Press release from CNW Group
Sylogist First Half 2012: Revenue Growth, EBITDA up 22% and Profit increased 35%.
Tuesday, May 08, 2012
Sylogist First Half 2012: Revenue Growth, EBITDA up 22% and Profit increased 35%.09:25 EDT Tuesday, May 08, 2012/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./CALGARY, May 8, 2012 /CNW/ - Sylogist Ltd. (TSX-V:SYZ), a provider of technology based IP solutions, is pleased to release its unaudited financial results for the first half of fiscal 2012 ended March 31, 2012.In the first half of fiscal 2012:Revenues increased 4% to $5.1 million from $4.9 million over last year.EBITDA improved 22% to $2.3 million ($0.12 per share) compared to $1.9 million in the first half of fiscal 2011.Excluding non-cash items, profit was $2.2 million ($0.11 per share). Reported profit of $1.3 million was up 35% over the same period in fiscal 2011.Cash and short term investments as at March 31, 2012 totalled $15.6 million ($0.79 per share).Working capital (net of deferred revenue) was $16.6 million or $0.84 per share.Combined federal tax attributes at the end of March 2012 were approximately $7.5 million.Quarterly dividends were increased 20% to $0.03 per common share."Financial results in the first six months of fiscal 2012 improved substantially over the previous year. Key financial metrics including revenue (up 4%), EBITDA (up 22%) and profit (up 35%), demonstrated improvements over the same period in fiscal 2011. A 20% increase in the March 2012, eligible dividend is reflective of Sylogist's operating performance as the Company seeks further opportunities." stated Jim Wilson, Chairman, President and CEO.About SylogistSylogist 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 -For further information: Jim Wilson, President and CEO Sylogist Ltd. (403) 266-4808 http://www.sylogist.com