Business
Sylogist Q3 Fiscal 2019 Financial Results and Governance Update, Increased Dividend Declared
Sylogist Q3 Fiscal 2019 Financial Results and Governance Update, Increased Dividend Declar...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nSylogist Q3 Fiscal 2019 Financial Results and Governance Update, 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Aug. 13, 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, Aug. 13, 2019 /CNW/ - Sylogist Ltd. (TSXV:SYZ) (\"Sylogist\" or the \"Company\"), is pleased to announce its unaudited financial results for the third quarter of the 2019 fiscal year, ended June 30, 2019.\nQ3 2019 Summary (Comparisons are to Q3 2018, unless otherwise noted)\nRevenues were $9.8 million, compared to $11 million in the third quarter of fiscal 2018. Gross Profit was $7.4 million, compared to $7.7 million in the same period last year. Gross Profit Margin of 76%, was an increase of 9% over the third quarter of 2018. Reported earnings were $2.7 million, compared to $3.2 million in Q3 2018. Earnings per fully diluted common share were $0.12 per share, compared to $0.14 per share. Adjusted EBITDA(1) was $4.5 million, or $0.20 per fully diluted common share, compared to $4.9 million or $0.22 per share. Adjusted EBITDA Margin(1) was 46%, compared to 45%. Cash from operating activities (before non-cash changes in working capital) totalled $3.3 million ($0.15 per share), compared to $4.1 million ($0.18 per share) in Q3 2018. The Company paid regular dividends to shareholders totalling $2.1 million during the quarter. Adjusted Working Capital(1) was $49.5 million, or $2.09 per share, compared to $1.48 per share in Q3 2018. Combined tax pools at the end of the third quarter 2019 were approximately $14 million (CAD). The Company's Board of Directors has approved an increase in the quarterly dividend to $0.10 per common share for shareholders of record as at August 30, 2019 to be paid on September 11, 2019, which is treated as an eligible dividend under the Income Tax Act (Canada). Nine months of fiscal 2019 (Comparisons are to the nine months of fiscal 2018, unless otherwise noted)\nRevenues were $28.7 million, c...