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
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
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.
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.
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