Sylogist Continues Strong Momentum with Fiscal 2010 Results

CALGARY, Jan. 18 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a leading provider of enterprise information management solutions to municipal, education and private sector customers, is pleased to release its audited financial results for the fiscal year ended September 30, 2010.

In fiscal 2010:

  • EBITDA(1) increased to $4.2 million or $0.24 per share, more than double fiscal 2009 results.

  • Net after tax earnings doubled to $3.1 million or $0.18 per share.

  • Gross profit margins improved to 63% up from 56% in fiscal 2009.

  • Revenues increased to $9.7 million.

  • Cash and cash equivalents as at September 30, 2010 totalled $14 million or $0.81 per share.

  • Working capital (net of deferred revenue) was $15.4 million or $0.88 per share.

  • Tax pools at the end of fiscal 2010 stood at $13 million.

"Fiscal 2010 was another successful year for Sylogist. EBITDA(1), profit, revenue and margins were markedly better than prior year results.  We hold a positive outlook for 2011." stated Jim Wilson, Chairman, President and CEO.

About Sylogist

Sylogist provides leading financial enterprise information management systems, system connectivity solutions and portal applications to municipal, education and private sector customers. 

(1)EBITDA is a non-GAAP 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 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.

Forward-looking Statements

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.

This press release is not for distribution to United States Newswire Services or for dissemination in the United States.

-The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release -

SOURCE Sylogist Ltd.

For further information:

Jim Wilson, President and CEO
Sylogist Ltd.
(403) 266-4808


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