Business
Sylogist Reports First Quarter Financial Results for Fiscal 2008, Business Update and New Director appointment
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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\n\n\nSERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\nEDMONTON and CALGARY, Feb. 27 /CNW/ - Sylogist Ltd. (TSX:SYZ), a leading\nprovider of enterprise information management solutions to municipal,\neducation and enterprise customers, is pleased to release its unaudited\nfinancial results for the first quarter ended December 31, 2007.\n\n\nFinancial Highlights for First Quarter\n--------------------------------------\n - Software License and maintenance revenues, excluding SAP related\n revenues, increased 55% to $848 thousand from $547 thousand a year\n earlier reflecting revenue growth in Bellamy Software and the\n acquisition of MasterWorks Software.\n - Total Software License and maintenance revenues accounted for 51% of\n total revenues compared to 38% from the year prior.\n - Spending on General & Admin and Sales & Marketing reduced by 24% to\n $682 thousand from $894 thousand in the same period last year\n reflecting implementation of our cost reduction plans.\n - Investment in Product Development increased to $179 thousand from\n $92 thousand in the year earlier reflecting increased spending on new\n applications.\n - Net loss reduced to $384 thousand from the $447 thousand loss in\n first quarter 2007 and significant improvement over the loss of\n $653 thousand in the preceding quarter.\n - First quarter revenue of $1.7 million declined by $0.7 million over\n the prior fiscal year due mainly to expiry of SAP re-seller contract\n and no revenues associated with the Munishare project.\n - Cash flow from operations net of Product Development investment was\n neutral in the quarter.\n\n\n"The growth of software license and maintenance revenue in the quarter\ndemonstrates the transformation of Sylogist into an intellectual property\nbased company principally serving the public sector market. Management\ncontinues its focus on product investments, expanding our customer base and\nleveraging the Bellamy Software brand, while further improving spending\nefficiencies," stated Werner Biegler, President and CEO.\n\n\nNew Product Development\n\n\n-----------------------\n\n\nDuring the first quarter, Bellamy Software continued with the development\nof a meeting management application intended for the public sector, including\nbo...