Business
Sylogist Announces Audited Results for Fiscal 2007
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About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\n\n\nSERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nEDMONTON and CALGARY, Jan. 28 /CNW/ - Sylogist Ltd. (TSX:SYZ), a leading\nprovider of enterprise information management solutions to municipal,\neducation and private sector customers, today announced its audited financial\nresults the year ended September 30, 2007.\n\n\n"Fiscal 2007 was a period of transition for the Company, with management\nfocusing on leveraging its acquisitions while continuing its strategy to\npursue opportunities in the public sector market. Central to this strategy is\na renewed focus by Sylogist to further build its own intellectual property\neliminating reliance on third party enterprise software vendors in order to\nachieve more control over its products to better support its customers. As a\nresult, the company announced in May 2007 a transformation of its Bellamy\nSoftware application to a web-enabled platform, the initial sales of which\nhave exceeded management's expectations" stated Werner Biegler, President and\nCEO.\n\n\nRevenue for the fiscal year ended September 30, 2007 was $8.1 million or\n90% of the previous year's revenue despite the termination of the Sylogist\nMunishare contract in Q1 and the expiration of our SAP(TM) reseller agreement\nin the third quarter of fiscal 2007. Acquisitions made in the second half of\nfiscal 2006 contributed positively to the revenue results. The net loss for\nfiscal 2007 was $1.3 million compared to a loss of $0.2 million in fiscal\n2006.\n\n\nAs of September 30, 2007 Sylogist had cash, cash equivalents and short\nterm investments of $5.9 million compared to $2.1 million as of September 30,\n2006.\n\n\n"Although 2007 presented the Company with a significant challenge,\nmanagement focused intently on leveraging its acquisition of Bellamy Software.\nI am pleased with the progress that has been achieved in investing for growth\nin 2008. The earlier announced investment in the transformation of the Bellamy\nSoftware application to a web-enabled platform and our recent acquisition of\nMasterworks Software and Reflex Government Solutions reflect this focus.\nManagement will continue to assess operating improvements, expand the\nmarketing of Sylogist software products and pursue future growth plans" said\n...