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TECSYS Reports 18% Revenue Growth in Q2, 2013

MONTREAL, QUEBEC -- (Marketwire) -- 11/29/12 -- TECSYS Inc. (TSX:TCS), an industry-leading supply chain management software company, announced today its results for the second quarter of fiscal year 2013, ended October 31st, 2012. All dollar amounts are expressed in Canadian currency and are prepared in accordance with the International Financial Reporting Standards (IFRS) and are unaudited.

Second Quarter Financial Summary:


--  Revenue increased 18% to $10.7M in Q2, 2013 compared to $9.1M in Q2,
    2012. 
--  Profit from operations for the second quarter, 2013 increased to $428K
    compared to $170K in Q2, 2012. 
--  Due to the rising stock price, option expense surged to $313K in the
    quarter reflecting the non-dilutive measure taken by the company of cash
    settling options.  
--  EBITDA for Q2, 2013 increased to $613K ($926K prior to revaluation of
    the fair value of the share options liability) compared to $517K in Q2
    of last fiscal year ($555K prior to revaluation of the fair value of the
    share options liability). 
--  Net profit for the second quarter, 2013 was $122K or $0.01 per share
    ($435K or $0.04 prior to revaluation of the fair value of the share
    options liability) compared to $133K or $0.01 per share for the second
    quarter of last fiscal year ($171K or $0.01 prior to revaluation of the
    fair value of the share options liability). 
--  At the end of Q2, 2013 annualized recurring revenue in Canadian currency
    increased to $15.5M, or 36% of the last twelve months trailing revenue,
    from $14.4M at the end of Q2 of last fiscal year. 
--  Backlog at the end of Q2, 2013 was $25.5M compared to $21.5M at the end
    of Q2, 2012. 
--  Cash flow from operations prior to changes in non-cash working capital
    amounted to $934K in Q2, 2013 compared to $694K in Q2, 2012. 
--  Cash, cash equivalents and other short-term investments amounted to
    $8.1M at the end of Q2, 2013, compared to $4.9M at the end of Q2, 2012.
    The substantial increase in cash and cash equivalents is attributable to
    the financing transaction concluded and announced on November 1st, 2012.

Peter Brereton, President and CEO of TECSYS Inc., commented on the results: "Our top line continued to improve with double-digit growth in Q2, 2013 as we delivered 18% growth in revenue and 21% growth in bookings compared to last year. The quarter marked the beginnings of the resurgence in the hospital supply network market with a win of a mid-size organization in this space and further penetration of the educational market with our unique self-distribution value proposition. We continued to ramp up the resources of our consulting practice to meet the growing demand for our services; the results of this initiative is starting to pay off with a significantly stronger execution infrastructure and improved top line."

During the quarter, the Company won the business of five new clients including:


--  A $1.6 billion Hospital Supply Network in the U.S. 
--  An independent school district in the U.S. 
--  An innovative, educational resource supplier in the U.K. 
--  A leading giftware and collectibles distributor in Canada 
--  An industrial distributor in Canada 

TECSYS also signed a significant number of new business agreements with existing clients and deployed its supply chain execution solutions at a number of customers from across its business units in Canada and the United States.

First Half Financial Summary:


--  Revenue for the first half, 2013 increased 23% to $22.3M compared to
    $18.1M for the same period of last fiscal year. 
--  Profit from operations for the first half, 2013 increased significantly
    to $1,476K compared to $342K for the same period in last fiscal year. 
--  EBITDA for the first half, 2013 reached $2,246K compared to $1,047K for
    the first half of 2012. 
--  Net profit for the first half of fiscal, 2013 increased to $1,247K or
    $0.11 per share compared to $279K or $0.02 per share for the same period
    of the prior fiscal year. 
--  Cash flow from operations prior to changes in non-cash working capital
    amounted to $2.4M for the first half, 2013 compared to $1.4M for the
    first half of 2012. 

TECSYS' Second Quarter 2013 Earnings Conference Call:

Subject: Second Quarter FY2013 Results Conference Call

Date: November 29, 2012

Time: 4:30 pm

Phone number: 800-909-4796 or 416-981-9018

The call can be replayed by calling 800-558-5253 (access code: 21613577) or 416-626-4100 (access code: 21613577).

