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EDMONTON and CALGARY, Aug. 20 /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 June 30th , 2008. In the quarter:
- Revenues increased to $1.9 million from $1.6 million in the second
quarter and from $1.7 million in the same quarter last year.
- Positive cash flow from operations of $72 thousand compared
favourably with the previous quarter's loss of $262 thousand and a
loss of $252 thousand in the same quarter last year.
- Cash and cash equivalents at the end of the quarter amounted to
$4.5 million while working capital totalled $4.1 million.
"The third quarter financial results for 2008 demonstrated an improvement over the previous quarter and the comparable period last year in terms of revenue, expenses and cash flow. We are pleased the Company has generated positive cash flow from operations and recent changes are producing improved 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 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 -