SXC Health Solutions announces 2007 second quarter financial results



    
                     - Company revises annual guidance -
    

    LISLE, IL, Aug. 2 /CNW/ - SXC Health Solutions Corp. ("SXC" or the
"Company") (NASDAQ:   SXCI, TSX: SXC), announces its financial results for the
three- and six-month periods ended June 30, 2007 ("Q2 2007"). Financial
references are in U.S. dollars unless otherwise indicated.

    
    Second Quarter (Q2) Fiscal 2007 Highlights:
    -   Total revenue increased organically 25% to $23.1 million from
        $18.5 million in Q2 2006
    -   Revenue from recurring sources represented 75% of revenue, or
        $17.2 million
    -   Transaction processing revenue, which is the primary driver of
        recurring revenue, increased 46% to $13.1 million from $9.0 million
        in Q2 2006
    -   Adjusted earnings before interest, taxes, depreciation, amortization,
        stock-based compensation and certain one-time charges (adjusted
        EBITDA(1)) increased to $4.9 million, or 21% of revenue, from
        $4.6 million, or 25% of revenue, in Q2 2006
    -   Net income before income taxes was $4.1 million, up from $3.3 million
        in Q2 2006
    -   Net income was $3.0 million, or $0.14 per share (fully-diluted),
        compared to net income of $2.1 million, or $0.12 per share (fully-
        diluted) in Q2 2006
    -   Book of Business(1) increased to $230 million at June 30, 2007, up
        from $224 million at March 31, 2007, and up from $160 million at
        June 30, 2006
    -   Selected by AMERIGROUP Corporation to provide PBM services for
        226,000 people served by AMERIGROUP Community Care of Georgia.
        Service delivery began July 2007
    -   Selected by Department of Veterans Affairs to provide PBM services
        for 250,000 government health beneficiaries. This multi-year
        agreement which could extend to 60 months and generate $6.9 million
        in revenues over that term, is expected to launch in early 2008
    -   Notified of potential contract award that could result in aggregate
        revenues of approximately $27 million over a four year period
    

    "While we continue to post solid year-over-year growth in our core
revenue segments, results in the second quarter fell short of our expectations
due to lower transaction processing volumes and software license sales,
combined with a higher than anticipated expense level," said Mr. Gordon S.
Glenn, Chairman and CEO of SXC. "Transaction processing volumes declined
sequentially from 97.3 million transactions in Q1 2007 to 94.7 million in Q2
2007, but based on several new customers who "went live" on July 1, we expect
to resume sequential growth in Q3 2007. Regarding the software license sales
that did not close in the quarter, we do not view these as lost opportunities,
but rather a situation where the decision to purchase has been deferred to a
later date, in some cases into 2008. Increased expenses included one-time
costs associated with recruitment and severance, as well as higher legal costs
and consulting expenses associated with our 2007 SOX compliance project."
    "Our Q2 2007 results, combined with an expected delay in the "go-live"
dates of several key transaction processing contracts in the second half of
the year has led us to revise our guidance estimates for 2007. Despite these
revisions, we believe that our fundamentals are strong, our strategy is the
right one, and our opportunities for significant growth in both our core and
emerging markets remain firmly intact. Over the past several years we have
built a strong track record for top-line growth and margin expansion that has
repeatedly met expectations, and we fully intend to regain this momentum,"
added Mr. Glenn.

