Business
Sylogist First Quarter Fiscal 2020 Results: Executive compensation restructured; Dividend Declared.
Sylogist First Quarter Fiscal 2020 Results: Executive compensation restructured; Dividend ...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nSylogist First Quarter Fiscal 2020 Results: Executive compensation restructured; 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. 13, 2020\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. 13, 2020 /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 2020 fiscal year, ended December 31, 2019.\n\n \n \n\n \nQ1 2020 Summary (Comparisons are to Q1 2019, unless otherwise noted)\nCore recurring revenue increased 6% to $6.9 million or 78% of total revenue. Total revenues were $8.8 million, compared to $9.4 million. Gross profit margin was 77%, up from 76% in the first quarter of fiscal 2019. Restructured executive compensation with one-time payout, giving rise to loss before income tax of $8.6 million (loss per fully diluted common share was $0.27 per share, compared to earnings of $0.12 per share). Adjusted EBITDA(1) of $5.2 million, compared to $4.5 million in the same period last year. Adjusted EBITDA Margin(1) of 59%, compared to 48% in the first quarter of 2019. Adjusted EBITDA per share(1) of $0.22 per share, compared to $0.20 per share in the first quarter of fiscal 2019. Cash used in operating activities (before non-cash changes in working capital) totalled $6.7 million ($0.28 per share), compared to cash from operations of $4.6 million ($0.21 per share) in Q1 2019. The Company paid regular dividends to shareholders totalling $2.4 million during the quarter, compared to $2.1 million in same period of fiscal 2019, an increase of 13%. Adjusted Working Capital(1) was $40.8 million, or $1.71 per share, compared to $1.45 per share in Q1 2019, an increase of 18%. Combined tax pools at the end of the first quarter 2020 increased by $6.9 million due to the tax deductibility of the executive bonus compensation change and now total approxim...