
$0.51 per share.
- Combined federal and provincial tax pools at the end of June 2010
were approximately $13 million.
For the trailing 12 month period:
- Revenues increased 19% to $10.1 million from $8.5 million compared
to the previous 12 month period.
- Gross profit margins improved to 63%, up from 49% in the same
12 months a year earlier.
- Net after tax earnings improved to $3.5 million or $0.20 per share
- EBITDA(1) was $3.4 million or $0.20 per share.
"Profitability for the third quarter of fiscal 2010 was significantly better than the same quarter last year because of better gross margins on sales. During the third quarter, additional funds were allocated to marketing and development to focus on organic growth opportunities that are available in our market. Subsequent to the end of the third quarter of fiscal 2010, Sylogist raised gross proceeds of $6.9 million through an oversubscribed private placement priced at $2.10 per share. The Company's cash position now stands at more than $14 million ($0.70 per share) providing flexibility to pursue growth opportunities", stated Jim Wilson, Chairman, President and CEO.
(1) EBITDA: earnings before stock based compensation, interest, income taxes, depreciation and amortization.
Sylogist provides leading financial enterprise information management systems, system connectivity solutions and portal applications to municipal, education and private sector customers.
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.
- The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release -
SOURCE Sylogist Ltd.
For further information: For further information: Jim Wilson, President and CEO, Sylogist Ltd., (403) 266-4808