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Sylogist Q2 Fiscal 2020 Results: Company achieves record Adjusted EBITDA, operating earnings and cash flow; Increased dividend declared.
Sylogist Q2 Fiscal 2020 Results: Company achieves record Adjusted EBITDA, operating earnin...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nSylogist Q2 Fiscal 2020 Results: Company achieves record Adjusted EBITDA, operating earnings and cash flow; Increased 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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, April 29, 2020\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, April 29, 2020 /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 2020 fiscal year, ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nQ2 2020 Summary (Comparisons are to Q2 2019, unless otherwise noted)\nRecurring revenues from subscriptions and maintenance grew by 9% to $7.2 million, compared to $6.6 million for the second quarter of 2019.Revenues were $9.4 million, compared to $9.5 million.Gross profit margins of 75%, compared to 73% in Q2 2019.Profit before income taxes of $3.9 million, compared to $3.2 million, an increase of 20%.Reported earnings were $2.8 million, compared to $2.4 million in Q2 2019, an increase of 19%.Earnings per fully diluted common share of $0.12 per share, an increase of 10% compared to Q2 2019.Adjusted EBITDA(1) was $5.6 million, or $0.24 per fully diluted common share, an increase of 34%.Adjusted EBITDA Margin(1) was 60%, compared to 44%.Cash flow from operations was $6M compared to $4.4M, an increase of 36%.The Company paid regular dividends to shareholders totalling $2.4 million during the quarter, compared to $2.1 million in the same period last year, an increase of 14%.Adjusted Working Capital(1) increased 35% to $47.3 million, or $1.99 per share.Combined tax pools at the end of the second quarter 2020 were approximately $18.6 million (CAD).Given the strong and growing cash generating ability of the Company, its Board of Directors has approved a 10% increase in its quarterly dividend to $0.11 per common share for shareholders of record as at May 29, 2020 to be paid on June 10, 2019, which is treated as an el...