Business
Sylogist Q1 Earnings Increase 6 Fold, Quarterly Dividend Declared
Sylogist Q1 Earnings Increase 6 Fold, Quarterly Dividend Declared
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nFeb. 11, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 11 /CNW/ -- Sylogist Ltd. (TSX-V:SYZ), a leading provider of enterprise information management solutions to municipal, education and private sector customers, is pleased to release its unaudited financial results for the first quarter of fiscal 2010 ended December 31, 2009.In the first quarter of fiscal 2010:- Revenues increased 25% to $2.6 million from $2.0 million in the sameperiod last year.- Gross profit margins improved to 63%, up from 45% in first quarter offiscal 2009.- Net after tax earnings improved to $935,000 or $0.06 per share, asix-fold increase over the same period in 2009.- EBITDA was $919,000 ($0.06 per share).- Cash and cash equivalents as at December 31, 2009 totalled$4.8 million ($0.29 per share).- Working capital (net of deferred revenue) was $9.6 million or $0.57per share.- Combined federal and provincial tax pools at the end of December 2009were approximately $14 million.- The Sylogist Board declared a quarterly dividend of 1.5 cents percommon share.In the trailing 6 months:- Revenues increased 34% to $5 million from $3.7 million compared tothe same 6 months a year earlier.- Gross profit margins improved to 62%, up from 44% in the comparable6 months of the prior year.- Net after tax earnings improved to $1.6 million or $0.10 per share.- EBITDA was $1.6 million or $0.10 per share.For the trailing 12 month period:- Revenues increased 34% to $9.7 million from $7.3 million compared toprevious 12 month period.- Gross profit margins improved to 58%, up from 41% in the same12 months a year earlier.- Net after tax earnings improved to $2.2 million or $0.13 per share.- EBITDA was $2.6 million or $0.15 per share.\"Results of the first quarter of fiscal 2010 were significantly improved over the same quarter last year. Profitable results continued from 2009. High operating leverage significantly accelerated earnings in the quarter. With Sylogist's strong balance sheet and demonstrated ability to generate cash flow, the Board of Directors declared a quarterly dividend of 1.5 cents per common share payable March 15, 2010 to shareholders of record as at February 26, 2010. The dividend will be paid as a return of capital.\" stated Jim Wilson, Chairman, President and CEO.We are proud to report that the TSX Venture Exchange recently announced that Sylogist was na...