/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
EDMONTON and CALGARY, Feb. 23 /CNW/ - Sylogist Ltd. (TSX-V:SYZ), a leading provider of enterprise information management solutions to municipal, education and enterprise customers releases its unaudited financial results for the 3 months ended December 31st, 2008. In the quarter:
- Revenues increased 22% to $2 million from $1.7 million in the same
quarter last year.
- Margins improved to 45% from 39% in the same quarter in fiscal 2008,
before the expected annual reduction in cost of sales estimated at
$350K arising from elimination of ongoing royalty obligations
regarding Bellamy's foundation software.
- Earnings improved to $167 thousand, $0.01 per share, from a loss of
$384 thousand ($0.02 per share) in the same quarter last year.
- Cash flow from operations was $328 thousand, $0.02 per share, an
improvement of $499 thousand from the same period last year.
- Cash and cash equivalents at the end of the quarter stood at $2.8
million.
- Working capital (net of deferred revenue) totalled $6.9 million,
$0.41 per share, an increase of $1.2 million from the September 30th
2008 fiscal year-end.
"The first quarter financial results for 2009 demonstrated a significant improvement over the comparable period last year in terms of revenue, expenses and cash flow. We are pleased the Company is now generating a profit and meaningful cash flow from operations. As a result of new customers, customer upgrades and fee alignment our recurring revenue from maintenance, support and hosting contracts now exceeds $5 million annually up from $3 million a year earlier. This recurring revenue base serves as a solid foundation for future results," stated Jim Wilson, Chairman, President and CEO.
About Sylogist --------------
Sylogist provides leading financial enterprise information management and portal applications to municipal, education and private sector customers. Our integrated suite of business applications for municipalities and school boards fulfill requirements for revenue, budgeting, finance, board management, operations and student information.
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.
Forward-looking Statements --------------------------
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sylogist. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are made as of the date of this news release, and Sylogist does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
- The TSX-Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release -