Business
Sylogist Reports Second Quarter Financial Results for Fiscal 2008
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATI...
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, May 27 /CNW/ - Sylogist Ltd. (TSX-V:SYZ), a leading\nprovider of enterprise information management solutions to municipal,\neducation and enterprise customers, releases its unaudited financial results\nfor the 3 months ended March 31, 2008. In the quarter:\n\n\n- Revenues declined to $1.6 million, partially offset by a reduction in\n total expenses of 33% to $1 Million from $1.5 Million, in comparison\n to Q2 2007.\n\n- Cash flow from operations was a loss of $262 thousand, as compared to\n a loss of $30 thousand in the same quarter in fiscal 2007.\n\n- $131 thousand was invested in product development. The Company\n announced its new "Call2Order" software product for board and council\n meeting administration.\n\n- Cash and cash equivalents at the end of the quarter stood at\n $5.6 million while working capital totalled $4.2 million.\n\n\n"The second quarter financial results are disappointing and corrective\naction has been taken. Management changes have been made and plans are in\nplace directed at improving cash flow and generating growth" stated Jim\nWilson, Chairman, President and CEO.\n\n\nAbout Sylogist\n\n\nSylogist provides leading enterprise information management and\ncollaboration software applications to municipal, education and private sector\ncustomers. We provide an integrated suite of business applications to\nmunicipalities and school boards that serve their needs for revenue, finance\nand operations management capabilities.\n\n\nFull financial statements together with Management's Discussion and\nAnalysis are available on SEDAR.\n\n\nThe Company's stock is traded on the TSX Venture Exchange under the\nsymbol SYZ. Information about Sylogist can be found at\nhttp://www.sylogist.com.\n\n\n- The TSX-Venture Exchange does not accept responsibility for the\n\n\nadequacy or accuracy of this release -\n\n\n","length":2148,"tagName":"div"}]