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CALGARY, May 25 /CNW/ - Sylogist Ltd. (TSX:SYZ), a leading provider of enterprise information management solutions to municipal, education and enterprise customers is pleased to release its unaudited financial results for the quarter and 6 months ended March 31, 2009.
In the second quarter:
- Revenues increased 25% to $2 million from $1.6 million in the same
quarter last year.
- Margins improved to 54% up from 33% in the same quarter in fiscal
2008.
- Earnings improved to $219 thousand, $0.01 per share, compared to a
loss of $519 thousand in the same quarter last year.
- Cash flow from operations was $375 thousand, $0.02 per share, an
improvement of $636 thousand from the same period last year.
- Cash and cash equivalents at the end of the quarter stood at $3.8
million.
- Working capital (net of deferred revenue) was $6.2 million or $0.36
per share.
- Quarter over Quarter profit improved by 31% from the first to the
second quarter of fiscal 2009.
In the first 6 months:
- Revenues increased 24% to $4.1 million from $3.3 million in the first
half last year.
- Margins improved to 49% up from 36% in the comparable first 6 months
of fiscal 2008.
- Earnings improved to $385 thousand, $0.02 per share, compared to a
loss of $908 thousand in the same period last year.
- Cash flow from operations was $712 thousand, $0.04 per share, an
improvement of $ 1.1 million from the same period last year.
"The second quarter financial results continued the improvement shown in the first quarter of fiscal 2009. Revenue, margins, cash flow and profit were all significantly better than previous year results, while margins, cash flow from operations and profit in the second quarter showed sequential improvement over the first quarter," stated Jim Wilson, Chairman, President and CEO.
About Sylogist --------------
Sylogist provides leading financial enterprise information management, system connectivity solutions and portal applications 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release -