Business
Sylogist Announces Second Quarter Results for Fiscal 2007
Sylogist Announces Second 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, May 29 /CNW/ - Sylogist Ltd.("SYZ" - TSX Venture Exchange)\n("Sylogist" or the "Company") is pleased to announce its unaudited financial\nresults for the 3 month period ending March 31, 2007.\n\n\nFinancial highlights for the second quarter and first half of Fiscal\n2007:\n\n- Second quarter revenue increased to $2.4 million with gross margin of\n 55% compared to revenue of $1.9 million and gross margin of 53% a\n year earlier.\n- Year-over-year quarterly revenue growth of 26% (base business revenue\n growth of 133% to 2.4 million from $1 million when Munishare contract\n revenue is excluded).\n- Net cash and short-term investments increased to $7.1 million\n compared to $2.1 million a year ago.\n- Profit of $34 thousand in the quarter compared to $568 thousand the\n previous year.\n- $212 thousand expensed in the quarter for new and enhanced software\n applications to build Sylogist's intellectual property portfolio\n compared to $45 thousand a year earlier.\n- $267 thousand of one time G&A expenses in the quarter related to\n management changes and professional services costs.\n- $284 thousand of non-cash expenses (Depreciation, Amortization, Stock\n Compensation) compared to $91 thousand a year earlier.\n- Book value increased to $13.7 million compared to $9.2 million a year\n ago.\n- 6 month revenue increased to $4.7 million compared to $3.5 million, a\n year-over-year revenue growth of 33% (base business revenue growth of\n 115% to $4.5 million from $2.1 million when Munishare contract\n revenue is excluded).\n\n\n"The second quarter of Fiscal 2007 marked a period of transition after\nthe cancellation of the Munishare contract late in the first quarter. We are\npleased with the base business revenue and margin growth achieved in the\nsecond quarter demonstrating the solid foundation underpinning our operations.\nDuring the quarter we increased our investment in developing and enhancing our\nsoftware products to expand their depth and breadth within our market\nsegments. A number of management changes including the appointment of a new\nPresident and the re-alignment of business units made during the quarter have\nbetter positioned Sylogist fo...