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EDMONTON and CALGARY, Jan. 28 /CNW/ - Sylogist Ltd. (TSX:SYZ), a leading provider of enterprise information management solutions to municipal, education and private sector customers, today announced its audited financial results the year ended September 30, 2007.
"Fiscal 2007 was a period of transition for the Company, with management focusing on leveraging its acquisitions while continuing its strategy to pursue opportunities in the public sector market. Central to this strategy is a renewed focus by Sylogist to further build its own intellectual property eliminating reliance on third party enterprise software vendors in order to achieve more control over its products to better support its customers. As a result, the company announced in May 2007 a transformation of its Bellamy Software application to a web-enabled platform, the initial sales of which have exceeded management's expectations" stated Werner Biegler, President and CEO.
Revenue for the fiscal year ended September 30, 2007 was $8.1 million or 90% of the previous year's revenue despite the termination of the Sylogist Munishare contract in Q1 and the expiration of our SAP(TM) reseller agreement in the third quarter of fiscal 2007. Acquisitions made in the second half of fiscal 2006 contributed positively to the revenue results. The net loss for fiscal 2007 was $1.3 million compared to a loss of $0.2 million in fiscal 2006.
As of September 30, 2007 Sylogist had cash, cash equivalents and short term investments of $5.9 million compared to $2.1 million as of September 30, 2006.
"Although 2007 presented the Company with a significant challenge, management focused intently on leveraging its acquisition of Bellamy Software. I am pleased with the progress that has been achieved in investing for growth in 2008. The earlier announced investment in the transformation of the Bellamy Software application to a web-enabled platform and our recent acquisition of Masterworks Software and Reflex Government Solutions reflect this focus. Management will continue to assess operating improvements, expand the marketing of Sylogist software products and pursue future growth plans" said Mr. Biegler.
About Sylogist
Sylogist provides leading enterprise information management and collaboration software applications to municipal, education and private sector customers. We provide an integrated suite of business applications to municipalities that serve their needs for revenue, finance and operations management capabilities. Our education applications provide financial, student information and collaborative web-based systems for the K-12 market. Our industry leading collaborative web solutions enhance teacher, parent and student on-line collaboration driving improved student achievement.
Full financial statements together with Management's Discussion and Analysis are available on SEDAR or at http://www.sylogist.com.
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.
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or accuracy of this release -