About TECSYS

TECSYS is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company's customers include over 600 mid-size and Fortune 1000 corporations in healthcare, heavy equipment, third-party logistics, and general wholesale high-volume distribution industries. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.

The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that TECSYS Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of TECSYS Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with TECSYS Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30th, 2012. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).

Copyright © TECSYS Inc. 2012. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.


TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Financial Position             
(Unaudited)                                                                 
                                                                            
As at October 31, 2012 and April 30, 2012                                   
(in thousands of Canadian dollars)                                          
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                   October 31,     April 30,
                                                          2012          2012
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
                                                                            
Current assets                                                              
  Cash and cash equivalents                      $       7,987 $       5,217
  Accounts receivable                                    7,441         8,207
  Work in progress                                       1,893           645
  Other accounts receivable and derivatives                162           190
  Tax credits                                            3,214         2,070
  Inventory                                                685           696
  Prepaid expenses                                       1,048         1,177
----------------------------------------------------------------------------
Total current assets                                    22,430        18,202
----------------------------------------------------------------------------
                                                                            
Non-current assets                                                          
  Restricted cash equivalents and other                                     
   investments                                             120           160
  Non-current receivables                                   69            99
  Tax credits                                            1,063         1,076
  Property and equipment                                 3,225         2,911
  Deferred development costs                             2,813         2,514
  Other intangible assets                                  389           362
  Goodwill                                               2,239         2,239
  Deferred tax assets                                      850           587
----------------------------------------------------------------------------
Total non-current assets                                10,768         9,948
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Total assets                                     $      33,198 $      28,150
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
                                                                            
Current liabilities                                                         
  Accounts payable and accrued liabilities       $       5,547 $       5,844
  Loans payable                                             79            85
  Term loan                                              1,000             -
  Deferred revenue                                       6,569         6,665
----------------------------------------------------------------------------
Total current liabilities                               13,195        12,594
----------------------------------------------------------------------------
                                                                            
  Term loan                                              4,000             -
----------------------------------------------------------------------------
Total non-current liabilities                            4,000             -
----------------------------------------------------------------------------
Total liabilities                                       17,195        12,594
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
                                                                            
  Share capital                                          1,723         1,688
  Contributed surplus                                    9,588        10,023
  Retained earnings                                      4,692         3,845
----------------------------------------------------------------------------
Total equity attributable to the owners of the                              
 Company                                                16,003        15,556
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Total liabilities and equity                     $      33,198 $      28,150
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Comprehensive Income           
(Unaudited)                                                                 
                                                                            
Three and six-month periods ended October 31, 2012 and 2011                 
(in thousands of Canadian dollars, except per share data)                   
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                    Three Months   Three Months    Six Months    Six Months 
                           Ended          Ended         Ended         Ended 
                     October 31,    October 31,   October 31,   October 31, 
                            2012           2011          2012          2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Revenue:                                                                    
 Products          $       3,551  $       2,995  $      8,038  $      5,848 
 Services                  6,989          5,889        13,669        11,844 
 Reimbursable                                                               
  expenses                   208            215           551           410 
----------------------------------------------------------------------------
Total revenue             10,748          9,099        22,258        18,102 
----------------------------------------------------------------------------
                                                                            
Cost of revenue:                                                            
 Products                  1,099          1,146         2,027         2,187 
 Services                  4,900          3,710         9,719         7,542 
 Reimbursable                                                               
  expenses                   208            215           551           410 
----------------------------------------------------------------------------
Total cost of                                                               
 revenue                   6,207          5,071        12,297        10,139 
----------------------------------------------------------------------------
                                                                            
Gross profit               4,541          4,028         9,961         7,963 
                                                                            
Operating                                                                   
 expenses:                                                                  
 Sales and                                                                  
  marketing                1,718          1,596         3,636         3,074 
 General and                                                                
  administration             988          1,058         2,102         1,992 
 Research and                                                               
  development, net                                                          
  of tax credits           1,407          1,204         2,747         2,555 
----------------------------------------------------------------------------
Total operating                                                             
 expenses                  4,113          3,858         8,485         7,621 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Profit from                                                                 
 operations                  428            170         1,476           342 
----------------------------------------------------------------------------
                                                                            
Finance income               (63)            10            29            16 
Finance costs               (237)           (68)         (240)          (86)
----------------------------------------------------------------------------
Net finance costs           (300)           (58)         (211)          (70)
                                                                            
