/EINPresswire.com/ -- CALGARY, ALBERTA -- (Marketwired) -- 08/15/16 -- 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 third quarter of the 2016 fiscal year, ended June 30, 2016.

Q3 2016 Highlights: (Comparisons are to Q3 2015, unless otherwise noted)

--  Revenues were $9.6 million, up 45% (42% organic, 3% currency related).

--  Adjusted EBITDA(1) was $4 million, and increase of 62%, or $0.17 per
    fully diluted share, up 75%.

--  Cash from operating activities (before non-cash changes in working
    capital) was $3.7 million, up 62%.

--  Adjusted Earnings(1) were $3 million ($0.13 per share), a 24% increase
    and a per share increase of 34%.

--  Cash as at June 30, 2016 totalled $31.1 million. Sylogist has no debt.

--  Quarterly dividend increased to $0.07 to be paid on September 15th.

--  There are currently 22,874,362 Sylogist shares outstanding.

9 Months 2016 Highlights: (Comparisons are to 2015, unless otherwise noted)

--  Revenues were $27.8 million, up 41% (34% organic, 7% currency related).

--  Adjusted EBITDA(1) was $11.3 million, an increase of 50%, or $0.48 per
    fully diluted share, up 59%.

--  Cash from operating activities (before non-cash changes in working
    capital) was $10.1 million, up 39%.

--  Adjusted Earnings(1) were $8.8 million ($0.37 per share), an 20%
    increase and a per share increase of 27%.

Jim Wilson, Chief Executive Officer, commented that: "Revenue growth was up 41% for the first 9 months of the year, over our fiscal 2015 results. Revenues and Adjusted EBITDA were materially higher than the previous periods, both in gross and per share terms. The Company's Trailing Twelve Months (TTM) Revenue and Adjusted EBITDA for the period ended June 30, 2016 were $35.4 million and $13.8 million ($0.58 per share), respectively.

While we have experienced tremendous operational growth, we are particularly pleased with the scale of the opportunities we have been awarded. For example, in December 2015, we announced the $2 Million first phase of a multi-phase project for one of the world's largest charitable organizations. That phase was successfully completed in June 2016 and this month we have commenced phase two. Large projects provide meaningful, long-term recurring revenue streams that bolster the foundation of our business.

We continue to allocate capital to product improvements and new development, driven by customer requirements and market opportunities. Our Bellamy Software division recently introduced new and comprehensive budgeting and asset management systems for the public sector with very positive reviews. Serenic Software recently released, with great customer acceptance, the 2016 version of its flagship Navigator product suite. Navigator is also being enhanced with the addition of the Bellamy Analytics and Reporting platforms, providing customers with improved access to information and timely decision-making knowledge.

Post Q3, we signed a global agreement with Microsoft to advance our public sector products' reach, initially in the North American mid-market segment. This agreement changes the scale our business can achieve and brings the brand value of Microsoft and their "Cloud First" strategy to the mid-market ERP public sector stage. With our proven track record in public sector financial systems, achieved through over 1,000 Serenic and Bellamy implementations, we envision a promising future.

With continued strong financial performance, the board of directors of Sylogist has approved an increase in the quarterly to $0.07. The eligible dividend will be paid on September 15th, 2016 to shareholders of record on August 31st, 2016".

Other Q3 2016 Highlights:

--  Adjusted Working Capital(1) (net of deferred revenue) was $32 million or
    $1.39 per share at June 30, 2016.
--  Combined tax pools at the end of the third quarter were approximately
    $31 million (CDN).
--  The Company paid regular dividends to shareholders totaling $1.5 million
    during the third quarter. All dividends paid by Sylogist to holders of
    Common Shares in the capital of the Company will be treated as eligible
    dividends pursuant to the Income Tax Act (Canada).
--  During the quarter, the Company repurchased 245,700 of its common shares
    at an average price of $9.89 for a total cost of $2.4 million.

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. It is an industry-leading publisher of mission-critical software products that satisfy the unique and sophisticated functionality requirements of public sector entities, nonprofit organizations, educational institutions, and government agencies. Sylogist delivers highly scalable, multi-language, multi-currency software solutions which serve the needs of an international clientele.

(1)Adjusted EBITDA, Adjusted Earnings and Adjusted Working Capital are non-GAAP financial measures: Adjusted EBITDA is defined as: profit for the period before stock based compensation, foreign exchange gains or losses, 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. Adjusted Earnings is defined as Profit for the period adjusted for certain non-cash expenses (income), such as amortization of intangible assets, stock based compensation, deferred income taxes as well as foreign exchange gains or losses and certain other expenses (income).

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

The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.

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

Forward-looking Statements

Certain statements in this news release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements typically use words such as expect, believe, estimate, project, 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 beliefs and plans and other forward-looking expectations expressed herein 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 key relationships and its products potentially reaching broader markets. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include Sylogist's 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 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

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

Sylogist Ltd.
Brian Grassby, Vice President, Finance and CFO
(403) 266-4808

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