Business
Sylogist Q1 Fiscal 2013 Results: Strong Increases in Revenue, EBITDA, Cash Flow and Profit
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About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\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, 2013 /CNW/ - Sylogist Ltd. (TSXV:SYZ) (\"Sylogist\" or\n the \"Corporation\"), a provider of technology based IP solutions,\n including enterprise information management systems for municipal,\n utilities, education and private sector customers, is pleased to\n announce its unaudited financial results for the first quarter of the\n 2013 fiscal year ended December 31, 2012.\n\n\nIn Q1 of Fiscal 2013:\n\n\nNet income before tax increased to $1.3 millon or $0.07 per fully\n diluted share, a 77% gain over the quarterly average of $ 0.7 million\n in fiscal 2012.\n\n\nCash flow from operations was $1.6 million ($0.08 per share), a 58%\n improvement over the fiscal 2012 quarterly average.\n\n\nEBITDA(1) was $1.5 million ($0.08 per share), a 57% increase when compared to a\n quarterly average of $1.0 million in the previous year.\n\n\nGross profit margins increased 10% to 79% of revenue compared to fiscal\n 2012.\n\n\nRevenues were $2.8 million, 19% higher than the fiscal 2012 quarterly\n average.\n\n\nCash and cash equivalents as at December 31, 2012 totalled $11 million\n or $0.60 per share.\n\n\nWorking capital (net of deferred revenue) was $12 million or $0.62 per\n share.\n\n\nFederal tax pools at the end of Q1 fiscal 2013 stood at $ 4.8 million.\n\n\n\"The financial results for the first quarter of fiscal 2013 exceeded our\n expectations, achieving our best financial results to date.  Virtually\n all financial metrics demonstrated significant improvement over fiscal\n 2012 results, some dramatically.  With substantial cash flow from\n operating results and a strong balance sheet, we are looking for\n appropriate acquisitions that build our market share and leverage our\n management strengths.  Our recent acquisition of fuel system management\n assets fits well into our acquisition strategy\" stated Jim Wilson,\n 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 intellectual property solutions to a wide range of public and private\n sector customers.\n\n\n(1) EBITDA and Cash Flow from Operations are a non-IFRS financial\n m...