Share of net                                                                
 profit of equity-                                                          
 accounted                                                                  
 associate                     -             21             -             7 
----------------------------------------------------------------------------
Profit before                                                               
 income taxes                128            133         1,265           279 
----------------------------------------------------------------------------
                                                                            
Income taxes                   6              -            18             - 
                                                                            
----------------------------------------------------------------------------
Profit                                                                      
 attributable to                                                            
 the owners of the                                                          
 Company and                                                                
 comprehensive                                                              
 income for the                                                             
 period            $         122  $         133  $      1,247  $        279 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Basic and diluted                                                           
 earnings per                                                               
 common share      $        0.01  $        0.01  $       0.11  $       0.02 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Cash Flows                     
(Unaudited)                                                                 
                                                                            
Three and six-month periods ended October 31, 2012 and 2011                 
(in thousands of Canadian dollars)                                          
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                    Three Months   Three Months    Six Months    Six Months 
                           Ended          Ended         Ended         Ended 
                     October 31,    October 31,   October 31,   October 31, 
                            2012           2011          2012          2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Cash flows from                                                             
 (used in)                                                                  
 operating                                                                  
 activities:                                                                
Profit for the                                                              
 period            $         122  $         133  $      1,247  $        279 
Adjustments for:                                                            
  Depreciation of                                                           
   property and                                                             
   equipment                 254            186           502           355 
  Depreciation of                                                           
   other                                                                    
   intangible                                                               
   assets                     39             26            76            55 
  Depreciation of                                                           
   deferred                                                                 
   development                                                              
   costs                     195            174           410           355 
  Share-based                                                               
   compensation                -             32             -            40 
  Net finance                                                               
   costs                     300             58           211            70 
  Realized foreign                                                          
   exchange gains                                                           
   and others                 80            106           129           212 
  Share of net                                                              
   profit of                                                                
   equity-                                                                  
   accounted                                                                
   associate                   -            (21)            -            (7)
  Federal non-                                                              
   refundable                                                               
   research and                                                             
   development tax                                                          
   credits                   (75)             -          (150)            - 
  Income taxes                19              -           (19)            - 
----------------------------------------------------------------------------
  Operating                                                                 
   activities                                                               
   excluding                                                                
   changes in non-                                                          
   cash working                                                             
   capital items                                                            
   related to                                                               
   operations                934            694         2,406         1,359 
                                                                            
  Accounts                                                                  
   receivable               (331)          (395)          766          (591)
  Work in progress          (826)           (77)       (1,248)         (175)
  Other accounts                                                            
   receivable                 45            (68)          (85)           (1)
  Tax credits               (664)          (445)       (1,223)         (877)
  Inventory                    6            (20)           11            15 
  Prepaid expenses           173             69           129          (149)
  Accounts payable                                                          
   and accrued                                                              
   liabilities               144            (43)         (675)           14 
  Deferred revenue          (399)          (667)          (96)         (645)
----------------------------------------------------------------------------
  Changes in non-                                                           
   cash working                                                             
   capital items                                                            
   related to                                                               
   operations             (1,852)        (1,646)       (2,421)       (2,409)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Net cash used in                                                            
 operating                                                                  
 activities                 (918)          (952)          (15)       (1,050)
----------------------------------------------------------------------------
                                                                            
Cash flows from                                                             
 (used in)                                                                  
 financing                                                                  
 activities:                                                                
  Repayment of                                                              
   bank advances               -              -             -        (3,720)
  Repayment of                                                              
   loans                      (3)           (17)           (6)          (17)
  Term loan                5,000              -         5,000             - 
  Issuance of                                                               
   common shares              17            190            48           190 
  Purchase of                                                               
   common shares                                                            
   for                                                                      
   cancellation             (231)           (48)         (462)          (57)
  Purchase of                                                               
   share options                                                            
   for                                                                      
   cancellation              (81)           (58)          (81)         (337)
  Payment of                                                                
   dividends                (400)          (349)         (400)         (349)
  Interest paid               (4)            (4)           (7)          (11)
----------------------------------------------------------------------------
Net cash from                                                               
 (used in)                                                                  
 financing                                                                  
 activities                4,298           (286)        4,092        (4,301)
----------------------------------------------------------------------------
                                                                            
