Sylogist Q1 Fiscal 2013 Results: Strong Increases in Revenue, EBITDA, Cash Flow and Profit
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CALGARY, Feb. 19, 2013 /CNW/ - Sylogist Ltd. (TSXV:SYZ) ("Sylogist" or the "Corporation"), a provider of technology based IP solutions, including enterprise information management systems for municipal, utilities, education and private sector customers, is pleased to announce its unaudited financial results for the first quarter of the 2013 fiscal year ended December 31, 2012.
In Q1 of Fiscal 2013:
- Net income before tax increased to $1.3 millon or $0.07 per fully diluted share, a 77% gain over the quarterly average of $ 0.7 million in fiscal 2012.
- Cash flow from operations was $1.6 million ($0.08 per share), a 58% improvement over the fiscal 2012 quarterly average.
- EBITDA(1) was $1.5 million ($0.08 per share), a 57% increase when compared to a quarterly average of $1.0 million in the previous year.
- Gross profit margins increased 10% to 79% of revenue compared to fiscal 2012.
- Revenues were $2.8 million, 19% higher than the fiscal 2012 quarterly average.
- Cash and cash equivalents as at December 31, 2012 totalled $11 million or $0.60 per share.
- Working capital (net of deferred revenue) was $12 million or $0.62 per share.
- Federal tax pools at the end of Q1 fiscal 2013 stood at $ 4.8 million.
"The financial results for the first quarter of fiscal 2013 exceeded our expectations, achieving our best financial results to date. Virtually all financial metrics demonstrated significant improvement over fiscal 2012 results, some dramatically. With substantial cash flow from operating results and a strong balance sheet, we are looking for appropriate acquisitions that build our market share and leverage our management strengths. Our recent acquisition of fuel system management assets fits well into our acquisition strategy" stated Jim Wilson, Chairman, President and CEO.
About Sylogist
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-IFRS 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 December 31, 2012
Full financial statements together with Management's Discussion and Analysis are available on SEDAR.
Forward-looking Statements
This news release contains forward-looking statements relating to the future operations and profitability 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 forward-looking 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.
Jim Wilson, President and CEO
Sylogist Ltd.
(403) 266-4808
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