Business
Sylogist First Quarter Fiscal 2019 Results: Growth Continues; Dividend Declared
Sylogist First Quarter Fiscal 2019 Results: Growth Continues; Dividend Declared Ca...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nSylogist First Quarter Fiscal 2019 Results: Growth Continues; Dividend Declared\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 11, 2019\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n CALGARY, Feb. 11, 2019 /CNW/ - Sylogist Ltd. (TSXV:SYZ) (\"Sylogist\" or the \"Company\"), a provider of enterprise information management solutions, is pleased to announce its unaudited financial results for the first quarter of the 2019 fiscal year, ended December 31, 2018.\nQ1 2019 Summary (Comparisons are to Q1 2018, unless otherwise noted)\nRevenues were $9.4 million, compared to $8.8 million, an increase of 7%. Gross profit margin was 76%, equivalent to Q1 2018 and up from 71% in the last quarter of fiscal 2018. Reported earnings were $2.6 million compared to $3 million in Q1 2018. Earnings per fully diluted common share was $0.12 per share, compared to $0.13 per share. Adjusted EBITDA(1) was $4.5 million, an increase of 7%, or $0.20 per fully diluted common share, up 5%. Adjusted EBITDA Margin(1) was 48%, the equivalent to Q1 2018. Cash from operating activities (before non-cash changes in working capital) totalled $4.6 million ($0.21 per share), up from $4.2 million ($0.19 per share) in Q1 2018. The Company paid regular dividends to shareholders totalling $2.1 million during the quarter. Adjusted Working Capital(1) was $31.9 million, an increase of 12%, or $1.45 per share, compared to $1.26 per share in Q1 2018. Combined tax pools at the end of the first quarter 2019 were approximately $14.8 million (CAD). For the quarter ended December 31, 2018, the Company repurchased 191,900 common shares at an average price of $12.81 for a total cost of $2.5 million. The Company's Board of Directors has approved a quarterly dividend of $0.095 per common share for shareholders of record as at February 28, 2019 to be paid on March 13, 2019, which is to be treated as an eligible dividend under the Income Tax Act (Canada). Jim Wilson, Presi...