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CALGARY, Aug. 28 /CNW/ - Sylogist Ltd. ("SYZ" - TSX Venture Exchange) a provider of enterprise information management and collaboration solutions to local government, education (K-12) and large enterprises announces its unaudited financial results for the third quarter ending June 30, 2007.
Highlights:
- For the nine month period, revenues were $6.4 million compared to
$6.6 million a year earlier;
- Third quarter revenue at $1.7 million compared to revenues of
$3.1 million a year earlier, mainly attributed to the cancellation of
the AMSC Munishare contract, which accounted for $1.5 million in
revenues in the same quarter a year earlier. Revenues, net of AMSC
projects, increased 3.6% year over year;
- A net loss for the quarter of $240 thousand compared to a profit of
$900 thousand a year earlier;
- Gross margins in the third quarter were 49% compared to gross margins
of 50% from a year earlier;
- Cash and cash equivalents increased to $6.4 million from $1.1 million
a year earlier. All cash and cash equivalents are deposited in
liquid, secure Banker's acceptances.
- Launch of its web-based Bellamy public sector applications software
designed to provide improved workflow, desktop integration and web
services capability;
"I am very pleased with our progress in our new product direction which is focused on selling and developing our own proprietary software" said Werner Biegler, President and CEO. "The launch of our web-enabled municipal software suite in May was a direct result of the company's strategy to strengthen its market position and our customers' commitments to upgrading to this new software have exceeded our expectations" added Mr. Biegler.
About Sylogist
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Sylogist provides enterprise information management and collaboration solutions to local government, education and private sector customers. Solutions are deployed through client, web-based and mobile systems. Sylogist Local Government Solutions provide an integrated suite of business applications to municipalities that serve their needs for revenue, finance and operations management capabilities. Sylogist Education Solutions provides financial, student information and collaborative web-site management systems for the K-12 market. Our industry leading collaboration web solutions enhance teacher, parent and student on-line collaboration driving improved student achievement.
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 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.
- The TSX-Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release -