Business
Sylogist Reports First Quarter Fiscal 2009 Results
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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\nEDMONTON and CALGARY, Feb. 23 /CNW/ - Sylogist Ltd. (TSX-V:SYZ), a\nleading provider of enterprise information management solutions to municipal,\neducation and enterprise customers releases its unaudited financial results\nfor the 3 months ended December 31st, 2008. In the quarter:\n\n\n- Revenues increased 22% to $2 million from $1.7 million in the same\n quarter last year.\n\n- Margins improved to 45% from 39% in the same quarter in fiscal 2008,\n before the expected annual reduction in cost of sales estimated at\n $350K arising from elimination of ongoing royalty obligations\n regarding Bellamy's foundation software.\n\n- Earnings improved to $167 thousand, $0.01 per share, from a loss of\n $384 thousand ($0.02 per share) in the same quarter last year.\n\n- Cash flow from operations was $328 thousand, $0.02 per share, an\n improvement of $499 thousand from the same period last year.\n\n- Cash and cash equivalents at the end of the quarter stood at $2.8\n million.\n\n- Working capital (net of deferred revenue) totalled $6.9 million,\n $0.41 per share, an increase of $1.2 million from the September 30th\n 2008 fiscal year-end.\n\n\n"The first quarter financial results for 2009 demonstrated a significant\nimprovement over the comparable period last year in terms of revenue, expenses\nand cash flow. We are pleased the Company is now generating a profit and\nmeaningful cash flow from operations. As a result of new customers, customer\nupgrades and fee alignment our recurring revenue from maintenance, support and\nhosting contracts now exceeds $5 million annually up from $3 million a year\nearlier. This recurring revenue base serves as a solid foundation for future\nresults," stated Jim Wilson, Chairman, President and CEO.\n\n\nAbout Sylogist\n--------------\n\n\nSylogist provides leading financial enterprise information management and\nportal applications to municipal, education and private sector customers. Our\nintegrated suite of business applications for municipalities and school boards\nfulfill requirements for revenue, budgeting, finance, board management,\noperations and student information.\n\n\nFull financial statements together with Management's Discussion and\nAnalysis are a...