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CALGARY, Aug. 22, 2011 /CNW/ - Sylogist Ltd. (TSX: SYZ), a provider of technology based IP solutions, is pleased to release its unaudited financial results for the third quarter of fiscal 2011 ended June 30, 2011.
In the third quarter of fiscal 2011:
- Revenues increased 10% to $2.6 million from $2.4 million in the same quarter last year.
- Gross profit margin was 73%, up from 66% in the same quarter last year.
- Cash flow from operations was $1.1 million in the quarter up 32% from the same quarter last year.
- EBITDA was $1.1 million ($0.05 per share) compared to $0.9 million in the previous quarter.
- Cash and short term investments as at June 30, 2011 totalled $14.2 million ($0.70 per share).
- Working capital (net of deferred revenue) was $15.2 million or $0.75 per share.
- Combined federal tax pools at the end of June 2011 were approximately $11 million.
- Sylogist repurchased 552,000 shares under its normal course issuer's bid in the quarter.
- $1.5 million (US) was advanced to Aviation Capital Enterprises, Inc., a private Alberta company under a secured convertible debenture.
- The Sylogist Board declared a quarterly dividend of 2.5 cents per common share.
In the first 9 months of fiscal 2011:
- Revenue was $ 7.5 million.
- Gross profit margin was 72%.
- EBITDA was $2.9 million or $0.14 per share.
For the trailing 12 month period:
- Revenue was $ 9.6 million.
- Gross profit margin was 71%.
- EBITDA was $3.6 million or $0.17 per share.
"Results of the third quarter of fiscal 2011 demonstrated continued financial growth. With Sylogist's strong balance sheet and operating performance, the Board of Directors declared a quarterly dividend of 2.5 cents per common share payable September 20, 2011 to shareholders of record as at September 6, 2011. The dividend will be paid as a return of capital," stated Jim Wilson, Chairman, President and CEO.
About Sylogist
Sylogist provides IP technology solutions to municipal, education and private sector customers.
Full financial statements together with Management's Discussion and Analysis are available on SEDAR.
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 -