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CALGARY, May 6 /CNW/ - Sylogist Ltd. (TSXV: SYZ), a provider of
technology based IP solutions, is pleased to release its unaudited
financial results for the second quarter of fiscal 2011 ended March 31,
In the second quarter of fiscal 2011:
Revenues increased 9.8% to $2.5 million from $2.3 million in the first
Gross profit margin was 70%, up from 59% in the same quarter last year.
EBITDA was $1.0 million ($0.05 per share) compared to $0.8 million in
the previous quarter.
Cash and cash equivalents as at March 31, 2011 totalled $16.2 million
($0.80 per share).
Working capital (net of deferred revenue) was $17 million or $0.84 per
Combined tax pools at the end of March 2011 were approximately $12
The Sylogist Board declared a quarterly dividend of 2.5 cents per common
share, a 25% increase over the previous quarter.
Sylogist repurchased 152,100 shares under its normal course issuer's bid
in the quarter.
$0.5 million (US) was invested in Aviation Capital Enterprises, Inc., a
private Alberta company.
In the first 6 months of fiscal 2011:
Revenue was $4.8 million.
Gross profit margin was 71%.
EBITDA was $1.8 million or $0.09 per share.
For the trailing 12 month period:
Revenue was $9.3 million.
Gross profit margin was 69%.
EBITDA was $3.9 million or $0.18 per share.
Subsequent to March 31, 2011:
Sylogist repurchased 350,000 shares under its normal course issuer's bid
in the month of April.
Aviation Capital Enterprises, Inc. in conjunction with its development
partner Lockheed Martin, is advancing its intellectual property
development having recently filed for Type Certification of a hybrid
airship with the Federal Aviation Administration (FAA) in the United
"Results of the second quarter of fiscal 2011 improved over the first
quarter of fiscal 2011. With Sylogist's strong balance sheet and
operating performance, the Board of Directors declared a quarterly
dividend of 2.5 cents per common share (a 25% increase from the
previous quarter) payable June 15, 2011 to shareholders of record as at
May 31, 2011. The dividend will be paid as a return of capital."
stated Jim Wilson, Chairman, President and CEO.
Sylogist provides IP technology solutions 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 forwardlooking
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