Rudy Shirra
Feb 9, 2022
Updated: May 17, 2022
Calgary, Alberta--(Newsfile Corp. - February 9, 2022) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, is pleased to announce its unaudited financial results for the first quarter of the 2022 fiscal year, ended December 31, 2021.
"We are pleased that our investments in organic growth and scalability are gaining traction," commented Bill Wood, President and CEO of Sylogist. "Although somewhat impeded by the COVID-19 Omicron variant surge, we began deployments on the new awards we announced in November 2021 and revenue from these projects will largely be recognized in subsequent quarters of this fiscal year as we anticipated. Expenses were in line with plan and we continue to be successful in attracting key talent to increase capacity. Our M&A execution also continues to create value, with the integration of our recent Pavliks and Mission CRM acquisitions proceeding ahead of schedule. With lead activity building and a strong pipeline, we are just beginning to realize the upside on our growth investments."
Q1 2022 Summary
Revenues of approximately $12.6 million, compared to approximately $9.5 million in the first quarter of fiscal 2021, an increase of 32%;
Recurring revenues from subscriptions and maintenance grew by 25% to $8.8 million, compared to $7.0 million for the first quarter of 2021;
Gross Profit of $8.1 million, compared to $7.0 million in the same period last fiscal year, an increase of 16%;
Gross Profit Margin of 65%, compared to 73% in first quarter of 2021;
Profit before income tax of $0.1 million, compared to $2.8 million in the first quarter last year, due largely to $2.5 million in non-cash amortization charges related to recent acquisitions;
Adjusted EBITDA of $3.7 million, compared to $4.9 million for the same period last year;
Adjusted EBITDA Margin of 30%, compared to 52% in Q1 2021;
Adjusted EBITDA per share of $0.16 per share, compared to $0.21 per share in the first quarter of 2021;
The Company's Board of Directors has approved a quarterly dividend of $0.125 per common share for shareholders of record as at February 28, 2022 to be paid on March 16, 2022, which is treated as an eligible dividend under the Income Tax Act (Canada).
For further information contact:
Rudy Shirra, Manager, Corporate Development and Investor Relations
Sylogist Ltd.
(403) 266-4808