Business
Sylogist Announces Third Quarter Results for Fiscal 2007
Sylogist Announces Third Quarter Results for Fiscal 2007.
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\nCALGARY, Aug. 28 /CNW/ - Sylogist Ltd. ("SYZ" - TSX Venture Exchange) a\nprovider of enterprise information management and collaboration solutions to\nlocal government, education (K-12) and large enterprises announces its\nunaudited financial results for the third quarter ending June 30, 2007.\n\n\nHighlights:\n\n- For the nine month period, revenues were $6.4 million compared to\n $6.6 million a year earlier;\n\n- Third quarter revenue at $1.7 million compared to revenues of\n $3.1 million a year earlier, mainly attributed to the cancellation of\n the AMSC Munishare contract, which accounted for $1.5 million in\n revenues in the same quarter a year earlier. Revenues, net of AMSC\n projects, increased 3.6% year over year;\n\n- A net loss for the quarter of $240 thousand compared to a profit of\n $900 thousand a year earlier;\n\n- Gross margins in the third quarter were 49% compared to gross margins\n of 50% from a year earlier;\n\n- Cash and cash equivalents increased to $6.4 million from $1.1 million\n a year earlier. All cash and cash equivalents are deposited in\n liquid, secure Banker's acceptances.\n\n- Launch of its web-based Bellamy public sector applications software\n designed to provide improved workflow, desktop integration and web\n services capability;\n\n\n"I am very pleased with our progress in our new product direction which\nis focused on selling and developing our own proprietary software" said Werner\nBiegler, President and CEO. "The launch of our web-enabled municipal software\nsuite in May was a direct result of the company's strategy to strengthen its\nmarket position and our customers' commitments to upgrading to this new\nsoftware have exceeded our expectations" added Mr. Biegler.\n\n\nAbout Sylogist\n\n\n--------------\n\n\nSylogist provides enterprise information management and collaboration\nsolutions to local government, education and private sector customers.\nSolutions are deployed through client, web-based and mobile systems. Sylogist\nLocal Government Solutions provide an integrated suite of business\napplications to municipalities that serve their needs for revenue, finance and\noperations management capabilities. Sylogist Educat...