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CALGARY, March 26, 2012
/PRNewswire/ - Sylogist Ltd. (TSXV: SYZ), a provider of technology
based IP solutions, is pleased to release its unaudited financial
results for the first quarter of fiscal 2012 ended December 31, 2011.
In the first quarter of fiscal 2012:
- Revenues increased 14% to $2.6
million from $2.3 million over
last year.
- Cash flow from operations increased to $1.2 million ($0.06
per share) in the quarter up 43% from the same quarter last
year.
- EBITDA improved 45% to $1.2
million ($0.06 per share)
compared to $0.8 million in the first
quarter of fiscal 2011.
- Excluding non-cash items, profit was $1.2 million ($0.06
per share). Reported profit of $0.7
million was up 70% over the same quarter in fiscal 2011.
- Cash and short term investments as at December 31, 2011 totalled $14 million ($0.70
per share).
- Working capital (net of deferred revenue) was $13.9 million or $0.70 per share.
- Combined federal tax attributes at the end of December 2011 were approximately $9 million.
- Dividends totalling $0.10 per
share were declared in the quarter including a $0.075 per share special dividend.
- IFRS was implemented.
"Growth accelerated in the first quarter of
fiscal 2012. Key financial metrics including revenue (up
14%), cash flow (up 43%), EBITDA (up 45%) and profit (up 70%),
demonstrated significant improvements over the same quarter in
fiscal 2011. With Sylogist's strong balance sheet and operating
performance, the quarterly eligible dividend paid on March 15, 2012 was increased by 20% to
$0.03 per common share." stated
Jim Wilson, Chairman, President and
CEO.
About Sylogist
Sylogist is a technology innovation and
licensing company which, through strategic acquisitions,
investments and operations management, provides intellectual
property solutions to a wide range of public and private sector
customers. The Company's stock is traded on the TSX Venture
Exchange under the symbol "SYZ".
- 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-
SOURCE Sylogist Ltd.
