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Sylogist Announces Fiscal 2012 Results: Net Income Increases

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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-

SOURCE Sylogist Ltd.

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