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Sylogist Announces Fiscal 2012 Results: Net Income Increases
(Canada Newswire Via Acquire Media NewsEdge) /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Jan. 17, 2013 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of
technology based IP solutions, including enterprise information
management systems for municipal, utilities, education and private
sector customers, announces its audited financial results for the
fiscal year ended September 30, 2012.
In fiscal 2012:
Net income before tax increased to $2.9 million or $0.15 per fully
diluted share, compared to $2.8 million or $0.14 per share in 2011.
Total profit after tax was $2.0 million compared to $1.9 million in
fiscal 2011.
EBITDA(1) was $3.9 million, as compared to $4.0 million in the previous year.
Gross profit remained at 71% of revenue.
Revenues were $9.3 million, as compared to $9.8 million in the prior
year.
1,056,800 shares were repurchased and cancelled during fiscal 2012 at an
average price of $2.43.
Cash and short-term investments as at September 30, 2012 totalled $11.7
million or $0.60 per share.
Working capital (net of deferred revenue) was $13 million or $0.67 per
share.
Federal tax pools at the end of fiscal 2012 stood at approximately $6
million.
Dividends payments more than doubled to $3.8 million during the year
compared to $1.8 million in the previous year.
"Fiscal 2012 saw continued progress on building a solid, sustainable
financial foundation. Net income per share rose over 2011, with
continued strong cash flow from operations. The balance sheet remains
pristine with substantial working capital and no debt. In late fiscal
2012, Sylogist repurchased 5% of its outstanding common shares
providing an accretive platform for 2013 results. With the recent
acquisition of fuel system management assets and expected strong and
growing cash flow, we foresee a successful fiscal 2013." stated Jim
Wilson, Chairman, President and CEO.
About Sylogist
Sylogist is a technology innovation 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".
(1)EBITDA and Cash Flow from Operations are a non-GAAP financial
measure: earnings before stock based compensation, interest, income
taxes, depreciation and amortization.(2) Per share calculations are based on the weighted average number of
shares outstanding at year end.
Full financial statements together with Management's Discussion and
Analysis are available on SEDAR.
- 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-
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