    Financial Review

    Total revenue for Q2 2007 was $23.1 million, an increase of $4.6 million,
or 25%, from $18.5 million in Q2 2006. Year-to-date ("YTD") revenue was
$47.4 million, a 25% increase over the same period in 2006. Revenue growth for
the Q2 and the YTD periods was driven primarily by an increase in transaction
processing volume which was offset in part by a reduction in Medicare Part D
Program-related consulting and implementation activity during the same periods
of the prior year.
    Recurring revenue was $17.2 million in Q2 2007, up 37% compared to
$12.6 million for the same period last year. Recurring revenue consisted of
transaction processing revenue of $13.1 million, up 46% from $9.0 million for
Q2 2006, and maintenance revenue of $4.1 million, up 14% from $3.6 million in
Q2 2006. Overall, recurring revenue accounted for 75% of total revenue in Q2
2007, compared to 68% in Q2 2006.
    YTD recurring revenue was $35.1 million, up 41% compared to $24.9 million
for the same period last year. For the YTD period, recurring revenue consisted
of transaction processing revenue of $26.9 million, up 52% from $17.7 million
last year, and maintenance revenue of $8.2 million, up 14% from last year.
Overall, recurring revenue accounted for 74% of total YTD revenue in 2007,
compared to 66% in the same period in 2006.
    Non-recurring revenue was $5.9 million for both Q2 2007 and Q2 2006.
Non-recurring revenue consisted of system sales revenue of $2.6 million, up
18% from $2.2 million last year, and professional service revenue of $3.3
million, down 11% from $3.7 million in Q2 2006.
    YTD non-recurring revenue was $12.3 million, compared to $12.9 million in
the same period last year. For the YTD period, non-recurring revenue consisted
of system sales revenue of $5.7 million, up 19% from $4.8 million last year,
and professional service revenue of $6.6 million, down 19% from $8.1 million
last year.
    Gross profit margin in Q2 2007 was 60% compared to 59% for the same
period last year. YTD gross profit margin was 61%, compared to 60% in the same
period of the prior year. Q2 2007 and YTD gross profit margins rose slightly
due to the increase in higher margin transaction processing revenue.
    Q2 2007 product development expenses were $2.6 million, or 11% of
revenue, compared to $2.1 million, or 11% of revenue, in Q2 2006. YTD product
development expenses were $5.5 million, or 12% of revenue, compared to
$4.2 million, or 11% of revenue, in the same period last year. Year-over-year,
product development expenses rose primarily due to the redeployment of
resources from certain integration and consulting projects to product
development in Q1 2007, and the Company's continued investment in the
expansion of its suite of PBM services.
    Q2 2007 selling, general and administrative (SG&A) expenses were
$6.4 million, or 28% of revenue, compared with $4.3 million, or 23% of
revenue, in Q2 2006. Increased costs in the quarter related to one-time
charges for recruiting and severance, as well as higher legal consulting costs
related to the preparation for Sarbanes-Oxley compliance. Going forward, the
Company is committed to continuing to manage its costs aggressively. YTD SG&A
expenses were $12.3 million, or 26% of revenue, compared to $8.2 million, or
22% of revenue, in the same period last year. Year-over-year, SG&A expenses
rose primarily due to the ongoing investment in personnel and infrastructure
costs to support the Company's current and future growth, and a significant
increase in public reporting costs resulting from the listing of SXC's shares
in the U.S.
    Adjusted EBITDA(1) for Q2 2007 was $4.9 million, or 21% of revenue,
compared to $4.6 million, or 25% of revenue, for the same period of 2006. YTD,
Adjusted EBITDA was $11.2 million, or 24% of revenue, compared to
$10.4 million, or 27% of revenue, in the same period last year.
Year-over-year, higher adjusted EBITDA primarily reflects the increase in
revenue and in particular, transaction processing revenue, partially offset by
expense increases in product development and SG&A.
    Income before income taxes was $4.1 million in Q2 2007, compared to
$3.3 million in Q2 2006. YTD income before income taxes was $9.6 million,
compared to $7.0 million in the same period last year. In fiscal 2006, SXC
incurred a blended tax rate of approximately 17%, while in fiscal 2007, the
Company expects to be taxable at a rate between 30-33%.
    SXC reported net income of $3.0 million, or $0.14 per share
(fully-diluted), in Q2 2007 compared to net income of $2.1 million, or $0.12
per share (fully-diluted), for the same period last year. YTD SXC reported net
income of $6.7 million, or $0.31 per share, compared to net income of
$7.7 million, or $0.43 per share, in the same period last year.
    Although YTD gross profit and net interest income increased by
$6.2 million and $1.9 million, respectively, net income decreased $1.0 million
primarily due to increases in income taxes ($3.6 million), SG&A costs
($4.1 million), product development costs ($1.3 million), and depreciation and
amortization ($0.7 million). Net income for the first six months of 2006
included a one-time lease termination charge of $0.8 million, and a tax
recovery of $0.7 million.

    Liquidity and Resources

    SXC has a strong balance sheet from which to pursue its growth
initiatives. At June 30, 2007, the Company had cash and cash-equivalents of
$74.7 million, compared with $70.9 million of cash and cash-equivalents at
December 31, 2006.

