Business
Sylogist Announces 6 Month Results: Year-over-year profit increases by 60%
Sylogist Announces 6 Month Results: Year-over-year profit increases by 60%.
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, May 29 /CNW/ - Sylogist (TSX Venture Exchange: SYZ) is pleased\nto announce its unaudited financial results for the 3 (Q2) and 6 month periods\nending March 31, 2006.\n\nFinancial Highlights for the first 6 months of Fiscal 2006:\n\n>\n\nYear-over-year profit grew by 60% from $734 thousand to $1.18 million for\nthe 6 month period ending March 31, 2006, on revenue of $3.5 million (2005 -\n$3.2 million). For the 3 month period ending March 31, 2006, revenue increased\nto $1.9 million from $1.5 million in the prior year, an increase of 25%. Q2\nprofit grew by 48% to $568 thousand (2005 - $385 thousand).\nDuring the quarter Sylogist added a number of key management and\ntechnical positions to build a solid foundation for growth. The company\nanticipates strong revenue growth commencing in the second half of fiscal\n2006.\nSubsequent to Q2, Sylogist completed the acquisition of Bellamy Software\nfor total fixed consideration of $3.5 million. This acquisition will be\naccounted for in Sylogist's Q3 statements. The addition of Bellamy along with\nthe Alberta Municipal Shared Services Corporation contracts establishes\nSylogist as the leading supplier of municipal financial systems in the\nprovince of Alberta with additional customers in British Columbia,\nSaskatchewan, Manitoba, Ontario and the Yukon. Bellamy also adds a significant\ncustomer base in the K-12 educational market through their financial systems\nfor school boards.\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.\n\n-The TSX-Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release-\n\nThe Company's stock is traded on the TSX Venture Exchange under the\nsymbol SYZ. Information about Sylogist can be found at\nhttp://www.sylogist.com.\n\nForward-looking statements: This press release contains statements about\...