MONTREAL, QUEBEC -- (Marketwired) -- 07/09/13 -- TECSYS Inc. (TSX: TCS), an industry-leading supply chain management software company, announced today its results for the fourth quarter and 2013 fiscal year ended April 30th, 2013. The results of the 2013 fiscal year are audited. All dollar amounts are expressed in Canadian currency and reported in accordance with the International Financial Reporting Standards (IFRS).
Overall highlights for the Fourth Quarter:
-- Total bookings in the quarter were the highest in the company's history;-- Won the business of ten new customers; most notably two major health systems, as well as a leading manufacturer and distributor of medical products;-- Revenue grew by 3% and services revenue increased by 22%;-- The leading industry analyst's firm once again reaffirmed the Company's "visionary" position in the warehouse management space;-- Existing clients from across its business units continued to invest in products and services - forty-five new agreements were concluded in the quarter;-- Deployed its supply chain execution solutions at thirteen customers in Canada, the United States and the United Kingdom.
Financial Highlights for the Fourth Quarter:
-- Revenue increased by 3% to $11.1M in Q4, 2013 compared to $10.8M in Q4, 2012.-- EBITDA for the quarter was $748K compared to $1,273K in Q4, 2012.-- Profit from operations for Q4, 2013 was $256K compared to $735K in Q4, 2012.-- Net profit for Q4, 2013 was $181K or $0.02 per share compared to $473K or $0.04 per share for Q4, 2012.-- Backlog increased to $27.2M at the end of Q4, 2013 compared to $26.3M at the end of Q4, 2012.-- At the end of Q4, 2013, annualized recurring revenue in Canadian currency increased by 4% to $15.4M, compared to $14.8M at the end of Q4, 2012. Annualized recurring revenue at the end of Q4, 2013 represented 35% of the Company's revenue for the last 12 months.-- Cash, cash equivalents and other short-term investments amounted to $5.3M at the end of Q4, 2013, compared to $5.2M at the end of Q4, 2012.
Peter Brereton, President and CEO of TECSYS Inc., commented on the results: "This was an investment year, as we increased gross R&D by 20%, while also investing heavily in our services organization with average headcount in services up by 31%. It is beginning to pay off, with license fees up 27% for the year, and services revenue beginning to rise significantly toward the end of the year, up 22% in Q4. During the quarter, we won the business of ten new customers including two major health systems, reinforcing our continued acceptance and leadership in this vertical. We also saw significant reinvestment in our products and services by forty-five existing customers. New contract bookings in the quarter were the highest in our history."
Highlights of the 2013 Fiscal Year include:
-- Revenue for fiscal 2013 increased by 11% to $43.8M compared to $39.5M for last fiscal year. License revenue increased by 27% to $9.3M in 2013 compared to $7.3M in 2012. Services revenue increased by 14% to $27.5M in 2013 compared to $24.1M in 2012.-- Profit from operations for fiscal year 2013 was $1,268K compared to $1,455K for last fiscal year.-- EBITDA was $2,966K in 2013 compared to $3,075K in fiscal year 2012.-- Net profit for 2013 was $885K or $0.08 per share compared to $1,057K or $0.09 per share for 2012.-- Net profit, adjusted for the impact of option expense due to the rising share price, was roughly flat at $1,127K in fiscal 2013 versus $1,124K in fiscal 2012, or $0.10 per share for both periods.