Cash flows (used                                                            
 in) from                                                                   
 investing                                                                  
 activities:                                                                
  Short-term and                                                            
   other                                                                    
   investments and                                                          
   restricted cash                                                          
   equivalents and                                                          
   other                                                                    
   investments                 -              -            40           325 
  Interest                                                                  
   received                    7             10            14            16 
  Proceeds from                                                             
   asset-backed                                                             
   commercial                                                               
   paper                       -              -             -         3,584 
  Acquisitions of                                                           
   property and                                                             
   equipment                (198)          (190)         (576)         (336)
  Acquisitions of                                                           
   other                                                                    
   intangible                                                               
   assets                    (18)           (41)         (107)         (105)
  Deferred                                                                  
   development                                                              
   costs                    (305)          (244)         (709)         (384)
  Non-current                                                               
   receivables                                                              
   including the                                                            
   current portion                                                          
   from a related                                                           
   party                      17              8            31            19 
----------------------------------------------------------------------------
Net cash (used in)                                                          
 from investing                                                             
 activities                 (497)          (457)       (1,307)        3,119 
----------------------------------------------------------------------------
                                                                            
Net increase                                                                
 (decrease) in                                                              
 cash and cash                                                              
 equivalents                                                                
 during the period         2,883         (1,695)        2,770        (2,232)
                                                                            
Cash and cash                                                               
 equivalents -                                                              
 beginning of                                                               
 period                    5,104          5,867         5,217         6,404 
                                                                            
----------------------------------------------------------------------------
Cash and cash                                                               
 equivalents - end                                                          
 of period         $       7,987  $       4,172  $      7,987  $      4,172 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Changes in Equity              
(Unaudited)                                                                 
                                                                            
Six-month periods ended October 31, 2012 and 2011                           
(in thousands of Canadian dollars, except number of shares)                 
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                            Share capital   Contributed   Retained    Total 
                          Number   Amount       surplus   earnings          
                                                                            
----------------------------------------------------------------------------
Balance, April 30,                                                          
 2012                 11,603,271 $  1,688 $      10,023 $    3,845 $ 15,556 
                                                                            
  Profit and                                                                
   comprehensive                                                            
   income for the                                                           
   period                      -        -             -      1,247    1,247 
----------------------------------------------------------------------------
Total comprehensive                                                         
 income for the                                                             
 period                        -        -             -      1,247    1,247 
----------------------------------------------------------------------------
                                                                            
  Repurchase of                                                             
   common shares        (187,300)     (27)         (435)         -     (462)
  Share options                                                             
   exercised              25,950       48             -          -       48 
  Fair value                                                                
   associated with                                                          
   options exercised           -       14             -          -       14 
  Dividends to equity                                                       
   owners                      -        -             -       (400)    (400)
----------------------------------------------------------------------------
Total transactions                                                          
 with owners of the                                                         
 Company                (161,350)      35          (435)      (400)    (800)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Balance, October 31,                                                        
 2012                 11,441,921 $  1,723 $       9,588 $    4,692 $ 16,003 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Balance, April 30,                                                          
 2011                 11,678,671 $  1,467 $      10,993 $    3,486 $ 15,946 
                                                                            
  Profit and                                                                
   comprehensive                                                            
   income for the                                                           
   period                      -        -             -        279      279 
----------------------------------------------------------------------------
Total comprehensive                                                         
 income for the                                                             
 period                        -        -             -        279      279 
----------------------------------------------------------------------------
                                                                            
  Repurchase of                                                             
   common shares         (26,500)      (3)          (54)         -      (57)
  Repurchase of share                                                       
   options                     -        -          (279)         -     (279)
  Stock options                                                             
   exercised             114,400      190             -          -      190 
  Fair value                                                                
   associated with                                                          
   options exercised           -       48             -          -       48 
  Fair value of share                                                       
   options                                                                  
   transferred to                                                           
   liabilities                 -        -          (319)         -     (319)
  Share-based                                                               
   compensation                -        -            40          -       40 
  Dividends to equity                                                       
   owners                      -        -             -       (349)    (349)
----------------------------------------------------------------------------
Total transactions                                                          
 with owners of the                                                         
 Company                  87,900      235          (612)      (349)    (726)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Balance, October 31,                                                        
 2011                 11,766,571 $  1,702 $      10,381 $    3,416 $ 15,499 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...