    2007 Financial Guidance

    SXC is revising its guidance for fiscal 2007:
    
    -   Consolidated revenue of $95 to 97 million
    -   Adjusted EBITDA of $22.5 to 24 million
    -   Pre-tax income of $19 to 20.5 million
    -   For 2007, the Company expects to be taxable at a rate of
        approximately 28%, resulting in forecasted earnings per share
        (fully-diluted) of $0.63 to $0.68
    

    Notice of Conference Call

    SXC will host a conference call on August 2, 2007 at 8:30AM (ET) to
discuss its second quarter 2007 financial results. Mr. Gordon S. Glenn,
Chairman and CEO, will host the call. To participate on the call, please dial
416-644-3426 or 1-800-814-4861. A replay of the call can be heard by dialling
416-640-1917 or 1-877-289-8525 and entering the reference code 21241240. The
taped call will be available until August 9, 2007.
    A live audio webcast of the call will be available at www.sxc.com and
www.newswire.ca. Webcast attendees are welcome to listen to the conference in
real-time or on-demand at your convenience.

    (1)Non-GAAP Financial Measures

    SXC reports its financial results in accordance with Canadian generally
accepted accounting principles ("GAAP"). SXC's management also evaluates and
makes operating decisions using various other measures. Two such measures are
book of business and adjusted EBITDA, which are non-GAAP financial measures.
SXC's management believes that these measures provide useful supplemental
information regarding the performance of SXC's business operations.
    Book of business is management's estimate of the total revenue expected
to be recognized over future periods generally not exceeding three years based
on the existing portfolio of in-place contracts at a point in time. It is
composed of two components: (1) revenue expected to be recognized over such
period from in-place renewable contracts related to transaction processing,
and maintenance contracts described as recurring revenues in the above
discussion; and (2) revenue expected to be recognized from in-place
professional services and systems sales contracts, described as non-recurring
revenues in the above discussion. SXC's book of business at any time does not
indicate demand for the Company's products and services and may not reflect
actual revenue for any period in the future.
    Adjusted EBITDA is a non-GAAP measure that management believes is a
useful supplemental measure of operating performance prior to net interest
income (expense), income taxes, depreciation, amortization, stock-based
compensation, debt service, and certain other one-time charges. Management
believes it is useful to exclude depreciation, amortization and net interest
income (expense) as these are essentially fixed amounts that cannot be
influenced by management in the short term. In addition, management believes
it is useful to exclude stock-based compensation as this is not a cash
expense. Lastly, debt service and certain other one-time charges (including
lease termination charges and losses on disposals of capital assets) are
excluded as these are not recurring items.
    Management believes that adjusted EBITDA provides useful supplemental
information to management and investors regarding the performance of the
Company's business operations and facilitates comparisons to its historical
operating results. Management also uses this information internally for
forecasting and budgeting as it believes that the measure is indicative of the
Company's core operating results. Note however, that adjusted EBITDA is a
performance measure only, and it does not provide any measure of the Company's
cash flow or liquidity. Non-GAAP financial measures should not be considered
as a substitute for measures of financial performance in accordance with GAAP,
and investors and potential investors are encouraged to review the
reconciliation of adjusted EBITDA.
    Adjusted EBITDA does not have a standardized meaning prescribed by GAAP.
The Company's method of calculating adjusted EBITDA may differ from the
methods used by other companies and, accordingly, it may not be comparable to
similarly titled measures used by other companies. Reconciliation of adjusted
EBITDA to net income is shown below:

    

                                      For the                 For the
                                three months ended        six months ended
                                      June 30,                June 30,
                                2007         2006         2007         2006
                          ------------ ------------ ------------ ------------
                                               (unaudited)

    Adjusted EBITDA        $4,899,552   $4,611,240  $11,184,131  $10,394,352

    Amortization           (1,356,637)  (1,049,922)  (2,692,350)  (1,946,547)

    Stock-based
     compensation            (747,191)    (434,876)  (1,151,103)    (913,733)

    Net loss on
     disposal of assets             -            -     (133,489)           -

    Lease termination               -            -            -     (757,815)

    Other income
     (expense)                196,474       (5,024)     197,820      (30,430)

    Interest income
     (expense), net         1,131,056      171,116    2,157,671      264,441

    Income tax
     recovery (expense)    (1,168,022)  (1,177,989)  (2,875,313)     680,809
                          ------------ ------------ ------------ ------------

    Net Income             $2,955,232   $2,114,545   $6,687,367   $7,691,077
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------
    

    About SXC Health Solutions Corp.

