Business
Sylogist Builds Strong Momentum with Fiscal 2009 Results
Sylogist Builds Strong Momentum with Fiscal 2009 Results
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nJan. 18, 2010 (Canada NewsWire Group) -- CALGARY, Jan. 18 /CNW/ -- Sylogist Ltd. (TSX:SYZ), a leading provider of enterprise information management solutions to municipal, education and private sector customers, is pleased to release its audited financial results for the fiscal year ended September 30, 2009.In fiscal 2009:- Revenues increased 34% to $9.2 million compared to last year.- Gross profit margins improved to 55% up from 39% in fiscal 2008.- Net after tax earnings improved to $1.5 million or $0.09 per share.- Cash flow from operations was $1.9 million or $0.11 per share.- Cash and cash equivalents as at September 30, 2009 totalled$5.1 million or $0.30 per share.- Working capital (net of deferred revenue) was $6.6 million or$0.39 per share.- Tax pools at the end of fiscal 2009 stood at over $15 million.In the second half of fiscal 2009:- Revenues increased 43% to $5.1 million from $3.6 million compared tothe last 6 months of the previous year.- Gross profit margins improved to 58% up from 42% in the comparable6 months of fiscal 2008.- Net after tax earnings improved to $1.3 million or $0.07 per share.- Cash flow from operations was $1.2 million or $0.07 per share.In the fourth quarter of fiscal 2009:- Revenues increased 47% to $2.5 million from $1.7 million compared tothe same period last year.- Gross profit margins improved to 62% up from 43% in fourth quarter offiscal 2008.- Net after tax earnings improved to $0.7 million or $0.04 per share.- Cash flow from operations was $0.7 million or $0.04 per share.\"Fiscal 2009 demonstrated improved performance in virtually all areas of the business. The profitable growth trend established in the first quarter of 2009 continued to gain momentum throughout the year. Revenue, margins, cash flow and profit were all significantly better than prior year results. We are pleased with our progress and expect continued improvement.\" stated Jim Wilson, Chairman, President and CEO.About Sylogist--------------Sylogist provides leading financial enterprise information management systems, system connectivity solutions and portal applications to municipal, education and private sector customers.Full financial statements together with Management's Discussion and Analysis are available on SEDAR.The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information ab...