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EDMONTON and CALGARY, May 27 /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 March 31, 2008. In the quarter:
- Revenues declined to $1.6 million, partially offset by a reduction in
total expenses of 33% to $1 Million from $1.5 Million, in comparison
to Q2 2007.
- Cash flow from operations was a loss of $262 thousand, as compared to
a loss of $30 thousand in the same quarter in fiscal 2007.
- $131 thousand was invested in product development. The Company
announced its new "Call2Order" software product for board and council
meeting administration.
- Cash and cash equivalents at the end of the quarter stood at
$5.6 million while working capital totalled $4.2 million.
"The second quarter financial results are disappointing and corrective action has been taken. Management changes have been made and plans are in place directed at improving cash flow and generating growth" stated Jim Wilson, Chairman, President and CEO.
About Sylogist
Sylogist provides leading enterprise information management and collaboration software applications to municipal, education and private sector customers. We provide an integrated suite of business applications to municipalities and school boards that serve their needs for revenue, finance and operations management capabilities.
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 -