    SXC Health Solutions Corp. (formerly Systems Xcellence, Inc.) is a
leading provider of pharmacy benefits management (PBM) services and healthcare
IT solutions to the healthcare benefits management industry. The Company's
product offerings and solutions combine a wide range of software applications,
application service provider (ASP) processing services and professional
services, designed for many of the largest organizations in the pharmaceutical
supply chain, such as Federal, provincial, and, state and local governments,
pharmacy benefit managers, managed care organizations, retail pharmacy chains
and other healthcare intermediaries. SXC is based in Lisle, Illinois with
locations in; Scottsdale, Arizona; Warminster, Pennsylvania; Alpharetta,
Georgia; Milton, Ontario and Victoria, British Columbia. For more information
please visit www.sxc.com.

    Forward-Looking Statements

    Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from those in
the forward-looking statements, including without limitation, our ability to
achieve increased market acceptance for our product offerings and penetrate
new markets; consolidation in the healthcare industry; the existence of
undetected errors or similar problems in our software products; our ability to
identify and complete acquisitions, manage our growth and integrate
acquisitions; our ability to compete successfully; potential liability for the
use of incorrect or incomplete data; the length of the sales cycle for our
healthcare software solutions; interruption of our operations due to outside
sources; our dependence on key customers; maintaining our intellectual
property rights and litigation involving intellectual property rights; our
ability to obtain, use or successfully integrate third-party licensed
technology; compliance with existing laws, regulations and industry
initiatives and future change in laws or regulations in the healthcare
industry; breach of our security by third parties; our dependence on the
expertise of our key personnel; our access to sufficient capital to fund our
future requirements; and potential write-offs of goodwill or other intangible
assets. This list is not exhaustive of the factors that may affect any of our
forward-looking statements. Other factors that should be considered are
discussed from time to time in SXC's filings with the Canadian Securities
Administrators, including the risks and uncertainties discussed under Item 8,
Risk Factors in our Annual Information Form dated March 23, 2007, which is
available at www.sedar.com. Investors are cautioned not to put undue reliance
on forward-looking statements. All subsequent written and oral forward-looking
statements attributable to SXC or persons acting on our behalf are expressly
qualified in their entirety by this notice. We disclaim any intent or
obligation to update publicly these forward-looking statements, whether as a
result of new information, future events or otherwise. Risks and uncertainties
about our business are more fully discussed in our Annual Information Form.
    Certain of the assumptions made in preparing forward-looking information
and management's expectations include: maintenance of our existing customers
and contracts, our ability to market our products successfully to anticipated
customers, the impact of increasing competition, the growth of prescription
drug utilization rates at predicted levels, the retention of our key
personnel, our customers continuing to process transactions at historical
levels, that our systems will not be interrupted for any significant period of
time, that our products will perform free of major errors, our ability to
obtain financing on acceptable terms and that there will be no significant
changes in the regulation of our business.

    
                         SXC HEALTH SOLUTIONS CORP.
                         Consolidated Balance Sheets

                                                 (unaudited)
                                                    June 30,     December 31,
                                                       2007             2006
                                             ---------------  ---------------
                                              (All amounts are in US dollars)

    ASSETS

    Current assets
       Cash and cash equivalents              $  74,695,362    $  70,943,380
       Accounts receivable, net of allowance
        for doubtful accounts of $99,276
        (December 31, 2006 - $214,276)           14,487,845       14,311,573
       Unbilled revenue                           1,963,096        1,975,765
       Prepaid expenses                           1,782,734        2,026,248
       Inventory                                    266,286          260,234
       Income tax receivable                        737,853                -
       Future tax asset                           3,083,947        2,359,903
                                             ---------------  ---------------
        Total current assets                     97,017,123       91,877,103

