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CALGARY, Jan. 15, 2014 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of enterprise information management solutions to public and private sector customers, is pleased to announce its audited financial results for the fiscal year ended September 30, 2013.
In fiscal 2013:
- Net income before tax increased to $5.3 million or $0.26 per fully diluted share compared to $2.9 million or $0.15 per share in 2012.
- Total profit after tax was $4.3 million compared to $2.0 million in fiscal 2012; a 111% increase.
- EBITDA(1) increased 65% to $6.5 million ($0.34 per share) from $3.9 million in the previous year ($0.20 per share).
- Gross profit margins increased to 78% from 71% in fiscal 2012.
- Revenues were $11.6 million compared to $9.3 million in the previous year; an increase of 26%.
- Cash and short-term investments as at September 30, 2013 totalled $9.7 million or $0.50 per share.
- Working capital (net of deferred revenue) was $10.9 million or $0.56 per share.
- Combined tax pools at the end of fiscal 2013 stood at approximately $40 million (CDN).
- Dividends payments in fiscal 2013 totaled $3.2 million.
- $5.7 million was invested in acquisitions and integration of those operations in fiscal 2013.
"Sylogist experienced strong organic growth in fiscal 2013, increasing revenue by 26% and more than doubling bottom line results. The acquisition of Epic Data, made towards the end of fiscal 2013, is expected to contribute significant growth in fiscal 2014. With a solid balance sheet and growing free cash flow, we continue our pursuit of appropriate acquisitions to complement and enhance our current business opportunities." stated Jim Wilson, Chairman, President and CEO.
Sylogist is a technology innovation company which, through strategic acquisitions, investments and operations management, provides intellectual property solutions to a wide range of public and private sector customers.
(1)EBITDA and Cash Flow from Operations are 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.
- 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, Sylogist Ltd., (403) 266-4808