/THIS PRESS RELEASE IS NOT FOR DISSEMINATION TO UNITED STATES NEWS
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, March 1 /CNW/ - Sylogist Ltd. ("SYZ" - TSX Venture Exchange) ("Sylogist" or the "Company") today released its unaudited financial results for the 3 month period ending December 31, 2006.
Financial highlights for the first 3 months of Fiscal 2007:
- Revenue of $2.3 million
- Year-over-year revenue growth of 42%
- Gross margin of 48%
- Net cash and short-term investments of $6.0 million
- Loss of $447 thousand including $406 thousand charged on cessation of
the Munishare contract which concludes the costs charged on this
contract.
Revenue for the 3 month period ending December 31, 2006 was $2.3 million compared to $1.6 million for the same period last year. Fiscal Q1 revenue increased as a result of acquisitions and growth in our ERP business segment. Year-over-year profit before tax fell from $447 thousand ($0.03 per share) to a loss of $447 thousand (0.03 per share). The change in profitability resulted from the loss recorded on the Munishare contract, and increases in depreciation and amortization expenses as a result of acquisitions, stock compensation expenses, professional services costs, and labour costs in Alberta.
Full financial statements together with Management's Discussion and Analysis are available on SEDAR or at www.sylogist.com.
About Sylogist
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Sylogist delivers information management and technology solutions to government and industry clients. The Company's solutions are designed to improve productivity for both conventional computers, Web-based and mobile system users. 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 provides implementation services for enterprise software under a traditional software and support model as well as software as a service model. Sylogist enhances its ERP support through its proprietary connectivity products, which link major ERP systems with other packaged and custom vertical market solutions.
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.