CALGARY, May 29 /CNW/ - Sylogist (TSX Venture Exchange: SYZ) is pleased to announce its unaudited financial results for the 3 (Q2) and 6 month periods ending March 31, 2006. Financial Highlights for the first 6 months of Fiscal 2006: << - Net Income of $1.2 million ($0.08 per share) on revenue of $3.5 million. - Year-over-year profit growth of 60%. - Cash flow from operations of $1.0 million. - Net working capital of $6.9 million. - Net cash and short-term investments of $5.6 million, no debt. >> Year-over-year profit grew by 60% from $734 thousand to $1.18 million for the 6 month period ending March 31, 2006, on revenue of $3.5 million (2005 - $3.2 million). For the 3 month period ending March 31, 2006, revenue increased to $1.9 million from $1.5 million in the prior year, an increase of 25%. Q2 profit grew by 48% to $568 thousand (2005 - $385 thousand). During the quarter Sylogist added a number of key management and technical positions to build a solid foundation for growth. The company anticipates strong revenue growth commencing in the second half of fiscal 2006. Subsequent to Q2, Sylogist completed the acquisition of Bellamy Software for total fixed consideration of $3.5 million. This acquisition will be accounted for in Sylogist's Q3 statements. The addition of Bellamy along with the Alberta Municipal Shared Services Corporation contracts establishes Sylogist as the leading supplier of municipal financial systems in the province of Alberta with additional customers in British Columbia, Saskatchewan, Manitoba, Ontario and the Yukon. Bellamy also adds a significant customer base in the K-12 educational market through their financial systems for school boards. 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 TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release- 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. Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Sylogist's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Sylogist can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and Sylogist undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.