    Capital assets                               14,251,880       10,113,858
    Goodwill and other intangible assets         26,449,147       27,241,147
    Future tax asset                              1,825,034        1,992,039
                                             ---------------  ---------------
    Total Assets                              $ 139,543,184    $ 131,224,147
                                             ---------------  ---------------
                                             ---------------  ---------------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current liabilities
      Accounts payable                        $     911,872    $     654,976
      Salaries and wages payable                  3,588,781        4,183,314
      Income taxes payable                                -          594,274
      Accrued liabilities                         3,102,440        3,456,710
      Pharmacy benefit management rebates
       payable                                      578,951        1,172,801
      Pharmacy benefit claim payments
       payable                                        2,927        2,963,719
      Deferred revenue                            2,580,499        3,241,924
                                             ---------------  ---------------
        Total current liabilities                10,765,470       16,267,718

    Future income tax liability                     827,600                -
    Deferred revenue                                133,976                -
    Deferred lease inducements                    3,401,700        3,168,757
    Deferred rent                                   840,561          297,608
                                             ---------------  ---------------
        Total liabilities                        15,969,307       19,734,083
                                             ---------------  ---------------

    Shareholders' equity
      Capital stock                             102,860,802       99,839,769
      Contributed surplus                         6,793,874        4,418,461
      Retained earnings                          13,919,201        7,231,834
                                             ---------------  ---------------
        Total shareholders' equity              123,573,877      111,490,064

    Total Liabilities and Shareholders'      ---------------  ---------------
     Equity                                   $ 139,543,184    $ 131,224,147
                                             ---------------  ---------------
                                             ---------------  ---------------


                         SXC HEALTH SOLUTIONS CORP.
                    Consolidated Statements of Operations
                                 (unaudited)

                                      For the                 For the
                                three months ended        six months ended
                                      June 30,                June 30,
                           2007          2006          2007          2006
                      ------------- ------------- ------------- -------------

    Revenue:
      Transaction
       processing     $ 13,093,435  $  8,994,223  $ 26,925,795  $ 17,748,394
      Maintenance        4,113,289     3,641,594     8,188,614     7,189,630
      Professional
       services          3,302,159     3,662,130     6,606,840     8,143,173
      System sales       2,578,639     2,229,823     5,688,219     4,783,726
                      ------------- ------------- ------------- -------------
    Total revenue       23,087,522    18,527,770    47,409,468    37,864,923

    Cost of revenue      9,228,250     7,504,351    18,490,638    15,109,830
                      ------------- ------------- ------------- -------------
    Gross profit        13,859,272    11,023,419    28,918,830    22,755,093

    Expenses:
      Product
       development
       costs             2,579,416     2,064,027     5,465,539     4,169,389
      Selling,
       general and
       administration    6,380,304     4,348,152    12,269,158     8,191,352
      Depreciation and
       amortization      1,356,637     1,049,922     2,692,350     1,946,547
      Lease
       termination               -             -             -       757,815
      Stock-based
       compensation        747,191       434,876     1,151,103       913,733
                      ------------- ------------- ------------- -------------
                        11,063,548     7,896,977    21,578,151    15,978,836

                      ------------- ------------- ------------- -------------
    Operating income     2,795,724     3,126,442     7,340,679     6,776,257

    Interest income     (1,158,813)     (564,819)   (2,216,352)   (1,048,621)
    Interest expense        27,757       393,703        58,681       784,180
                      ------------- ------------- ------------- -------------
      Net interest
       income           (1,131,056)     (171,116)   (2,157,671)     (264,441)

    Net loss on
     disposal of
     capital assets              -             -       133,489             -
    Other (income)
     expense              (196,474)        5,024      (197,820)       30,430

                      ------------- ------------- ------------- -------------
    Income before
     income taxes        4,123,254     3,292,534     9,562,681     7,010,268

    Income tax expense
     (recovery):
      Current            1,278,837     1,119,329     3,124,965     1,797,336
      Future              (110,815)       58,660      (249,652)   (2,478,145)
                      ------------- ------------- ------------- -------------
                         1,168,022     1,177,989     2,875,313      (680,809)

                      ------------- ------------- ------------- -------------
    Net income and other
     comprehensive
     income            $ 2,955,232   $ 2,114,545   $ 6,687,367   $ 7,691,077
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Earnings per share:
      Basic            $      0.14   $      0.12   $      0.32   $      0.45
      Diluted          $      0.14   $      0.12   $      0.31   $      0.43

    Weighted average
     number of shares
     used in computing
     earnings per
     share:
      Basic             20,687,468    17,059,144    20,620,263    17,005,410
      Diluted           21,751,463    18,138,372    21,646,475    18,009,017



