Business
Sylogist Announces First Half of Fiscal 2005 Results: Year-over-year revenue increases by 25% and profit increases by 113%
Sylogist Announces First Half of Fiscal 2005 Results: Year-over-year revenue increases by 25% and profit increases by 113%.
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, May 9 /CNW/ - Sylogist (TSX Venture Exchange:SYZ) today released\nits unaudited financial results for the 3 month and 6 month periods ending\nMarch 31, 2005.\n\nFinancial Highlights for the first 6 months of Fiscal 2005:\n\n- Net Income of $734,515 ($0.06 per share) on revenue of $3,203,873.\n- Year-over-year revenue growth of 25%.\n- Year-over-year profit growth of 113%.\n- Cash flow from operations of $735,133.\n- Net cash position of $5,755,229, no debt.\n\nRevenue for the 3 month period ending March 31, 2005 was $1.50 million\ncompared to $1.16 million for the same period last year, an increase of 30%.\nYear-over-year profit grew by over eightfold, from $39 thousand to $385\nthousand. Revenue growth was attributed to new software licensing and\nincreased recurring revenue.\nRevenue for the 6 month period was $3.20 million compared to $2.57\nmillion for the same period last year, an increase of 25%. Profit for the 6\nmonth period grew from $345 thousand to $735 thousand.\nDuring the second quarter Sylogist completed a bought private placement\nfinancing at $1.20 per share for net proceeds of $3,258,000.\nDuring the first half Sylogist closed a number of contracts which\nincreased the recurring revenue base. The Company also advanced business\nopportunities that will contribute to new revenue in the second half of the\nfiscal year.\nThe Company's financial statements are available on SEDAR\n(www.SEDAR.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 customer base through its own sales and delivery\norganization, as well as through OEM channels.\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\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release.\n\n\n\n","length":2207,"tagName":"div"}]