Business
Sylogist Announces Audited Results for Fiscal 2005
Sylogist Announces Audited Results for Fiscal 2005.
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Jan. 26 /CNW/ - Sylogist Ltd. (TSX VENTURE:SYZ) (\"Sylogist\" or\nthe \"Company\") is pleased to announce its audited annual financial statements\nfor the 2005 Fiscal Year ending September 30, 2005.\nFiscal 2005 was the third consecutive profitable year for Sylogist.\nProfit for fiscal 2005 increased 50% to $1.8 million ($0.13 per share fully\ndiluted) compared to $1.2 million in fiscal 2004. Cash flow from operations in\nfiscal 2005 increased by 48% to $1.3 million compared to a year earlier. Total\nrevenue for fiscal 2005 increased by 12% year-over-year to $5.9 million from\n$5.3 in fiscal 2004. The overall revenue and profitability increases were\nnegatively impacted by a later than expected start on the Alberta\nMunicipalities Shared Services contract and the adoption of a conservative\nrevenue recognition policy for this project. Working capital improved to\n$6.0 million in fiscal 2005 compared with $1.2 million in fiscal 2004.\nFull financial statements, together with Management's Discussion and\nAnalysis, were filed on SEDAR today.\nOn January 25, 2006 the Sylogist Board of Directors granted a total of\n578,000 stock options at market to employees, officers and directors of the\nCompany. Of this total 465,000 stock options were granted to directors and\nofficers.\n\nAbout Sylogist\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 Exchange under the\nsymbol SYZ. Information about Sylogist can be found at\nhttp://www.sylogist.com.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release.\n\n\n\n\n","length":2031,"tagName":"div"}]