/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Aug. 27 /CNW/ - Sylogist Ltd. (TSX-V: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 third quarter and nine months ended June 30, 2009.
In the third quarter:
- Revenues increased 40% to $2.7 million from $1.9 million during the
same period last year.
- Margins improved to 54% up from 42% in the same quarter in fiscal
2008.
- Earnings improved to $389 thousand or $0.02 per share, compared to a
loss of $107 thousand in the same quarter last year.
- Cash flow from operations was $577 thousand or $0.04 per share, an
improvement of $505 thousand from the same period last year.
- Cash and cash equivalents as at June 30, 2009 totalled $4.5 million.
- Working capital (net of deferred revenue) was $6.2 million or $0.37
per share.
- Quarter over Quarter profit improved by 78% from the second to the
third quarter of fiscal 2009.
In the first 9 months:
- Revenues increased 30% to $6.8 million from $5.2 million compared to
the first 9 months of last year.
- Margins improved to 51% up from 38% in the comparable first 9 months
of fiscal 2008.
- Earnings improved to $775 thousand or $0.05 per share as compared to
a loss of $1.1 million in the same period last year.
- Cash flow from operations was $1.3 million or $0.08 per share, an
improvement of $1.6 million over the same period last year.
"The third quarter financial results continued the improvement shown in the first half of fiscal 2009. Revenue, margins, cash flow and profit were all significantly better than previous year results, while revenue, cash flow from operations, and profit in the third quarter showed strong improvement over the second quarter results." 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 -