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Sylogist Q2 Fiscal 2013 Results: Continued Strong Increases in Revenue, EBITDA(1), Cash Flow, 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, May 16, 2013 /CNW/ -  Sylogist Ltd. (TSXV:SYZ) (\"Sylogist\" or\n the \"Company\"), a provider of enterprise application solutions to\n public and private sector customers, announces its unaudited financial\n results for the second quarter ended March 31, 2013.\n\n\nIn Q2 of Fiscal 2013:\n\n\nRevenues were $2.7 million, 18% higher than the quarterly average in\n fiscal 2012.\n\n\nEBITDA(1) was $1.5 million ($0.08 per share), a 60% increase when compared to a\n quarterly average of $0.9 million in the previous year.\n\n\nCash flow from operations was $1.4 million, a 52% improvement over the\n fiscal 2012 quarterly average.\n\n\nNet income before tax increased to $1.3 million 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\nGross profit margins increased from 71% to 80% of revenue compared to\n fiscal 2012.\n\n\nIn the first 6 months of Fiscal 2013:\n\n\nRevenues were $5.5 million, 19% higher than the six month average in\n fiscal 2012.\n\n\nEBITDA(1) was $3 million ($0.16 per share), a 62% increase when compared to a six\n month average of $1.9 million in the previous year.\n\n\nCash flow from operations was $3.1 million, a 66% improvement over the\n fiscal 2012 six month average.\n\n\nNet income before tax increased to $2.6 million or $0.14 per fully\n diluted share, a 75% gain over the six month average of $1.5 million in\n fiscal 2012.\n\n\nGross profit margins increased from 71% to 79% of revenue compared to\n fiscal 2012.\n\n\nCash and short-term investments as at March 31, 2013 totalled $15\n million or $0.78 per share.\n\n\nWorking capital (net of deferred revenue) was $16 million or $0.83 per\n share.\n\n\nFederal tax pools at the end of Q2 fiscal 2013 stood at $3.5 million.\n\n\n\"Profit in the first six months of fiscal 2013 nearly matched the profit\n for the entire 12 month period in fiscal 2012. The second quarter\n results continued the strong increases achieved in the first quarter.\n With the pending acquisition of Epic Data, we foresee further material\n increases in financial performance commencing in our fourth quarter. We\n expect these results to exceed the trend established in the first six\...