CALGARY, ALBERTA--(Marketwired - May 21, 2015) -


Sylogist Ltd. (TSX VENTURE:SYZ) ("Sylogist" or the "Company"), a provider of enterprise information management solutions to public and private sector customers, is pleased to announce its unaudited financial results for the second quarter of its 2015 fiscal year ended March 31, 2015 and declared a $0.0625 per share dividend payable on June 17, 2015 to shareholders of record on June 1, 2015.

Q2 2015 Headlines:

  • Revenues grew 124% (25% organic growth) to $7.0 million compared to $3.1 million in Q2 of fiscal 2014.
  • Adjusted EBITDA increased $2.0 million or 176% to $3.1 million from $1.1 million in Q2 of fiscal 2014.
  • Adjusted EBITDA margins improved to 44% of revenue from 36% in Q2 of fiscal 2014.
  • Profit (before income tax) was $1.5 million or $0.06 per share compared to $0.8 million or $0.04 per share in Q2 of fiscal 2014, an 84% increase.
  • Profit (before income tax and net of stock compensation expense) was $2.5 million or $0.10 per share compared to $0.8 million or $0.04 per share in Q2 of fiscal 2014; a 197% increase.
  • Profit for Q2 of fiscal 2015 was $0.9 million or $0.04 per share compared to $1.3 million or $0.06 per share in Q2 of fiscal 2014.
  • Cash and short-term investments as at March 31, 2015 totalled $44.5 million or $1.78 per share.
  • Adjusted working capital (net of deferred revenue) was $45.7 million or $1.83 per share.
  • Combined tax pools at the end of March 2015 stood at approximately $33 million (CDN).

"In the second quarter of fiscal 2015 Sylogist experienced another quantum change in growth, with the contribution of the Serenic operating companies. Quarterly year-over-year revenue increased 124% to $7 million while Adjusted EBITDA rose by 176% to $3.1 million or $0.12 per share. Sales and marketing efforts have been increased as we see the opportunity for continuing organic growth, which increased 25% over the prior year. With industry-leading financial metrics, an exceptionally strong balance sheet and growing free cash flow, we continue to pursue appropriate acquisitions, principally today in Canada and the United States. Sylogist put in place a Normal Course Issuer Bid to potentially acquire its own shares and is further rewarding its shareholders by increasing its quarterly dividend to $0.0625 per share," 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.

(1) Adjusted EBITDA and Adjusted Working Capital are non-GAAP financial measures: Adjusted EBITDA is defined as: profit for the period before stock based compensation, interest expense, bargain purchase price on acquisition, income taxes, acquisition-related costs, depreciation and amortization. Adjusted Working Capital is defined as current assets less current liabilities adjusted for deferred revenue.

Full financial statements together with Management's Discussion and Analysis are available on SEDAR at

The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at

This press release is not for distribution to United States Newswire Services or for dissemination in the United States.

Forward-looking Statements

This news release contains forward-looking information which is not comprised of historical facts. 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. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements with respect to Sylogist's key investments, its products potentially reaching broader markets, and acquisitions giving the Company greater market presence and opportunities. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include Sylogist's ability to integrate acquisitions and realize operating efficiencies, and its ability to attract customers and realize on its investments. Although Sylogist believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. Sylogist disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither 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.

Contact Information:

Sylogist Ltd.
Jim Wilson
President and CEO
(403) 266-4808