Business
Sylogist Announces First Quarter Results for Fiscal 2007
Sylogist Announces First Quarter Results for Fiscal 2007.
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION TO UNITED STATES NEWS\n\n\nSERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, March 1 /CNW/ - Sylogist Ltd. ("SYZ" - TSX Venture Exchange)\n("Sylogist" or the "Company") today released its unaudited financial results\nfor the 3 month period ending December 31, 2006.\n\n\nFinancial highlights for the first 3 months of Fiscal 2007:\n\n\n- Revenue of $2.3 million\n- Year-over-year revenue growth of 42%\n- Gross margin of 48%\n- Net cash and short-term investments of $6.0 million\n- Loss of $447 thousand including $406 thousand charged on cessation of\n the Munishare contract which concludes the costs charged on this\n contract.\n\n\nRevenue for the 3 month period ending December 31, 2006 was $2.3 million\ncompared to $1.6 million for the same period last year. Fiscal Q1 revenue\nincreased as a result of acquisitions and growth in our ERP business segment.\nYear-over-year profit before tax fell from $447 thousand ($0.03 per share) to\na loss of $447 thousand (0.03 per share). The change in profitability resulted\nfrom the loss recorded on the Munishare contract, and increases in\ndepreciation and amortization expenses as a result of acquisitions, stock\ncompensation expenses, professional services costs, and labour costs in\nAlberta.\n\n\nFull financial statements together with Management's Discussion and\nAnalysis are available on SEDAR or at www.sylogist.com.\n\n\nAbout Sylogist\n\n\n--------------\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 computers, Web-based and mobile\nsystem users. 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. The Company provides implementation services for\nenterprise software under a traditional software and support model as well as\nsoftware as a service model. Sylogist enhances its ERP support through its\nproprietary connectivity products, which link major ERP systems with other\npackaged and custom vertical market solutions.\n\n\nThe Company's stock is traded on the TSX Venture Exchange under the\nsymbol SYZ. Information about Sylogis...