/This press release is not for distribution to United States Newswire Services or for dissemination in the United States./
CALGARY, March 26, 2012 /CNW/ - Sylogist Ltd. (TSXV: SYZ), a provider of technology based IP solutions, is pleased to release its unaudited financial results for the first quarter of fiscal 2012 ended December 31, 2011.
In the first quarter of fiscal 2012:
- Revenues increased 14% to $2.6 million from $2.3 million over last year.
- Cash flow from operations increased to $1.2 million ($0.06 per share) in the quarter up 43% from the same quarter last year.
- EBITDA improved 45% to $1.2 million ($0.06 per share) compared to $0.8 million in the first quarter of fiscal 2011.
- Excluding non-cash items, profit was $1.2 million ($0.06 per share). Reported profit of $0.7 million was up 70% over the same quarter in fiscal 2011.
- Cash and short term investments as at December 31, 2011 totalled $14 million ($0.70 per share).
- Working capital (net of deferred revenue) was $13.9 million or $0.70 per share.
- Combined federal tax attributes at the end of December 2011 were approximately $9 million.
- Dividends totalling $0.10 per share were declared in the quarter including a $0.075 per share special dividend.
- IFRS was implemented.
"Growth accelerated in the first quarter of fiscal 2012. Key financial metrics including revenue (up 14%), cash flow (up 43%), EBITDA (up 45%) and profit (up 70%), demonstrated significant improvements over the same quarter in fiscal 2011. With Sylogist's strong balance sheet and operating performance, the quarterly eligible dividend paid on March 15, 2012 was increased by 20% to $0.03 per common share." stated Jim Wilson, Chairman, President and CEO.
Sylogist is a technology innovation and licensing company which, through strategic acquisitions, investments and operations management, provides intellectual property solutions to a wide range of public and private sector customers. The Company's stock is traded on the TSX Venture Exchange under the symbol "SYZ".
- 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-
For further information:
Jim Wilson, President and CEO