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TECSYS Reports Financial Results for Second Quarter of Fiscal 2018

01-Dec-2017
TECSYS Reports Financial Results for Second Quarter of Fiscal 2018
TECSYS Inc. (TSX:TCS), an industry-leading supply chain management software company, today announced its results for the second quarter of fiscal year 2018, ended October 31, 2017. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS) and are unaudited.

Second Quarter Highlights:
  • Total revenue was $18.1 million, 9% higher than $16.5 million for Q2 2017.
  • Proprietary products revenue decreased 8% to $1.6 million, compared to Q2 2017.
  • Cloud, maintenance and subscription revenue increased to $6.4 million, 4% higher than $6.2 million for Q2 2017.
  • Professional services revenue was $7.9 million, 22% higher than $6.5 million in Q2 2017.
  • Total gross profit margin was 52%, compared to 50% in Q2 2017.
  • Operating expenses decreased to $7.8 million, compared to $8.0 million for Q2 2017.
  • Profit from operations was $1.6 million, compared to $320,000 for the same period in fiscal 2017.
  • Profit was $1.4 million or $0.10 per share in Q2 2018 compared to $206,000 or $0.02 per share for Q2 2017.
  • EBITDA was $2.2 million, compared to $935,000 for Q2 2017.
  • Total contract value bookings amounted to $11.5 million, compared to $10.9 million for Q2 2017.
  • Cash and cash equivalents, as well as redeemable long-term investments, totaled $22.5 million at the end of Q2 2018 compared to $13.5M at the end of Q4 2017. 

To view the table please click here

"In the second quarter of fiscal 2018, solid bookings and revenue growth combined with flat to declining expenses led to a surge in profitability." said Peter Brereton, President and CEO of TECSYS Inc. "The quarter was also a validation of our strategy to deploy one common technology platform that is robust and versatile into two diverse sectors where each has a different sales cycle and is affected differently by external events. In the quarter, our complex distribution business achieved solid growth in terms of both new contract and base account sales and added accounts in floor finishing products, heavy equipment and MRO. Our healthcare business continued to be constrained in the quarter by uncertainty around U.S. healthcare legislation, however this situation seems to be improving based on orders signed early in the third quarter. Our pipeline and general business activity in healthcare remains strong. The board has approved an increase of the quarterly dividend of 11% to $0.05."

First Half Fiscal 2018 Highlights:
  • Total revenue was $34.6 million, 6% higher than $32.6 million for H1 2017.
  • Proprietary products revenue decreased 4% to $2.9 million, compared to H1 2017.
  • Cloud, maintenance and subscription revenue increased to $13.5 million, 5% higher than $12.8 million for H1 2017.
  • Professional services revenue was $14.0 million, 11% higher than $12.6 million in H1 2017.
  • Total gross profit margin was 50%, compared to 49% in H1 2017.
  • Operating expenses were flat year-over-year at $15.5 million, compared to $15.3 million for H1 2017.
  • Profit from operations was $1.7 million, compared to $563,000 for the same period in fiscal 2017.
  • Profit was $1.4 million or $0.11 per share for H1 2018 compared to $334,000 or $0.03 per share for H1 2017.
  • EBITDA was $2.9 million, compared to $1.7 million for H1 2017.
  • Total contract value bookings amounted to $21.3 million, compared to $16.9 million for H1 2017.

The Company has declared a dividend of $0.05 per share to be paid on January 11, 2018 to shareholders of record at the close of business on December 21, 2017.

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