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Sylogist Q2 Fiscal 2019 Results: 42nd consecutive profitable quarter: Revenue grows, strong margins maintained, dividend declared
Sylogist Q2 Fiscal 2019 Results: 42nd consecutive profitable quarter: Revenue grows, stron...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nSylogist Q2 Fiscal 2019 Results: 42nd consecutive profitable quarter: Revenue grows, strong margins maintained, dividend declared\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 14, 2019\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n CALGARY, May 14, 2019 /CNW/ - Sylogist Ltd. (TSXV:SYZ) (\"Sylogist\" or the \"Company\"), a provider of enterprise information management solutions, is pleased to announce its unaudited financial results for the second quarter of the 2019 fiscal year, ended March 31, 2019.\nQ2 2019 Summary (Comparisons are to Q2 2018, unless otherwise noted)\nRevenues were $9.5 million, compared to $9.3 million, an increase of 2%. Recurring revenues from subscriptions and maintenance grew organically by 9% to $6.6 million, compared to $6 million for the second quarter of 2018. Gross profit margins of 73%. Profit before income taxes of $3.2 million. Reported earnings were $2.4 million compared to $2.5 million in Q2 2018. Earnings per fully diluted common share of $0.11 per share, consistent with Q2 2018. Adjusted EBITDA(1) was $4.2 million, or $0.19 per fully diluted common share. Adjusted EBITDA Margin(1) was 44%, compared to 48%. The Company paid regular dividends to shareholders totalling $2.1 million during the quarter, compared to $1.8 million in the same period last year, an increase of 17%. Adjusted Working Capital(1) was $35.1 million, an increase of 9%, or $1.59 per share. Combined tax pools at the end of the second quarter 2019 were approximately $14.7 million (CAD). The Company's Board of Directors has approved a quarterly dividend of $0.095 per common share for shareholders of record as at May 31, 2019 to be paid on June 12, 2019, which is treated as an eligible dividend under the Income Tax Act (Canada). First half of fiscal 2019 (Comparisons are to the first half of fiscal 2018, unless otherwise noted)\nRevenues were $18.9 million, compared to $18.1 million, up 4%. Recurring r...