Business
Sylogist Q1 2014 Results: Revenue rises 83%; Profit up 159%; 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\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\n SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\nCALGARY, Feb. 19, 2014 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of Enterprise Systems and Supply Chain intellectual\n property solutions to a wide range of public and private sector\n customers, is pleased to announce its unaudited financial results for\n the first quarter of the 2014 fiscal year, ended December 31, 2013.\n\n\nIn Q1 of Fiscal 2014:\n\n\n\nProfit after tax was $2.5 million or $0.12 per share compared to $0.9\n million or $0.05 per share in Q1 of fiscal 2013; a 159% increase.\n\n\nRevenues were $5.1 million compared to $2.8 million in Q1 of the\n previous year; an increase of 83%.\n\n\nGross profit was $3.3 million compared to $2.2 million in Q1 of fiscal\n 2013.\n\n\nCash and short-term investments as at December 31, 2013 totalled $8.9\n million or $0.44 per share.\n\n\nWorking capital (net of deferred revenue) was $9.7 million or $0.49 per\n share.\n\n\nCombined tax pools at the end of December 2013 stood at approximately\n $42 million (CDN).\n\n\nDividend payments in Q1 fiscal 2014 totaled $0.9 million or 37% of\n profit after tax.\n\n\n$2.4 million was invested in acquisitions and integration of those\n operations in the quarter.\n\n\n\n\"In the first quarter of fiscal 2014, Sylogist experienced a quantum\n change in growth as the Epic Data acquisition started to contribute to\n overall performance. Quarterly year-over-year revenue increased 83% to\n $5.1 million, while profit rose by 159% to $2.5 million or $0.12 per\n share. Sales and marketing efforts have been increased as we see the\n opportunity for substantive organic growth. Operationally, we continue\n to refine processes and expect to produce improvement in margins,\n particularly in the private sector.  With a solid balance sheet and\n growing free cash flow, we continue to pursue appropriate acquisitions,\n while rewarding our shareholders by increasing our quarterly dividend\n to $0.05 per share.\" stated Jim Wilson, Chairman, President and CEO.\n\n\nAbout Sylogist\n\n\nSylogist is a technology innovation company which, through strategic\n acquisitions, investments and operations management, provides\n Enterprise Systems and Supply Chain intellectual property solutions to\n a wide range of public and priv...