CALGARY, Feb. 13 /CNW/ - Sylogist (TSX Venture Exchange:SYZ) today released its unaudited financial results for the 3 month period ending December 31, 2005. Financial Highlights for the first 3 months of Fiscal 2006: - Net Income of $615,777 ($0.04 per share) on revenue of $1,637,148. - Year-over-year profit growth of 76%. - Cash flow from operations of $497,668. - Net working capital of $6,422,881. - Net cash and short-term investments of $5,095,763, no debt. Revenue for the 3 month period ending December 31, 2005 was $1.64 million compared to $1.70 million for the same period last year. Fiscal Q1 2006 recurring and professional services revenue increased substantially compared to fiscal Q1 2005, however a large software license sale in Q1 fiscal 2005 resulted in total revenue in Q1 fiscal 2006 being 3.7% lower than the previous year. Year-over-year profit for the same period grew by 76% from $349 thousand to $616 thousand. Sylogist is pursuing several corporate opportunities to grow the business. As part of the growth mandate, the Company continues to build its professional management team. Sylogist is pleased to announce the appointment of David Elder as Vice-President, Corporate Development of the Company. In this role, David will assist management and the board in all aspects of the Company's growth strategy, including acquisitions, financings, public reporting and governance. He will report to Jim Wilson, President & Chief Executive Officer. Mr. Elder has practiced corporate law for many years in Calgary, Alberta, with a focus on mergers, acquisitions and public financings, where he is counsel to the law firm Heenan Blaikie LLP and a member of its business law group. The Company's full financial statements are available on SEDAR (www.SEDAR.com) and the Sylogist website at www.sylogist.com. About Sylogist -------------- Sylogist delivers information management and technology solutions to government and industry clients. The Company's solutions are designed to improve productivity for both conventional computer based workers and mobile workers. Sylogist's software solutions, along with related services are delivered to a global base through its own sales and delivery organization, as well as through OEM channels. The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.