CALGARY, Jan. 26 /CNW/ - Sylogist Ltd. (TSX VENTURE:SYZ) ("Sylogist" or
the "Company") is pleased to announce its audited annual financial statements
for the 2005 Fiscal Year ending September 30, 2005.
Fiscal 2005 was the third consecutive profitable year for Sylogist.
Profit for fiscal 2005 increased 50% to $1.8 million ($0.13 per share fully
diluted) compared to $1.2 million in fiscal 2004. Cash flow from operations in
fiscal 2005 increased by 48% to $1.3 million compared to a year earlier. Total
revenue for fiscal 2005 increased by 12% year-over-year to $5.9 million from
$5.3 in fiscal 2004. The overall revenue and profitability increases were
negatively impacted by a later than expected start on the Alberta
Municipalities Shared Services contract and the adoption of a conservative
revenue recognition policy for this project. Working capital improved to
$6.0 million in fiscal 2005 compared with $1.2 million in fiscal 2004.
Full financial statements, together with Management's Discussion and
Analysis, were filed on SEDAR today.
On January 25, 2006 the Sylogist Board of Directors granted a total of
578,000 stock options at market to employees, officers and directors of the
Company. Of this total 465,000 stock options were granted to directors and
officers.
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.
