CALGARY, May 9 /CNW/ - Sylogist (TSX Venture Exchange:SYZ) today released its unaudited financial results for the 3 month and 6 month periods ending March 31, 2005. Financial Highlights for the first 6 months of Fiscal 2005: - Net Income of $734,515 ($0.06 per share) on revenue of $3,203,873. - Year-over-year revenue growth of 25%. - Year-over-year profit growth of 113%. - Cash flow from operations of $735,133. - Net cash position of $5,755,229, no debt. Revenue for the 3 month period ending March 31, 2005 was $1.50 million compared to $1.16 million for the same period last year, an increase of 30%. Year-over-year profit grew by over eightfold, from $39 thousand to $385 thousand. Revenue growth was attributed to new software licensing and increased recurring revenue. Revenue for the 6 month period was $3.20 million compared to $2.57 million for the same period last year, an increase of 25%. Profit for the 6 month period grew from $345 thousand to $735 thousand. During the second quarter Sylogist completed a bought private placement financing at $1.20 per share for net proceeds of $3,258,000. During the first half Sylogist closed a number of contracts which increased the recurring revenue base. The Company also advanced business opportunities that will contribute to new revenue in the second half of the fiscal year. The Company's financial statements are available on SEDAR (www.SEDAR.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 customer 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.