Business
Sylogist First Six Months of 2014 Results: Revenue rises 49%; Profit up 95%; Dividend Increased
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DI...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nCALGARY, May 20, 2014 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of Enterprise Systems and Supply Chain intellectual property solutions to a wide range of public and private sector customers, is pleased to announce its unaudited financial results for the second quarter of the 2014 fiscal year, ended March 31, 2014.\n\nIn Q2 of Fiscal 2014:\n\n\nProfit after tax was $1.3 million or $0.06 per share compared to $1 million or $0.05 per share in Q2 of fiscal 2013; a 33% increase. \nRevenues were $3.1 million compared to $2.7 million in Q2 of the previous year; an increase of 14%. \nGross profit was $2.3 million compared to $2.2 million in Q2 of fiscal 2013. \nCash and short-term investments as at March 31, 2014 totalled $12 million or $0.60 per share. \nWorking capital (net of deferred revenue) was $13 million or $0.62 per share.\nIn the first 6 months of Fiscal 2014:\n\n\nProfit after tax nearly doubled to $3.8 million or $0.18 per share compared to $1.9 million or $0.10 per share for the same six months last year. \nRevenues were $8.2 million compared to $5.5 million the previous year; an increase of 49%. \nGross profit was $5.6 million compared to $4.4 million last year; a 27% increase. \nCash generated from operations improved 21% over the same period last year to $4.7 million. \nDividend payments in the first 6 months of fiscal 2014 totaled $1.9 million or 52% of after tax profit. \n$2.4 million was invested in acquisitions and integration of those operations in the first 6 months of fiscal 2014. \nCombined tax pools at the end of Q2 fiscal 2014 stood at $46 million.\n\"The majority of the company's efforts were internally focused in Q2.  In the public sector, significant resources were allocated to integrate the newly acquired Weave Corp product suite with our Bellamy ERP system making it the most comprehensive municipal solution in Canada.  We have recently booked a number of orders for this newly integrated system.  \n\nThe private sector business focused on a large scale deployment of our new IntegraNet and UniView products, now used by over 30,000 employees at the world's largest defense contractor.  With this successful project reference, we have received an order for a...