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CALGARY, Feb. 19, 2014 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of Enterprise Systems and Supply Chain intellectual property solutions to a wide range of public and private sector customers, is pleased to announce its unaudited financial results for the first quarter of the 2014 fiscal year, ended December 31, 2013.
In Q1 of Fiscal 2014:
- Profit after tax was $2.5 million or $0.12 per share compared to $0.9 million or $0.05 per share in Q1 of fiscal 2013; a 159% increase.
- Revenues were $5.1 million compared to $2.8 million in Q1 of the previous year; an increase of 83%.
- Gross profit was $3.3 million compared to $2.2 million in Q1 of fiscal 2013.
- Cash and short-term investments as at December 31, 2013 totalled $8.9 million or $0.44 per share.
- Working capital (net of deferred revenue) was $9.7 million or $0.49 per share.
- Combined tax pools at the end of December 2013 stood at approximately $42 million (CDN).
- Dividend payments in Q1 fiscal 2014 totaled $0.9 million or 37% of profit after tax.
- $2.4 million was invested in acquisitions and integration of those operations in the quarter.
"In the first quarter of fiscal 2014, Sylogist experienced a quantum change in growth as the Epic Data acquisition started to contribute to overall performance. Quarterly year-over-year revenue increased 83% to $5.1 million, while profit rose by 159% to $2.5 million or $0.12 per share. Sales and marketing efforts have been increased as we see the opportunity for substantive organic growth. Operationally, we continue to refine processes and expect to produce improvement in margins, particularly in the private sector. With a solid balance sheet and growing free cash flow, we continue to pursue appropriate acquisitions, while rewarding our shareholders by increasing our quarterly dividend to $0.05 per share." stated Jim Wilson, Chairman, President and CEO.
Sylogist is a technology innovation company which, through strategic acquisitions, investments and operations management, provides Enterprise Systems and Supply Chain intellectual property solutions to a wide range of public and private sector customers.
(1) Per share calculations are based on the weighted average number of shares outstanding at period 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.
In this document and in other documents filed with Canadian regulatory authorities or in other communications, Sylogist may from time to time make written or oral forward-looking statements within the meaning of applicable securities legislation, including statements regarding Sylogist's business plans and financial objectives. These statements typically use words such as prospects, believe, estimate, forecast, project, expect, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the forecasts, projections and other forward-looking statements will not be achieved or will prove inaccurate. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. Sylogist cautions readers against placing undue reliance on forward-looking statements when making decisions, as the actual results could differ considerably from the opinions, plans, objectives, expectations, forecasts, estimates and intentions expressed in such forward-looking statements due to various material factors. Among other things, these factors include fiscal and economic policies, changes in interest and foreign exchange rates, and general economic conditions, legislative and regulatory developments, competition and access to capital. Sylogist further cautions that the foregoing list of factors is not exhaustive. For more information on the risks, uncertainties and assumptions that would cause Sylogist's actual results to differ from current expectations, please also refer to Sylogist's public filings available at www.sedar.com. Sylogist does not undertake to update any forward-looking statements, whether oral or written, made by itself or on its behalf, except to the extent required by securities regulations.
- 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