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CALGARY, Feb. 11 /CNW/ - Sylogist Ltd. (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 first quarter of fiscal 2010 ended December 31, 2009.
In the first quarter of fiscal 2010:
- Revenues increased 25% to $2.6 million from $2.0 million in the same
period last year.
- Gross profit margins improved to 63%, up from 45% in first quarter of
- Net after tax earnings improved to $935,000 or $0.06 per share, a
six-fold increase over the same period in 2009.
- EBITDA was $919,000 ($0.06 per share).
- Cash and cash equivalents as at December 31, 2009 totalled
$4.8 million ($0.29 per share).
- Working capital (net of deferred revenue) was $9.6 million or $0.57
- Combined federal and provincial tax pools at the end of December 2009
were approximately $14 million.
- The Sylogist Board declared a quarterly dividend of 1.5 cents per
In the trailing 6 months:
- Revenues increased 34% to $5 million from $3.7 million compared to
the same 6 months a year earlier.
- Gross profit margins improved to 62%, up from 44% in the comparable
6 months of the prior year.
- Net after tax earnings improved to $1.6 million or $0.10 per share.
- EBITDA was $1.6 million or $0.10 per share.
For the trailing 12 month period:
- Revenues increased 34% to $9.7 million from $7.3 million compared to
previous 12 month period.
- Gross profit margins improved to 58%, up from 41% in the same
12 months a year earlier.
- Net after tax earnings improved to $2.2 million or $0.13 per share.
- EBITDA was $2.6 million or $0.15 per share.
"Results of the first quarter of fiscal 2010 were significantly improved over the same quarter last year. Profitable results continued from 2009. High operating leverage significantly accelerated earnings in the quarter. With Sylogist's strong balance sheet and demonstrated ability to generate cash flow, the Board of Directors declared a quarterly dividend of 1.5 cents per common share payable March 15, 2010 to shareholders of record as at February 26, 2010. The dividend will be paid as a return of capital." stated Jim Wilson, Chairman, President and CEO.
We are proud to report that the TSX Venture Exchange recently announced that Sylogist was named as one of the TSX Venture 50, a ranking of strong performers listed on the TSX Venture Exchange. The 2010 TSX Venture 50 were selected based on four equally weighted criteria that include return on investment, trading, analyst coverage and market capitalization growth.
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