Business
Sylogist Announces 3 Month Results for Fiscal 2006: Year-over-year profit increases by 76%
Sylogist Announces 3 Month Results for Fiscal 2006: Year-over-year profit increases by 76%.
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Feb. 13 /CNW/ - Sylogist (TSX Venture Exchange:SYZ) today\nreleased its unaudited financial results for the 3 month period ending\nDecember 31, 2005.\n\nFinancial Highlights for the first 3 months of Fiscal 2006:\n\n- Net Income of $615,777 ($0.04 per share) on revenue of $1,637,148.\n- Year-over-year profit growth of 76%.\n- Cash flow from operations of $497,668.\n- Net working capital of $6,422,881.\n- Net cash and short-term investments of $5,095,763, no debt.\n\nRevenue for the 3 month period ending December 31, 2005 was $1.64 million\ncompared to $1.70 million for the same period last year. Fiscal Q1 2006\nrecurring and professional services revenue increased substantially compared\nto fiscal Q1 2005, however a large software license sale in Q1 fiscal 2005\nresulted in total revenue in Q1 fiscal 2006 being 3.7% lower than the previous\nyear. Year-over-year profit for the same period grew by 76% from $349 thousand\nto $616 thousand.\nSylogist is pursuing several corporate opportunities to grow the\nbusiness. As part of the growth mandate, the Company continues to build its\nprofessional management team. Sylogist is pleased to announce the appointment\nof David Elder as Vice-President, Corporate Development of the Company. In\nthis role, David will assist management and the board in all aspects of the\nCompany's growth strategy, including acquisitions, financings, public\nreporting and governance. He will report to Jim Wilson, President & Chief\nExecutive Officer. Mr. Elder has practiced corporate law for many years in\nCalgary, Alberta, with a focus on mergers, acquisitions and public financings,\nwhere he is counsel to the law firm Heenan Blaikie LLP and a member of its\nbusiness law group.\nThe Company's full financial statements are available on SEDAR\n(www.SEDAR.com) and the Sylogist website at www.sylogist.com.\n\nAbout Sylogist\n--------------\n\nSylogist delivers information management and technology solutions to\ngovernment and industry clients. The Company's solutions are designed to\nimprove productivity for both conventional computer based workers and mobile\nworkers. Sylogist's software solutions, along with related services are\ndelivered to a global base through its own sales and delivery organization, as\nwell as through OEM channels.\nThe Company's stock is traded on the TSX Venture Exc...