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CALGARY, Feb. 19, 2014 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of Enterprise Systems and Supply Chain intellectual
property solutions to a wide range of public and private sector
customers, is pleased to announce its unaudited financial results for
the first quarter of the 2014 fiscal year, ended December 31, 2013.
In Q1 of Fiscal 2014:
Profit after tax was $2.5 million or $0.12 per share compared to $0.9
million or $0.05 per share in Q1 of fiscal 2013; a 159% increase.
Revenues were $5.1 million compared to $2.8 million in Q1 of the
previous year; an increase of 83%.
Gross profit was $3.3 million compared to $2.2 million in Q1 of fiscal
Cash and short-term investments as at December 31, 2013 totalled $8.9
million or $0.44 per share.
Working capital (net of deferred revenue) was $9.7 million or $0.49 per
Combined tax pools at the end of December 2013 stood at approximately
$42 million (CDN).
Dividend payments in Q1 fiscal 2014 totaled $0.9 million or 37% of
profit after tax.
•$2.4 million was invested in acquisitions and integration of those
operations in the quarter.
"In the first quarter of fiscal 2014, Sylogist experienced a quantum
change in growth as the Epic Data acquisition started to contribute to
overall performance. Quarterly year-over-year revenue increased 83% to
$5.1 million, while profit rose by 159% to $2.5 million or $0.12 per
share. Sales and marketing efforts have been increased as we see the
opportunity for substantive organic growth. Operationally, we continue
to refine processes and expect to produce improvement in margins,
particularly in the private sector. With a solid balance sheet and
growing free cash flow, we continue to pursue appropriate acquisitions,
while rewarding our shareholders by increasing our quarterly dividend
to $0.05 per share." stated Jim Wilson, Chairman, President and CEO.
Sylogist is a technology innovation company which, through strategic
acquisitions, investments and operations management, provides
Enterprise Systems and Supply Chain intellectual property solutions to
a wide range of public and private sector customers.
(1) Per share calculations are based on the weighted average number of
shares outstanding at period end.
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.
In this document and in other documents filed with Canadian regulatory
authorities or in other communications, Sylogist may from time to time
make written or oral forward-looking statements within the meaning of
applicable securities legislation, including statements regarding
Sylogist's business plans and financial objectives. These statements
typically use words such as prospects, believe, estimate, forecast,
project, expect, anticipate, plan, may, should, could and would, or the
negative of these terms, variations thereof or similar terminology. By
their very nature, forward-looking statements are based on assumptions
and involve inherent risks and uncertainties, both general and specific
in nature. It is therefore possible that the forecasts, projections
and other forward-looking statements will not be achieved or will prove
inaccurate. Although Sylogist believes that the expectations reflected
in these forward-looking statements are reasonable, it provides no
assurance that these expectations will prove to have been correct.
Sylogist cautions readers against placing undue reliance on
forward-looking statements when making decisions, as the actual results
could differ considerably from the opinions, plans, objectives,
expectations, forecasts, estimates and intentions expressed in such
forward-looking statements due to various material factors. Among
other things, these factors include fiscal and economic policies,
changes in interest and foreign exchange rates, and general economic
conditions, legislative and regulatory developments, competition and
access to capital. Sylogist further cautions that the foregoing list
of factors is not exhaustive. For more information on the risks,
uncertainties and assumptions that would cause Sylogist's actual
results to differ from current expectations, please also refer to
Sylogist's public filings available at www.sedar.com. Sylogist does
not undertake to update any forward-looking statements, whether oral or
written, made by itself or on its behalf, except to the extent required
by securities regulations.
- 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.