    SXC HEALTH SOLUTIONS CORP.
    Consolidated Statements of Cash Flows
    (unaudited)

                                      For the                 For the
                                three months ended        six months ended
                                      June 30,                June 30,
                           2007          2006          2007          2006
                      ------------- ------------- ------------- -------------

    Cash flow from
     operations:
      Net income       $ 2,955,232   $ 2,114,545   $ 6,687,367   $ 7,691,077
      Items not
       involving cash,
       net of effects
       from acquisition:
        Depreciation of
         capital assets    960,637       655,358     1,900,350     1,154,547
        Amortization of
         intangible
         assets            396,000       394,564       792,000       792,000
        Deferred lease
         inducements
         and rent          196,574             -       385,111             -
        Deferred charges-
         long-term debt          -        47,011             -        94,023
        Net loss on
         disposal of
         capital assets          -             -       133,489             -
        Stock-based
         compensation      747,191       434,876     1,151,103       913,733
        Future income
         tax liability     827,600             -       827,600             -
        Future tax
         asset            (938,415)       58,660      (557,039)   (2,478,145)
      Cash received for
       lease inducement          -             -             -       757,815
      Changes in
       operating assets
       and liabilities:
        Accounts
         receivable      1,234,515       505,872      (176,272)   (4,394,760)
        Unbilled revenue   610,036      (260,756)       12,669      (501,888)
        Prepaid expenses  (278,948)     (494,017)      243,514      (420,091)
        Inventory           16,956        70,318        (6,052)       84,439
        Income tax
         receivable       (737,853)            -      (737,853)            -
        Accounts payable
         and accrued
         liabilities    (1,964,839)   (2,338,621)   (1,286,181)     (503,497)
        Deferred revenue  (896,999)       23,323      (527,449)      553,540
        Pharmacy benefit
         claim payments
         payable        (5,716,565)    2,311,958    (2,960,792)    2,311,958
        Pharmacy benefit
         management
         rebates
         payable        (1,942,722)      199,330      (593,850)      199,330
                      ------------- ------------- ------------- -------------
          Net cash
           (used in)
           provided by
           operations   (4,531,600)    3,722,421     5,287,715     6,254,081

    Cash flow from
     investing
     activities:
      Purchase of
       capital assets   (1,290,479)   (1,939,109)   (6,181,161)   (3,324,057)
      Lease inducements
       received            143,392             -       390,785             -
      Proceeds from
       disposal of
       capital assets            -             -         9,300             -
                      ------------- ------------- ------------- -------------
      Net cash used in
       investing
       activities       (1,147,087)   (1,939,109)   (5,781,076)   (3,324,057)

    Cash flow from
     financing
     activities:
      Proceeds from
       exercise of
       options           1,191,409        69,581     2,029,598       151,578
      Tax benefit on
       option exercises  2,215,745             -     2,215,745             -
      Net proceeds from
       public offering           -    36,064,000             -    36,064,000
      Costs paid related
       to financing
       activities                -    (1,068,694)            -    (1,068,694)
      Repayment of debt          -      (326,905)            -      (653,810)
                      ------------- ------------- ------------- -------------
      Net cash provided
       by financing
       activities        3,407,154    34,737,982     4,245,343    34,493,074

                      ------------- ------------- ------------- -------------
    (Decrease) increase
     in cash and cash
     equivalents        (2,271,533)   36,521,294     3,751,982    37,423,098

    Cash and cash
     equivalents,
     beginning of
     period             76,966,895    36,853,736    70,943,380    35,951,932

                      ------------- ------------- ------------- -------------
    Cash and cash
     equivalents,
     end of period     $74,695,362   $73,375,030   $74,695,362   $73,375,030
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------
    

    %SEDAR: 00001439E




For further information:

For further information: Jeff Park, Chief Financial Officer, Systems
Xcellence Inc., Tel: (630) 577-3206, investors@sxc.com; Dave Mason, Investor
Relations, The Equicom Group Inc., (416) 815-0700 ext. 237,
dmason@equicomgroup.com; Susan Noonan, Investor Relations - U.S., The SAN
Group, LLC, (212) 966-3650, susan@sanoonan.com; Judith Sylk-Siegel, Media
Contact, Rx Communications Group, (917) 322-2164, jsylksiegel@rxir.com

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Catamaran

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