Business
Sylogist Reports 2nd Quarter 2009 Growth and Earnings
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About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\nSERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, May 25 /CNW/ - Sylogist Ltd. (TSX:SYZ), a leading provider of\nenterprise information management solutions to municipal, education and\nenterprise customers is pleased to release its unaudited financial results for\nthe quarter and 6 months ended March 31, 2009.\n\n\nIn the second quarter:\n\n- Revenues increased 25% to $2 million from $1.6 million in the same\n quarter last year.\n\n- Margins improved to 54% up from 33% in the same quarter in fiscal\n 2008.\n\n- Earnings improved to $219 thousand, $0.01 per share, compared to a\n loss of $519 thousand in the same quarter last year.\n\n- Cash flow from operations was $375 thousand, $0.02 per share, an\n improvement of $636 thousand from the same period last year.\n\n- Cash and cash equivalents at the end of the quarter stood at $3.8\n million.\n\n- Working capital (net of deferred revenue) was $6.2 million or $0.36\n per share.\n\n- Quarter over Quarter profit improved by 31% from the first to the\n second quarter of fiscal 2009.\n\nIn the first 6 months:\n\n- Revenues increased 24% to $4.1 million from $3.3 million in the first\n half last year.\n\n- Margins improved to 49% up from 36% in the comparable first 6 months\n of fiscal 2008.\n\n- Earnings improved to $385 thousand, $0.02 per share, compared to a\n loss of $908 thousand in the same period last year.\n\n- Cash flow from operations was $712 thousand, $0.04 per share, an\n improvement of $ 1.1 million from the same period last year.\n\n\n"The second quarter financial results continued the improvement shown in\nthe first quarter of fiscal 2009. Revenue, margins, cash flow and profit were\nall significantly better than previous year results, while margins, cash flow\nfrom operations and profit in the second quarter showed sequential improvement\nover the first quarter," stated Jim Wilson, Chairman, President and CEO.\n\n\nAbout Sylogist\n--------------\n\n\nSylogist provides leading financial enterprise information management,\nsystem connectivity solutions and portal applications to municipal, education\nand private sector customers.\n\n\nFull financial statements together with Management's Discussion and\nAnalysis are available on SEDAR.\n\n\nThe Company's stock is tra...